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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-04-001555.txt : 20040405
<SEC-HEADER>0000891092-04-001555.hdr.sgml : 20040405
<ACCEPTANCE-DATETIME>20040405171305
ACCESSION NUMBER:		0000891092-04-001555
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040405

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:		04718298

	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>e17118_20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<html>
<head>
<title> </title>
</head>
<body>





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

<p><table width=600><tr><td  align=center><font size=2><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=4><B>FORM 20-F</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><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, 2003</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="4"><B>Coca-Cola FEMSA, S.A. de C.V.</B><BR>
<FONT SIZE="2">(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 </B><BR>(Jurisdiction
of incorporation or organization)</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><FONT SIZE="2"><B>Guillermo Gonz&#225;lez
Camarena No. 600 <BR>Centro de Ciudad Santa F&#233; <BR>01210 M&#233;xico, D.F., M&#233;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>

<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr align="center" valign="bottom">
    <td width=291>
      <p><b><font face="Times New Roman" size="2">Title of Each Class</font></b>
      <hr noshade size="1">
    </td>
    <td width=23>&nbsp;</td>
    <td width=286>
      <p><b><font face="Times New Roman" size="2">Name of Each Exchange <br>
        on Which Registered</font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=291>
      <p><font face="Times New Roman" size="2">American Depositary Shares, each
        representing<br>
        &nbsp;&nbsp;&nbsp;10 Series L Shares, without par value
        </font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=286>
      <p><font face="Times New Roman" size="2"> New York Stock Exchange, Inc.</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=291>
      <p><font face="Times New Roman" size="2">Series L Shares, without par value
        </font></p>
    </td>
    <td valign=top width=23>&nbsp;</td>
    <td valign=top width=286>
      <p><font face="Times New Roman" size="2">New York Stock Exchange, Inc. (not
        for trading, for <br>
        listing purposes only)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=291>
      <p><font face="Times New Roman" size="2">8.95% Notes due November&nbsp;1,
        2006  </font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=286>
      <p><font face="Times New Roman" size="2">New York Stock Exchange, Inc.</font></p>
    </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>

<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>

<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, 2003 was:</B></font></td></tr></table>

<P><table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th></th>
  </tr>
  <tr valign="BOTTOM">
    <td width="22%" align="RIGHT"><font size="2">844,078,519</font></td>
    <td width="6%" align="LEFT">&nbsp;</td>
    <td width="70%" align="LEFT"><font size="2">Series A Shares, without par value</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT"><font size="2">731,545,678</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT"><font size="2">Series D Shares, without par value</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT"><font size="2">270,750,000</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT"><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 width=600>
  <tr>
    <td width="95">&nbsp; </td>
    <td width="276"><font size="2">|<u>X</u>| Yes </font></td>
    <td width="215"><font size="2">|<u>&nbsp;&nbsp;&nbsp;</u>| 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 width=600>
  <tr>
    <td width="95">&nbsp; </td>
    <td width="276"><font size="2">|<u>&nbsp;&nbsp;&nbsp;</u>| Item 17 </font></td>
    <td width="215"><font size="2">|<u>X</u>| 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>
</td></TR></TABLE>

<p>&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>

<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=83> <font size="2"><b></b></font></td>
    <td width=484> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width=33> <font size="2"><b>&nbsp;<font size="1">Page</font></b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Introduction</font></td>
    <td width=33 align="right"><font size="2">1</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 1.</font></td>
    <td width=484 align="left"> <font size="2">Not Applicable</font></td>
    <td width=33 align="right"><font size="2">3</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 2.</font></td>
    <td width=484 align="left"> <font size="2">Not Applicable</font></td>
    <td width=33 align="right"><font size="2">3</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 3.</font></td>
    <td width=484 align="left"> <font size="2">Key Information</font></td>
    <td width=33 align="right"><font size="2">4</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Selected Financial Data</font></td>
    <td width=33 align="right"><font size="2">4</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Dividends and Dividend Policy</font></td>
    <td width=33 align="right"><font size="2">6</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Exchange Rate Information</font></td>
    <td width=33 align="right"><font size="2">6</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Risk Factors</font></td>
    <td width=33 align="right"><font size="2">8</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 4.</font></td>
    <td width=484 align="left"> <font size="2">Information on the Company</font></td>
    <td width=33 align="right"><font size="2">14</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">The Company</font></td>
    <td width=33 align="right"><font size="2">14</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Regulation</font></td>
    <td width=33 align="right"><font size="2">33</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Bottler Agreements</font></td>
    <td width=33 align="right"><font size="2">36</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Description of Property, Plant
      and Equipment</font></td>
    <td width=33 align="right"><font size="2">38</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Significant Subsidiaries</font></td>
    <td width=33 align="right"><font size="2">41</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 5.</font></td>
    <td width=484 align="left"> <font size="2">Operating and Financial Review
      and Prospects</font></td>
    <td width=33 align="right"><font size="2">42</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 6.</font></td>
    <td width=484 align="left"> <font size="2">Directors, Senior Management and
      Employees</font></td>
    <td width=33 align="right"><font size="2">63</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Compensation of Directors and Officers</font></td>
    <td width=33 align="right"><font size="2">73</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Stock Incentive Plan</font></td>
    <td width=33 align="right"><font size="2">74</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Share Ownership</font></td>
    <td width=33 align="right"><font size="2">74</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Board Practices</font></td>
    <td width=33 align="right"><font size="2">75</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Employees</font></td>
    <td width=33 align="right"><font size="2">76</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Insurance Policies</font></td>
    <td width=33 align="right"><font size="2">76</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 7.</font></td>
    <td width=484 align="left"> <font size="2">Major Shareholders and Related
      Party Transactions</font></td>
    <td width=33 align="right"><font size="2">77</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Major Shareholders</font></td>
    <td width=33 align="right"><font size="2">77</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Related Party Transactions</font></td>
    <td width=33 align="right"><font size="2">81</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 8.</font></td>
    <td width=484 align="left"> <font size="2">Financial Information</font></td>
    <td width=33 align="right"><font size="2">83</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Consolidated Statements and Other
      Financial Information</font></td>
    <td width=33 align="right"><font size="2">83</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Legal Proceedings</font></td>
    <td width=33 align="right"><font size="2">83</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 9.</font></td>
    <td width=484 align="left"> <font size="2">The Offer and Listing</font></td>
    <td width=33 align="right"><font size="2">86</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Trading Markets</font></td>
    <td width=33 align="right"><font size="2">86</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Trading on the Mexican Stock Exchange</font></td>
    <td width=33 align="right"><font size="2">88</font></td>
  </tr>
</table>
<p>&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>TABLE OF CONTENTS (Cont&#146;d.)</B></font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=83> <font size="2">Item 10.</font></td>
    <td width=484 align="left"> <font size="2">Additional Information</font></td>
    <td width=33 align="right"><font size="2">89</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Bylaws</font></td>
    <td width=33 align="right"><font size="2">89</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Material Agreements</font></td>
    <td width=33 align="right"><font size="2">96</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Exchange Controls</font></td>
    <td width=33 align="right"><font size="2">97</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Taxation</font></td>
    <td width=33 align="right"><font size="2">98</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Documents on Display</font></td>
    <td width=33 align="right"><font size="2">102</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 11.</font></td>
    <td width=484 align="left"> <font size="2">Quantitative and Qualitative Disclosures
      about Market Risk</font></td>
    <td width=33 align="right"><font size="2">103</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Interest Rate Risk</font></td>
    <td width=33 align="right"><font size="2">103</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Foreign Currency Exchange Rate
      Risk</font></td>
    <td width=33 align="right"><font size="2">104</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Equity Risk</font></td>
    <td width=33 align="right"><font size="2">106</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp; </td>
    <td width=484 align="left"> <font size="2">Commodity Price Risk</font></td>
    <td width=33 align="right"><font size="2">106</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Items 12-14.</font></td>
    <td width=484 align="left"> <font size="2">Not Applicable</font></td>
    <td width=33 align="right"><font size="2">108</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 15.</font></td>
    <td width=484 align="left"> <font size="2">Controls and Procedures</font></td>
    <td width=33 align="right"><font size="2">108</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 16A. </font></td>
    <td width=484 align="left"> <font size="2">Audit Committee Financial Expert</font></td>
    <td width=33 align="right"><font size="2">108</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 16B.</font></td>
    <td width=484 align="left"> <font size="2">Code of Ethics</font></td>
    <td width=33 align="right"><font size="2">108</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 16C.</font></td>
    <td width=484 align="left"> <font size="2">Principal Accountant Fees and Services</font></td>
    <td width=33 align="right"><font size="2">108</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 16D.</font></td>
    <td width=484 align="left"> <font size="2">Not Applicable</font></td>
    <td width=33 align="right"><font size="2">110</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 16E.</font></td>
    <td width=484 align="left"> <font size="2">Not Applicable</font></td>
    <td width=33 align="right"><font size="2">110</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 17.</font></td>
    <td width=484 align="left"> <font size="2">Not Applicable</font></td>
    <td width=33 align="right"><font size="2">111</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 18.</font></td>
    <td width=484 align="left"> <font size="2">Financial Statements</font></td>
    <td width=33 align="right"><font size="2">111</font></td>
  </tr>
  <tr valign="bottom">
    <td width=83>&nbsp;</td>
    <td width=484 align="left">&nbsp;</td>
    <td width=33 align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width=83> <font size="2">Item 19.</font></td>
    <td width=484 align="left"> <font size="2">Exhibits</font></td>
    <td width=33 align="right"><font size="2">111</font></td>
  </tr>
</table>
<p>&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><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 its subsidiaries on a consolidated basis.</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 of America.  References herein to &#147;Mexican
pesos&#148; or &#147;Ps.&#148; are to the lawful currency of Mexico.</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 flavors and sweeteners.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Currency Translations and Estimates</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 Mexican 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  Mexican 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 Mexican pesos at
an exchange  rate of Ps.11.235 to U.S.$1.00, the exchange rate quoted by dealers to us
for  the settlement of obligations in foreign currencies on December 31, 2003. On
December 31, 2003 and on March 15, 2004, the noon buying rates for Mexican pesos  as
published by the Federal Reserve Bank of New York were Ps.11.242 to U.S.$1.00  and
Ps.10.975 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,  1999.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent
estimates are contained in this annual report, we believe  that such estimates, which are
based on internal data, are reliable. Amounts in  this annual report are rounded, and the
totals may therefore not precisely equal  the sum of the numbers presented.</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
      the <i>Instituto Nacional de Estad&#237;stica, Geograf&#237;a e Inform&#225;tica</i>
      of Mexico (the National Institute of Statistics, Geography and Information),
      the Federal Reserve Bank of New York, <i>Banco de M&#233;xico</i> (the Bank
      of Mexico), the <i>Comisi&#243;n Nacional Bancaria y de Valores</i> of Mexico
      (the National Banking and Securities Commission) or the CNBV, local entities
      in each country 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 these words
reflects our views about future events and financial  performance. Actual results could
differ materially from those projected in  these 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
economic or political  conditions in Latin America, particularly in Mexico, or changes in
our  regulatory environment. 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><table width=600><tr><td><font size=2><B>Presentation of Panamco</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We acquired
Corporaci&#243;n Interamericana de Bebidas, S.A. de C.V.,  formerly known as Panamerican
Beverages, Inc., and which we refer to as Panamco,  on May 6, 2003. Unless otherwise
indicated, our consolidated financial  statements include Panamco only from May 2003. As
a result, our consolidated  financial statements for 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">
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>year ended and as of December  31, 2003 are not
comparable to prior periods. These financial statements will also not  be  comparable to
subsequent periods, as Panamco is only included in our  consolidated  financial
statements for eight months of 2003. Through our  acquisition of Panamco, we  acquired
additional territories in Mexico, which are  reported as part of our Mexico  segment, as
well as territories in Central  America, Colombia, Venezuela and Brazil, each  of which
is reported as a separate  segment. We did not acquire any additional  territories in
Argentina, the segment  information for which is fully comparable to prior  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">
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>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;





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<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><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, 2003
and 2002 and the related consolidated  statements of income, changes in stockholders&#146; equity
and changes in financial  position for the years ended December 31, 2003, 2002 and 2001.
Our consolidated  financial statements are prepared in accordance with Mexican GAAP.
Mexican GAAP  differs in certain significant respects from U.S. GAAP. Notes 25 and 26 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, 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 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 Mexican pesos as of December 31, 2003.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The effects of inflation accounting under
Mexican GAAP have not been reversed in  the reconciliation to U.S. GAAP of net income and
stockholders&#146; equity. See Note  25 to our consolidated financial statements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our non-Mexican
subsidiaries maintain their accounting records in the  currency and in accordance with
accounting principles generally accepted in the  country where they are located. For
presentation in our consolidated financial  statements, we adjust these accounting
records into Mexican GAAP, apply the  inflation factors of the local country to restate
to the purchasing power of the  local currency at the end of the most recent period for
which financial results  are being reported, and translate the resulting amounts into
Mexican pesos using  the exchange rate at the end of the most recent period.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican
GAAP, Panamco is included in our consolidated financial  statements from May 2003 and is
not included for periods prior to such date. As  a result, our consolidated financial
statements for the year ended and as of  December 31, 2003 are not comparable to prior
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">
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: 8; page: 8" -->



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td colspan=2></td>
    <td colspan="12"><font size="1"><b>Year Ended December31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan=2></td>
    <td colspan="2"><font size="1"><b>2003<sup>(1)(2)</sup></b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td colspan="2"><font size="1"><b>2003<sup>(1)</sup></b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td colspan="2"><font size="1"><b>2002</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td colspan="2"><font size="1"><b>2001</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td colspan="2"><font size="1"><b>2000</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td colspan="2"><font size="1"><b>1999</b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan=2></td>
    <td colspan=12><font size="1"><b>(millions of U.S. dollars or constant Mexican
      pesos<br>
      at December 31, 2003, except per share data)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2> <font size="1"><b>Income Statement Data:</b></font></td>
    <td width="46"> </td>
    <td width="17"></td>
    <td width="60"> </td>
    <td width="16"></td>
    <td width="56"> </td>
    <td width="16"></td>
    <td width=59> </td>
    <td width=16></td>
    <td width=56> </td>
    <td width=15></td>
    <td width=56> </td>
    <td width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2 height="2">
      <p><font size="1"><b>Mexican GAAP</b></font></p>
    </td>
    <td width="46" height="2"> </td>
    <td width="17" height="2"></td>
    <td width="60" height="2"> </td>
    <td width="16" height="2"></td>
    <td width="56" height="2"> </td>
    <td width="16" height="2"></td>
    <td width=59 height="2"> </td>
    <td width=16 height="2"></td>
    <td width=56 height="2"> </td>
    <td width=15 height="2"></td>
    <td width=56 height="2"> </td>
    <td width=16 height="2"></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Net sales </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">$ 3,158.6</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">Ps. 35,486.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">Ps. 18,518.6</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">Ps. 17,636.5</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">Ps. 16,979.0</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">Ps. 15,205.9</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Total revenues </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">3,180.2</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">35,729.4</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">18,667.5</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">17,771.6</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">17,052.7</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">15,253.9</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Cost of sales </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">1,600.4</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">17,980.3</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">8,680.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">8,255.8</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">8,300.8</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">7,942.5</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Gross profit </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">1,579.8</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">17,749.1</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">9,986.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">9,515.8</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">8,751.9</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">7,311.4</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Operating expenses </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">982.5</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">11,038.7</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">5,319.3</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">5,351.0</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">5,405.5</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">4,819.9</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Goodwill amortization </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">-</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">-</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">40.6</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">108.3</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">116.1</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">125.7</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Income from operations </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">597.3</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">6,710.4</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">4,626.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">4,056.5</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">3,230.3</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">2,365.8</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Net income </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">207.6</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">2,332.0</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">2,660.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">2,325.9</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">1,427.3</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">1,068.2</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Majority net income </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">205.8</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">2,311.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">2,660.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">2,325.9</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">1,427.3</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">1,068.2</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Majority income per share<sup>(3)</sup></font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">0.12</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">1.36</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">1.87</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">1.63</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">1.00</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">0.75</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>&nbsp;</td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1"><b>U.S. GAAP</b></font></p>
    </td>
    <td align="right" width="46"> </td>
    <td align="right" width="17"></td>
    <td align="right" width="60"> </td>
    <td align="right" width="16"></td>
    <td align="right" width="56"> </td>
    <td align="right" width="16"></td>
    <td align="right" width=59> </td>
    <td align="right" width=16></td>
    <td align="right" width=56> </td>
    <td align="right" width=15></td>
    <td align="right" width=56> </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Net sales </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">$ 3,158.6</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">Ps. 35,486.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">Ps. 18,187.7</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">Ps. 17,273.5</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">Ps. 16,604.0</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">Ps. 16,791.0</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Total revenues </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">3,180.2</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">35,729.4</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">18,320.6</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">19,237.2</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">19,030.4</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">17,755.0</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Income from operations <sup>(4)</sup></font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">562.8</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">6,322.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">4,388.1</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">3,941.0</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">3,277.6</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">2,421.2</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Net income </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">204.6</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">2,298.4</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">2,624.4</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">2,392.1</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">1,604.7</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">1,223.8</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Net income per share <sup>(3)</sup></font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">0.12</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">1.35</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">1.84</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">1.68</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">1.13</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">0.86</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>&nbsp;</td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1"><b>Balance Sheet Data:</b></font></p>
    </td>
    <td align="right" width="46"> </td>
    <td align="right" width="17"></td>
    <td align="right" width="60"> </td>
    <td align="right" width="16"></td>
    <td align="right" width="56"> </td>
    <td align="right" width="16"></td>
    <td align="right" width=59> </td>
    <td align="right" width=16></td>
    <td align="right" width=56> </td>
    <td align="right" width=15></td>
    <td align="right" width=56> </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1"><b>Mexican GAAP</b></font></p>
    </td>
    <td align="right" width="46"> </td>
    <td align="right" width="17"></td>
    <td align="right" width="60"> </td>
    <td align="right" width="16"></td>
    <td align="right" width="56"> </td>
    <td align="right" width="16"></td>
    <td align="right" width=59> </td>
    <td align="right" width=16></td>
    <td align="right" width=56> </td>
    <td align="right" width=15></td>
    <td align="right" width=56> </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Total assets </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">$ 5,466.8</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">Ps. 61,419.8</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">Ps. 17,086.7</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">Ps. 15,116.8</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">Ps. 12,920.4</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">Ps. 12,040.4</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Long-term debt </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">2,315.2</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">26,011.0</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">3,296.0</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">3,066.7</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">3,365.0</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">3,584.5</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Capital stock </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">236.4</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">2,655.5</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">2,463.9</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">2,463.9</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">2,463.9</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">2,463.9</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Majority stockholders&#146; equity </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">2,016.3</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">22,653.1</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">9,668.1</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">8,163.2</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">6,210.4</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">5,676.8</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>
      <p><font size="1">Total stockholders&#146; equity </font></p>
    </td>
    <td align="right" width="46">
      <p><font size="1">2,030.8</font></p>
    </td>
    <td align="right" width="17"></td>
    <td align="right" width="60">
      <p><font size="1">22,816.6</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width="56">
      <p><font size="1">9,668.1</font></p>
    </td>
    <td align="right" width="16"></td>
    <td align="right" width=59>
      <p><font size="1">8,163.2</font></p>
    </td>
    <td align="right" width=16></td>
    <td align="right" width=56>
      <p><font size="1">6,210.4</font></p>
    </td>
    <td align="right" width=15></td>
    <td align="right" width=56>
      <p><font size="1">5,676.8</font></p>
    </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>&nbsp;</td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1"><b>U.S. GAAP</b></font></td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Total assets </font></td>
    <td align="right" width="46"><font size="1">$ 5,473.6</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">Ps. 61,496.1</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">Ps. 17,154.1</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">Ps. 15,764.8</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">Ps. 15,133.7</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">Ps. 14,358.4</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Long-term debt </font></td>
    <td align="right" width="46"><font size="1">2,315.2</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">26,011.0</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">3,296.0</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">3,066.7</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">3,368.6</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">3,593.4</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Capital stock </font></td>
    <td align="right" width="46"><font size="1">236.4</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">2,655.5</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">2,463.9</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">2,463.9</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">2,463.9</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">2,463.9</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Total stockholders&#146; equity </font></td>
    <td align="right" width="46"><font size="1">1,962.5</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">22,048.9</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">9,294.4</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">8,208.5</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">7,441.3</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">6,322.1</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2></td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>&nbsp;</td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2> <font size="1"><b>Other Data:</b></font></td>
    <td align="right" width="46"> </td>
    <td align="right" width="17"></td>
    <td align="right" width="60"> </td>
    <td align="right" width="16"></td>
    <td align="right" width="56"> </td>
    <td align="right" width="16"></td>
    <td align="right" width=59> </td>
    <td align="right" width=16></td>
    <td align="right" width=56> </td>
    <td align="right" width=15></td>
    <td align="right" width=56> </td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2 height="2"><font size="1"><b>Mexican GAAP</b> </font></td>
    <td align="right" width="46" height="2"></td>
    <td align="right" width="17" height="2"></td>
    <td align="right" width="60" height="2"></td>
    <td align="right" width="16" height="2"></td>
    <td align="right" width="56" height="2"></td>
    <td align="right" width="16" height="2"></td>
    <td align="right" width=59 height="2"></td>
    <td align="right" width=16 height="2"></td>
    <td align="right" width=56 height="2"></td>
    <td align="right" width=15 height="2"></td>
    <td align="right" width=56 height="2"></td>
    <td align="right" width=16 height="2"></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2 height="2"><font size="1">Depreciation<sup>(5)</sup> </font></td>
    <td align="right" width="46" height="2"><font size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      86.1</font></td>
    <td align="right" width="17" height="2"></td>
    <td align="right" width="60" height="2"><font size="1">Ps. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967.5</font></td>
    <td align="right" width="16" height="2"></td>
    <td align="right" width="56" height="2"><font size="1">Ps. &nbsp;&nbsp;&nbsp;&nbsp;572.2</font></td>
    <td align="right" width="16" height="2"></td>
    <td align="right" width=59 height="2"><font size="1">Ps. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638.3</font></td>
    <td align="right" width=16 height="2"></td>
    <td align="right" width=56 height="2"><font size="1">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      698.0</font></td>
    <td align="right" width=15 height="2"></td>
    <td align="right" width=56 height="2"><font size="1">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      587.8</font></td>
    <td align="right" width=16 height="2"></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Capital expenditures </font></td>
    <td align="right" width="46"><font size="1">170.0</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">1,910.4</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">1,409.7</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">865.3</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">966.8</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">1,817.7</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2></td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>&nbsp;</td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1"><b>U.S. GAAP</b></font></td>
    <td align="right" width="46"></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"></td>
    <td align="right" width="16"></td>
    <td align="right" width=59></td>
    <td align="right" width=16></td>
    <td align="right" width=56></td>
    <td align="right" width=15></td>
    <td align="right" width=56></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Depreciation<sup>(5)</sup> </font></td>
    <td align="right" width="46"><font size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      85.9</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">Ps&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
      965.6</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">Ps. &nbsp;&nbsp;&nbsp;&nbsp;555.9</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      716.1</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      809.2</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">Ps. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710.8</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="1">Capital expenditures </font></td>
    <td align="right" width="46"><font size="1">170.0</font></td>
    <td align="right" width="17"></td>
    <td align="right" width="60"><font size="1">1,910.4</font></td>
    <td align="right" width="16"></td>
    <td align="right" width="56"><font size="1">1,394.3</font></td>
    <td align="right" width="16"></td>
    <td align="right" width=59><font size="1">1,001.7</font></td>
    <td align="right" width=16></td>
    <td align="right" width=56><font size="1">1,088.6</font></td>
    <td align="right" width=15></td>
    <td align="right" width=56><font size="1">1,146.7</font></td>
    <td align="right" width=16></td>
  </tr>
  <tr>
    <td width=48></td>
    <td width=123></td>
    <td width=46></td>
    <td width=17></td>
    <td width=60></td>
    <td width=16></td>
    <td width=56></td>
    <td width=16></td>
    <td width=59></td>
    <td width=16></td>
    <td width=56></td>
    <td width=15></td>
    <td width=56></td>
    <td width=16></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
the new territories acquired in the Panamco acquisition from May  2003.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(2) </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.11.235 to  U.S.$1.00 solely for the
convenience of the reader. </font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(3) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">For
the years ended  December 31, 1999 through December 31, 2002, computed on the basis of
1,425  million shares outstanding. For  the year ended December 31, 2003, computed on the
basis of 1,704.3 million  shares outstanding, the weighted average shares outstanding
during 2003  after giving effect to the capital increase in May 2003 in connection with
the Panamco acquisition.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(4) </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>

<p>&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=4% align=right valign=top><font size="1">(5) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Excludes
breakage of bottles and cases (Ps.273.6 million in 2003) and  amortization of other
assets, and pension and seniority premiums (Ps.755.1  million in 2003). See the
consolidated statements of changes in financial  position included in our consolidated
financial statements.</font></td></tr></table>

<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 following
table sets forth the nominal amount in Mexican pesos of  dividends declared and paid per
share each year and the U.S. dollar amounts on a  per share basis actually paid to
holders of American Depositary Shares, which we  refer to as ADSs, on each of the
respective payment dates.</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=258 align="left"> <font size="1"><b><br>
      <br>
      Date Dividend Paid</b></font>
      <hr width="35%" size="1" noshade align="left">
    </td>
    <td colspan="2"> <font size="1"><b>Fiscal Year with <br>
      Respect to which <br>
      Dividend was Declared </b></font>
      <hr size="1" width="80%" noshade>
    </td>
    <td colspan="2"> <font size="1"><b>Mexican pesos <br>
      per Share <br>
      (nominal) </b></font>
      <hr size="1" width="80%" noshade>
    </td>
    <td colspan="3"> <font size="1"><b>U.S. <br>
      dollars<br>
      per Share </b></font>
      <hr size="1" width="80%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=258> <font size="2">June 28, 2000</font></td>
    <td width=71 align="right"> <font size="2">1999</font></td>
    <td width=57 align="left">&nbsp;</td>
    <td width=39>&nbsp;</td>
    <td width=71> <font size="2">0.153</font></td>
    <td width=41>&nbsp;</td>
    <td width=38> <font size="2">0.015</font></td>
    <td width=25>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=258> <font size="2">March 28, 2001</font></td>
    <td width=71 align="right"> <font size="2">2000</font></td>
    <td width=57 align="left">&nbsp;</td>
    <td width=39>&nbsp;</td>
    <td width=71> <font size="2">0.212</font></td>
    <td width=41>&nbsp;</td>
    <td width=38> <font size="2">0.023</font></td>
    <td width=25>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=258> <font size="2">May 9, 2002 </font></td>
    <td width=71 align="right"> <font size="2">2001</font></td>
    <td width=57 align="left">&nbsp;</td>
    <td width=39>&nbsp;</td>
    <td width=71> <font size="2">0.394</font></td>
    <td width=41>&nbsp;</td>
    <td width=38> <font size="2">0.042</font></td>
    <td width=25>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=258> <font size="2">March 14, 2003</font></td>
    <td width=71 align="right"> <font size="2">2002</font></td>
    <td width=57 align="left"><font size="2"><sup>(1)</sup></font></td>
    <td width=39>&nbsp;</td>
    <td width=71> <font size="2">0.0</font></td>
    <td width=41>&nbsp;</td>
    <td width=38> <font size="2">0.0</font></td>
    <td width=25>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=258> <font size="2">March 9, 2004<sup>(2)</sup></font></td>
    <td width=71 align="right"> <font size="2">2003</font></td>
    <td width=57 align="left"><font size="2"><sup>(3)</sup></font></td>
    <td width=39>&nbsp;</td>
    <td width=71> <font size="2">0.282</font></td>
    <td width=41>&nbsp;</td>
    <td width=38> <font size="2">&#151;</font></td>
    <td width=25>&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% align=right valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Dividends
were not declared for fiscal year 2002. </font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Date
of  dividend declaration.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(3) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Because
dividends for 2003 have not been paid at the time of this annual report, the U.S. dollar
per share amount has not  been determined.</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 our  Series A
shares and our Series D shares voting as a  single class, 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.  Holders of Series L shares, including in the form of ADSs,
are not entitled to  vote on the declaration and payment of dividends. We have
historically paid  dividends although we decided not to pay a dividend for the year 2002.
Accordingly, our historical dividend payments are not necessarily indicative of  future
dividends.&nbsp;&nbsp;&nbsp;</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 rates of the Federal Reserve Bank of New  York, expressed in Mexican pesos per
U.S. dollar. The rates have not been  restated in constant currency units.</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td width=220> <font size="1">&nbsp;</font></td>
    <td colspan=8> <font size="1"><b>Exchange Rate</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=220> <font size="1">&nbsp;</font></td>
    <td colspan="2"> <font size="1"><b>High</b></font>
      <hr size="1" width="80%" noshade>
    </td>
    <td colspan="2"> <font size="1"><b>Low</b></font>
      <hr size="1" width="80%" noshade>
    </td>
    <td colspan="2"> <font size="1"><b>Average<sup>(1)</sup></b></font>
      <hr size="1" width="80%" noshade>
    </td>
    <td colspan=2> <font size="1"><b>Period End</b></font>
      <hr size="1" width="80%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font size="2">1999 </font></td>
    <td width=61 align="right"> <font size="2">10.60</font></td>
    <td width=40 align="right">&nbsp;</td>
    <td width=55 align="right"> <font size="2">9.24</font></td>
    <td width=32 align="right">&nbsp;</td>
    <td width=58 align="right"> <font size="2">9.56</font></td>
    <td width=33 align="right">&nbsp;</td>
    <td colspan=2 align="center"> <font size="2">&nbsp;&nbsp;9.48</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font size="2">2000 </font></td>
    <td width=61 align="right"> <font size="2">10.09</font></td>
    <td width=40 align="right">&nbsp;</td>
    <td width=55 align="right"> <font size="2">9.18</font></td>
    <td width=32 align="right">&nbsp;</td>
    <td width=58 align="right"> <font size="2">9.47</font></td>
    <td width=33 align="right">&nbsp;</td>
    <td colspan=2 align="center"> <font size="2">&nbsp;&nbsp;9.62</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font size="2">2001 </font></td>
    <td width=61 align="right"> <font size="2">9.97</font></td>
    <td width=40 align="right">&nbsp;</td>
    <td width=55 align="right"> <font size="2">8.95</font></td>
    <td width=32 align="right">&nbsp;</td>
    <td width=58 align="right"> <font size="2">9.34</font></td>
    <td width=33 align="right">&nbsp;</td>
    <td colspan=2 align="center"> <font size="2">&nbsp;&nbsp;9.16</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font size="2">2002 </font></td>
    <td width=61 align="right"> <font size="2">10.43</font></td>
    <td width=40 align="right">&nbsp;</td>
    <td width=55 align="right"> <font size="2">9.00</font></td>
    <td width=32 align="right">&nbsp;</td>
    <td width=58 align="right"> <font size="2">9.66</font></td>
    <td width=33 align="right">&nbsp;</td>
    <td colspan=2 align="center"> <font size="2">10.43</font></td>
  </tr>
  <tr valign="bottom">
    <td width=220> <font size="2">2003 </font></td>
    <td width=61 align="right"> <font size="2">11.41</font></td>
    <td width=40 align="right">&nbsp;</td>
    <td width=55 align="right"> <font size="2">10.11</font></td>
    <td width=32 align="right">&nbsp;</td>
    <td width=58 align="right"> <font size="2">10.79</font></td>
    <td width=33 align="right">&nbsp;</td>
    <td colspan=2 align="center"> <font size="2">11.24</font></td>
  </tr>
  <tr>
    <td width=220></td>
    <td width=61></td>
    <td width=40></td>
    <td width=55></td>
    <td width=32></td>
    <td width=58></td>
    <td width=33></td>
    <td width=61></td>
    <td width=29></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">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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<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=300> <font size="1" color="black">&nbsp;</font></td>
    <td colspan=3> <font size="1"><b>Exchange Rate</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=300> <font size="1" color="black">&nbsp;</font></td>
    <td width=90> <font size="1"><b>High</b></font>
      <hr width="60%" size="1" noshade>
    </td>
    <td width=101> <font size="1" color="black"><b>Low</b></font>
      <hr width="60%" size="1" noshade>
    </td>
    <td width=109> <font size="1"><b>Period End</b></font>
      <hr width="60%" size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">2003:</font></td>
    <td width=90> <font size="2" color="black">&nbsp;</font></td>
    <td width=101> <font size="2" color="black">&nbsp;</font></td>
    <td width=109>&nbsp; </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;
      </font></td>
    <td width=90> <font size="2">11.04</font></td>
    <td width=101> <font size="2">10.77</font></td>
    <td width=109> <font size="2">11.00</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;October&nbsp;
      </font></td>
    <td width=90> <font size="2">11.32</font></td>
    <td width=101> <font size="2">10.97</font></td>
    <td width=109> <font size="2">11.06</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;November&nbsp;
      </font></td>
    <td width=90> <font size="2">11.40</font></td>
    <td width=101> <font size="2">10.98</font></td>
    <td width=109> <font size="2">11.40</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;
      </font></td>
    <td width=90> <font size="2">11.41</font></td>
    <td width=101> <font size="2">11.17</font></td>
    <td width=109> <font size="2">11.24</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;</font></td>
    <td width=90> <font size="2" color="black">&nbsp;</font></td>
    <td width=101> <font size="2" color="black">&nbsp;</font></td>
    <td width=109>&nbsp; </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">2004:</font></td>
    <td width=90> <font size="2" color="black">&nbsp;</font></td>
    <td width=101> <font size="2" color="black">&nbsp;</font></td>
    <td width=109>&nbsp; </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">January&nbsp;
      </font></td>
    <td width=90> <font size="2">11.10</font></td>
    <td width=101> <font size="2">10.81</font></td>
    <td width=109> <font size="2">11.01</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">February&nbsp;
      </font></td>
    <td width=90> <font size="2">11.25</font></td>
    <td width=101> <font size="2">10.91</font></td>
    <td width=109> <font size="2">11.06</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=300> <font size="2" color="black">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">March<sup>(1)</sup>&nbsp;&nbsp;
      </font></td>
    <td width=90> <font size="2">11.05</font></td>
    <td width=101> <font size="2">10.92</font></td>
    <td width=109> <font size="2">10.98</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% align=right 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 March 1 until March 15, 2004.</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 the value of the Mexican peso  against the U.S. dollar. The
Mexican 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 Mexican peso remained relatively stable from
1999 until the fall  of 2001. In late 2001 and early 2002, the Mexican peso appreciated
considerably  against the U.S. dollar and, more strongly, against other foreign
currencies.  From the second quarter of 2002 and until the end of 2003, the Mexican peso
depreciated in value. In 2004 to date, the Mexican peso has appreciated in value  and
returned to its 2003 levels. We can make no assurance that the Mexican  government will
maintain its current policies with regard to the Mexican peso or  that the Mexican 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 Mexican pesos. As a result, exchange rate  fluctuations will affect the U.S.
dollar amounts received by holders of our  ADSs, which represent ten 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 Mexican peso and the U.S.
dollar have affected  the U.S. dollar equivalent of the Mexican 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><B><I>Our business depends on our relationship
with The Coca-Cola Company.</I></B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 93.2% of our
      sales volumes in 2003 were derived from sales of <i>Coca-Cola</i> trademark
      beverages. We produce, market and distribute <i>Coca-Cola</i> trademark
      beverages through standard bottler agreements that cover all of our present
      territories. Through its rights under the bottler agreements and as a large
      shareholder, 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; See &#147;&#151;The Coca-Cola Company
      and FEMSA have substantial influence on the conduct of our business.&#148;
      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. The Coca-Cola Company also
      makes significant contributions to our marketing budget although they are
      not required to contribute a particular amount. In addition, we are prohibited
      from bottling any soft drink product or distributing other beverages without
      The Coca-Cola Company&#146;s authority or consent. The Coca-Cola Company
      has the exclusive right to import and export <i>Coca-Cola</i> trademark
      beverages to and from our territories. We may not transfer control of the
      bottler rights of any of our territories 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 depend on The Coca-Cola
      Company to renew our bottler agreements. Our bottler agreements for Mexico
      expire in 2005 and 2013, renewable in each case for ten-year terms. Our
      bottler agreements for Colombia, Brazil and Argentina expire in 2004, renewable
      in each case for five-year terms (except for Argentina, which is renewable
      for ten year terms). Our remaining territories are governed by bottler agreements
      that expire after 2005 that have similar renewal periods. There can be no
      assurances that The Coca-Cola Company will decide to renew any of these
      agreements. In addition, these agreements generally may be terminated in
      the event that we fail to comply with their terms. Non-renewal or termination
      would prevent us from selling <i>Coca-Cola</i> trademark beverages in the
      affected territory and would have an 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><B><I>The Coca-Cola Company and FEMSA have
substantial influence on the conduct of our business.</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola
Company and Fomento Econ&#243;mico Mexicano, S.A. de  C.V., a Mexican holding company
with interests in the beverages sector and other  related businesses that we refer to as
FEMSA, have significant influence on the  conduct of our business and together possess
the ability to control our company.  The Coca-Cola Company indirectly owns 39.6% of our
outstanding capital stock,  representing 46.4% of our capital stock with full voting
rights. 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 our capital stock  with full voting
rights. 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; The  interests of The Coca-Cola Company and FEMSA may be different from
the interests  of our remaining shareholders, and they may cause us to take actions that
are  not in the interest of our remaining shareholders.</font></td></tr></table>

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

<p>&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>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. We are a party to a number of bottler agreements  with The
Coca-Cola Company and have also entered into a credit agreement with  The Coca-Cola
Company pursuant to which we may borrow up to U.S.$250 million for  working capital and
other general corporate purposes. See &#147;Item 7. Major  Shareholders and Related Party
Transactions&#151;Related Party Transactions&#148; and  &#147;Item 4. Information on the
Company&#151;Bottler Agreements.&#148; Transactions with  affiliates may create the potential
for conflicts of interest, which could  result in terms less favorable to us than could
be obtained from an unaffiliated  third party.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>We have recently increased our leverage as
a  result of the Panamco acquisition.</I></B></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 Ps.26,352 million of debt
(including existing debt of Panamco).  Our total indebtedness as of December 31, 2003 was
Ps.29,004 million. Our debt  level is now significantly higher than it has been
historically. 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 pursuing  acquisitions and other opportunities that may present themselves to us or
from  obtaining additional financing or completing refinancings on terms favorable to  us.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>We may not achieve expected operating
efficiencies in the newly acquired territories.</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through the
acquisition of Panamco, we acquired new territories in  Mexico as well as in the
following countries in which we have not historically  conducted operations: Guatemala,
Nicaragua, Costa Rica, Panama, Colombia,  Venezuela and Brazil. Since the acquisition, we
have undertaken a plan in the  newly acquired territories to integrate our operations, to
improve the  utilization of assets across our territories and to implement the commercial
strategies that we have historically applied in our territories in Mexico and  Argentina.
Conditions in these new territories are different from the conditions  under which we
have historically operated with less favorable consumption  patterns than those
experienced in Mexico and different and more challenging  political and economic
climates. In addition, distribution and marketing  practices in our new territories
differ from our historical practices. Several  of these territories have a lower level of
pre-sale as a percentage of total  distribution than we are accustomed to having, and the
product and presentation  mix varies from territory to territory with customer
preferences. There can be  no assurance that our initiatives will reduce operating costs
or maintain or  improve sales in the near term or at all, which may adversely affect our
sales  growth and operating margins.</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The beverage
industry throughout Latin America is highly competitive.  We face competition from other
bottlers of soft drinks such as PepsiCo, Inc.,  which we refer to as PepsiCo, and from
producers of low cost beverages or &#147;B&#148; brands. We also compete against
beverages other than soft drinks such as water,  fruit juice and sport drinks. Although
competitive conditions are different in  each of our territories, we compete principally
in terms of price, packaging,  consumer sale promotions, customer service and non-price
retail incentives.  There can be no assurances that we will be able to avoid lower
pricing as a  result of competitive pressure. Lower pricing, changes made in response to
competition and changes in consumer preferences may have an adverse effect on  our
results of operations.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal competitor in
      Mexico is The Pepsi Bottling Group, which we refer to as PBG. PBG is the
      largest Pepsi bottler worldwide and competes with <i>Coca-Cola</i> trademark
      beverages. We have also experienced stronger competition in Mexico from
      lower priced soft drinks in multi-serving presentations. In Argentina and
      Brazil, we compete against Companhia de Bebidas das Americas, commonly referred
      to as AmBev, the largest brewer in Latin America, which sells Pepsi products,
      in addition to a portfolio that includes local brands with flavors such
      as guaran&#225;. In each of our territories we compete against bottlers
      of Pepsi with various other bottlers and distributors of nationally and
      regionally advertised soft drinks as well as complementary beverages such
      as water, juice and sports drinks. In certain territories, we also compete
      against soft drink flavors that have a strong local presence.</font></td>
  </tr></table>

<p>&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><B><I>A water shortage or a failure to maintain
existing concessions could affect our business.</I></B></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. 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 the vast majority
of the water used in our  soft drink production in Mexico pursuant to these concessions,
which the Mexican  government granted based on studies of the existing and projected
groundwater  supply. Our existing water concessions in Mexico may be terminated by
governmental authorities under certain circumstances and their renewal depends  on
receiving necessary authorizations from municipal water authorities. See  &#147;Item 4.
Information on the Company&#151;Regulation&#151;Water Supply Law.&#148; In our other
territories, our existing water supply may not be sufficient to meet our future
production needs and the available water supply may be adversely affected by  shortage or
changes in governmental regulations.</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 or prove sufficient to
meet our water supply  needs.</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our most
significant raw materials are concentrate, which we acquire  from companies designated by
The Coca-Cola Company, sweeteners and packaging  materials. Prices for concentrate are
determined by The Coca-Cola Company  pursuant to our bottler agreements as a percentage
of the weighted average  retail price, net of applicable taxes. The prices for our
remaining raw  materials are driven by market prices and local availability as well as
the  imposition of import duties and import restrictions and fluctuations in exchange
rates. We are also required to use only suppliers approved by The Coca-Cola  Company,
which may limit the number of suppliers available to us. Our sales  prices are
denominated in the local currency in which we operate, while the  prices of certain
materials used in the bottling of our products, mainly  aluminum cans and plastic
bottles, are paid in or determined with reference to  the U.S. dollar 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;After concentrate,
packaging and sweeteners constitute the largest  portion of our raw material costs. Sugar
prices in all of the countries in which  we operate other than Brazil are subject to
local regulations and other barriers  to market entry that cause us to pay in excess of
international market prices  for sugar. In Mexico, sugar prices increased approximately
8% in 2003, and our  ability to substitute other sweeteners has been limited by the
imposition of a  20% excise tax on carbonated soft drinks produced with non-sugar
sweeteners. In  Venezuela, there was a shortage of sugar during the second half of 2003
due to  the inability of the main sugar importers to access foreign currencies as a
result of the exchange controls implemented at the beginning of 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot assure
you that our raw material prices will not increase in  the future. Increases in the
prices of raw materials will increase our cost of  sales and adversely affect our results
of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Taxes on soft drinks could affect our
business.</I></B></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. Mexico recently implemented a  20% excise tax on carbonated soft drinks
produced with non-sugar sweetener.  Certain countries in Central America, Argentina and
Brazil have also imposed  taxes on our products. See &#147;Item 4. Information on the
Company&#151;Regulation&#151;Taxation of Soft Drinks.&#148; 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><B><I>Regulatory developments may have an effect
on our business.</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to
regulation in each of the territories in which we  operate. The principal areas in which
we are subject to regulation are  environment, labor, taxes and antitrust. The adoption
of new laws or regulations  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">
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>countries in which we operate may increase our
operating costs or impose  restrictions on our operations. In particular, environmental
standards became  more stringent recently in several of the countries in which we
operate, and we  are in the process of complying with these new standards.</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 have been  imposed historically in several of the
countries in which we operate. The  imposition of these restrictions may have an adverse
effect on our results of  operations and financial position. 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><B>Risks Related to the Series L Shares and the
ADSs</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Holders of our Series L Shares have
limited voting rights.</I></B></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,
including 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 notice of shareholders&#146; meetings from The Bank  of
New York, the depositary for our ADSs, with sufficient time to enable holders  to return
voting instructions to the depositary in a timely manner.</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Series L
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,  which we refer to as the SEC, 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
ADS 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
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><B><I>It may be difficult to enforce civil
liabilities against us or our directors, officers and controlling persons.</I></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 these 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 these
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><B><I>The protections afforded to minority
shareholders in Mexico are different from those in the United States.</I></B></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><B>Risks Related to Mexico and the Other
Countries in Which We Operate</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Adverse economic conditions in Mexico may
adversely affect our financial condition and results of operations.</I></B></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
segment. In the past, Mexico has experienced both  prolonged periods of weak economic
conditions and dramatic deteriorations in  economic conditions that have had a negative
impact on our company. There can be  no assurances that such conditions will not return
or that such conditions will  not 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business may
be significantly affected by the general condition of  the Mexican economy, the rate of
inflation and interest rates. Decreases in the  growth rate of the Mexican economy,
periods of negative growth, and increases in  inflation or interest rates may result in
lower demand for soft drink beverages,  lower real pricing or a 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 reduce costs and expenses, and our profit margins may
suffer as a  result. In addition, an increase in interest rates in Mexico would increase
the  cost to us of variable rate, Mexican peso-denominated funding and have an  adverse
effect on our financial position and results of operations.</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A depreciation of
the Mexican peso relative to the U.S. dollar would  increase the cost to us of a portion
of our raw materials, the price of which is  paid in or determined with reference to U.S.
dollars and debt obligations  denominated in U.S. dollars and thereby may negatively
affect our net results. A  severe devaluation or depreciation of the Mexican peso may
also result in  disruption of the international foreign exchange markets and may limit
our  ability to transfer or to convert Mexican pesos into U.S. dollars and other
currencies for the purpose of making timely payments of interest and principal  on our
U.S. dollar indebtedness or obligations in other currencies. 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 Mexican pesos into U.S.
dollars or to transfer other currencies out of  Mexico, the Mexican government could
institute restrictive exchange rate  policies in the future. To the extent that there are
currency fluctuations, they  are likely to have an effect on our financial condition,
results of operations  and cash flows in future periods.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Political events in Mexico could affect
our  operations.</I></B></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. In the Mexican national elections
      held on July 2, 2000, Vicente Fox of the <i>Partido Acci&#243;n Nacional</i>
      (the National Action Party) or PAN, won 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">
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>presidency. Although his victory ended more than 70 years
      of presidential rule by the <i>Partido Revolucionario Institucional</i>
      (the Institutional Revolutionary Party) or PRI, neither the PRI nor the
      PAN succeeded in securing a majority in the Mexican congress. In elections
      in 2003, the PAN lost additional seats in the Mexican congress and state
      governships. The resulting legislative gridlock has impeded the progress
      of reforms in Mexico, which may adversely affect economic conditions in
      Mexico or our results of operations. During 2004, there will be elections
      for governors in ten of 32 states and for local congresses in 14 states.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B><I>Developments in other Latin American
countries in which we operate may affect our business.</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to
Mexico, we conduct operations in Guatemala, Nicaragua,  Costa Rica, Panama, Colombia,
Venezuela, Brazil and Argentina. These countries  expose us to different or greater
country risk than Mexico. For many of these  countries, operating results in recent years
have been adversely affected by  deteriorating macroeconomic and political conditions. In
Venezuela and  Argentina, significant economic and political instability, including a
contracting economy, a drastic currency devaluation, high unemployment, the  introduction
of exchange controls and social unrest have resulted in higher  production costs and
declining net sales. In Colombia, we have experienced  limited disruptions in production
and distribution as a result of political  instability.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 or
interest rates or by political  developments or changes in law. Devaluation of the local
currency against the  U.S. dollar may increase the operating costs in that country, and a
depreciation  against the Mexican peso may negatively affect the results of that country
as  reported in our Mexican GAAP financial statements. 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. As a result
of these potential risks, we may experience lower  demand, lower real pricing or
increases in costs, which may negatively impact  our 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">
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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<!-- MARKER PAGE="sheet: 17; page: 17" -->



<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><B>Overview</B></font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest<I> Coca-Cola</I>
      bottler in Latin America, with our territories representing approximately
      40% of <i>Coca-Cola</i> sales volumes in Latin America, and the second largest
      bottler of <I>Coca-Cola</I> trademark beverages in the world, calculated
      in each case by sales volume in unit cases sold in our territories in 2003.
      We operate in the following 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>Mexico
&#150; a substantial portion of central Mexico (including Mexico City) and  southeast Mexico
(including the Gulf region).</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>Central America &#150; Guatemala City and surrounding
      areas, Nicaragua (nationwide), Costa Rica (nationwide) and Panama (nationwide).</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>Colombia &#150; most of the country.</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>Venezuela &#150; nationwide.</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>Brazil &#150; the area of greater S&#227; Paulo,
      Campinas, Santos, the state of Mato Grosso do Sul and part of the state
      of Goias.</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>Argentina &#150;federal capital of Buenos Aires
      and surrounding areas.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Company was established
      on October 30, 1991 as a <i>sociedad an&#243;nima de capital variable</i>
      (a variable capital stock corporation), organized under the laws of Mexico
      and has a duration of 99 years. Our principal executive offices are located
      at Guillermo Gonz&#225;lez Camarena No. 600, Col. Centro de Ciudad Santa
      F&#233;, Delegaci&#243;n &#193;lvaro Obreg&#243;n, M&#233;xico, D.F., 01210,
      M&#233;xico. Our telephone number at this location is (52-55) 5081-5100.
      Our website is <u>www.cocacola-femsa.com.mx</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is
an overview of  our operations by segment in 2003:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Operations by Segment&#151;Overview</B></font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><B>Year Ended December 31,
2003<FONT SIZE="1"><SUP>(1),(2)</SUP></FONT></B></FONT></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="center" width=136> <font size="1"><b>&nbsp;</b></font></td>
    <td colspan=4 align="center"> <font size="1"><b><br>
      Mexico</b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td colspan=6 align="center"> <font size="1"><b>Central America</b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td colspan=3 align="center"> <font size="1"><b><br>
      Colombia</b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td colspan=3 align="center"> <font size="1"><b><br>
      Venezuela</b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td colspan=4 align="center"> <font size="1"><b><br>
      Brazil</b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td colspan=4 align="center"> <font size="1"><b><br>
      Argentina</b></font>
      <hr width="90%" size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=136>&nbsp;</td>
    <td align="center" width=43><font size="1"><b>Pesos</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=30><font size="1"><b>%</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=36><font size="1"><b>Pesos</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td colspan=4 align="center"><font size="1"><b>%</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=36><font size="1"><b>Pesos</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=24><font size="1"><b>%</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=36><font size="1"><b>Pesos</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=24><font size="1"><b>%</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=36><font size="1"><b>Pesos</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=24><font size="1"><b>%</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=36><font size="1"><b>Pesos</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=10>&nbsp;</td>
    <td align="center" width=24><font size="1"><b>%</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=136> <font size="1">Total Revenues </font></td>
    <td align="right" width=43> <font size="1"><br>
      23,935.2</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=30> <font size="1"><br>
      66.7%</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=36> <font size="1"><br>
      2,186.5</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td colspan=4 align="right"> <font size="1"><br>
      6.1%</font></td>
    <td align="right" width=36> <font size="1"><br>
      2,319.1</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      6.5%</font></td>
    <td align="right" width=36> <font size="1"><br>
      2,544.5</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      7.1%</font></td>
    <td align="right" width=36> <font size="1"><br>
      2,796.9</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      7.8%</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=36> <font size="1"><br>
      2,076.9</font></td>
    <td align="right" width=10>&nbsp;&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      5.8%</font></td>
    <td align="right" width=8>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width=136> <font size="1">Income from Operations </font></td>
    <td align="right" width=43> <font size="1"><br>
        5,633.6</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=30> <font size="1"><br>
      84.0%</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=36> <font size="1"><br>
        218.4</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td colspan=4 align="right"> <font size="1"><br>
      3.2%</font></td>
    <td align="right" width=36> <font size="1"><br>
        261.1</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      3.9%</font></td>
    <td align="right" width=36> <font size="1"><br>
        231.5</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      3.5%</font></td>
    <td align="right" width=36> <font size="1"><br>
        149.8</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      2.2%</font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=36> <font size="1"><br>
        215.6 </font></td>
    <td align="right" width=10>&nbsp;</td>
    <td align="right" width=24> <font size="1"><br>
      3.2%</font></td>
    <td align="right" width=8>&nbsp; </td>
  </tr>
  <tr>
    <td width=136></td>
    <td width=43></td>
    <td width=10></td>
    <td width=30></td>
    <td width=10></td>
    <td width=36></td>
    <td width=10></td>
    <td width=5></td>
    <td width=5></td>
    <td width=4></td>
    <td width=13></td>
    <td width=36></td>
    <td width=10></td>
    <td width=24></td>
    <td width=36></td>
    <td width=10></td>
    <td width=24></td>
    <td width=36></td>
    <td width=10></td>
    <td width=24></td>
    <td width=10></td>
    <td width=36></td>
    <td width=10></td>
    <td width=24></td>
    <td width=8></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"> The
sums of the financial data for each of our segments and percentages  with respect thereto
differ from our consolidated financial information  due to intercompany transactions,
which are eliminated in consolidation,  and certain non-operating assets and activities
of Coca-Cola FEMSA,  including corporate services.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Expressed
in millions of Mexican pesos.</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, a
subsidiary of FEMSA acquired certain soft drink bottler  subsidiaries that are now a part
of our company. At that time, the acquired  subsidiaries had 13 Mexican distribution
centers operating 701 distribution  routes, and the production capacity of the acquired
subsidiaries was 83 million  physical cases. In 1991, 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">
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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<!-- MARKER PAGE="sheet: 18; page: 18" -->



<P><table width=600><tr><td><font size=2>transferred its ownership in  the subsidiaries
to  FEMSA Refrescos, S.A. de C.V., the corporate predecessor of our  company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEMSA is a
beverage company with significant interests in Mexico and  other Latin American
countries. It owns 45.7% of the stock in Coca-Cola FEMSA,  70% of FEMSA Cerveza, S.A. de
C.V., a significant player in the Mexican beer  market as well as a major exporter in key
international markets including the  United States, 100% of FEMSA Comercio, S.A. de C.V.,
a convenience store chain  in Mexico and 100% of FEMSA Empaques, S.A. de C.V., which we
refer to as FEMSA  Empaques, a producer and distributor of beverage-related packaging
materials. In  2003, we represented 47%, 55% and 50%, of FEMSA&#146;s total revenues,
income  from operations and net income, respectively.</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, in June 1993, a subsidiary of The  Coca-Cola Company subscribed for 30% of our
capital stock in the form of Series  D Shares for U.S.$195 million. In September 1993,
FEMSA sold Series L Shares  that represented 19% of our capital stock to the public, and
we listed these  shares on the Mexican Stock Exchange and in the form of ADSs on the New
York  Stock Exchange. After giving effect to these transactions, FEMSA retained a 51%
indirect interest in our company.</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 the  territory for the federal capital of
Buenos Aires by purchasing 100% of  Coca-Cola FEMSA de Buenos Aires, S.A. de C.V. from a
subsidiary of The Coca-Cola  Company. We expanded our Argentine operations in February
1996 by acquiring the  former San Isidro Refrescos S.A. territories, which we refer to as
SIRSA,  including certain properties of Refrescos del Norte S.A. Through these
transactions, we expanded our Argentine operations to include the contiguous San  Isidro
and Pilar areas.</font></td></tr></table>

<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 Embotelladora de Soconusco,
S.A. de C.V., 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;In May 2003, we expanded our
      operations throughout Latin America by acquiring 100% of Panamco, then the
      largest soft drink bottler in Latin America in terms of sales volumes in
      2002. Through our acquisition of Panamco, we began producing and distributing
      <i>Coca-Cola</i> trademark beverages in additional territories in the central
      and the gulf regions of Mexico and in Central America (Guatemala, Nicaragua,
      Costa Rica and Panama), Colombia, Venezuela and Brazil, along with bottled
      water, beer and other beverages in some of these territories. The total
      cost of the transaction was approximately Ps.38,603 million, excluding transaction
      expenses, and we financed the acquisition as follows: Ps.17,267 million
      of new debt (including approximately Ps.5,245 million used to refinance
      existing Panamco indebtedness); a Ps.2,779 million capital investment from
      FEMSA; the issuance of our Series D Shares to subsidiaries of The Coca-Cola
      Company in exchange for a capital contribution of Ps.7,041 million in the
      form of equity interests in Panamco; Ps.2,820 million in cash; and Ps.9,085
      million of assumed net debt.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Panamco
acquisition, FEMSA indirectly owns 45.7% of our  capital stock, representing 53.6% of our
capital stock with full voting rights,  and The Coca-Cola Company indirectly owns 39.6%
of our capital stock,  representing 46.4% of our capital stock with full voting rights.
The remaining  14.7% of our capital stock trades on the Mexican Stock Exchange and in the
form  of ADSs on the New York Stock Exchange.</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;We are the largest bottler
      of <i>Coca-Cola</i> trademark beverages in Latin America in terms of sales
      volumes in 2003, with operations in Mexico, Guatemala, Nicaragua, Costa
      Rica, Panama, Colombia, Venezuela, Brazil and Argentina. While our corporate
      headquarters are in Mexico City, we have established divisional headquarters
      in the following three regions:</font></td>
  </tr></table>

<P><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>

<p>&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=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, Colombia and
Venezuela) with divisional  headquarters in San Jos&#233;, 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 S&#227;o
Paulo, Brazil.</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 our revenues by
implementing well planned product,  package and pricing strategies through channel
distribution and by implementing  best practices in order to improve operational
efficiencies 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>working
with The Coca-Cola Company to continue exploring new lines  of beverages that extend
existing brands and allow us to  participate in new beverage segments;</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
packaging strategies designed to increase consumer  demand for our products and to build
a strong returnable base in  our new 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>replicating
our successful best practices throughout the whole value chain  within the newly acquired
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>rationalizing
and adapting our organizational and asset structure in order to be in a better position
to respond to a  changing competitive environment;</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>strengthening
our selling capabilities in order to get closer to our clients, helping them satisfy the
beverage needs of  consumers;</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
our operations through advanced information technology systems;</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>evaluating
our bottled water strategy, in conjunction with The Coca-Cola Company, to maximize its
profitability across our  market territories; 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>committing
to building a best-in-class collaborative team, from top to bottom.</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 new presentations. See &#147;&#151;The Company&#151;Product and Packaging Mix.&#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. In
2003, as part of the integration process from  the acquisition of Panamco, we closed
several under-utilized manufacturing  centers and shifted distribution activities to
other existing facilities. See  &#147;&#151;Description of Property, Plant and Equipment.&#148; In
each of our facilities, we  seek to increase productivity through infrastructure and
process reengineering  for improved asset utilization. Our capital expenditure program
includes  investments in production and distribution facilities, bottles, cases, coolers
and information systems. We believe that this program will allow us to maintain  our
capacity and flexibility to innovate and to respond to consumer demand for  non-alcoholic
beverages.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue with
the integration process in our new Mexican  territories, realizing synergies in
back-office operations, manufacturing and  procurement and have implemented closure and
integration of facilities 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">
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>headcount reductions. We closed Panamco&#146;s Miami and
      Mexico City offices, consolidating our headquarter operations into our original
      office in Mexico City. In our other new territories we have replicated some
      of our traditional management practices and systems, and we have introduced
      several packing presentations across our new territories, strengthening
      <i>Coca-Cola</i> brands and offering new options to the consumers. We have
      implemented new pricing architecture strategies, differentiating returnable
      presentations from non-returnables in order to achieve an adequate combination
      of price and convenience.</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. To build upon these skills, we
also offer management  training programs designed to enhance our executives&#146; abilities
and  cross-fertilization programs, whereby a growing team of multinational executives
exchange experiences, know how and talent among our new and existing  territories.</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;The following map
shows the locations of our territories, giving in  each case the population to which we
offer products, the number of retailers of  our carbonated soft drinks and the per capita
consumption of our soft drink  products:</font></td></tr></table>

<p><img src="e17118southamerica.gif" width="688" height="506">


<p>&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;Per capita
consumption data for a territory is determined by dividing  sales volumes within the
territory (in bottles, jugs, 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 of our products consumed  annually per capita. In evaluating the
development of local volume sales in our  territories, we and The Coca-Cola Company
measure, among other factors, the per  capita consumption of our carbonated beverages.</font></td></tr></table>

<p>&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><B>Our Products</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We produce, market and distribute
      the following <i>Coca-Cola</i> trademark beverages, proprietary brands and
      brands licensed from third parties, as of March 15, 2004:</font></td>
  </tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr align="center">
    <td valign=bottom align="left" colspan="2"> <font size="1"><i><b><font size="2">Colas:</font></b></i></font></td>
    <td valign=bottom> <font size="1"><b>Mexico</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=bottom> <font size="1"><b>Central<br>
      America </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=bottom> <font size="1"><b>Colombia</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=bottom> <font size="1"><b>Venezuela</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=bottom> <font size="1"><b>Brazil</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=bottom> <font size="1"><b>Argentina</b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2"><i>
  Coca-Cola</i></font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td height="10">&nbsp;</td>
    <td height="10"> <font size="2"><i>
  Coca-Cola light</i></font></td>
    <td align="center" height="10"> <font size="2">X</font></td>
    <td align="center" height="10"> <font size="2">X</font></td>
    <td align="center" height="10"> <font size="2">X</font></td>
    <td align="center" height="10"> <font size="2">X</font></td>
    <td align="center" height="10"> <font size="2">X</font></td>
    <td align="center" height="10"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2"><i>Coca-Cola light lemon</i></font></td>
    <td align="center">&nbsp; </td>
    <td align="center">&nbsp; </td>
    <td align="center">&nbsp; </td>
    <td align="center">&nbsp; </td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td> <font size="2"><i>
  Coca-Cola vanilla</i></font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center">&nbsp; </td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center">&nbsp; </td>
    <td align="center">&nbsp; </td>
  </tr>
</table>
<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="2"> <font size="2"><b><i>Flavored Soft Drinks:</i></b></font></td>
    <td align="center" width="51"> <font size="1"><b>Mexico</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width="60"> <font size="1"><b>Central<br>
      America </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width="74"> <font size="1"><b>Colombia</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width="69"> <font size="1"><b>Venezuela</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width="48"> <font size="1"><b>Brazil</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" width="74"> <font size="1"><b>Argentina</b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;&nbsp;&nbsp;</td>
    <td width="205"> <font size="2"><i>Beat</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Canada Dry ginger ale</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Chinotto</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2">X</font></td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Chinotto light</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2">X</font></td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Crush</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Delaware Punch</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="48"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Fanta</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Fanta light</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Fanta multi-flavors</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Fresca</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Fresca pink grapefruit</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Frescolita</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2">X</font></td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Grapette</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2">X</font></td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Hit</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2">X</font></td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Kist<sup>(1)</sup></i></font></td>
    <td align="center" width="51"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="69"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="48"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="74"> <font size="2"><i>&nbsp;</i></font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Kola Rom&#225;n<sup>(2)</sup></i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74"> <font size="2">X</font></td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Kuat </i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Kuat laranja</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Kuat light</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Lift</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Lift green apple</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="48"> <font size="2"><i>&nbsp;</i></font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Mundet multi-flavors<sup>(3)</sup></i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Premio<sup>(1)</sup></i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74"> <font size="2">X</font></td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Prisco<sup>(3)</sup></i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Quatro</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74"> <font size="2">X</font></td>
    <td align="center" width="69"> <font size="2">X</font></td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Schweppes</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Senzao</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Sidral Mundet<sup>(3)</sup></i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Sidral Mundet light<sup>(3)</sup></i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Simba</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Sintonia</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Sprite</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Sprite light / Sprite Cero</i></font></td>
    <td align="center" width="51"> <font size="2">X</font></td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="205"> <font size="2"><i>Ta&#237;</i></font></td>
    <td align="center" width="51">&nbsp; </td>
    <td align="center" width="60">&nbsp; </td>
    <td align="center" width="74">&nbsp; </td>
    <td align="center" width="69">&nbsp; </td>
    <td align="center" width="48"> <font size="2">X</font></td>
    <td align="center" width="74"> <font size="2">X</font></td>
  </tr>
</table>
<p>&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 border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><b><i>Water:</i></b></font></td>
    <td align="center" valign="bottom" width="51"> <font size="1"><b>Mexico</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="61"> <font size="1"><b>Central<br>
      America </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="74"> <font size="1"><b>Colombia</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="69"> <font size="1"><b>Venezuela</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="48"> <font size="1"><b>Brazil</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="73"> <font size="1"><b>Argentina</b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;&nbsp;&nbsp;</td>
    <td width="204"> <font size="2"><i>Alpina<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"> <font size="2">X</font></td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Ciel</i></font></td>
    <td width="51" align="center"> <font size="2">X</font></td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Ciel Mineralizada</i></font></td>
    <td width="51" align="center"> <font size="2">X</font></td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Club K<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center"> <font size="2">X</font></td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Crystal<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center"> <font size="2">X</font></td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Dasani</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"> <font size="2">X</font></td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Kin</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Manantial<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center"> <font size="2">X</font></td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Nevada</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center"> <font size="2">X</font></td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Pure Mountain<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"> <font size="2">X</font></td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Santa Clara<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center"> <font size="2">X</font></td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Shangri-la<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"> <font size="2">X</font></td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Soda Clausen<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center"> <font size="2">X</font></td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Soda Kin</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center"> <font size="2">X</font></td>
  </tr>
</table>
<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="224" colspan="2"> <font size="2"><b><i>Other Categories:</i></b><i><sup>(4)</sup></i></font></td>
    <td align="center" valign="bottom" width="51"> <font size="1"><b>Mexico</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="61"> <font size="1"><b>Central<br>
      America </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="74"> <font size="1"><b>Colombia</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="69"> <font size="1"><b>Venezuela</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="48"> <font size="1"><b>Brazil</b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" valign="bottom" width="73"> <font size="1"><b>Argentina</b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;&nbsp;&nbsp;</td>
    <td width="204"> <font size="2"><i>Black Fire</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center"><font size="2">X</font> </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Burn</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center"><font size="2">X</font> </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Flash Power</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center"><font size="2">X</font> </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Fruitopia</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Hi-C</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center"><font size="2">X</font> </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Juizz<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Kapo</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Keloco<sup>(1)</sup></i></font></td>
    <td width="51" align="center"><font size="2">X</font> </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Kin light</i></font></td>
    <td width="51" align="center"><font size="2">X</font> </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Malta Regional<sup>(2)</sup></i></font></td>
    <td width="51" align="center">&nbsp;</td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center"><font size="2">X</font> </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Mickey Aventuras</i></font></td>
    <td width="51" align="center"><font size="2">X</font> </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Nativa</i></font></td>
    <td width="51" align="center">&nbsp;</td>
    <td width="61" align="center">&nbsp;</td>
    <td width="74" align="center">&nbsp;</td>
    <td width="69" align="center">&nbsp;</td>
    <td width="48" align="center">&nbsp;</td>
    <td width="73" align="center"><font size="2">X</font> </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Nestea<sup>(2)</sup></i></font></td>
    <td width="51" align="center"><font size="2">X</font> </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp;</td>
    <td width="69" align="center"><font size="2">X</font> </td>
    <td width="48" align="center"><font size="2">X</font> </td>
    <td width="73" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Polar</i></font></td>
    <td width="51" align="center">&nbsp;</td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp;</td>
    <td width="69" align="center">&nbsp;</td>
    <td width="48" align="center">&nbsp;</td>
    <td width="73" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Powerade</i></font></td>
    <td width="51" align="center"><font size="2">X</font> </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center"><font size="2">X</font></td>
    <td width="69" align="center"><font size="2">X</font> </td>
    <td width="48" align="center">&nbsp;</td>
    <td width="73" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Schweppes</i></font></td>
    <td width="51" align="center">&nbsp;</td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp;</td>
    <td width="69" align="center"><font size="2">X</font> </td>
    <td width="48" align="center">&nbsp;</td>
    <td width="73" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Shangri-la<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"><i>Sunfil</i></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center"><font size="2">X</font> </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Super 12<sup>(1)</sup></i></font></td>
    <td width="51" align="center">&nbsp;</td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp;</td>
    <td width="69" align="center">&nbsp;</td>
    <td width="48" align="center">&nbsp;</td>
    <td width="73" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"><font size="2"><i>Super Malta<sup>(2)</sup></i></font></td>
    <td width="51" align="center">&nbsp;</td>
    <td width="61" align="center"><font size="2">X</font> </td>
    <td width="74" align="center">&nbsp;</td>
    <td width="69" align="center">&nbsp;</td>
    <td width="48" align="center">&nbsp;</td>
    <td width="73" align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="20">&nbsp;</td>
    <td width="204"> <font size="2"></font></td>
    <td width="51" align="center">&nbsp; </td>
    <td width="61" align="center">&nbsp; </td>
    <td width="74" align="center">&nbsp; </td>
    <td width="69" align="center">&nbsp; </td>
    <td width="48" align="center">&nbsp; </td>
    <td width="73" align="center"> <font size="2">X</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% align=right valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Proprietary
brand.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Brand
licensed from third parties other than The Coca-Cola Company.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(3) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Brand
licensed from FEMSA. </font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(4) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Includes
juices, sport drinks,  dairy, malt, powder, iced tea and mixers.</font></td></tr></table>

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

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure sales volume in
      terms of unit cases. Unit case 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. The
      following table illustrates our historical sales volumes for each of our
      territories. The sales volume include the newly acquired Panamco territories
      only from May 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">
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 border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td width=312>&nbsp;</td>
    <td colspan=6><font size="1"><b>Sales Volumes<br>
      Year Ended December&nbsp;31 </b></font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=312 height="30">&nbsp;</td>
    <td colspan="2" height="30"> <font size="1"><b>2001</b></font>
      <hr width="60%" noshade size="1">
    </td>
    <td colspan="2" height="30"> <font size="1"><b>2001</b></font>
      <hr width="60%" noshade size="1">
    </td>
    <td colspan="2" height="30"><font size="1"><b>2001</b></font>
      <hr width="60%" noshade size="1">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=312>
      <p>&nbsp;</p>
    </td>
    <td colspan=6>
      <p align=center><font size="1"><b>(millions of unit cases)</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p>&nbsp;</p>
    </td>
    <td width=68>
      <p>&nbsp;</p>
    </td>
    <td width=38>&nbsp;</td>
    <td width=57>
      <p>&nbsp;</p>
    </td>
    <td width=33>&nbsp;</td>
    <td width=61>
      <p>&nbsp;</p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p><font size="2">Mexico </font></p>
    </td>
    <td align="right" width=68>
      <p><font size="2">850.1</font></p>
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <p><font size="2">504.7</font></p>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <p><font size="2">477.9</font></p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p><font size="2">Central America </font></p>
    </td>
    <td align="right" width=68>
      <p><font size="2">72.9</font></p>
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <p><font size="2">&#151;</font></p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p><font size="2">Colombia </font></p>
    </td>
    <td align="right" width=68>
      <p><font size="2">114.1</font></p>
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <p><font size="2">&#151;</font></p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p><font size="2">Venezuela </font></p>
    </td>
    <td align="right" width=68>
      <p><font size="2">110.1</font></p>
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <p><font size="2">&#151;</font></p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p><font size="2">Brazil </font></p>
    </td>
    <td align="right" width=68>
      <p><font size="2">176.6</font></p>
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <p><font size="2">&#151;</font></p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312><font size="2">Argentina </font></td>
    <td align="right" width=68><font size="2">126.6</font></td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57><font size="2">115.6</font></td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61><font size="2">129.9</font></td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>&nbsp;</td>
    <td align="right" width=68>
      <hr noshade size="1" align="right" width="60%">
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <hr noshade size="1" align="right" width="60%">
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <hr noshade size="1" align="right" width="60%">
    </td>
    <td width=31>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=312>
      <p><font size="2">Combined Volume </font></p>
    </td>
    <td align="right" width=68>
      <p><font size="2">1,450.5</font></p>
    </td>
    <td align="right" width=38>&nbsp;</td>
    <td align="right" width=57>
      <p><font size="2">620.3</font></p>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=61>
      <p><font size="2">607.8</font></p>
    </td>
    <td width=31>&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Product and Packaging Mix</B></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 60.2% of the total consolidated
      sales volume in 2003. <i>Fanta, Sprite, Lift</i> and <i>Fresca</i>, our
      next largest brands in consecutive order, accounted for 5.1%, 3.1%, 2.4%
      and 2.1%, respectively, of sales volumes in 2003. We produce, market and
      distribute <i>Coca-Cola</i> trademark beverages in each of our territories
      in containers authorized by The Coca-Cola Company, which consist of a variety
      of returnable and non-returnable presentations in the form of glass bottles,
      cans and plastic bottles made of polyethylene terephtalate, which we refer
      to as PET. Presentation sizes for our <i>Coca-Cola</i> trademark beverages
      range from a 6.5-ounce personal size to a 20-liter multi-serving size. We
      consider multi-serving size presentations as equal to or larger than 1.0
      liter. In general, personal sizes have a higher price per unit case as compared
      to multi-serving sizes. We offer both returnable and non-returnable presentations,
      which allow us to offer different combinations of convenience and price
      to implement revenue management strategies and to target specific distribution
      channels and population segments in our territories. In addition, we sell
      some <i>Coca-Cola</i> trademark beverage syrups in containers designed for
      soda fountain use, which we refer to as fountain. We also sell bottled water
      products in jug presentations, which is a presentation larger than 17 liters,
      that have a much lower price per unit than our other beverage products.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to <i>Coca-Cola</i>
      trademark beverages, we produce, market and distribute certain other proprietary
      brands and beverages licensed from third parties other than The Coca-Cola
      Company in a variety of presentations.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
characteristics of our territories are very diverse. Central Mexico  is densely populated
and has a large number of competing soft drink brands and  higher per capita income as
compared to the rest of our territories. Brazil and  Argentina are densely populated but
have lower per capita consumption of soft  drink products as compared to Mexico. Portions
of Central America and Colombia  are large and mountainous areas with lower population
density, lower per capita  income and lower per capita consumption of soft drink
products. In Venezuela,  per capita income and consumption have been affected due to the
economic and  political unrest in recent years. In recent years, per capita income has
been  negatively affected by macroeconomic conditions in most of the countries where  we
operate.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion analyzes
      our product and packaging mix by segment. The volume data presented is for
      the years 2002 and 2003 and includes the newly acquired territories for
      all of 2002 and the first four months of 2003 prior to the acquisition of
      Panamco. As discussed above, we did not acquire these territories until
      May 6, 2003. Nonetheless, we believe that presenting the prior periods in
      this section provides a more complete illustration of the characteristics
      of our territories than would be possible based solely on information from
      the last eight months of 2003. We have not included information for periods
      prior to 2002. We have presented above under &#147;Sales Overview&#148;
      our actual sales volumes by territory for the three years ended December
      31, 2001, 2002 and 2003, which include the newly acquired territories solely
      for eight months of 2003.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexico.</I></B> Our
      product portfolio consists of <i>Coca-Cola</i> trademark beverages, and
      since 2001 has included the third party <i>Mundet</i> trademark beverages.
      In 2003, we expanded our core brand portfolio line launching the flavored
      soft drinks <i>Fresca pink grapefruit</i> and <i>Lift green apple</i>. We
      also introduced <i>Coca-Cola vanilla</i> in 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">
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>Mexican territories, strengthening  the cola
category. Soft drink per capita consumption in Mexico during 2003 was 483  eight-ounce
servings.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table highlights historical sales volume and mix in  Mexico for our products:</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td width=369>
      <p>&nbsp;</p>
    </td>
    <td colspan=4> <font size="1"><b>Year Ended December&nbsp;31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=369>
      <p>&nbsp;</p>
    </td>
    <td colspan="2"> <font size="1"><b>2003</b></font>
      <hr size="1" noshade width="60%">
    </td>
    <td colspan="2"> <font size="1"><b>2002</b></font>
      <hr size="1" noshade width="60%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2"><b>Product Sales Volumes</b></font></td>
    <td colspan=4>
      <p align=center><font size="2"><b>(millions of unit cases)</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2"><i>Coca-Cola</i> Trademark Beverages </font></td>
    <td align="right" width=72> <font size="2">985.4</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">964.6</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Other Beverages </font></td>
    <td align="right" width=72> <font size="2"> 16.2</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">15.9</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=72> <font size="2">1,001.6</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">980.5</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="2" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="2" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">% Growth </font></td>
    <td align="right" width=72> <font size="2">2.2</font></td>
    <td align="left" width=43><font size="2">%</font></td>
    <td align="right" width=67> <font size="2">&#151;</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td colspan=4 align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2"><b>Unit Case Volume Mix by Category</b></font></td>
    <td colspan=4 align="center"> <font size="2"><b> (in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Colas </font></td>
    <td align="right" width=72> <font size="2">59.8</font></td>
    <td align="left" width=43><font size="2">%</font></td>
    <td align="right" width=67> <font size="2">60.8</font></td>
    <td align="left" width=49><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Flavored Soft Drinks </font></td>
    <td align="right" width=72> <font size="2">18.7</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">17.2</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Total Carbonated Soft Drinks </font></td>
    <td align="right" width=72> <font size="2">78.5</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">78.0</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Water<sup>(1)</sup> </font></td>
    <td align="right" width=72> <font size="2">20.9</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">20.7</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Other Categories </font></td>
    <td align="right" width=72> <font size="2">0.6</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">1.3</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=72> <font size="2">100.0</font></td>
    <td align="left" width=43><font size="2">%</font></td>
    <td align="right" width=67> <font size="2">100.0</font></td>
    <td align="left" width=49><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="2" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="2" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td colspan=4 align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2"><b>Product Mix by Presentation</b></font></td>
    <td colspan=4 align="center"> <font size="2"><b>(in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Returnable </font></td>
    <td align="right" width=72> <font size="2">27.9</font></td>
    <td align="left" width=43><font size="2">%</font></td>
    <td align="right" width=67> <font size="2">28.2</font></td>
    <td align="left" width=49><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Non-returnable </font></td>
    <td align="right" width=72> <font size="2">54.9</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">53.6</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Fountain </font></td>
    <td align="right" width=72> <font size="2">1.3</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">1.3</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">Jug </font></td>
    <td align="right" width=72> <font size="2">15.9</font></td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67> <font size="2">16.9</font></td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="1" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=369> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=72> <font size="2">100.0</font></td>
    <td align="left" width=43><font size="2">%</font></td>
    <td align="right" width=67> <font size="2">100.0</font></td>
    <td align="left" width=49><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=369>&nbsp;</td>
    <td align="right" width=72>
      <hr size="2" width="60%" noshade align="right">
    </td>
    <td align="left" width=43>&nbsp;</td>
    <td align="right" width=67>
      <hr size="2" width="60%" noshade align="right">
    </td>
    <td align="left" width=49>&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% 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
jug volumes.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our most popular
soft drink presentations were the 2.5-liter and  2.0-liter returnable plastic bottles,
the 0.6-liter non-returnable plastic  bottle, and the 2.5-liter and the 2.0-liter
non-returnable plastic bottle, which  combined accounted for more than 60% of our total
soft drink sales volume in  2003 in Mexico. Since 1995, we have introduced a number of
new presentations in  Mexico. These include 2.5-liter 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. In  2003, we
launched new 2.5-liter returnable and non-returnable presentations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-serving
presentations are an important component of our product  mix. In 2003, multi-serving
presentations represented 67% of our total soft  drink sales volumes in Mexico, as
compared to 64% in 2002. We expect that demand  for multi-serving presentations will
continue increasing. 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;In the past, the packaging
      trend in the soft drink industry in Mexico had moved toward non-returnable
      presentations. However, due to the entrance of low price brands in multi-serving
      size presentations, we have refocused our packaging mix strategy to reinforce
      our sales of multi-serving size returnable packages, and as a result non-returnable
      presentations remained almost flat in 2003 as compared to 2002. Returnable
      plastic and glass presentations offer consumers a more affordable, although
      less convenient, product, and we believe returnable packages present an
      opportunity for us to attract new customers and maintain customer loyalty,
      because they make <i>Coca-Cola</i> trademark beverages more attractive to
      price-sensitive consumers. The price of a 2.5-liter returnable package is
      approximately 30% less than the same size non-returnable package. These
      returnable products are mainly sold to small store retailers, representing
      the largest distribution channel in the Mexican market, that benefit from
      returnable bottles&#146; lower price per ounce of product, allowing them
      to compete with larger supermarkets. 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>&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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales volumes reached
      1,001.6 million unit cases in 2003, increasing 2.2% compared to 2002, including
      a 2.9% carbonated soft drink volume growth during the same period. The volume
      growth was mainly driven by (i) the solid performance of our new flavored
      brands including <i>Fresca pink grapefruit </i>and <i>Lift green apple</i>,
      accounting for approximately 70% of the incremental volumes during the year,
      (ii) the incremental sales volumes reached by <i>Ciel</i> still water in
      a 5.0-liter presentation and, (iii) volume growth from <i>Coca-Cola</i>
      brand beverages. This volume growth was partially offset by a decline in
      our jug water volume, mainly in the 19.0-liter water jug presentation, the
      result of our new revenue management initiatives intended to improve the
      profitability of our bottled water business in our new territories, and
      to a lesser extent to the increased size of multi-serving presentations.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, product and packaging
      innovation helped us weather a relatively weak economic environment and
      increased competition from low price soft drink brands in multi-serving
      size presentations, which have increased their presence and product alternatives
      in certain areas of our Mexican territories. With the introduction of our
      new multi-serving size 2.5-liter returnable and non-returnable presentations,
      for the <i>Coca-Cola</i> brand and selected flavors, we reduced the price
      gap per ounce versus low price brands during 2003, enhancing the value proposition
      for our customers.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Central America.</I></B>
      Our product sales in Central America consist predominantly of <i>Coca-Cola</i>
      trademark beverages. During 2003 we launched the <i>Dasani</i> water brand
      in one of our Central American territories. Soft drink per capita consumption
      in Central America during 2003 was 131 eight-ounce servings.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table highlights historical sales volume mix and total  sales volumes in Central America:</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td width=420>
      <p>&nbsp;</p>
    </td>
    <td colspan=4> <font size="1"><b>Year Ended December&nbsp;31, </b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=420>
      <p>&nbsp;</p>
    </td>
    <td colspan="2"> <font size="1"><b>2003</b></font>
      <hr size="1" width="60%" noshade>
      <font size="1"></font></td>
    <td colspan="2"> <font size="1"><b>2002</b></font>
      <hr size="1" width="60%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><b>Product Sales Volumes</b></font></p>
    </td>
    <td colspan=4>
      <p align=center><font size="2"><b>(millions of unit cases)</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><i>Coca-Cola</i> Trademark Beverages </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">99.6</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">93.3</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Other Beverages </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">7.7</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">6.8</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">107.3</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">100.1</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">% Growth </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">7.2</font></p>
    </td>
    <td align="left" width=34><font size="2">%</font></td>
    <td align="right" width=54>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td colspan=4 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><b>Unit Case Volume Mix by Category</b></font></p>
    </td>
    <td colspan=4 align="right">
      <p align=center><font size="2"><b> (in percentages)</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Colas </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">69.4</font></p>
    </td>
    <td align="left" width=34><font size="2">%</font></td>
    <td align="right" width=54>
      <p><font size="2">69.6</font></p>
    </td>
    <td align="left" width=32><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Flavored Soft Drinks </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">24.7</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">23.7</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Total Carbonated Soft Drinks </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">94.1</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">93.3</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Water </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">4.2</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">4.0</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Other Categories </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">1.7</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">2.7</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=34><font size="2">%</font></td>
    <td align="right" width=54>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=32><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td colspan=4 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><b>Product Mix by Presentation</b></font></p>
    </td>
    <td colspan=4 align="right">
      <p align=center><font size="2"><b>(in percentages)</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Returnable </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">51.8</font></p>
    </td>
    <td align="left" width=34><font size="2">%</font></td>
    <td align="right" width=54>
      <p><font size="2">50.9</font></p>
    </td>
    <td align="left" width=32><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Non-returnable </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">42.9</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">43.4</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Fountain </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">5.3</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">5.7</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Jug </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=34><font size="2">%</font></td>
    <td align="right" width=54>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=32><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Central America, we sell
      the majority of our sales volumes through small retailers. In 2003, multi-serving
      presentations represented 47.5% of our total soft drink sales volumes in
      Central America. We also launched a 2.0-liter returnable presentation in
      Central America for the <i>Coca-Cola</i> brand and selected flavor brands
      in 2003 to take advantage of the trend to larger presentations.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales
volumes reached 107.3 million unit cases in 2003,  increasing 7.2% compared to 2002,
including 8.1% growth in carbonated soft drink  sales volumes during the same period. The
sales volume growth was mainly driven  by (i) the solid performance of the cola category,
increasing almost 7% during  the year, and representing 66% </font></td></tr></table>

<p>&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>of the incremental sales  volumes, especially in
our territories in Guatemala and Nicaragua, and (ii) the  incremental sales  volume
reached by the carbonated soft drink flavor segment, which  represented  the majority of
the balance.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><b>Colombia.</b></i> Our
      product portfolio in Colombia consists of <i>Coca-Cola</i> trademark beverages,
      certain products sold under proprietary trademarks, as well as sales of
      the <i>Kola Rom&#225;n</i> brand, which we license from a third party. Soft
      drink per capita consumption in Colombia during 2003 was 80 eight-ounce
      servings.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table highlights historical sales volume mix and total  sales volumes in Colombia:</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="center" width=424>
      <p>&nbsp;</p>
    </td>
    <td colspan=4 align="center"> <font size="1"><b>Year Ended December&nbsp;31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="center" width=424>
      <p>&nbsp;</p>
    </td>
    <td colspan="2" align="center" valign="bottom"> <font size="1"><b>2003</b></font>
      <hr size="1" width="60%" noshade>
      <font size="1"></font></td>
    <td colspan="2" align="center" valign="bottom"> <font size="1"><b>2002</b></font>
      <hr size="1" width="60%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2"><b>Product Sales Volumes</b></font></td>
    <td colspan=4 align="center"> <font size="2"><b>(millions of unit cases)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2"><i>Coca-Cola</i> Trademark Beverages </font></td>
    <td align="right" width=64> <font size="2">133.5</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">139.0</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Other Beverages </font></td>
    <td align="right" width=64> <font size="2">38.3</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">46.0</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td align="right" width=64>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=64> <font size="2">171.8</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">185.0</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td align="right" width=64>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">% Growth </font></td>
    <td align="right" width=64> <font size="2">(7.1</font></td>
    <td align="left" width=32><font size="2">)%</font></td>
    <td align="right" width=56> <font size="2">&#151;</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td colspan=4 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2"><b>Unit Case Volume Mix by Category</b></font></td>
    <td colspan=4 align="center"> <font size="2"><b> (in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Colas </font></td>
    <td align="right" width=64> <font size="2">62.4</font></td>
    <td align="left" width=32><font size="2">%</font></td>
    <td align="right" width=56> <font size="2">60.4</font></td>
    <td align="left" width=24><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Flavored Soft Drinks </font></td>
    <td align="right" width=64> <font size="2">22.3</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">21.8</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Total Carbonated Soft Drinks </font></td>
    <td align="right" width=64> <font size="2">84.7</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">82.2</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Water<sup>(1)</sup></font></td>
    <td align="right" width=64> <font size="2">15.1</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">17.5</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Other Categories </font></td>
    <td align="right" width=64> <font size="2">0.2</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">0.3</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td align="right" width=64>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=64> <font size="2">100.0</font></td>
    <td align="left" width=32><font size="2">%</font></td>
    <td align="right" width=56> <font size="2">100.0</font></td>
    <td align="left" width=24><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td align="right" width=64>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td colspan=4 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2"><b>Product Mix by Presentation</b></font></td>
    <td colspan=4 align="center"> <font size="2"><b> (in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Returnable </font></td>
    <td align="right" width=64> <font size="2">53.4</font></td>
    <td align="left" width=32><font size="2">%</font></td>
    <td align="right" width=56> <font size="2">53.8</font></td>
    <td align="left" width=24><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Non-returnable </font></td>
    <td align="right" width=64> <font size="2">36.8</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">35.3</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Fountain </font></td>
    <td align="right" width=64> <font size="2">3.0</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">3.0</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">Jug </font></td>
    <td align="right" width=64> <font size="2">6.8</font></td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56> <font size="2">7.9</font></td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td align="right" width=64>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=24>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=424> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=64> <font size="2">100.0</font></td>
    <td align="left" width=32><font size="2">%</font></td>
    <td align="right" width=56> <font size="2">100.0</font></td>
    <td align="left" width=24><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=424>&nbsp;</td>
    <td align="right" width=64>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=24>&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% 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
jug volumes.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Colombian
market is characterized by lower per capita consumption  and relatively lower levels of
non-returnable presentations. In 2003,  multi-serving presentations represented 45.7% of
our total soft drink sales  volumes in Colombia. We are continuing to evaluate the right
product, package  and pricing architecture for our portfolio of brands in Colombia.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales
volumes amounted to 171.8 million unit cases in 2003,  decreasing 7.1% compared to 2002,
including a 4.4% carbonated soft drink volume  decline during the same period. The volume
decline was mainly driven by a  reduction in the production of water sold in less
profitable packages, which  accounted for almost 50% of the volume decline during the
year. Carbonated soft  drinks accounted for the balance.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Venezuela.</i></b> Our
      product portfolio in Venezuela consists predominantly of <i>Coca-Cola</i>
      trademark beverages. Soft drink per capita consumption in Venezuela during
      2003 was 123 eight-ounce servings.</font></td>
  </tr></table>

<p>&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: 28; page: 28" -->



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table highlights historical sales volume mix and total  sales volumes in Venezuela:</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan=4> <font size="1"><b>Year Ended December&nbsp;31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td>
      <p>&nbsp;</p>
    </td>
    <td colspan="2"> <font size="1"><b>2003</b></font>
      <hr size="1" width="60%" noshade>
    </td>
    <td colspan="2"> <font size="1"><b>2002</b></font>
      <hr size="1" width="60%" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2"><b>Product Sales Volumes</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b>(millions of unit cases)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2"><i>Coca-Cola</i> Trademark Beverages </font></p>
    </td>
    <td align="right">
      <p><font size="2">148.6</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">160.6</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Other Beverages </font></p>
    </td>
    <td align="right">
      <p><font size="2">3.0</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">2.3</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right">
      <p><font size="2">151.6</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">162.9</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">% Growth </font></p>
    </td>
    <td align="right">
      <p><font size="2">(6.9</font></p>
    </td>
    <td align="left"><font size="2">)%</font></td>
    <td align="right">
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan=4 align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2"><b>Unit Case Volume Mix by Category</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b> (in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Colas </font></p>
    </td>
    <td align="right">
      <p><font size="2">57.0</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
    <td align="right">
      <p><font size="2">48.2</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Flavored Soft Drinks </font></p>
    </td>
    <td align="right">
      <p><font size="2">29.2</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">34.0</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Total Carbonated Soft Drinks </font></p>
    </td>
    <td align="right">
      <p><font size="2">86.2</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">82.2</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Water<sup>(1)</sup> </font></p>
    </td>
    <td align="right">
      <p><font size="2">8.2</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">10.6</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Other Categories </font></p>
    </td>
    <td align="right">
      <p><font size="2">5.6</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">7.2</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td height="20">&nbsp;</td>
    <td align="right" height="20">
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" height="20">&nbsp;</td>
    <td align="right" height="20">
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" height="20">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right">
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
    <td align="right">
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan=4 align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2"><b>Product Mix by Presentation</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b>(in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Returnable </font></p>
    </td>
    <td align="right">
      <p><font size="2">36.4</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
    <td align="right">
      <p><font size="2">39.1</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Non-returnable </font></p>
    </td>
    <td align="right">
      <p><font size="2">57.6</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">52.5</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Fountain </font></p>
    </td>
    <td align="right">
      <p><font size="2">2.7</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">3.0</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Jug </font></p>
    </td>
    <td align="right">
      <p><font size="2">3.3</font></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">5.4</font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right">
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
    <td align="right">
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left"><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <hr width="60%" size="2" 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% 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
jug volumes.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During January of
2003, political unrest in Venezuela due to a national  strike made it practically
impossible for Panamco to run this operation on a  regular basis. Supply shortages during
the first quarter and a severe economic  recession significantly affected volume
performance during 2003. We  re-introduced the one-liter returnable glass presentation
for the Coca-Cola  brand in 2003, which we believe had a positive impact on sales volumes
in 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales
volumes decreased in 2003 to 151.6 million unit cases,  including a decrease of 2.3% in
carbonated soft drink volumes. Carbonated soft  drink flavors accounted for almost 60% of
the sales volume decline during the  year, and still bottled water accounted for the
majority of the balance, driven  by a change of consumption habits due to the country&#146;s
economic recession.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><b>Brazil.</b></i> Our product
      portfolio in Brazil consists mainly of <i>Coca-Cola</i> trademark beverages.
      Pursuant to an agreement with Cervejarias Kaiser, we distribute the <i>Kaiser</i>
      brands of beer, which represented 18.2% of our sales volumes in Brazil in
      2003. During 2003, we expanded our product lines, introducing <i>Coca-Cola
      light lemon</i>, <i>Kuat laranja</i> and <i>Sintonia</i>. Soft drink per
      capita consumption in Brazil during 2003 was 189 eight-ounce servings.</font></td>
  </tr></table>

<p>&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: 29; page: 29" -->



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table highlights historical sales volume mix and total  sales volumes in Brazil:</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td width=413>
      <p>&nbsp;</p>
    </td>
    <td colspan=4> <font size="1"><b>Year Ended December&nbsp;31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=413>
      <p>&nbsp;</p>
    </td>
    <td colspan="2"> <font size="1"><b>2003</b></font>
      <hr size="1" width="60%" noshade>
      <font size="1"></font></td>
    <td colspan="2"> <font size="1"><b>2002</b></font>
      <hr size="1" width="60%" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td align="left" width=413>
      <p><font size="2"><b>Product Sales Volumes</b></font></p>
    </td>
    <td colspan=4> <font size="2"><b>(millions of unit cases)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2"><i>Coca-Cola</i> Trademark Beverages </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">206.1</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">239.5</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Other Beverages </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">59.0</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">83.1</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">265.1</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">322.6</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">% Growth </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">(17.8</font></p>
    </td>
    <td align="left" width=37><font size="2">)%</font></td>
    <td align="right" width=56>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td colspan=4 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2"><b>Unit Case Volume Mix by Category</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b> (in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Colas </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">53.4</font></p>
    </td>
    <td align="left" width=37><font size="2">%</font></td>
    <td align="right" width=56>
      <p><font size="2">47.5</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Flavored Soft Drinks </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">23.7</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">26.7</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Total Carbonated Soft Drinks </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">77.1</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">74.2</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Water </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">4.1</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">5.1</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Other Categories<sup>(1)</sup> </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">18.8</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">20.7</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=37><font size="2">%</font></td>
    <td align="right" width=56>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td colspan=4 align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2"><b>Product Mix by Presentation</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b>(in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Returnable </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">11.1</font></p>
    </td>
    <td align="left" width=37><font size="2">%</font></td>
    <td align="right" width=56>
      <p><font size="2">11.9</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Non-returnable </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">85.1</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">84.1</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Fountain </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">3.8</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">4.0</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">Jug </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=413>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=37><font size="2">%</font></td>
    <td align="right" width=56>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=413>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=37>&nbsp;</td>
    <td align="right" width=56>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=29>&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% 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
beer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, we
initiated a packaging differentiation strategy intended  to diversify our operation from
2.0-liter PET non-returnable packages and cans,  which together accounted for almost 80%
of sales volumes in 2002 and the  beginning of 2003. We launched more than six different
packaging presentations  during 2003, including a new 12-ounce non-returnable glass
bottle and a new  200-milliliter returnable glass bottle in order to offer convenience
and  affordability for the on-premise segment. By selling more profitable stock  keeping
units or SKUs, we intend to strengthen our packaging and brand  portfolio, and enhance
our pricing architecture in order to increase the  profitability of the segment.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales volumes amounted
      to 265.1 million unit cases in 2003, decreasing 17.8% compared to 2002 volumes,
      including a 14.7% decline in non-profitable carbonated beverage sales volumes
      during the same period. The majority of the volume decline during 2003 came
      from 2.0-liter non-returnable presentations, especially for low margin products
      like <i>Simba</i> and <i>Ta&#237;</i>, as we tried to reach a better price
      value combination by shifting to more profitable presentations. Carbonated
      soft drinks accounted for 60% of the volume decline during 2003, beer represented
      30% and bottled water represented the balance.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Argentina.</i></b> Our
      product portfolio in Argentina consists exclusively of <i>Coca-Cola</i>
      trademark beverages. Soft drink per capita consumption in Argentina during
      2003 was 276 eight-ounce servings.</font></td>
  </tr></table>

<p>&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: 30; page: 30" -->



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table highlights historical sales volume mix and total  sales volumes in Argentina:</font></td></tr></table>

<p>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width=420>
      <p>&nbsp;</p>
    </td>
    <td colspan=4 align="center"> <font size="1"><b>Year Ended December&nbsp;31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p>&nbsp;</p>
    </td>
    <td align="center" colspan="2"> <font size="1"><b>2003</b></font>
      <hr size="1" noshade width="60%">
      <font size="1"></font></td>
    <td align="center" colspan="2"> <font size="1"><b>2002</b></font>
      <hr size="1" noshade width="60%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><b>Product Sales Volumes</b></font></p>
    </td>
    <td colspan=4>
      <p align=center><font size="2"><b>(millions of unit cases)</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><i>Coca-Cola</i> Trademark Beverages </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">126.6</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">115.6</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Other Beverages </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">126.6</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">115.6</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">% Growth </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">9.5</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
    <td align="right" width=59>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td colspan=4 align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><b>Unit Case Volume Mix by Category</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b> (in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Colas </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">71.4</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
    <td align="right" width=59>
      <p><font size="2">68.3</font></p>
    </td>
    <td align="left" width=27><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Flavored Soft Drinks </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">27.4</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">30.4</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=60>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=34>&nbsp;</td>
    <td align="right" width=54>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=32>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Total Carbonated Soft Drinks </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">98.8</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">98.7</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Water </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">0.9</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">0.8</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Other Categories </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">0.3</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">0.5</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td height="16" width=420>&nbsp;</td>
    <td align="right" height="16" width=65>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" height="16" width=29>&nbsp;</td>
    <td align="right" height="16" width=59>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" height="16" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td height="16" width=420>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" height="16" width=65>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" height="16" width=29><font size="2">%</font></td>
    <td align="right" height="16" width=59>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" height="16" width=27><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td height="16" width=420>&nbsp;</td>
    <td align="right" height="16" width=65>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" height="16" width=29>&nbsp;</td>
    <td align="right" height="16" width=59>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" height="16" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td colspan=4 align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2"><b>Product Mix by Presentation</b></font></p>
    </td>
    <td colspan=4 align="center"> <font size="2"><b>(in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Returnable </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">24.5</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
    <td align="right" width=59>
      <p><font size="2">12.4</font></p>
    </td>
    <td align="left" width=27><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Non-returnable </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">71.8</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">82.9</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Fountain </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">3.7</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">4.7</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">Jug </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <p><font size="2">&#151;</font></p>
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <hr width="60%" size="1" noshade align="right">
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=420>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </font></p>
    </td>
    <td align="right" width=65>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=29><font size="2">%</font></td>
    <td align="right" width=59>
      <p><font size="2">100.0</font></p>
    </td>
    <td align="left" width=27><font size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width=420>&nbsp;</td>
    <td align="right" width=65>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=29>&nbsp;</td>
    <td align="right" width=59>
      <hr width="60%" size="2" noshade align="right">
    </td>
    <td align="left" width=27>&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, in order to minimize
      the impact of the deteriorated economic situation in Argentina, as well
      as increase the affordability of our products, we launched new returnable
      presentations such as a 1.25-liter returnable glass presentation and a 2.0-liter
      returnable PET presentation, which combined with existing presentations
      accounted for 25% of our sales volumes in 2003. During 2003 we also experienced
      an increase in our premium brands fostered by the launch of <i>Fanta light</i>
      and the slow recovery of the Argentine economy.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales volumes amounted
      to 126.6 million unit cases in 2003, increasing 9.5% compared to 2002. The
      sales volume increase was mainly driven by our returnable packaging strategy
      and the economic recovery from the devaluation of the Argentine peso in
      2002. We also experienced a product shift from our less profitable value
      protection brands, <i>Ta&#237;</i> and <i>Crush</i>, toward our core and
      premium brands, the <i>Coca-Cola</i> brand and <i>Fanta</i>, which increased
      15.1% and 40.6%, respectively. For the first time, in 2003 we sold more
      sales volumes from premium brands than from value protection brands, fostered
      by a 10.9% volume increase of the <i>Coca-Cola light</i> brand and the successful
      introduction of <i>Fanta light</i> during the year. Premium brands represented
      12.2% of total sales volumes during 2003.</font></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 months
of each country and during the Christmas  holiday season. In Mexico, Central America,
Colombia and Venezuela we typically  achieve our highest sales during the summer months
of April through September as  well as during the Christmas holidays in December. In
Argentina and Brazil, our  highest sales levels occur during the summer months of October
through March and  the Christmas holidays in December.</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;Our company, in conjunction
      with The Coca-Cola Company, has developed a sophisticated marketing strategy
      to promote the sale and consumption of our products. 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. Through the use
      of advanced information technology, we have collected customer and consumer
      information that allow 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. We are in the process of
      rolling out our information technology system in our new territories in
      order to standardize the systems in these territories with our original
      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">
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;








  <p><font size="2"><!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
    <br>
  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retailer
    Incentive Programs.  </i></b>Incentive programs include providing retailers
    with commercial refrigerators for the display and cooling of soft drink products
    and for point-of-sale display materials.  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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising.</i>
    </b>We advertise in all major communications media.  We focus our advertising
    efforts 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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channel
    Marketing.</i></b>  In order to provide more dynamic and specialized marketing
    of our products, our strategy is to segment our market and develop targeted
    efforts for each segment or distribution channel.  Our principal channels
    are small retailers, &#147;on-premise&#148; consumption such as restaurants and bars,
    supermarkets and third party distributors.  Presence in these channels 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.  In response to this analysis, we tailor
    our product, price, packaging and distribution strategies to meet the particular
    needs of and exploit the potential of each channel.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b>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 in hand-held computers to support the gathering
    of product, consumer and delivery information required to implement our channel
    marketing strategies effectively, for most of our sales routes in Mexico and
    Argentina, and will continue investing to increase pre-sale coverage in certain
    of our new territories.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperative
    Marketing Budget.  </i></b>Our consolidated total marketing expenditure made
    in 2003 was Ps.1,498.4 million.  In 2003 and 2002, The Coca-Cola Company contributed
    48% and 41%, respectively, of our marketing expenditures budget.  See &#147;&#151;Bottler
    Agreements.&#148;</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Product Distribution</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b>The
    following table provides an overview of our product distribution centers and
    the retailers to which we sell our products:</font></p>
  <p align="center"><font size="2"><b>Product Distribution Summary<br>
    As of December 31, 2003</b></font></p>

<table border=0 cellspacing=0 cellpadding=0>
  <tr>
      <td width=166 valign=bottom>
        <p align=center>&nbsp;</p>
      </td>
      <td width=73 valign=bottom>
        <p align=center><font face="Times New Roman" size="2"><b><u>Mexico</u></b></font></p>
      </td>
      <td width=73 valign=bottom>
        <p align=center><font face="Times New Roman" size="2"><b>Central <u>America</u></b></font></p>
      </td>
      <td width=73 valign=bottom>
        <p align=center><font face="Times New Roman" size="2"><b><u>Colombia</u></b></font></p>
      </td>
      <td width=73 valign=bottom>
        <p align=center><font face="Times New Roman" size="2"><b><u>Venezuela</u></b></font></p>
      </td>
      <td width=73 valign=bottom>
        <p align=center><font face="Times New Roman" size="2"><b><u>Brazil</u></b></font></p>
      </td>
      <td width=73 valign=bottom>
        <p align=center><font face="Times New Roman" size="2"><b><u>Argentina</u></b></font></p>
      </td>
    </tr>
    <tr>
      <td width=166 valign=top>
        <p><font face="Times New Roman" size="2">Distribution Centers </font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">113</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">43</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">42</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">38</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">10</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">4</font></p>
      </td>
    </tr>
    <tr>
      <td width=166 valign=top>
        <p><font face="Times New Roman" size="2">Number of Retailers<sup><font size="1"><sup>(1)</sup></font></sup>
          </font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">547,185</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">139,289</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">442,210</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">234,740</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">120,008</font></p>
      </td>

    <td width=73 valign=top align="right">
      <p><font face="Times New Roman" size="2">75,735</font></p>
      </td>
    </tr>
  </table>
  <table width=600>
    <tr>
      <td>
        <hr size=1 noshade align=left  width=75>
      </td>
    </tr>
  </table>
  <font size="1">(1)     Estimated.</font> <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">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: 2; page: 2" -->

<p><font size="2"> </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use
  two main sales methods depending on market and geographic conditions: the traditional
  or conventional truck route system, in which the person in charge of the delivery
  makes immediate sales from inventory available on the truck, and the pre-sale
  system. 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 have previously ordered, 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. In certain areas
  we also make sales through third party wholesalers of our products. The vast
  majority of our sales are on a cash basis.</font></p>
  <p><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
    selling distribution system for soft drink products.  Accordingly, we have
    continued to expand our pre-sale system throughout our operations, except
    in areas where we believe consumption patterns do not warrant pre-sale.  We
    are in the process of replicating our business model in our new territories.</font></p>
  <p><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.  We generally
    retain third parties to transport our finished products from the bottler plants
    to the distribution centers.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Mexico.</i></b>  We contract
    with a subsidiary of FEMSA for the transportation of finished products to
    our distribution centers from our Mexican production facilities.  See &#147;Item
    7.  Major Shareholders and Related Party Transactions&#151;Related Party Transactions.&#148;
    From the distribution centers, we then distribute our finished products to
    retailers through our own fleet of trucks.<b> </b>In 2003, we implemented
    these practices in the newly acquired Mexican territories.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Mexico, we sell a majority
    of our beverages at small retail stores to customers who take the beverages
    home or elsewhere for consumption.  We also sell products through the &#147;on-premise&#148;
    segment, supermarkets and others.  &#147;On premise&#148; consists of (i)&nbsp;sales
    through sidewalk stands, restaurants, bars and various types of dispensing
    machines and (ii)&nbsp;sales through point of sale programs in concert halls,
    auditoriums and theaters by means of a series of arrangements with Mexican
    promoters.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Central America.  </i></b>In
    Central America, we distribute our finished products to retailers through
    a combination of our own fleet of trucks and third party distributors.<b>
    </b>In Central America, excluding Guatemala, we sold more than 50% of sales
    volumes through the pre-sale system in 2003.  In Guatemala, we sold only around
    10% of sales volumes through pre-sale in 2003, but we currently plan to increase
    pre-sale coverage in the future.  In our Central American operations, just
    as in most of our territories, an important part of our sales volumes are
    through small retailers, and we have low supermarket penetration in this region,
    representing less than 8% of sales volumes in 2003.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Colombia.  </i></b>Approximately
    half of sales volumes in Colombia are sold through pre-sale and half through
    the traditional system in 2003.  We distribute our finished products to retailers
    through a combination of our own fleet of trucks and third party distributors.
    Since May 2003, we consolidated five distribution centers out of 47 in our
    Colombian operations, with the objective of increasing productivity levels
    and asset utilization.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Venezuela.</i>  </b>In
    Venezuela close to 70% of our sales volumes in 2003 were through the pre-sale
    system.  We distribute our finished products to retailers through a combination
    of our own fleet of trucks and third party distributors.  During 2003 we consolidated
    the operations of two of the 40 distribution facilities.  Our Venezuelan operations
    distribute a significant part of sales volumes through small retailers and
    supermarkets, which represent approximately 13% of our sales volumes in 2003.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Brazil.  </i></b>In Brazil,
    almost 100% of our direct sales volumes are through the pre-sale system, although
    the delivery of our finished products to customers is by a third party.  At
    the end of 2003, we operated ten distribution facilities in our Brazilian
    territories. In contrast with the rest of our territories, which have low
    supermarket penetration,</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
  <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: 2; page: 2" -->
  <p><font size="2">in Brazil we sold more than 25% of our sales volume through
    supermarkets in 2003.  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
    16% of our products in 2003.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Argentina.</i></b> At
    December 31, 2003, we operated four distribution centers in Argentina.  We
    distribute our finished products to retailers through a combination of our
    own fleet of trucks and third party distributors.<b>  </b>Independent wholesalers
    distributed approximately 5.7% of our products in 2003.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Argentina, in 2003 we sold
    the majority of our products in the take-home segment, which consists of sales
    to consumers who take the beverages home or elsewhere for consumption.  In
    2003, the percentage of sales volumes through supermarkets decreased to 17.9%
    from 23.4% in 2002.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Competition</b></font></p>
  <p><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 in the territories in which
    we operate are highly competitive.  Our principal competitors are local bottlers
    of Pepsi and other bottlers and distributors of national and regional soft
    drink brands.  We face increased competition in many of our territories from
    producers of low price beverages, commonly referred to as &#147;B&#148; brands.  A number
    of our competitors in Central America and Brazil also offer both soft drinks
    and beer, which may enable them to achieve distribution efficiencies.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, we faced new competitive
    pressures that are different than those we have historically faced as we began
    operations in Central America, Colombia, Venezuela and Brazil. In addition,
    distribution and marketing practices in some of these territories differ from
    our historical practices.  </font></p>
  <p><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 compete by seeking to offer an attractive price / value
    proposition to the different segments in our markets and by building on our
    brand equity.  We believe that the introduction of new products and new presentations
    has been a significant competitive technique that allows us to increase demand
    for our products, provide different options to consumers and increase new
    consumption opportunities.  See &#147;&#151;Sales Overview.&#148;  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Mexico</i>.  </b>Our principal
    competitors in Mexico are bottlers of Pepsi products, whose territories overlap
    but are not co-extensive with our own.  These competitors include Pepsi Gemex
    in central Mexico, a subsidiary of PBG, the largest bottler of Pepsi globally,
    and several other Pepsi bottlers in central and southeast Mexico.  In addition,
    we compete with Cadbury Schweppes and with other national and regional brands
    in our Mexican segment.  We also face an increase in competition from low
    price producers offering multi-serving size presentations in the soft drink
    industry.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Central America.</i></b>
    In the countries that comprise our Central America segment, our main competitors
    are Pepsi bottlers. In Guatemala and Nicaragua we compete against The Central
    American Bottler Corporation, in Costa Rica our principal competitor is Embotelladora
    Centroamericana, S.A. and in Panama our main competitor is Refrescos Nacionales,
    S.A.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Colombia.</i></b>  Our
    principal competitor is Postob&#243;n S.A., which we refer to as Postob&#243;n, a well-established
    local bottler that sells flavored soft drinks, some of which have a wide consumption
    preference, such as cream soda, the second most popular category in the Colombian
    soft drink industry in terms of sales volumes, and Pepsi products. Postob&#243;n
    is a vertically integrated producer, the owners of which hold other significant
    commercial interests in Colombia.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Venezuela</i>.</b>  In
    Venezuela, our main competitor is Pepsi-Cola Venezuela, C.A., a joint venture
    formed between PepsiCo and Empresas Polar, S.A., the leading beer distributor
    in the country. We also compete with the producers of <i>Kola Real</i> in
    part of the country.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Brazil.  </i></b>In Brazil,
    we compete against AmBev, a Brazilian company with a portfolio of brands that
    includes Pepsi, local brands with flavors such as guaran&#225; and proprietary
    beers.  We also compete against &#147;B&#148; brands or </font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p><font size="2">&#147;Tubainas,&#148; which are small, local producers of low cost flavored
    soft drinks in multi-serving presentations that represent an important portion
    of the soft drink market.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Argentina.</i></b>  In
    Argentina, our main competitor is BAESA, a Pepsi bottler, which is owned by
    Argentina&#146;s principal brewery, Quilmes Industrial S.A., and indirectly controlled
    by AmBev.  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.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Raw Materials</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the bottler agreements
    with The Coca-Cola Company, we are required to purchase concentrate, including
    aspartame, an artificial sweetener used in diet sodas, for all <i>Coca-Cola</i>
    trademark beverages from companies designated by The Coca-Cola Company.  The
    price of concentrate for all <i>Coca-Cola</i> trademark beverages is a percentage
    of the average price we charge to our retailers net of applicable taxes.
    Although The Coca-Cola Company has the right to unilaterally set the price
    of concentrates, in practice this percentage is set pursuant to periodic negotiations
    with The Coca-Cola Company.  In connection with the Panamco acquisition, The
    Coca-Cola Company agreed that concentrate prices would not be raised through
    May 2004.  See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Major
    Shareholders&#151;The Coca-Cola Memorandum.&#148;  In most cases, concentrate is purchased
    in the local currency of the territory.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to concentrates,
    we purchase sweeteners, carbon dioxide, glass and plastic bottles, cans, closures
    and fountain containers, as well as other packaging materials.  Our bottler
    agreements provide that, with respect to <i>Coca-Cola</i> trademark beverages,
    all containers, closures, cases, cartons and other packages and labels may
    be purchased only from suppliers approved by The Coca-Cola Company, which
    includes manufacturing subsidiaries of FEMSA Empaques.  Prices for packaging
    materials historically are determined with reference to the U.S. dollar, although
    the local currency equivalent in a particular country is subject to price
    volatility in accordance with changes in exchange rates.  Under our agreements
    with The Coca-Cola Company, we may use raw or refined sugar or HFCS as sweeteners
    in our products, although we currently use sugar in all of our operations
    except for Argentina.  Sugar prices in all of the countries in which we operate,
    other than Brazil, are subject to local regulations and other barriers to
    market entry that cause us to pay in excess of international market prices
    for sugar.  We have experienced sugar price volatility in these territories
    as a result of changes in local conditions and regulations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the materials or supplies
    that we use are 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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Mexico.</i></b><i>  </i>We
    purchase some glass bottles, closures, plastic cases, commercial refrigerators,
    cans and certain lubricants and detergents for bottling lines from subsidiaries
    of FEMSA Empaques.  We purchase our returnable plastic bottles from Continental
    PET Technologies de M&#233;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 some of
    our non-returnable plastic bottles, as well as pre-formed plastic ingots for
    the production of non-returnable plastic bottles, from ALPLA F&#225;brica de Pl&#225;sticos,
    S.A. de C.V., which we refer to as ALPLA, an authorized provider of PET for
    The Coca-Cola Company.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase some can presentations
    from Industria Envasadora de Quer&#233;taro, S.A. de C.V., known as IEQSA, a bottler
    cooperative in which we hold 33.68% interest.  Both we and IEQSA purchase
    a portion of our empty can supply requirements from F&#225;bricas Monterrey, S.A.
    de C.V., known as Famosa, a subsidiary of FEMSA Empaques.  Our supply agreements
    provide for market based pricing.</font></p>
  <p><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 regularly purchase sugar from Promotora Mexicana de
    Embotelladoras, S.A. de C.V., known as PROMESA, a cooperative of <i>Coca-Cola</i>
    bottlers.  These purchases are regularly made under one-year agreements between
    PROMESA and each bottler subsidiary for the sale of sugar at a price that
    is determined monthly based on the </font></p>
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      <td width=60 align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
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  <p><font size="2">cost of sugar to PROMESA. We also purchase sugar from Beta
    San Miguel, another sugar-cane producer in which we hold a 2.54% equity interest.
    </font></p>
  <p><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., which we refer to as Nafin, a Mexican government-owned
    development bank, pursuant to which Nafin acts as trustee.  In addition, 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 bottler 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 non-sugar
    sweetener, including HFCS.  The effect of these excise taxes is to limit our
    ability to substitute other sweeteners for sugar.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imported sugar is also presently
    subject to import duties, the amount of which is set by the Mexican government.
    As a result, sugar prices in Mexico are in excess of international market
    prices for sugar and increased by approximately 8% in 2003.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Central America.  </i></b>The
    majority of our raw materials such as glass and plastic bottles and cans are
    purchased from several local suppliers.  Sugar is available from one supplier
    in each country.  Local sugar prices are significantly higher than international
    market prices, and our ability to import sugar or HFCS is limited.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Colombia.  </i></b>We
    use sugar as a sweetener in our products, which we buy from several domestic
    sources. We purchase pre-formed ingots from a local supplier and Tap&#243;n Corona,
    in which we have a 40% equity interest.  We purchase all our glass bottles
    and cans from suppliers, in which our competitor Postob&#243;n owns a 40% equity
    interest.  Other suppliers exist for glass bottles, however, cans are available
    only from this one source. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Venezuela.</i></b>  We
    use sugar as a sweetener in our products, of which we purchase the majority
    from the local market and the rest we import mainly from Colombia.  In the
    second half of 2003, there was a shortage of sugar due to the inability of
    the main sugar importers to access foreign currencies as a result of the exchange
    controls implemented at the beginning of 2003.  We only buy glass bottles
    from one supplier, Productos de Vidrio, S.A., a local supplier, but there
    are other alternative suppliers authorized by The Coca-Cola Company.  We have
    several supplier options for plastic non-returnable bottles but we acquire
    most of our requirements from ALPLA de Venezuela, S.A.  One exclusive supplier
    handles all our can requirements.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Brazil.</i></b>  Sugar
    is widely available in Brazil at internal market prices which are generally
    lower than international prices.  We purchase glass bottles, PET bottles and
    cans from several domestic and international suppliers.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Argentina.</i></b><i>
    </i>In Argentina, we use HFCS from several different local suppliers as sweetener
    in our products instead of sugar.  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., which we refer to as CIPET, a local subsidiary
    of Embotelladora Andina S.A., a <i>Coca-Cola</i> bottler with operations in
    Argentina, Chile and Brazil, and other international suppliers.  We purchase
    crown caps from local and international suppliers.  We purchase our can presentations
    for distribution to customers in Buenos Aires from Complejo Industrial CAN
    S.A., which we refer to as CICAN, in which Coca-Cola FEMSA de Buenos Aires
    has a 48.1% equity interest.</font></p>
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      <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;
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  </font></b> </font>
  <p align="center"><font size="2"><b>REGULATION</b>  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Price Controls.  </i></b>At
    present, there are no price controls on our products in any of our segments.
    In Mexico, 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.  In response to the devaluation of the Mexican
    peso relative to the U.S. dollar in 1994 and 1995, however, 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&#243;n
    Nacional de Productores de Refrescos y Aguas Carbonatadas, A.C. </i>(the National
    Association of Bottlers) to engage in voluntary consultations with the Mexican
    government with respect to price increases for returnable presentations.
    These voluntary consultations were terminated in 1996.  In the last ten years,
    the governments in Colombia, Brazil, and Venezuela have also imposed formal
    price controls on soft drinks. The imposition of price controls in the future
    may limit our ability to set prices and adversely affect our results of operations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Taxation of Soft Drinks</i>.
    </b>All the countries in which we operate impose a value-added tax on the
    sale of soft drinks, with a rate of 15% in Mexico, 12% in Guatemala, 15% in
    Nicaragua, 13% in Costa Rica, 5% in Panama, 16% in Colombia, 16% in Venezuela,
    18% in Brazil (only in the territories where we operate) and 21% in Argentina.
    In addition, several of the countries in which we operate impose the following
    excise or other taxes:</font></p>

<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
imposes a 20% excise tax on soft drinks produced with HFCS in January 2002  that was
suspended in September 2002.  In January 2003, the Mexican government  implemented a 20%
excise tax on carbonated soft drinks produced with non-sugar  sweeteners.</font></td></tr></table>

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  <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>Guatemala
imposes an excise tax of 0.18 cents  in local currency (Ps.0.25 as of December 31, 2003)
per liter of soft drink.</font></td></tr></table>

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  <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>Nicaragua imposes a 9% consumption tax. </font></td>
  </tr>
  <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>Costa Rica imposes a specific tax on non-alcoholic
      bottled beverages based on the combination of packaging and flavor, a 5%
      excise tax on local brands, a 10% tax on foreign brands and a 14% tax on
      mixers.</font></td>
  </tr>
</table>

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  <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>Panama
imposes a 5% tax based on the cost of  goods produced.</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>Brazil
imposes an excise tax of 9% and a consumption  tax of 6.9% in the territories where we
operate.</font></td></tr></table>

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  <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>Argentina
imposes an excise tax on colas and  on flavored soft drinks containing less than 5% lemon
juice or less than 10%  fruit juice of 8.7%, and an excise tax on flavored soft drinks
with 10% or  more fruit juice and on mineral water of 4.2%.</font></td></tr></table>


  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Water Supply Law.</i></b><i>
    </i>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 Water Law of 1992)<i>,
    </i>and regulations issued thereunder, which created the <i>Comisi&#243;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 Water
    Law of 1992, 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 the right to transfer the unused volume 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></p>
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      <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;
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  <p><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
    or that we will be able to maintain our current concessions.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not currently require
    a permit to obtain water in our other territories.  In Nicaragua, Costa Rica
    and some plants in Colombia, we own private water wells.  In Argentina, we
    obtain water from Aguas Argentinas, a privately-owned concessionaire of the
    Argentine government.  In the remainder of our territories, we obtain water
    from governmental agencies or municipalities.  In the past five years we have
    not had a water shortage in any of our territories, although we can give no
    assurances that water will be available in sufficient quantities to meet our
    future production needs or that additional regulations relating to water use
    will not be adopted in the future.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Environmental Matters.</i></b><i>
    </i>In all of the countries where we operate, our businesses are subject to
    federal and state laws and regulations relating to the protection of the environment.
    In Mexico, the principal legislation is the <i>Ley General de Equilibrio Ecol&#243;gico
    y Protecci&#243;n al Ambiente</i> (the Federal<i> </i>General Law for Ecological
    Equilibrium and Environmental Protection) or the Mexican Environmental Law
    and the <i>Ley General para la Prevenci&#243;n y Gesti&#243;n Integral de los Residuos</i>
    (the General Law for the Prevention and Integral Management of Waste) which
    are enforced by the <i>Secretar&#237;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 Mexican Environmental Law, rules have
    been 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;&#151;The Company&#151;Product Distribution.&#148;</font></p>
  <p><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),
    also enforced by SEMARNAP.  Adopted in January&nbsp;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 bottler plants located in Mexico City, 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, Plant and Equipment&#151;Production Facilities.&#148;</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Central American operations
    are subject to several federal and state laws and regulations relating to
    the protection of the environment, which have been enacted in the last ten
    years, as awareness has increased in this region about the protection of the
    environment and the disposal of dangerous and toxic materials.  In some countries
    in Central America, we are in the process of bringing our operations into
    compliance with new environmental laws. For example, in Nicaragua we are in
    the final phase of the construction of a water treatment plant located at
    our bottler plant in Managua.  Also, our Costa Rica operations have participated
    in a joint effort along with the local division of The Coca-Cola Company called
    <i>Proyecto Planeta</i> (Project Planet) for the collection and recycling
    of non-returnable plastic bottles.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Colombian operations are
    subject to several Colombian federal, state and municipal laws and regulations
    related to the protection of the environment and the disposal of toxic and
    dangerous materials.  These laws include the control of atmospheric emissions
    and strict limitations on the use of chlorofluorocarbons. We are also engaged
    in nationwide campaigns for the collection and recycling of glass and plastic
    bottles.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Venezuelan operations are
    subject to several Venezuelan federal, state and municipal laws and regulations
    related to the protection of the environment.  The most relevant of these
    laws are the <i>Ley Org&#225;nica del Ambiente</i> (the Organic Environmental Law),
    the <i>Ley Sobre Sustancias, Materiales y Desechos Peligrosos</i> (the Substance,
    Material and Dangerous Waste Law), and the <i>Ley Penal del Ambiente</i> (the
    Criminal Environment Law).  Since the enactment of the Organic Environmental
    Law in 1995, our Venezuelan subsidiary has presented to the proper authorities
    plans to bring our </font></p>
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      <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;
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  <p><font size="2">production facilities and distribution centers into compliance
    with the law. While the laws provide certain grace periods for compliance
    with the new environmental standards, we have had to adjust some of the originally
    proposed timelines presented to the authorities, because of delays in the
    completion of some of these projects.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Brazilian operations are
    subject to several federal, state and municipal laws and regulations related
    to the protection of the environment.  Among the most relevant laws and regulations
    are those dealing with the emission of toxic and dangerous gases, which impose
    penalties, such as fines, facility closures or criminal charges depending
    upon the level of non-compliance. Our production plant located in Jundia&#237;
    has been recognized by the Brazilian authorities for its compliance with environmental
    regulations and for having standards well above those imposed by the law.
    The plant has been certified for the ISO 9000 since March 1995 and the ISO
    14001 since March 1997.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Argentine operations are
    subject to 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&#237;a de Recursos
    Naturales y Ambiente Humano </i>(the Ministry of Natural Resources and Human
    Environment) and the <i>Secretar&#237;a de Pol&#237;tica Ambiental</i> (the Ministry
    of Environmental Policy)<i> </i>for the province of Buenos Aires.  Our Alcorta
    plant meets and is in compliance with waste water discharge standards.</font></p>
  <p><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.  Currently, 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 our territories,
    and there is increased awareness of local authorities for higher environmental
    standards in the countries where we operate, changes in current regulations
    may result in an increase in costs, which may have an adverse effect on our
    future results of operations or financial condition.  Management is not aware
    of any pending regulatory changes that would require a significant amount
    of additional remedial capital expenditures.</font></p>
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      <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;
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  <font size="2"><b><font face="Times New Roman Bold"><br>
  </font></b> </font>
  <p align="center"><font size="2"><b>BOTTLER AGREEMENTS</b></font></p>
  <p><b><font size="2">Coca-Cola Bottler Agreements</font></b></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottler agreements are the standard
    agreements that The Coca-Cola Company enters into with bottlers outside the
    United States for the sale of concentrates for certain <i>Coca-Cola</i> trademark
    beverages.  We manufacture, package, distribute and sell soft drink beverages
    and bottled water under a separate bottler agreement for each of our territories.
    </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These bottler agreements provide
    that we will purchase our entire requirement of concentrates for <i>Coca-Cola</i>
    trademark beverages from The Coca-Cola Company and other authorized suppliers
    at prices, 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.
    Concentrate prices are determined as a percentage of the weighted average
    wholesale price, net of applicable taxes.  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
    <i>Coca-Cola</i> 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.</font></p>
  <p><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 <i>Coca-Cola</i> 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 <i>Coca-Cola</i> trademark beverages
    in our territories, The Coca-Cola Company reserves the right to import and
    export <i>Coca-Cola</i> trademark beverages to and from each of our territories.
    Our bottler agreements do not contain restrictions on The Coca-Cola Company&#146;s
    ability to set the price of concentrates charged to our subsidiaries 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.  However, under our bylaws and
    the shareholders agreement with a subsidiary of The Coca-Cola Company and
    a subsidiary of FEMSA, 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, appointed by The Coca-Cola Company.  This provides us with
    limited protection against The Coca-Cola Company&#146;s ability to raise concentrate
    prices to the extent that such increase is deemed detrimental to us pursuant
    to the shareholder agreement and the bylaws.  See &#147;Item 7.  Major Shareholders
    and Related Party Transactions&#151;Major Shareholders&#151;The Shareholders Agreement.&#148;</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Company has the
    ability, at its sole discretion, to reformulate any of the <i>Coca-Cola</i>
    trademark beverages and to discontinue any of the <i>Coca-Cola</i> trademark
    beverages, subject to certain limitations, so long as all <i>Coca-Cola</i>
    trademark beverages are not discontinued.  The Coca-Cola Company may also
    introduce new beverages in our territories in which case we have a 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 <i>Coca-Cola</i> 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 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></p>

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    <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 plant and equipment, staff and distribution
      facilities capable of manufacturing, packaging and distributing the <i>Coca-Cola</i>
      trademark beverages in authorized containers in accordance with our bottler
      agreements and in sufficient quantities to satisfy fully the demand in our
      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>undertake
adequate quality control measures prescribed  by The Coca-Cola Company;</font></td></tr></table>

  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->

<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 <i>Coca-Cola</i> trademark beverages using all approved means, which
      includes the investment in advertising and marketing plans;</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
a 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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Company contributed
    approximately 48% of our advertising and marketing budget in our territories
    during 2003.  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.  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&nbsp;7.  Major Shareholders and Related Party Transactions&#151;Major
    Shareholders &#151;The Shareholders Agreement.&#148;</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have separate bottler agreements
    with The Coca-Cola Company for each of the territories in which we operate.
    Some of these bottler agreements renew automatically unless one of the parties
    gives prior notice that it does not wish to renew the agreement, while others
    require us to give notice electing to renew the agreement.<b>  </b>The following
    table summarizes by segment the expiration dates and renewal provisions of
    our bottler agreements:</font></p>

<table border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width=134 valign=bottom>
      <p align=center><font size="2"><b>Segment</b></font></p>
    </td>
    <td width=209 valign=bottom>
      <p align=center><font size="2"><b>Expiration Date</b></font></p>
    </td>
    <td width=278 valign=bottom>
      <p align=center><font size="2"><b>Renewal Provision</b></font></p>
    </td>
  </tr>
  <tr>
    <td width=621 valign=bottom colspan="3">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width=134 rowspan=3 valign=top> <font size="2"><b>Mexico</b> </font></td>
    <td width=209 valign=top> <font size="2">For two territories &#151; June 2013</font></td>
    <td width=278 valign=top> <font size="2">Ten years, renewable automatically.</font></td>
  </tr>
  <tr>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=209 valign=top> <font size="2">For two territories &#151; May 2005</font></td>
    <td width=278 valign=top> <font size="2">Ten years, requires notice at least
      six but not more than twelve months before expiration date.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top> <font size="2"><b>Central America</b><sup><font size="1">(1)</font></sup>
      </font></td>
    <td width=209 valign=top> <font size="2">Guatemala &#151; March 2006</font></td>
    <td width=278 valign=top> <font size="2">Renewable as agreed between the parties.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp; </td>
    <td width=209 valign=top> <font size="2">Nicaragua &#151; May 2006</font></td>
    <td width=278 valign=top> <font size="2">Five years, requires notice at least
      six but not more than twelve months before expiration date.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp; </td>
    <td width=209 valign=top> <font size="2">Costa Rica &#151; September 2007</font></td>
    <td width=278 valign=top> <font size="2">Five years, requires notice at least
      six but not more than twelve months before expiration date.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top> <font size="2"><b>Colombia</b> </font></td>
    <td width=209 valign=top> <font size="2">June 2004<sup><font size="1">(2)</font></sup></font></td>
    <td width=278 valign=top> <font size="2">Five years, requires notice at least
      six but not more than twelve months before expiration date.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp; </td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top><font size="2"><b>Venezuela</b> </font></td>
    <td width=209 valign=top> <font size="2">For <i>Coca-Cola</i> trademark beverages
      &#151; August 2006</font></td>
    <td width=278 valign=top> <font size="2">Five years, requires notice at least
      six but not more than twelve months before expiration date.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top> <font size="2">For other beverages &#151; August
      2006</font></td>
    <td width=278 valign=top> <font size="2">Renewable as agreed between the parties.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top> <font size="2"><b>Brazil</b> </font></td>
    <td width=209 valign=top> <font size="2">April 2004<sup><font size="1">(2)</font></sup></font></td>
    <td width=278 valign=top> <font size="2">Five years, requires notice at least
      six but not more than twelve months before expiration date.</font></td>
  </tr>
  <tr>
    <td width=134 valign=top>&nbsp;</td>
    <td width=209 valign=top>&nbsp;</td>
    <td width=278 valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=134 valign=top> <font size="2"><b>Argentina</b> </font></td>
    <td width=209 valign=top> <font size="2">September 2004<sup><font size="1">(2)</font></sup>
      </font></td>
    <td width=278 valign=top> <font size="2">Ten years, renewable automatically.</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% align=right valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> We
are currently in the process of finalizing  the bottler agreement for Panama, which we
expect will be substantially similar  to our existing bottler agreements for Central
America.</font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> A
renewal notice has been sent by us to The  Coca-Cola Company. </font></td></tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bottler agreements are subject
    to termination by The Coca-Cola Company in the event of default by us. The
    default provisions include limitations on the change in ownership or control
    of our company and the assignment or transfer of the bottler agreements and
    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 independently of similar rights set forth in the shareholders agreement.
    These provisions may prevent changes in our principal shareholders, including
    mergers or acquisitions involving sales or dispositions of our capital stock,
    which will involve an effective change of </font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p><font size="2">control, 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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also entered into tradename
    licensing agreements with The Coca-Cola Company pursuant to which we are authorized
    to use certain trademark names of The Coca-Cola Company.  These agreements
    have an indefinite term, but are terminated if we cease to manufacture, market,
    sell and distribute <i>Coca-Cola</i> trademark 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></p>
  <p align="center"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>DESCRIPTION
    OF PROPERTY, PLANT AND EQUIPMENT</b></font></p>
  <p><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></p>

<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 bottler  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><font size="2">See &#147;Item 5.  Operating and Financial Review and Prospects&#151;Capital
    Expenditures.&#148; </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2003, we
    owned 32 bottler plants company wide.  By country, we have twelve bottler
    facilities in Mexico, four in Central America, six in Colombia, six in Venezuela,
    three in Brazil and one in Argentina.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the Panamco acquisition
    during 2003, we consolidated 20 of our plants into existing facilities, including
    four plants in Mexico, one in Central America, eleven in Colombia, three in
    Venezuela and one in Brazil.  At the same time, we increased our productivity
    measured in unit cases sold by our remaining plants by more than 50% company
    wide. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2003 we operated
    250 distribution centers, more than 40% of which were in our Mexican territories.
    We own approximately 80% of these distribution centers and lease the remainder.
    See &#147;The Company&#151;Product Distribution.&#148;  During 2003, as part of our consolidation
    process, we reduced the number of our distribution centers across our territories
    by 37.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain an &#147;all risk&#148; insurance
    policy covering our properties (owned and leased), machinery and equipment
    and inventories as well as losses due to business interruptions.  The policy
    covers damages caused by natural disaster, including hurricane, hail, earthquake
    and damages caused by human acts, including explosion, fire, vandalism, riot
    and losses incurred in connection with goods in transit.  In addition, we
    maintain an &#147;all risk&#148; liability insurance policy that covers product liability.
    We purchase our insurance coverage through an insurance broker.  The policies
    are issued by Allianz and the coverage is partially reinsured in the international
    reinsurance market.</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" --><br>
    <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">The table below summarizes principal
    use, installed capacity and percentage utilization of our production facilities
    by country:  </font>
  <p align="center"><font size="2"><b>Production Facility Summary<br>
    As of December 31, 2003</b></font></p>

<div align=center>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2"><b>Country</b></font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2"><b>Principal Use</b></font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2"><b>Installed Capacity
          <br>
          (thousands of unit cases)</b></font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2"><b>% Utilization<sup>(1)</sup></b></font></p>
      </td>
    </tr>
    <tr>
      <td colspan="4">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Mexico</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">1,417,345</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">59.5%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Guatemala</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">30,303</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">54.6%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Nicaragua</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">26,807</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">70.8%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Costa Rica</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">37,992</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">56.3%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Panama</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">28,830</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">36.1%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Colombia</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">264,036</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">37.5%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Venezuela</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">268,763</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">42.1%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Brazil</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">378,969</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">56.3%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>
        <p><font face="Times New Roman" size="2">Argentina</font></p>
      </td>
      <td width=78>
        <p align=center><font face="Times New Roman" size="2">Bottler Facility</font></p>
      </td>
      <td width=134>
        <p align=center><font face="Times New Roman" size="2">206,736</font></p>
      </td>
      <td width=90>
        <p align=center><font face="Times New Roman" size="2">60.3%</font></p>
      </td>
    </tr>
    <tr>
      <td width=57>&nbsp;</td>
      <td width=78>&nbsp;</td>
      <td width=134>&nbsp;</td>
      <td width=90>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="4"><font size="1">(1) Annualized Rate</font></td>
    </tr>
  </table>
</div>
  <p><font size="2"><b>                                </b></font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">The table below summarizes plant
    location and facility area of our production facilities:  </font></p>
  <p align="center"><font size="2"><b>Production Facility By Location<br>
    As of December 31, 2003</b></font></p>
  <div align=center>

  <table border=0 cellspacing=0 cellpadding=0 width=600>
    <tr align="center" valign="bottom">
      <td width=133> <font size="2"><b><font face="Times New Roman">Country</font></b></font></td>
      <td width=264> <font size="2"><b><font face="Times New Roman">Plant</font></b></font></td>
      <td colspan="2"> <font size="2"><b><font face="Times New Roman">&nbsp;Facility
        Area<br>
        (thousands of sq. meters)</font></b></font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="4">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Mexico</font></td>
      <td width=264 valign=bottom> <font face="Times New Roman" size="2">San Cristobal
        de las Casas, Chiapas</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">24</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Cedro,
        Distrito Federal</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">18</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Cuautitl&#225;n,
        Estado de Mexico</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">35</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Los
        Reyes la Paz, Estado de Mexico</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">28</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Toluca,
        Estado de Mexico</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">280</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Celaya,
        Guanajuato</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">87</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Le&#243;n,
        Guanajuato</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">38</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Morelia,
        Michoacan</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">50</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Juchit&#225;n,
        Oaxaca</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">27</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Ixtacomit&#225;n,
        Tabasco</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">90</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Apizaco,
        Tlaxcala</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">80</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Coatepec,
        Veracruz</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">96</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Guatemala</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Guatemala
        City</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">46</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp;</td>
      <td width=264 nowrap valign=bottom>&nbsp;</td>
      <td width=121 valign=bottom align="right">&nbsp;</td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Nicaragua</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Managua</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">59</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp;</td>
      <td width=264 nowrap valign=bottom>&nbsp;</td>
      <td width=121 valign=bottom align="right">&nbsp;</td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Costa
        Rica</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">San
        Jos&#233;</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">52</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp;</td>
      <td width=264 nowrap valign=bottom>&nbsp;</td>
      <td width=121 valign=bottom align="right">&nbsp;</td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Panama</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Panama
        City</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">29</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp;</td>
      <td width=264 nowrap valign=bottom>&nbsp;</td>
      <td width=121 valign=bottom align="right">&nbsp;</td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Colombia</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Barranquilla</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">27</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Bogot&#225;
        Norte</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">89</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Bucaramanga</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">27</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Cali</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">88</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Manantial</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">33</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Medell&#237;n</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">44</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp;</td>
      <td width=264 nowrap valign=bottom>&nbsp;</td>
      <td width=121 valign=bottom align="right">&nbsp;</td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Venezuela&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Antimano</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">14</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Barcelona</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">141</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Calabozo</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">70</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Maracaibo</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">34</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Maracay</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">31</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Valencia</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">91</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp; </td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Brazil</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Campo
        Grande</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">36</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Jundia&#237;1</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">91</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">&nbsp;</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Moji
        das Cruzes</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">95</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom>&nbsp;</td>
      <td width=264 nowrap valign=bottom>&nbsp;</td>
      <td width=121 valign=bottom align="right">&nbsp;</td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
    <tr>
      <td width=133 nowrap valign=bottom> <font face="Times New Roman" size="2">Argentina</font></td>
      <td width=264 nowrap valign=bottom> <font face="Times New Roman" size="2">Alcorta</font></td>
      <td width=121 valign=bottom align="right"> <font face="Times New Roman" size="2">73</font></td>
      <td width=82 valign=bottom align="right">&nbsp;</td>
    </tr>
  </table>
  </div>
  <p><font face="Times New Roman" size="2"><b><font color="black">&nbsp;</font></b></font><font face="Times New Roman" size="2" color="black">&nbsp;</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p align="center"><font size="2"><b>SIGNIFICANT SUBSIDIARIES</b></font></p>
  <p><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,
    2003:  </font></p>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=bottom>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td valign=bottom> <b><font size="2"><u>Name of Company</u></font></b></td>
      <td valign=bottom align="center"> <b><font size="2"><u>Percentage Owned</u></font></b></td>
    </tr>
    <tr>
      <td valign=bottom>&nbsp;</td>
      <td valign=bottom> <font size="2">Propimex, S.A. de C.V.,
        a Mexican corporation </font></td>
      <td valign=bottom align="center"> <font size="2">99.99%</font></td>
    </tr>
    <tr>
      <td valign=bottom>&nbsp;</td>
      <td valign=bottom> <font size="2">Inmuebles del Golfo, S.A.
        de C.V., a Mexican corporation </font></td>
      <td valign=bottom align="center"> <font size="2">99.99%</font></td>
    </tr>
    <tr>
      <td valign=bottom>&nbsp;</td>
      <td valign=bottom> <font size="2">Corporaci&#243;n Interamericana
        de Bebidas, S.A. de C.V., <br>
        a Mexican corporation  </font></td>
      <td valign=bottom align="center"> <font size="2">99.97%</font></td>
    </tr>
    <tr>
      <td valign=bottom>&nbsp;</td>
      <td valign=bottom> <font size="2">Panamco M&#233;xico, S.A. de
        C.V., a Mexican corporation </font></td>
      <td valign=bottom align="center"> <font size="2">98.14%</font></td>
    </tr>
    <tr>
      <td valign=bottom>&nbsp;</td>
      <td valign=bottom> <font size="2">Panamco Baj&#237;o, S.A. de C.V.,
        a Mexican corporation </font></td>
      <td valign=bottom align="center"> <font size="2">93.37%</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">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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p><b><font size="2">Item 5.  Operating and Financial Review and Prospects
    </font></b></p>
  <p><b><font size="2">General</font></b></p>
  <p><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
    25 and 26 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 majority net income, majority
    stockholders&#146; equity and certain other selected financial data.     </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated financial statements
    include the financial statements of Coca-Cola FEMSA and those of all companies
    in which we own directly or indirectly a majority of the outstanding voting
    capital stock and/or over which we exercise control.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Acquisition of Panamco.
    </i></b> On May 6, 2003, we completed the acquisition of Panamco.  The acquisition
    of Panamco resulted in a substantial increase in the size and geographic scope
    of our operations.  The purchase price for 100% of the capital stock of Panamco
    was Ps.29,518 million, excluding transaction expenses.  We also assumed Ps.9,085
    million of net debt.  The acquisition was financed with an equity contribution
    from FEMSA of Ps.2,779 million, an exchange of The Coca-Cola Company&#146;s equity
    interests in Panamco valued at Ps.7,041 million for new shares of our company,
    cash on hand of Ps.2,820 million and new indebtedness of Mexican pesos and
    U.S. dollars in the amount of Ps.17,267 million.  As a result of the Panamco
    acquisition, in accordance with Mexican GAAP, we recognized as intangible
    assets with indefinite lives, the rights to produce and distribute trademark
    brands of The Coca-Cola Company.  These identified intangibles, calculated
    as the difference between the price paid and the fair value of the net assets
    acquired, were valued at Ps.33,420 million, including financial and advisory
    fees, costs associated with closing certain acquired facilities, rationalizing
    and consolidating operations, relocating the corporate and other offices and
    the integration of the operations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Comparability of Information
    Presented; Reporting Segments.  </i></b> Under Mexican GAAP, Panamco is included
    in our consolidated financial statements from May 2003 and is not reflected
    for periods prior to this date.  As a result, our consolidated financial statements
    as of and for the year ended December&nbsp;31, 2003 are not comparable to
    prior periods.  Financial information provided by us with respect to the newly
    acquired territories is also not comparable to Panamco&#146;s consolidated financial
    statements for prior periods as they were prepared using different policies
    and in accordance with U.S. GAAP and in U.S. dollars. These financial statements
    will also not be comparable to subsequent periods, as Panamco is only included
    in our consolidated financial statements for eight months of 2003.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For our consolidated financial
    statements for the years ended and as of December&nbsp;31, 2001 and 2002,
    we reported Mexico and Argentina as separate reporting segments.  For our
    consolidated financial statements for the year ended and as of December&nbsp;31,
    2003, we reported each of Mexico, Central America, Colombia, Venezuela, Brazil
    and Argentina as a separate reporting segment.  Through our acquisition of
    Panamco, we acquired additional territories in Mexico, which are reported
    as part of our Mexico segment, as well as territories in Central America,
    Colombia, Venezuela and Brazil.  We did not acquire any additional territories
    in Argentina, the segment information for which is fully comparable to prior
    periods.</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although our consolidated financial
    information is not comparable to prior periods, we maintain sales volume data
    for our territories on a basis comparable to that maintained by Panamco for
    prior periods.  For comparison purposes, the following table presents sales
    volume by segment:</font></p>

<div align=center>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;</font></p>
      </td>
      <td colspan=8 valign=top>
        <p align=center><font face="Times New Roman" size="2"><b>Year Ended December&nbsp;31,</b></font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=213>&nbsp;</td>
      <td colspan=8 valign=top>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;</font></p>
      </td>
      <td colspan=4 valign=top>
        <p align=center><font face="Times New Roman" size="2"><b>2003</b></font></p>
      </td>
      <td colspan=4 valign=top>
        <p align=center><font face="Times New Roman" size="2"><b>2002</b></font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=213>&nbsp;</td>
      <td colspan=8 valign=top>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;</font></p>
      </td>
      <td valign=top colspan="2">
        <p align=center><font face="Times New Roman" size="2"><b>(millions of
          <br>
          unit cases)</b></font></p>
      </td>
      <td valign=top colspan="2">
        <p align=center><font face="Times New Roman" size="2"><b>(percentage)</b></font></p>
      </td>
      <td valign=top colspan="2">
        <p align=center><font face="Times New Roman" size="2"><b>(millions of
          <br>
          unit cases)</b></font></p>
      </td>
      <td valign=top colspan="2">
        <p align=center><font face="Times New Roman" size="2"><b>(percentage)</b></font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=213>&nbsp;</td>
      <td colspan=8 valign=top>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2"><b>Total Volumes:</b></font></p>
      </td>
      <td valign=top width=62>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23>&nbsp;</td>
      <td valign=top width=76>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=30>&nbsp;</td>
      <td valign=top width=57>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=28>&nbsp;</td>
      <td valign=top width=76>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=35>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Mexico </font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">1,001.6</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">54.9</font></p>
      </td>
      <td valign=top align="left" width=30><font face="Times New Roman" size="2">%</font></td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">980.5</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">52.5</font></p>
      </td>
      <td valign=top align="left" width=35><font face="Times New Roman" size="2">%</font></td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Central America
          </font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">107.3</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">5.9</font></p>
      </td>
      <td valign=top align="left" width=30>&nbsp;</td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">100.1</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">5.4</font></p>
      </td>
      <td valign=top align="left" width=35>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Colombia </font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">171.8</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">9.4</font></p>
      </td>
      <td valign=top align="left" width=30>&nbsp;</td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">185.0</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">9.9</font></p>
      </td>
      <td valign=top align="left" width=35>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Venezuela </font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">151.6</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">8.3</font></p>
      </td>
      <td valign=top align="left" width=30>&nbsp;</td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">162.9</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">8.7</font></p>
      </td>
      <td valign=top align="left" width=35>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Brazil </font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">265.1</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">14.5</font></p>
      </td>
      <td valign=top align="left" width=30>&nbsp;</td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">322.6</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">17.3</font></p>
      </td>
      <td valign=top align="left" width=35>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Argentina </font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">126.6</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">7.0</font></p>
      </td>
      <td valign=top align="left" width=30>&nbsp;</td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">115.6</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">6.2</font></p>
      </td>
      <td valign=top align="left" width=35>&nbsp;</td>
    </tr>
    <tr>
      <td valign=top width=213>&nbsp;</td>
      <td colspan=8 valign=top align="right">
        <hr noshade size="1" align="right">
      </td>
    </tr>
    <tr>
      <td valign=top width=213>
        <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></p>
      </td>
      <td valign=top align="right" width=62>
        <p align=right><font face="Times New Roman" size="2">1,824.0</font></p>
      </td>
      <td valign=top align="right" width=23>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">100.0</font></p>
      </td>
      <td valign=top align="left" width=30><font face="Times New Roman" size="2">%</font></td>
      <td valign=top align="right" width=57>
        <p><font face="Times New Roman" size="2">1,866.7</font></p>
      </td>
      <td valign=top align="right" width=28>&nbsp;</td>
      <td valign=top align="right" width=76>
        <p><font face="Times New Roman" size="2">100.0</font></p>
      </td>
      <td valign=top align="left" width=35><font face="Times New Roman" size="2">%</font></td>
    </tr>
    <tr>
      <td valign=top width=213>&nbsp;</td>
      <td colspan=8 valign=top>
        <hr noshade size="2">
      </td>
    </tr>
  </table>
  <br>
  </div>

<p><font size="2">The presented sales volume information is different from our
  actual sales volume. We have presented this information because these sales
  volumes are one of the metrics we use to manage our business. Sales volumes
  are discussed in greater detail by segment in &#147;Item 4. Information on the
  Company&#151;The Company&#151;Sales Overview.&#148;</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Effects of Changes in
    Economic Conditions. </i></b> Our results of operations are affected by changes
    in economic conditions in Mexico and in the other countries in which we operate.
    For the years ended December 31, 2003, 2002 and 2001, 66.7%, 90.6% and 89.1%,
    respectively, of our net sales were attributable to Mexico.  Although after
    the Panamco acquisition, we have greater exposure to countries in which we
    have not historically conducted operations, particularly countries in Central
    America and Colombia, Venezuela and Brazil, we continue to generate a substantial
    portion of our revenues in Mexico.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our future results may be significantly
    affected by the general economic and financial conditions in the countries
    where we operate.  Decreases in economic growth rates, periods of negative
    growth, devaluation of local currencies, increases in inflation or interest
    rates and political developments may result in lower demand for our products,
    lower real pricing or a 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 reduce costs and expenses, and our profit margins may suffer as a result
    of downturns in the economy of each country.  In addition, an increase in
    interest rates in Mexico would increase our cost of variable rate debt and
    Mexican peso-denominated funding and would have an adverse effect on our financial
    position and results of operations.  A depreciation of the U.S. dollar would
    increase our cost of raw materials with prices payable in or determined with
    reference to the U.S. dollar and of debt obligations denominated in U.S. dollars,
    and thereby may negatively impact our results of operations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Operating Leverage.  </i></b>Companies
    with structural characteristics that result in margin expansion in excess
    of sales growth are referred to as having high &#147;operating leverage.&#148;  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></p>
  <p><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 distribution centers 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></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p align=left><font size="2"><b>Critical Accounting Estimates</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of our consolidated
    financial statements requires that we make estimates and assumptions that
    affect (i)&nbsp;the reported amounts of our assets and liabilities, (ii)&nbsp;the
    disclosure of our contingent assets and liabilities as of the date of the
    financial statements and (iii)&nbsp;the reported amounts of revenues and expenses
    during the reporting period.  We base our estimates and judgments on our historical
    experience and on various other reasonable factors, which together form the
    basis for making judgments about the carrying values of our assets and liabilities.
    Our actual results may differ from these estimates under different assumptions
    or conditions.  We evaluate our estimates and judgments on an on-going basis.
    Our significant accounting policies are described in Notes 4 and 5 to our
    consolidated financial statements.  We believe our most critical accounting
    policies that imply the application of estimates and/or judgments are: </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Allowance for Doubtful
    Accounts.</i></b>We determine our allowance for doubtful accounts based on
    an evaluation of the aging of our receivables portfolio.  The amount of the
    allowance contemplates our historical loss rate on receivables and the economic
    environment in which we operate.  Most of our sales, however, are realized
    in cash and do not give rise to doubtful accounts.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Bottles and Cases; Allowance
    for Bottle Breakage</i>.</b>  We classify bottles and cases in accordance
    with industry practices as fixed assets.  Breakage is expensed as incurred,
    and returnable bottles and cases are not depreciated.  We determine depreciation
    of bottles and cases only for tax purposes.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We periodically compare the
    book breakage expense with calculated depreciation expense, estimating a useful
    life of four years for returnable glass bottles and one year for returnable
    plastic bottles and four years for returnable cases.  These useful lives are
    determined in accordance with our business experience.  Historically, the
    annual calculated depreciation expense has been similar to the annual book
    breakage expense.  Whenever we decide to discontinue a particular returnable
    presentation and retire it from the market, we write-off the discontinued
    presentation through an increase in the breakage expense.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Property, Plant and Equipment.
    </i></b>Property, plant and equipment are depreciated over their useful lives.
    The estimated useful lives represent the period we expect the assets to remain
    in service and to generate revenues.  We base our estimates on independent
    appraisals and the experience of our technical personnel.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We describe the methodology
    used to restate imported equipment in Note 5(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.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We valued at fair value all
    fixed assets acquired in the Panamco transaction, considering their operational
    condition at the acquisition date and the future cash flows they will generate
    in accordance with our management&#146;s estimated future use.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, after conducting an
    extensive analysis on the current conditions and expected useful lives of
    our refrigerator inventories in Mexico, we decided to modify the useful life
    of refrigerators in our original territories from three to five years.  We
    made this decision based on the quality of our equipment as observed on a
    regular basis in point of sales locations and the benefit of our maintenance
    policy.  As a result depreciation expense recorded in the 2003 income statement
    decreased approximately Ps.92 million.  The useful life for refrigerators
    in the new territories acquired from Panamco is five years.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Valuation of Intangible
    Assets and Goodwill.  </i></b>As we discuss in Note 5(i) to our consolidated
    financial statements, beginning in 2003 we applied Bulletin C-8, <i>Activos
    Intangibles</i> (Intangible Assets), which established that project development
    costs should be capitalized if they fulfill the criteria established for recognition
    as assets. Additionally, Bulletin C-8 requires identifying all intangible
    assets to reduce as much as possible the goodwill associated with business
    combinations. Prior to 2003, the excess of the purchase price over the fair
    value of the net assets acquired in a business combination was considered
    to be goodwill. With the adoption of Bulletin C-8, we consider such excess
    to </font></p>
  <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: 2; page: 2" -->
  <p><font size="2">relate to the rights to produce and distribute <i>Coca-Cola</i>
    trademark products. We separate intangible assets between those with a finite
    useful life and those with an indefinite useful life, in accordance with the
    period over which we expect to receive the benefits. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We valued at fair value all
    of Panamco&#146;s assets and liabilities as of the date of the acquisition and,
    as required by Bulletin C-8, we conducted an analysis of the excess purchase
    price over the fair value of the net assets. The analysis resulted in the
    recognition of an intangible asset with indefinite life in the amount of Ps.33,420
    for the right to produce and distribute <i>Coca-Cola </i>trademark products,
    which will be subject to annual impairment tests, under U.S. GAAP and Mexican
    GAAP.  The fair value of the assets and liabilities was determined based on
    the following:  </font></p>

<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
fair value of the assets acquired (determined  as the value of the fixed assets, the
glass returnable bottles and the refrigerators  considering (i) their remaining useful
lives, (ii) their general  operational condition at the acquisition date, (iii) certain
operational  and strategic decisions implemented when we assumed control of the
operations  and (iv) compliance with our accounting policies and estimates);</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>labor
and other liabilities (severance of personnel  and other obligations generated by Panamco&#146;s
operations before we assumed  control); 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>cancellation
of goodwill (the goodwill previously  recorded by Panamco was cancelled).</font></td></tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Mexican GAAP purposes, goodwill
    is the difference between the price paid and the fair value of the shares
    and/or net assets acquired that was not assigned directly to an intangible
    asset.  Goodwill and assigned intangible assets are 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. Goodwill is amortized over a period of not more than 20 years. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP, SFAS No. 142,
    &#147;Goodwill and Other Intangible Assets,&#148; effective in 2002, goodwill is no
    longer subject to amortization, but instead is subject to an initial impairment
    review and subsequent impairment test.  This test is performed annually unless
    an event occurs or circumstances change by which it becomes more likely than
    not that a reporting unit will reduce its fair value below its carrying amount,
    in which case an interim impairment test is performed. Our impairment review
    indicates that no impairment charge is required as of the beginning of 2004.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Impairment of Intangible
    Assets, Goodwill and Long-Lived Assets</i>.</b>  We continually review the
    carrying value of our intangible assets, goodwill and long-lived assets for
    accuracy. We review for impairment whenever events or changes in circumstances
    indicate that the carrying amount of an asset may not be recoverable based
    on our projections of anticipated future cash flows. While we believe that
    our estimates of future cash flows are reasonable, different assumptions regarding
    such cash flows could materially affect our evaluations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
    Due to 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 performed a valuation of its investment
    in Coca-Cola FEMSA de Buenos Aires, based on market price value multiples
    of comparable businesses. The valuation resulted in the recognition of an
    impairment of Ps.457 million, which was recorded in our 2002 results.  Given
    the present economic situation in Argentina, we believe that the current net
    asset value of our foreign subsidiary is fairly valued, and although we can
    give you no assurances, we do not expect to recognize additional impairments
    in the future in Argentina. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. We can give no assurance that
    our expectations will not change as a result of new information or developments.
    Changes in economic or political conditions in all the countries in which
    we operate or in the industries in which we participate, however, may cause
    us to change our current assessment.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Labor Liabilities.</i></b>
    Our labor liabilities are comprised of pension plan and seniority premiums.
    The determination of our obligations and expenses for pension and other post-retirement
    benefits depends on our selection of </font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <p><font size="2">certain assumptions used by actuaries in calculating such
    amounts.  We evaluate our assumptions at least annually.  Those assumptions
    are described in Note&nbsp;15 to our consolidated financial statements and
    include, the discount rate, expected long-term rate of return on plan assets,
    rates of increase in compensation costs and certain employee-related factors,
    such as turnover, retirement age and mortality.  The assumptions include the
    economic risk involved in the countries in which our business operates.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Mexican 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 pension
    and other post-retirement obligations and our future expense.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary
    of the three key assumptions to be used in determining 2004 annual pension
    expense for Mexico, along with the impact on pension expense of a 1% change
    in each assumed rate: </font></p>

<table border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width=300 valign=top> <font size="2"><b>Assumption</b></font></td>
    <td width=128 valign=top align="center"> <font size="2"><b>2004 rate<br>
      (in real terms)</b></font></td>
    <td valign=top align="center" colspan="2"> <font size="2"><b>Impact of 1%
      change<br>
      (millions)<sup>(1), (2)</sup></b></font></td>
  </tr>
  <tr>
    <td valign=top colspan="4">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2"><b>Mexican Subsidiaries:</b></font></td>
    <td width=128 valign=top>&nbsp; </td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top>&nbsp; </td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2">Discount rate </font></td>
    <td width=128 valign=top align="center"> <font size="2">6.0%</font></td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top> <font size="2">+ Ps.(26)<br>
      &nbsp;- Ps.81</font></td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2">Salary growth rate. </font></td>
    <td width=128 valign=top align="center"> <font size="2">1.5%</font></td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top> <font size="2">+ Ps.24<br>
      &nbsp;- Ps.(23)</font></td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2">Long-term asset return. </font></td>
    <td width=128 valign=top align="center"> <font size="2">5.5%</font></td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top> <font size="2">+ Ps.(26)<br>
      &nbsp;- Ps.81</font></td>
  </tr>
  <tr>
    <td width=300 valign=top>&nbsp; </td>
    <td width=128 valign=top align="center">&nbsp; </td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top>&nbsp; </td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2"><b>Foreign Subsidiaries:</b></font></td>
    <td width=128 valign=top align="center">&nbsp; </td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top>&nbsp; </td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2">Discount rate </font></td>
    <td width=128 valign=top align="center"> <font size="2">4.5%</font></td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top> <font size="2">+ Ps.(31)<br>
      &nbsp;- Ps.36</font></td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2">Salary growth rate. </font></td>
    <td width=128 valign=top align="center"> <font size="2">1.5%</font></td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top> <font size="2">+ Ps.36<br>
      &nbsp;- Ps.(29)</font></td>
  </tr>
  <tr>
    <td width=300 valign=top> <font size="2">Long-term asset return. </font></td>
    <td width=128 valign=top align="center"> <font size="2">4.5%</font></td>
    <td width=179 valign=top>&nbsp;</td>
    <td width=215 valign=top> <font size="2">+ Ps.(31)<br>
      &nbsp;- Ps.36</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% align=right 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% align=right valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> &#147;+&#148;
indicates an increase  of 1%; &#147;-&#148; indicates a decrease of 1%. </font></td></tr></table>

  <p align=left><font size="2"><b>New Accounting Pronouncements </b></font></p>
  <p><font size="2"><b>Mexican GAAP</b></font></p>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin C-15,<i> Deterioro en
  el Valor de los Activos de Larga Duraci&#243;n y su Disposici&#243;n </i>(Impairment
  of the Value of Long-Lived Assets and their Disposal):<i> </i>In March 2003,
  the <i>Instituto Mexicano de Contadores P&#250;blicos </i>(the Mexican Institute
  of Certified Public Accountants)<i>,</i> which we refer to as the IMCP, issued
  Bulletin C-15, the application of which is mandatory for financial statements
  for periods beginning on or after January 1, 2004, although early application
  is encouraged. Bulletin C-15 establishes, among others, new principles for the
  calculation and recognition of impairment losses for long-lived assets and their
  reversal. 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.
  We do not anticipate that this new standard will have a significant impact on
  our financial position or results of operations.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin C-12,<i> Instrumentos
  Financieros con Caracter&#237;sticas de Pasivo, de Capital o de Ambos</i> (Financial
  Instruments with Characteristics of Debt, Equity or Both): <i> </i>In April
  2003, the IMCP issued Bulletin C-12, the application of which is mandatory for
  financial statements for periods beginning on or after January 1, 2004, although
  early</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->

<p><font size="2"> application is encouraged. Bulletin C-12 establishes the more
  significant differences between debt and equity, as the basis for the development
  of the criteria necessary to appropriately identify, classify and record, upon
  initial recognition, the debt and equity components of compound financial instruments.
  This new pronouncement is similar to SFAS No. 150, &#147;Accounting for Certain
  Financial Instruments with Characteristics of both Liabilities and Equity,&#148;
  of U.S. GAAP. We do not anticipate that this new standard will have a significant
  impact on our financial position or results of operations.</font></p>
  <p><font size="2"><b>U.S. GAAP</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No 149, &#147;Amendments of
    Statement 133 on Derivative Instruments and Hedging Activities&#148; (which we
    refer to as SFAS  No. 149): 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 agreements and
    for hedging activities under SFAS No. 133.  The changes in this statement
    improve financial reporting by requiring that agreements with comparable characteristics
    be accounted for similarly. The new standard will be effective for agreements
    entered into or modified after September 30, 2003, except as stated below
    and for hedging relationships designated after September 30, 2003.  In addition,
    except as stated below, all provisions of this statement should be applied
    prospectively. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this statement
    that relate to SFAS No. 133 implementation issues that have been effective
    for fiscal quarters that began prior to September 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 results of operations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FASB Interpretation No. 46,
    &#147;Consolidation of Variable Interest Entities&#148; (which we refer to as FIN 46):
    In January 2003, the FASB issued FIN 46. FIN 46 clarified the application
    of Accounting Research Bulletin No. 51, &#147;Consolidated Financial Statements,&#148;
    to certain entities in which equity investors do not have the characteristics
    of a controlling financial interest or do not have sufficient equity at risk
    for the entity to finance its activities without additional subordinated financial
    support from other parties.  FIN 46 was effective immediately for all variable
    interests held in a variable interest entity created after January 31, 2003.
    For a variable interest held in a variable interest entity created before
    February 1, 2003 we would be required to apply the provisions of FIN 46 as
    of December 31, 2004.  We do not currently have any variable interests in
    a variable interest entity.</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->
  <font size="2"><b><font face="Times New Roman"><br clear=all>
  </font></b></font><b><font size="2">Results of Operations</font> </b>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
    our consolidated income statement for the years ended December 31, 2003, 2002
    and 2001: </font><font size="2">                         </font></p>

<table border=0 cellspacing=0 cellpadding=0 width="599">
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center"><font size="2"><b>Year Ended December&nbsp;31,</b></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=4 align="center"><font size="2"><b>2003<sup>(1)(2)</sup></b></font></td>
    <td valign=bottom colspan=4 align="center"><font size="2"><b>2003<sup>(1)</sup></b></font></td>
    <td valign=bottom colspan="3" align="center"><font size="2"><b>2002</b></font></td>
    <td valign=bottom colspan=4 align="center"><font size="2"><b>2001</b></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center"><font size="1"><b>(millions of
      U.S. dollars or constant Mexican pesos<br>
      at December 31, 2003)</b></font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Revenues:</font></td>
    <td valign=top>&nbsp;</td>
    <td colspan=2 valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;&nbsp;</td>
    <td colspan=2 valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;&nbsp;</td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;&nbsp;</td>
    <td colspan=2 valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Net sales </font></td>
    <td align="right">&nbsp;<font size="2">$</font>&nbsp;</td>
    <td colspan=2 align="right"> <font size="2"> 3,158.6</font></td>
    <td align="right">&nbsp;&nbsp;&nbsp;</td>
    <td align="right"><font size="2">&nbsp;Ps&nbsp;</font></td>
    <td colspan=2 align="right"> <font size="2"> 35,486.8</font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td align="right"> <font size="2"> 18,518.6 </font></td>
    <td align="left"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td colspan=2 align="right"> <font size="2"> 17,636.5</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Other operating
      revenues</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">21.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">242.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">148.9</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">135.1</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Total revenues</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">3,180.2</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">35,729.4</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">18,667.5</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">17,771.6</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Cost of sales</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">1,600.4</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">17,980.3</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">8,680.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">8,255.8</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Gross profit</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">1,579.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">17,749.1</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">9,986.7</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">9,515.8</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Operating expenses:</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Administrative
      </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">207.7</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">2,333.9</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">1,474.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">1,357.7</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;Selling </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">774.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">8,704.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">3,844.5</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">3,993.3</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">982.5</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">11,038.7</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">5,319.3</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">5,351.0</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Goodwill amortization </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&#150;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&#150;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">40.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">108.3</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Income from operations</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">597.3</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">6,710.4</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">4,626.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">4,056.5</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Integral result of financing:</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Interest expense</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(138.1</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(1,551.4</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">(348.4</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(343.4</font></td>
    <td align="left"><font size="2">)</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Interest income</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">20.2</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">227.0</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">264.0</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">287.7</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss), net </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(180.5</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(2,027.9</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">249.9</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">10.3</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Gain (loss) from monetary position </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">77.5</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">870.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">394.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(84.2</font></td>
    <td align="left"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total integral
      result of financing </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(220.9</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(2,481.5</font></td>
    <td align="left"><font size="2">)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">560.3</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">(129.6</font></td>
    <td align="left"><font size="2">)</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Other expenses, net </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">21.2</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">238.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">614.2</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">44.2</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Income for the year before income taxes,
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; employee profit sharing and change
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in accounting principles </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">355.2</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">3,990.3</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">4,572.9</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">3,882.7</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Income taxes and employee profit sharing </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">147.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">1,658.3</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">1,912.1</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">1,526.7</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">&nbsp;&nbsp;&nbsp;Income for the year before change in
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accounting principles </font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">207.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">2,332.0</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">2,660.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">2,356.0</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td height="15"> <font size="2">Change in accounting principles</font></td>
    <td height="15" align="right">&nbsp;</td>
    <td colspan=2 height="15" align="right"> <font size="2">&#150;</font></td>
    <td height="15" align="left"><font size="2"></font></td>
    <td height="15" align="right">&nbsp;</td>
    <td colspan=2 height="15" align="right"> <font size="2">&#150;</font></td>
    <td height="15" align="left"><font size="2"></font></td>
    <td height="15" align="right">&nbsp;</td>
    <td height="15" align="right"> <font size="2">&#150;</font></td>
    <td height="15" align="left"><font size="2"></font></td>
    <td height="15" align="right">&nbsp;</td>
    <td colspan=2 height="15" align="right"> <font size="2">30.1</font></td>
    <td height="15" align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Net income for the year</font></td>
    <td align="right"><font size="2">$</font></td>
    <td colspan=2 align="right"> <font size="2"> 207.6</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td colspan=2 align="right"> <font size="2"> 2,332.0</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td align="right"> <font size="2"> 2,660.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td colspan=2 align="right"> <font size="2"> 2,325.9</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Minority net income</font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2"> 1.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2"> 20.2</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font face="Verdana" size="2"> </font><font size="2">&#150;</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">&#150;</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Majority net income</font></td>
    <td align="right"><font size="2">$</font></td>
    <td colspan=2 align="right"> <font size="2"> 205.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td colspan=2 align="right"> <font size="2"> 2,311.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td align="right"> <font size="2"> 2,660.8</font></td>
    <td align="left"><font size="2"></font></td>
    <td align="right"><font size="2">Ps.</font></td>
    <td colspan=2 align="right"> <font size="2"> 2,325.9</font></td>
    <td align="left"><font size="2"></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan=15 align="center">
      <hr noshade size="2">
    </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
the new territories  acquired in the Panamco acquisition from May 2003. </font></td></tr></table>

<table width=600><tr><td width=4% align=right valign=top><font size="1">(2) </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.11.235 to U.S.$1.00 solely for the
convenience of the reader. </font></td></tr></table>

  <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: 2; page: 2" --> <font size="2"><b><font face="Times New Roman"><br>
    <br clear=all>
  </font></b> </font>
  <p><font size="2"><b>Results of Operations by Segment</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
    certain financial information for each of our segments for the years ended
    December 31, 2003, 2002 and 2001.  For the years ended December 31, 2002 and
    2001, we reported our results of operations in two segments, Mexico and Argentina.
    See Note 24 to our consolidated financial statements for additional information
    by segment.</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top>
      <p><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td colspan=8 valign=bottom align="center">
      <div> <font face="Times New Roman" size="2"><b>Year Ended December 31,</b></font></div>
    </td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=bottom align="center" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="center" colspan="2">
      <div> <font face="Times New Roman" size="2"><b>2003</b></font></div>
    </td>
    <td valign=bottom align="center">
      <div> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
    </td>
    <td valign=bottom align="center" colspan="2"><font face="Times New Roman" size="2"><b>2002</b></font></td>
    <td valign=bottom align="center">
      <div> <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
    </td>
    <td valign=bottom align="center" colspan="2"><font face="Times New Roman" size="2"><b>2001</b></font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td colspan=2 align="center" valign="bottom">
      <hr noshade size="1" width="95%">
    </td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td colspan=2 align="center" valign="bottom">
      <hr noshade size="1" width="95%">
    </td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td colspan=2 align="center" valign="bottom">
      <hr noshade size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td colspan=8 align="center" valign="bottom"> <font face="Times New Roman" size="2"><b>(millions
      of Mexican Pesos)</b></font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"><b>Net Sales</b></font></td>
    <td valign=bottom>&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom>&nbsp; </td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom>&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom>&nbsp; </td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom>&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Mexico
      </font></td>
    <td valign=top align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=top align="right"> <font face="Times New Roman" size="2"> 23,683.2</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 16,774.9</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 15,718.6</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Central
      America<sup><font size="1">(1)</font></sup> </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,182.6</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Colombia
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,319.1</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Venezuela
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,542.2</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Brazil</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,785.8</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Argentina
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,973.9</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,743.7</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,917.9</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"><b>Total Revenues</b></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">&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=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Mexico
      </font></td>
    <td valign=top align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=top align="right"> <font face="Times New Roman" size="2"> 23,935.2</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 16,843.2</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 15,783.8</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Central
      America<sup><font size="1">(1)</font></sup> </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,186.5</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Colombia
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,319.1</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Venezuela
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,544.5</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Brazil</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,796.9</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Argentina
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">2,076.9</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,824.3</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,987.8</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"><b>Gross Profit</b></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">&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=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Mexico
      </font></td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 12,844.5</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 9,359.2</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 8,636.6</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Central
      America<sup><font size="1">(1)</font></sup> </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,087.9</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Colombia
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,068.1</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Venezuela
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,105.9</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Brazil</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">1,011.0</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Argentina
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">767.6</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">627.5</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">879.2</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"><b>Income from Operations</b></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">&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=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Mexico
      </font></td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 5,633.6</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 4,597.4</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font face="Times New Roman" size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2"> 3,981.0</font></td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Central
      America<sup><font size="1">(1)</font></sup> </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">218.4</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Colombia
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">261.1</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Venezuela
      </font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">231.5</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Brazil</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">149.8</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> &#151;</td>
  </tr>
  <tr>
    <td valign=top> <font face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;Argentina
      </font></td>
    <td valign=bottom>&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">215.6</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">29.4</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font face="Times New Roman" size="2">75.5</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% 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
Guatemala, Nicaragua, Costa Rica and Panama.</font></td></tr></table>

  <p><font size="2"><b>Results of Operations for the Year Ended December 31, 2003
    Compared to the Year Ended December&nbsp;31, 2002.</b></font></p>
  <p><b><font size="2">Consolidated Results of Operations</font></b></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b>  Consolidated
    net sales grew by 91.6% to Ps.35,486.8 in 2003, from Ps.18,518.6 in 2002,
    as a result of the inclusion of sales from the newly acquired territories
    for eight months of 2003 as well as increases in sales in our previously existing
    territories in Mexico and Argentina.  Consolidated sales volumes increased
    to 1,450.5 million unit cases for 2003.  Consolidated average unit price per
    case decreased by 18.1% from Ps.29.86 in 2002 to Ps.24.46 in 2003 due to the
    inclusion of the newly acquired territories, which had higher sales volumes
    of less profitable products. </font></p>
  <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>
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  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Other Operating Revenues.</i></b> Other
    operating revenues increased by 62.9% to Ps.242.6 million in 2003, from Ps.148.9
    million in 2002.  Other operating revenues mainly consist of sales to other
    bottlers pursuant to tolling arrangements in Argentina, revenues from sales
    of recyclable scrap to bottle suppliers and sales of point of sales materials
    for the fountain business.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Cost of Sales.</i></b> Cost
    of sales increased to Ps.17,980.3 million in 2003, from Ps.8,680.8 million
    in 2002, as a result of the inclusion of the newly acquired territories for
    eight months of 2003.  As a percentage of total sales, cost of sales increased
    3.8%, reflecting the higher costs of sales in the newly acquired territories
    mainly due to the different product mix and higher manufacturing costs.  We
    were also affected by the impact of the devaluation of the U.S. dollar against
    the Mexican peso as applied to our raw materials with prices that are paid
    in or determined with reference to the U.S. dollar.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of cost of sales
    include raw materials (principally soft drink concentrate, packaging materials,
    sweeteners and water), depreciation expenses attributable to our production
    facilities, wages and other employment expenses associated with the labor
    force employed at our production facilities and certain overhead expenses.
    Concentrate prices are determined as a percentage of the retail price of our
    products net of applicable taxes.  See &#147;Item 4.  Information on the Company&#151;The
    Company&#151;Raw Materials.&#148;</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Operating Expenses.</i></b>
    Consolidated operating expenses were Ps.11,038.7 million in 2003, as a result
    of the inclusion of the newly acquired territories for eight months of 2003.
    As a percentage of total sales, operating expenses increased 2.4%, due to
    the standardization of marketing practices in the newly acquired territories
    and the fact that distribution costs in our new territories are higher than
    in our original territories.</font></p>
  <p><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 2003 and 2002, our
    distribution costs amounted to Ps.2,803.6 million and Ps.2,099.0 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, which may include all expenses related to their distribution
    network in cost of sales when computing gross profit (or an equivalent measure).</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Goodwill Amortization.</i></b>
    We did not recognize goodwill amortization in 2003.  In May of 2003 we considered
    the excess of the purchase price over the fair value of the net assets acquired
    in the Panamco acquisition, related to the rights to produce and distribute
    <i>Coca-Cola </i>trademark products, as intangible assets with an indefinite
    useful life. These intangible assets with indefinite lives are not amortized,
    but are periodically subject to an impairment test.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b>
    Consolidated income from operations after amortization of goodwill grew to
    Ps.6,710.4 million in 2003, from Ps.4,626.8 million in 2002.  Income from
    operations as a percentage of total revenues decreased 6% in 2003, from 24.8%
    to 18.8%, mainly as a result of the inclusion of our new territories, which
    had lower operating margins. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Integral Result of Financing.</i></b>
    The term &#147;integral result 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 liabilities denominated in currencies other than local currencies.
    A foreign exchange loss arises if a liability is denominated in a foreign
    currency that appreciates relative to the local currency 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 local currency 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 local inflation on monetary assets and liabilities.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, we reported a loss
    of Ps.2,481.5 million from integral result of financing, as compared to a
    gain of Ps.560.3 million in 2002.  This loss principally reflects our new
    financial position after the Panamco acquisition, and the combined effect
    of: </font></p>
  <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>
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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>accrued
interest expenses related to existing  debt and the acquisition financing incurred  in
connection with the Panamco  transaction, which more than offset the interest income
generated by our reduced  cash balances;</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
foreign exchange loss generated mainly by the  devaluation of the Mexican peso against
the U.S. dollar, as applied to our  U.S. dollar-denominated debt; 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
consolidated monetary gain, as a result of  inflation adjustments applied to the
consolidated net monetary liability position.</font></td></tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Other Expenses.  </i></b>Other
    expenses decreased from Ps.614.2 in 2002 to Ps.238.6 in 2003 mainly as a result
    of the impairment recorded in 2002 related to the Argentine operations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income Taxes and Employee
    Profit Sharing.</i></b>  Income taxes and employee profit sharing decreased
    from Ps.1,912.1 million in 2002 to Ps.1,658.2 million in 2003.  The company&#146;s
    consolidated effective income tax and employee profit sharing rate remained
    41.6% in 2003, reflecting the Mexican effective tax rate of 44.0% that is
    applied to Mexican income before taxes, which comprised the majority of our
    taxable income during 2003.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Income.</i></b> Consolidated
    net income decreased by 12.4% in 2003 to Ps.2,332.1 from Ps.2,660.8. Net income
    per share was Ps.1.36 (U.S.$1.21 per ADS) in 2003 computed on the basis of
    1,704.3 million compounded average shares outstanding during 2003.</font></p>
  <p><font size="2"><b>Consolidated Results of Operations by Geographic Segment</b></font></p>
  <p><b><font size="2">Mexico</font></b></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i>  </b>Net
    sales in Mexico increased to Ps.23,683.2 million in 2003, from Ps.16,774.9
    million in 2002, principally as a result of the inclusion of the newly acquired
    territories for eight months of 2003. Sales volumes in Mexico grew to 850.1
    million unit cases during 2003 from 504.7 million unit cases in 2002.<b>
    </b>Although most of this growth in sales volumes is a result of the inclusion
    of the newly acquired territories, volume growth was also driven by:</font></p>

<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">solid
performance of our new flavored brands including <I>Fanta multi-flavors, Fresca pink
grapefruit</I> and <I>Lift green apple</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>incremental
sales volumes achieved by Ciel still water in a 5.0-liter presentation, particularly in
central Mexico; 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">volume
growth from the <I>Coca-Cola</I> brand.</FONT></td></tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect of these volume increases
    on our net sales was mitigated by a lower average real price per unit case
    in Mexico, which decreased to Ps.27.86 in 2003, mainly due to the incorporation
    of jug water volumes with a much lower cost per unit from the newly acquired
    territories and to a lesser extent by the increased size of multi-serving
    presentations.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.12,844.5 million, reaching a 53.7% margin as a
    percentage of total revenues in 2003. Higher raw materials prices, the effect
    of the devaluation of the Mexican peso versus the U.S. dollar on our raw materials
    with prices payable in or determined with reference to the U.S. dollar, a
    softer economy and a lower disposable income, amplified by a migration to
    multi-serving presentations from individual size presentations resulted in
    declining margins in 2003.  During 2003, we eliminated Panamco&#146;s former headquarters
    in Mexico City and Miami, closed four plants out of 16, consolidated 29 distribution
    centers out of 142, introduced more than 73,000 new coolers into the market
    and reconfigured pre-sale and distribution networks by reducing third party
    selling and distribution.  Operating income totaled Ps.5,633.6 million in
    2003, reaching a 23.5% margin as a percentage of total revenues.</font></p>
  <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>
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  <p><font size="2"><b>Central America</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b>  Net
    sales in Central America were Ps.2,182.6 million for 2003.  During this period,
    our average real price per unit case was Ps.29.93.<b>  </b>Sales volumes in
    Central America in 2003 were driven by:</font></p>
<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>solid
performance of the cola category, especially  in our territories in Guatemala and
Nicaragua; 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>incremental
sales volume in the carbonated soft  drinks flavor segment.</font></td></tr></table>

  <p><font size="2">Higher volumes from our core brands in returnable presentations
    as well as volumes sold in non-returnable PET bottles contributed to the results
    during the year. </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.1,087.9 million in 2003, reaching a 49.8% gross
    margin as a percentage of total revenues during the same period. Procurement
    and other cost reduction initiatives offset cost increases of U.S. dollar-denominated
    packaging costs during the year.  We closed one of our two plants in Panama,
    and consolidated two distribution centers in the region.  Operating income
    totaled Ps.218.4 million, reaching an operating income margin of 9.9% as a
    percentage of total revenues.  We believe our Central American territories
    will present opportunities for us to develop a more effective returnable packaging
    base, new product alternatives and improve execution practices.  In Guatemala,
    however, we face a strong competitive environment combined with a higher than
    normal cost structure.</font></p>
  <p><font size="2"><b>Colombia</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b><i>
    </i>Net sales in Colombia were Ps.2,319.1 million for 2003.  During this period,
    our average real price per unit case was Ps.20.32.  Sales volumes were weak
    during this period as a result of:</font></p>

<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>low
sales of carbonated soft drinks as a result  of an increasing competitive landscape of
alternative lower price or inexpensive  beverage categories such as powders, natural
juices and tap water affecting  the Colombian carbonated soft drinks industry; 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
reduction in the production of water sold in  less profitable packages.</font></td></tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.1,068.1 million, reaching a 46.1% gross margin
    as a percentage of total revenues during the same period. Lower volumes, higher
    packaging costs and the impact of the devaluation of the Colombian peso versus
    the U.S. dollar, applied to U.S. dollar denominated expenses resulted in declining
    margins.  During 2003, we implemented a strong asset consolidation program
    intended to increase the efficiency of our manufacturing network. We converted
    11 manufacturing plants out of 17 into distribution facilities from May 2003
    to February 2004 and also consolidated five distribution centers as part of
    our strategy to face a tough competitive environment.  Operating income was
    Ps.261.1 million, reaching an 11.3% margin as a percentage of total revenues
    during 2003.</font></p>
  <p><font size="2"><b>Venezuela</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b>  Net
    sales in Venezuela were Ps.2,542.2 million for 2003.  During this period,
    our average real price per unit case was Ps.23.08.  Sales volumes in Venezuela
    were adversely affected by:</font></p>

<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>political
unrest, stock shortages and a severe  economic recession; 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
change of consumption habits due to the country&#146;s  economic recession.</font></td></tr></table>

  <p><font size="2">We were able to mitigate some of this decline by implementing
    an asset rationalization strategy intended to increase the efficiency of our
    manufacturing network during the year.  Sales volumes improved slightly at
    the end of 2003 as a result of our packaging and revenue management strategies.
    Volume growth from the<i> Coca-Cola</i> brand increased and partially offset
    the volume decline of carbonated soft drink flavors during the year.</font></p>
  <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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  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.1,105.9 million in 2003, reaching a 43.4% gross
    margin as a percentage of total revenues during the same period. Political
    unrest, combined with a devaluation of the bolivar against the U.S. dollar
    applied to our raw materials that are payable or are determined with reference
    to the U.S. dollar, and a severe decline in the economic activity in the country,
    resulted in a contraction of more than 10% of the country&#146;s gross domestic
    product, which was only partially offset by price increases during the year.
    We consolidated our production facilities from nine to six and closed two
    distribution facilities in 2003.  Operating income was Ps.231.5 million, reaching
    an operating income margin of 9.1% during 2003.</font></p>
  <p><font size="2"><b>Brazil</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b><i>
    </i>Net sales in Brazil were Ps.2,785.8 million in 2003.  During this period,
    our average real price per unit case was Ps.15.77.  In 2003, we undertook
    an initiative to use in-house pre-sale and to rely less on third party wholesalers
    in order to have more control over the point of sale and to permit us to implement
    packaging management strategies.  We launched more than ten different SKUs
    to target different consumption occasions, including <i>Coca-Cola com Lim&#227;o
    </i>and <i>Kuat laranja </i>(guaran&#225; flavor with orange). Traditionally in
    Brazil, most of our consumption came from only two packaging alternatives,
    cans and 2.0-liter bottles.  We are now focusing on a broader array of presentations
    to spur consumer demand. For example, our new 12-ounce non-returnable glass
    bottle and our new 200-milliliter returnable glass bottle offer a combination
    of convenience and affordability for on-premise consumption of <i>Coca-Cola.
    </i>Our new 2.25-liter and 3.0-liter non-returnable PET presentations for
    carbonated soft drink flavors and the<i> Coca-Cola</i> brand, respectively,
    provide packaging alternatives and permit selling strategies between the supermarket
    and small retailers opening a road to implement our segmentation and revenue
    management initiatives.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.1,011.0 million in 2003, reaching a 36.1% margin
    as a percentage of total revenues. The implementation of new commercialization
    and point of sale development strategies improved our packaging and product
    mix during the year.  We consolidated one plant out of four during 2003. Operating
    income was Ps.149.8 million, reaching an operating income margin of 5.4% during
    2003.</font></p>
  <p><font size="2"><b>Argentina</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b><i>
    </i>Net sales in Argentina increased by 13.2% in 2003 to Ps.1,973.9 million
    from Ps.1,743.8 million in 2002. During 2003, our average real price per unit
    case increased by 3.4% in 2003 to Ps.15.59 from Ps.15.08, as a result of price
    increases implemented during the year and a change of mix toward our core
    brands in returnable presentations and our premium brands, which have the
    highest average prices per unit.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales volumes in Argentina increased
    9.5% to 126.6 million unit cases in 2003, from 115.6 million unit cases in
    2002.  We believe the principal volume drivers in Argentina in 2003 were our
    returnable packaging strategy and the economic recovery from the devaluation
    of the Argentine peso in 2002.   We also experienced a product shift from
    our less profitable value protection brands, <i>Ta&#237; </i>and <i>Crush</i>,
    toward our core brands, <i>Coca-Cola</i> and <i>Fanta</i>, which increased
    15.1% and 40.6% in terms of sales volumes, respectively, and for the first
    time, more sales from premium brands than from value protection brands, fostered
    by a 10.9% volume increase of the<i> Coca-Cola light</i> brand and the successful
    introduction of <i>Fanta light</i> during the year.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.767.6 million during 2003, reaching a gross margin
    of 37%, an improvement of 2.6% as compared to 2002. This improvement was mainly
    driven by (i) higher sales volume, (ii)&nbsp;higher average prices per unit
    case, and (iii) an appreciation of the Argentine peso versus the U.S. dollar
    applied to U.S. dollar-denominated raw materials and expenses.  In Argentina,
    operating expenses as a percentage of total revenues decreased 4.4% from 31%
    in 2002 to 26.6% in 2003, mainly as a result of the appreciation of the Argentina
    peso versus the U.S. dollar applied to expenses payable in or determined with
    reference to the U.S. dollar and strict cost control measures.  Operating
    income during 2003 in our Argentine territories reached Ps.215.6 million and
    operating margin rose from 2.9% during 2002 to 10.4% in 2003.</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" --> <font size="2"><b><font face="Times New Roman"></font></b></font>
  <p><font size="2"><b>Results of Operations for the Year Ended December 31, 2002
    Compared to the Year Ended December&nbsp;31,&nbsp;2001.</b></font></p>
  <p><b><font size="2">Consolidated Results of Operations</font></b></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b>  Consolidated
    net sales grew by 5% in 2002, principally reflecting growth in Mexico, which
    more than offset a decrease in net sales in Argentina.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Other Operating Revenues.</i></b>
    Other operating revenues increased by 10.2% in 2002, to Ps.148.9 million.
    The increase primarily reflects revenues obtained from toll production agreements
    in Argentina with neighboring <i>Coca-Cola</i> bottlers, whereby we produce
    beverages for sales in their territories.  </font></p>
  <p><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 our 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 a percentage of the retail price of our products
    net of applicable taxes.  See &#147;Item 4.  Information on the Company&#151;The Company&#151;Raw
    Materials.&#148;  As a percentage of total revenues, cost of sales remained unchanged
    during 2002 as compared to 2001 at 46.5%.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Operating Expenses.</i></b>
    Consolidated operating expenses decreased by 0.6% in 2002 as compared to 2001
    and by 1.6% compared as a percent of total revenues (to 28.5% from 30.1%).
    The decrease, in absolute terms, resulted from a 3.7% decline in selling expenses,
    which offset an 8.6% 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></p>
  <p><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.2,099.0 million and Ps.2,236.4 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 that may include all expenses related to their distribution
    network in cost of sales when computing gross profit (or an equivalent measure).</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Goodwill Amortization.</i></b>
    Goodwill amortization for 2002 was Ps.40.7 million, compared to Ps.108.3 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.457.2 million
    of the goodwill generated by the acquisition of our territories in Argentina.
    This non-cash impairment charge was recorded under &#147;other expense, net,&#148; in
    our consolidated income statement.  Under Mexican GAAP, the remaining value
    of goodwill will continue to be amortized in the income statement.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>  Consolidated income from operations after amortization of goodwill grew
    by 14.1% to Ps.4,626.8 million in 2002.  Operating income as a percentage
    of total revenues increased by 2% in 2002, from 24.8% to 22.8%.  This increase
    primarily reflects a decrease in operating expenses, a 2.9% increase in the
    average price per unit case, a slight reduction in cost of sales per unit
    case and lower goodwill amortization expenses because of a non-cash impairment
    charge to goodwill relating to our operations in Argentina in July 2002.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Integral Result of Financing.</i></b>
    The term &#147;integral result 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 liabilities denominated in currencies other than local currency.
    A foreign exchange loss arises if a liability is denominated in a foreign
    currency that appreciates relative to the local currency 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 local currency 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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, we reported income
    of Ps.560.3 million from integral result of financing, as compared to a loss
    of Ps.129.6 million in 2001.  This improvement principally reflects: </font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" -->

<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.250.0 million  in 2002, as compared to a loss of Ps.10.3
million in 2001.  In 2002, both  the Mexican peso and the Argentine peso depreciated in
value against the U.S.  dollar, which produced a net foreign exchange gain as our U.S.
dollar-denominated  cash positions in Mexico and Argentina exceeded our U.S.
dollar-denominated  liabilities.  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.394.8 million  in 2002, as compared to a loss on monetary
position of Ps.84.2 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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These factors more than offset
    an increase in net interest expenses of Ps.28.7 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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until June 30, 2002, we calculated
    foreign exchange losses or gains on the U.S. dollar liabilities incurred in
    connection with the acquisition of our Argentine territories, only with respect
    to the un-hedged portion of such liabilities.  According to Mexican GAAP,
    the investment in our Argentine territories was designated as a hedge to the
    indebtedness incurred. As of June 30, 2002, the dollar-denominated outstanding
    liabilities relating to the acquisition of our Argentine territories amounted
    to U.S.$300 million and the net investment in our Argentine territories was
    U.S.$118.1 million, resulting in un-hedged liabilities of U.S.$181.5 million.
    Since July 2002, we discontinued using our investment in our Argentine territories
    as a hedge.  We determined that our current operations in Argentina do not
    represent a natural hedge of these liabilities given the current volatility
    of the exchange rate between the Argentine peso and the U.S. dollar and the
    elimination of the one-to-one parity between those currencies. The Audit Committee
    of our board of directors approved this determination.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Other Expenses.</i></b>
    Other expenses increased significantly from Ps.44.1 million in 2001 to Ps.614.2
    million in 2002, mainly as a result of the Ps.457.2 million impairment recognized
    during the third-quarter of 2002 in connection with the goodwill generated
    by the acquisition of our Argentine operations and severance payments in connection
    with the restructuring of certain of our operations in Mexico and Argentina.
    </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income Taxes and Employee
    Profit Sharing.</i></b>  Income taxes and employee profit sharing increased
    from Ps.1,526.7 million in 2001 to Ps.1,912.1 million in 2002.  The company&#146;s
    consolidated effective income tax and employee profit sharing rate increased
    from 39.3% in 2001 to 41.8% in 2002.  In 2002, our effective tax rate increased
    because the impairment charge mentioned above is non-deductible for tax purposes.
    Excluding that charge, our effective tax rate in 2002 would have been 38.3%.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Income.</i></b>  Consolidated
    net income increased by 14.4% to Ps.2,660.8 in 2002, resulting in earnings
    per share of Ps.1.87 (U.S.$ 0.17 per ADS).  </font></p>
  <p><font size="2"><b>Consolidated Results Operations by Geographic Segment</b></font></p>
  <p><b><font size="2">Mexico</font></b></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b><i>
    </i>Net sales grew by 6.7% in Mexico.  During 2002, our average real price
    per unit case increased by 1.1%, mainly due to price increases implemented
    in central Mexico during February 2002.  Sales volumes in Mexico 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 Mexico: </font></p>

<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; 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">in <I>Ciel</I>, still and mineral water, increased
      27.4%, to 23.9 million unit cases.</FONT></td>
  </tr></table>

  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" --> <font size="2"><b><font face="Times New Roman"></font></b></font>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart sets forth
    sales volumes and average unit price per case for 2002, as well as percent
    growth over 2001 in Mexico:</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom width=218>
      <p>&nbsp;</p>
    </td>
    <td colspan=3 valign=bottom align="center"> <font size="2"><b>Excluding <i>Kin
      light </i><sup>(1)</sup></b></font></td>
    <td valign=bottom align="center" width=56> <font size="2"><b>&nbsp;</b></font></td>
    <td colspan=3 valign=bottom align="center"> <font size="2"><b>Including <i>Kin
      light</i> <sup>(1)</sup></b></font></td>
  </tr>
  <tr>
    <td valign=bottom width=218>
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="center" colspan="2"> <font size="2"><b>Total</b></font></td>
    <td valign=bottom align="center" width=71> <font size="2"><b>% Growth</b></font></td>
    <td valign=bottom align="center" width=56> <font size="2"><b>&nbsp;</b></font></td>
    <td valign=bottom align="center" colspan="2"> <font size="2"><b>Total</b></font></td>
    <td valign=bottom align="center" width=93> <font size="2"><b>% Growth</b></font></td>
  </tr>
  <tr>
    <td valign=top width=218>&nbsp;</td>
    <td valign=top align="center" colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width=218> <font size="2">Sales volumes<sup><font size="1">(2)</font></sup></font></td>
    <td valign=top align="right" width=62> <font size="2"> 498.4</font></td>
    <td valign=top align="center" width=17>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top align="center" width=71> <font size="2">4.3</font></td>
    <td valign=top align="center" width=56>&nbsp; </td>
    <td valign=top align="right" width=64> <font size="2"> 504.7</font></td>
    <td valign=top align="center" width=19>&nbsp;&nbsp;&nbsp;</td>
    <td valign=top align="center" width=93> <font size="2">5.6</font></td>
  </tr>
  <tr>
    <td valign=top width=218> <font size="2">Avg. unit price</font></td>
    <td valign=top align="right" width=62> <font size="2">Ps. 33.66</font></td>
    <td valign=top align="center" width=17>&nbsp;</td>
    <td valign=top align="center" width=71> <font size="2">2.3</font></td>
    <td valign=top align="center" width=56>&nbsp; </td>
    <td valign=top align="right" width=64> <font size="2">Ps. 33.24</font></td>
    <td valign=top align="center" width=19>&nbsp;</td>
    <td valign=top align="center" width=93> <font size="2">1.1</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% align=right 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 powdered beverage brand on a complimentary basis 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% align=right 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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the principal
    volume drivers in Mexico in 2002 were:</font></p>

<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 <I>Mundet</I> beverages and still water, featuring the new 5-liter jug of <I>Ciel;</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">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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.9,359.2 million, reaching a gross margin of 55.6%
    in 2002 compared to a margin of 54.7% in 2001 due to a greater absorption
    of fixed costs driven by sales volume growth.  Operating expenses decreased
    slightly as a percentage of total revenues by 120 basis points to 28.2%.
    This reflects primarily a decrease of 1.3 percentage points in selling expenses
    as a percentage of total revenues.  Administrative expenses remained unchanged
    as a percentage of total revenues.  Income from operations during 2002 reached
    Ps.4,597.4 million with an operating margin of 27.3%, an increase of 25.2%
    from 2001.</font></p>
  <p><font size="2"><b>Argentina</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Net Sales.</i></b><i>
    </i>Net sales in Argentina decreased by 9.1% in 2002, despite an 11% decline
    in sales volume.  In Argentina, our average real price per unit case increased
    by 2.1% 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 volumes reflects continued economic uncertainty in Argentina.</font></p>
  <p><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% 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 <i>Coca-Cola</i>, <i>Fanta</i> and <i>Sprite</i>,
    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></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Income from Operations.</i></b><i>
    </i>Gross profit totaled Ps.627.6 million, reaching a gross margin of 34.4%
    in 2002 compared to a margin of 44.2% in 2001. Cost of sales as a
    percentage of total revenues during 2002 increased 9.8 percentage points to
    65.6%.  These results are due to 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.  Selling expenses decreased by 25.9%, a
    reduction of 5.8 percentage 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 17.2% as a
    result of higher depreciation resulting mostly from the</font></p>
  <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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 2; page: 2" --> <font size="2"><b><font face="Times New Roman"></font></b></font>
  <p><font size="2"> restatement to year-end values of the leases of our computer
    equipment recorded in foreign currencies, following the significant devaluation
    of the Argentine peso.   Income from operations during 2002 reached Ps.29.4
    million with an operating margin of 1.6%, a decline of 2.2 percentage points
    as compared to 2001, as a result of an 11% decline in sales volume combined
    with higher administrative expenses.</font></p>
  <p><font size="2"><b>Liquidity and Capital Resources</b></font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Liquidity.</i></b>  The
    principal source of our liquidity is cash generated from operations.  A significant
    majority of our sales are on a cash basis with the remainder on a short-term
    credit basis.  We have traditionally been able to rely on cash generated from
    operations to fund our working capital requirements and our capital expenditures.
    Our working capital benefits from the fact that we make our sales on a cash
    basis, while we generally pay our suppliers on credit.  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.  </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the Panamco acquisition,
    our total indebtedness was Ps.29,004 million as of December 31, 2003, as compared
    to Ps.3,306 million as of December 31, 2002.  Cash and cash equivalents were
    Ps.2,783 million as of December 31, 2003, as compared to Ps.6,429 million
    as of December 31, 2002. Approximately U.S.$43 million of cash is subject
    to restrictions as a result of certain collateral arrangements we have entered
    into on behalf of our subsidiaries with respect to existing indebtedness.</font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our financing policy,
    we expect to continue to finance our liquidity needs from cash from operations.
    Nonetheless in the future we may be required to finance our working capital
    and capital expenditure needs with short-term or other borrowings.  As a result
    of regulations in certain countries in which we operate, it may not be beneficial
    or, as in the case of exchange controls in Venezuela, practicable for us to
    remit cash generated in local operations to fund cash requirements in other
    countries.  In the event that cash from operations in these countries is not
    sufficient to fund future working capital requirements and capital expenditures<b>
    </b>we may decide, or be required, to fund cash requirements in these countries
    through local borrowings rather than remitting funds from another country.
    As of December 31, 2003, we had U.S. dollar-denominated, uncommitted approved
    lines of credit totaling approximately Ps.2,944 million, of which Ps.2,039
    million was available as of such date.  In December 2003, we finalized a loan
    agreement with The Coca-Cola Company that permits us to borrow, upon the satisfaction
    of certain conditions, U.S.$250 million prior to December 20, 2006 for funding
    working capital needs and for other general corporate purposes at any time
    when such funding is not otherwise available under our existing lines of credit.
     </font></p>
  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continuously evaluate opportunities
    to pursue acquisitions or engage in joint venture or other transactions.<b>
    </b>We would expect to finance any significant future transactions with a
    combination of cash from operations, long-term indebtedness and capital stock
    of our company.  </font></p>
  <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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<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources and Uses of Cash.</i></b>
  The following table summarizes the sources and uses of cash for the three years
  ended December 31, 2003:</font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width="263">&nbsp;</td>
    <td colspan=8 align="center"><font size="2"><b>Principal Sources and Uses
      of Cash<br>
      Year ended December 31, </b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="263">
      <p align=center><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td colspan=8 align="center"> <font size="2"><b>(millions&nbsp;of&nbsp;constant&nbsp;Mexican&nbsp;pesos&nbsp;at&nbsp;December&nbsp;31,&nbsp;2003)</b></font>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="263">&nbsp;</td>
    <td align="center" colspan="2"><font size="2"><b>2003</b></font>
      <hr size="1" noshade width="90%">
      <font size="2"></font></td>
    <td align="center" colspan="2"><font size="2"><b>2003</b></font>
      <hr size="1" noshade width="90%">
      <font size="2"></font></td>
    <td align="center" colspan="2"><font size="2"><b>2002</b></font>
      <hr size="1" noshade width="90%">
      <font size="2"></font></td>
    <td align="center" colspan="2"><font size="2"><b>2001</b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="263"> <font size="2">Net resources generated by operations </font></td>
    <td align="right" width="68"> <font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223.9</font></td>
    <td align="left" width="8">&nbsp;</td>
    <td align="right" width="77"> <font size="2">Ps. 2,516.0</font></td>
    <td align="left" width="9">&nbsp;</td>
    <td align="right" width="77"> <font size="2">Ps. 4,005.0</font></td>
    <td align="left" width="9">&nbsp;</td>
    <td align="right" width="77"> <font size="2">Ps. 3,520.1</font></td>
    <td align="left" width="12">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="263"> <font size="2">Net resources used in investing activities<sup>(1)(2)</sup>
      </font></td>
    <td align="right" width="68"> <font size="2">(2,809.0</font></td>
    <td align="left" width="8"><font size="2">)</font></td>
    <td align="right" width="77"> <font size="2">(31,558.8</font></td>
    <td align="left" width="9"><font size="2">)</font></td>
    <td align="right" width="77"> <font size="2">(1,409.7</font></td>
    <td align="left" width="9"><font size="2">)</font></td>
    <td align="right" width="77"> <font size="2">(865.3</font></td>
    <td align="left" width="12"><font size="2">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width="263"> <font size="2">Net resources obtained from (used in) financing<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;activities<sup>(2)</sup></font></td>
    <td align="right" width="68"> <font size="2">2,260.5</font></td>
    <td align="left" width="8">&nbsp;</td>
    <td align="right" width="77"> <font size="2">25,396.6</font></td>
    <td align="left" width="9">&nbsp;</td>
    <td align="right" width="77"> <font size="2">(272.3</font></td>
    <td align="left" width="9"><font size="2">)</font></td>
    <td align="right" width="77"> <font size="2">474.6</font></td>
    <td align="left" width="12">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="263"> <font size="2">Dividends declared and paid. </font></td>
    <td align="right" width="68"> <font size="2">&#151;</font></td>
    <td align="left" width="8">&nbsp;</td>
    <td align="right" width="77"> <font size="2">&#151;</font></td>
    <td align="left" width="9">&nbsp;</td>
    <td align="right" width="77"> <font size="2">(608.3</font></td>
    <td align="left" width="9"><font size="2">)</font></td>
    <td align="right" width="77"> <font size="2">(331.5</font></td>
    <td align="left" width="12"><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>

<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">The
increase in 2003 reflects the acquisition of Panamco  and the corresponding financing.</font></td></tr></table>

<p><font size="2"> </font></p>
<p><font size="2"><b>Contractual Obligations</b></font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b>The table below
  sets forth our contractual obligations as of December 31, 2003: </font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=244>&nbsp;</td>
    <td colspan="10"><font size="2"><b>As of December 31, 2003<br>
      (amounts in millions of Mexican pesos)</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=244><font size="1"><b><font size="2">Contractual Obligations</font></b></font>
      <hr size="1" align="left" noshade width="55%">
    </td>
    <td align="center" colspan="2"><font size="2"><b>Maturity less<br>
      than 1 year </b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td align="center" colspan="2"><font size="2"><b>Maturity<br>
      1-3 years </b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td align="center" colspan="2"><font size="2"><b>Maturity<br>
      4-5 years </b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td align="center" colspan="2"><font size="2"><b>Maturity in <br>
      excess of 5 years </b></font>
      <hr width="90%" size="1" noshade>
    </td>
    <td align="center" colspan="2"><font size="2"><b>Total</b></font>
      <hr width="90%" size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=244> <font size="2">Long-Term Debt Obligations </font></td>
    <td align="right" width=61> <font size="2">1,238.2</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=57> <font size="2">12,623.3</font></td>
    <td align="right" width=15>&nbsp;</td>
    <td align="right" width=48> <font size="2">8,430.4</font></td>
    <td align="right" width=14>&nbsp;</td>
    <td align="right" width=60> <font size="2">4,932.8</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=52> <font size="2">27,224.7</font></td>
    <td width=9>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=244> <font size="2">Capital Lease Obligations</font></td>
    <td align="right" width=61> <font size="2">7.6</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=57> <font size="2">15.1</font></td>
    <td align="right" width=15>&nbsp;</td>
    <td align="right" width=48> <font size="2">9.4</font></td>
    <td align="right" width=14>&nbsp;</td>
    <td align="right" width=60> <font size="2">&#151;</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=52> <font size="2">32.1</font></td>
    <td width=9>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=244> <font size="2">Operating Lease Obligations </font></td>
    <td align="right" width=61> <font size="2">173.3</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=57> <font size="2">313.6</font></td>
    <td align="right" width=15>&nbsp;</td>
    <td align="right" width=48> <font size="2">290.4</font></td>
    <td align="right" width=14>&nbsp;</td>
    <td align="right" width=60> <font size="2">272.9</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=52> <font size="2">1,050.2</font></td>
    <td width=9>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=244>&nbsp;</td>
    <td align="right" width=61>
      <hr size="1" noshade>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=57>
      <hr size="1" noshade>
    </td>
    <td align="right" width=15>&nbsp;</td>
    <td align="right" width=48>
      <hr size="1" noshade>
    </td>
    <td align="right" width=14>&nbsp;</td>
    <td align="right" width=60>
      <hr size="1" noshade>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=52>
      <hr size="1" noshade>
    </td>
    <td width=9>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=244> <font size="2">&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="right" width=61> <font size="2">1,419.1</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=57> <font size="2">12,952.0</font></td>
    <td align="right" width=15>&nbsp;</td>
    <td align="right" width=48> <font size="2">8,730.2</font></td>
    <td align="right" width=14>&nbsp;</td>
    <td align="right" width=60> <font size="2">5,205.7</font></td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=52> <font size="2">28,307.0</font></td>
    <td width=9>&nbsp;</td>
  </tr>
</table>
<p><font size="2"></font></p>
<p><font size="2"><b>Debt Structure</b></font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b>On December 31,
  2003, we had cash and cash equivalents of Ps.2,783.2 million (U.S.$247.7 million),
  total short term debt of Ps.2,963 million (U.S.$263.7 million) and long term
  debt of Ps.26,041.3 million (U.S.$2,317.8 million). The following chart sets
  forth the current debt breakdown of the company and its subsidiaries by currency
  and interest rate type as of December 31, 2003: </font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr align="center">
    <td valign=bottom align="left" width="250"> <font size="2"><b>Currency</b></font>
      <hr size="1" noshade width="25%" align="left">
    </td>
    <td valign=bottom colspan="2"> <font size="2"><b>% Total Debt</b></font>
      <hr width="95%" noshade size="1">
    </td>
    <td valign=bottom colspan="2"> <font size="2"><b>% Interest<br>
      Rate Floating </b></font>
      <hr width="90%" noshade size="1">
    </td>
    <td valign=bottom colspan="2"> <font size="2"><b>Average Rate<sup>(1)</sup></b></font>
      <hr width="90%" noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top width="250"> <font size="2">U.S. dollars</font></td>
    <td valign=bottom align="right" width="45"> <font size="2">42</font></td>
    <td valign=bottom align="left" width="41"><font size="2">%</font></td>
    <td valign=bottom align="right" width="82"> <font size="2">5</font></td>
    <td valign=bottom align="left" width="49"><font size="2">%</font></td>
    <td valign=bottom align="right" width="93"> <font size="2">5.90</font></td>
    <td valign=bottom align="left" width="40"><font size="2">%</font></td>
  </tr>
  <tr>
    <td valign=top width="250"> <font size="2">Mexican Pesos</font></td>
    <td valign=bottom align="right" width="45"> <font size="2">56</font></td>
    <td valign=bottom align="left" width="41"><font size="2">%</font></td>
    <td valign=bottom align="right" width="82"> <font size="2">56</font></td>
    <td valign=bottom align="left" width="49"><font size="2">%</font></td>
    <td valign=bottom align="right" width="93"> <font size="2">7.41</font></td>
    <td valign=bottom align="left" width="40"><font size="2">%</font></td>
  </tr>
  <tr>
    <td valign=top width="250"> <font size="2">Colombian Pesos</font></td>
    <td valign=bottom align="right" width="45"> <font size="2">2</font></td>
    <td valign=bottom align="left" width="41"><font size="2">%</font></td>
    <td valign=bottom align="right" width="82"> <font size="2">100</font></td>
    <td valign=bottom align="left" width="49"><font size="2">%</font></td>
    <td valign=bottom align="right" width="93"> <font size="2">10.34</font></td>
    <td valign=bottom align="left" width="40"><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">Annualized
average interest rate per currency as of  December 31, 2003.</font></td></tr></table>

<p><font size="2"><b>Summary of Significant Debt Instruments</b></font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b>The following is
  a brief summary of our significant long-term indebtedness with restrictive covenants
  outstanding as of December 31, 2003:</font></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">
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><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b><i>9.40% Senior
  Unsecured Notes Due 2004</i>. On August 26, 1994, we entered into a note purchase
  agreement pursuant to which we issued 9.40% Senior Unsecured Notes due 2004
  in the amount of U.S.$100 million. The note purchase agreement imposes certain
  conditions on a consolidation or merger by us and restrictions on liens, sale
  and leaseback transactions, assets sales and subsidiary indebtedness. We are
  also required to maintain a ratio of consolidated net borrowings to consolidated
  net worth and a minimum level of net worth. In addition, upon a change of control,
  which is defined as the failure of The Coca-Cola Company to hold at least 25%
  of our capital stock with voting rights, we are required to make an offer to
  prepay the notes at their face value.</font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b><i>8.95% Notes Due
  2006</i>. On October 28, 1996, we entered into an indenture pursuant to which
  we issued 8.95% Notes due 2006 in the amount of U.S.$200 million. The indenture
  imposes certain conditions upon a consolidation or merger by us and restricts
  the incurrence of liens and sale and leaseback transactions. In addition, upon
  a change of control, which is defined as the failure of The Coca-Cola Company
  to hold at least 25% of our capital stock with voting rights, we are required
  to make an offer to repurchase the notes at their face value.</font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b><i>7.25% Notes Due
  2009.</i> On July 11, 1997, our subsidiary Panamco issued 7.25% Senior Notes
  Due 2009, of which U.S.$290 million remain outstanding as of December 31, 2003.
  We guaranteed these notes on October&nbsp;15,&nbsp;2003. The indenture imposes
  certain conditions upon a consolidation or merger by us or Panamco and restricts
  the incurrence of liens and sale and leaseback transactions by Panamco.</font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b><i>Term Loans.</i>
  On April 23, 2003, we entered into a Term Loan Agreement pursuant to which we
  borrowed:</font></p>

<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>Ps.2,741.3
million with a five-year maturity that  amortizes in semi-annual installments beginning
in 30 months from the borrowing  date;</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>U.S.$298.5
with a three-year maturity; and</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>U.S.$208.5
million with a five-year maturity.</font></td></tr></table>

<p><font size="2"><b></b>The Term Loan Agreement contains restrictions on liens,
  fundamental changes such as mergers and certain asset sales and our ability
  to incur restrictions on the ability of our subsidiaries to pay dividends and
  subsidiary indebtedness. In addition, we are required to maintain a minimum
  interest expense coverage ratio and comply with a maximum leverage ratio. Finally,
  there is an event of default upon a change of control, which is defined as the
  failure of The Coca-Cola Company to hold at least 25% of our capital stock with
  voting rights.</font></p>
<p><font size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b><i>Certificados
  Burs&#225;tiles</i>. During 2003, we established a program for and issued the
  following <i>certificados burs&#225;tiles</i> in the Mexican capital markets:</font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=189 align="left"> <font size="2"><b>Issue Date</b></font>
      <hr size="1" noshade width="30%" align="left">
    </td>
    <td width=102> <font size="2"><b>Maturity</b></font>
      <hr size="1" noshade width="60%">
    </td>
    <td width=143> <font size="2"><b>Amount</b></font>
      <hr size="1" noshade width="60%">
    </td>
    <td width=35><font size="2"></font></td>
    <td width=131> <font size="2"><b>Rate</b></font>
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=189>&nbsp; </td>
    <td width=102>&nbsp; </td>
    <td width=143>&nbsp; </td>
    <td width=35>&nbsp;&nbsp;&nbsp;</td>
    <td width=131>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td width=189> <font size="2">2003</font></td>
    <td align="center" width=102> <font size="2">2005</font></td>
    <td align="center" width=143> <font size="2">Ps. 2,750 million</font></td>
    <td width=35>&nbsp;</td>
    <td width=131> <font size="2">28 day TIIE + 55 bps</font></td>
  </tr>
  <tr valign="bottom">
    <td width=189> <font size="2">2003</font></td>
    <td align="center" width=102> <font size="2">2007</font></td>
    <td align="center" width=143> <font size="2">Ps. 2,000 million</font></td>
    <td width=35>&nbsp;</td>
    <td width=131> <font size="2">28 day TIIE + 55 bps</font></td>
  </tr>
  <tr valign="bottom">
    <td width=189> <font size="2">2003</font></td>
    <td align="center" width=102> <font size="2">2008</font></td>
    <td align="center" width=143> <font size="2">Ps. 1,250 million</font></td>
    <td width=35>&nbsp;</td>
    <td width=131> <font size="2">182 day CETE + 120 bps</font></td>
  </tr>
  <tr valign="bottom">
    <td width=189> <font size="2">2003</font></td>
    <td align="center" width=102> <font size="2">2008</font></td>
    <td align="center" width=143> <font size="2">Ps. 2,500 million</font></td>
    <td width=35>&nbsp;</td>
    <td width=131> <font size="2">91 day CETE + 115 bps</font></td>
  </tr>
  <tr valign="bottom">
    <td width=189> <font size="2">2003</font></td>
    <td align="center" width=102> <font size="2">2009</font></td>
    <td align="center" width=143> <font size="2">Ps. &nbsp;&nbsp;&nbsp;500 million</font></td>
    <td width=35>&nbsp;</td>
    <td width=131> <font size="2">9.90% Fixed</font></td>
  </tr>
  <tr valign="bottom">
    <td width=189> <font size="2">2003</font></td>
    <td align="center" width=102> <font size="2">2010</font></td>
    <td align="center" width=143> <font size="2">Ps. 1,000 million</font></td>
    <td width=35>&nbsp;</td>
    <td width=131> <font size="2">10.4% Fixed</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIIE
      means the <i>Tasa de Inter&#233;s Interbancaria de Equilibrio</i> (the Equilibrium
      Interbank Interest Rate).</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CETE
      means the <i>Certificados de Tesorer&#237;a del Gobierno Federal</i> (the
      Federal Government Treasury Certificates).</font></td>
  </tr></table>

<p><font size="2">The <i>certificados burs&#225;tiles</i> contain restrictions
  on the incurrence of liens and accelerate upon the occurrence of an event of
  default, including a change of control, which is defined as the failure of The
  Coca-Cola Company to hold at least 25% of our capital stock with voting rights.<br>
  </font></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">
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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe we are currently in
  compliance with all of our restrictive covenants, although a significant and
  prolonged deterioration in our consolidated results of operations could cause
  us to cease to be in compliance under certain indebtedness. We can provide no
  assurances that we will be able to incur indebtedness in the future or to refinance
  existing indebtedness on similar terms.</font></p>
<p><font size="2"><b>Off-balance SheetArrangements</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have any off-balance
  sheet arrangements.</font></p>
<p><font size="2"><b>Contingencies</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have various loss contingencies,
  for which reserves have been recorded in those cases where we believe the results
  of an unfavorable resolution is probable. See &#147;Item 8&#151;Financial Information&#151;Consolidated
  Statements and Other Financial Information&#151;Legal Proceedings.&#148; Most
  of these loss contingencies have been recorded as reserves against intangibles.
  Any amounts required to be paid in connection with these loss contingencies
  would be required to be paid from available cash. </font></p>
<p><font size="2"><b>Capital Expenditures</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
  our capital expenditures (before sales of property, plant and equipment) for
  the periods indicated on a consolidated and by segment basis: <br>
  </font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr align="center">
    <td colspan=7 valign=bottom> <font size="1"><b><font size="2">Consolidated
      Capital Expenditures</font></b></font></td>
  </tr>
  <tr>
    <td valign=bottom width="268">&nbsp;</td>
    <td valign=bottom colspan="6" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="268">&nbsp;</td>
    <td valign=bottom colspan="6" align="center"><font size="2"><b>Year ended
      December&nbsp;31,</b> </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom width="268">&nbsp;</td>
    <td valign=bottom align="center" colspan="2"><font size="2"><b>2003</b>&nbsp;&nbsp;</font>
      <hr size="1" noshade width="70%">
    </td>
    <td valign=bottom align="center" colspan="2">
      <div><font size="2"><b>2002</b></font></div>
      <hr size="1" noshade width="70%">
    </td>
    <td valign=bottom align="center" colspan="2"><font size="2"><b>2001</b></font>
      <hr size="1" noshade width="70%">
    </td>
  </tr>
  <tr>
    <td valign=bottom width="268"> <font size="2"><b>Total</b></font></td>
    <td valign=bottom colspan="6" align="center"><font size="2"><b>(millions of
      constant Mexican pesos at December 31, 2003)</b></font> </td>
  </tr>
  <tr>
    <td valign=bottom width="268"> <font size="2">Plants and distribution </font></td>
    <td valign=bottom align="right" width="88"> <font size="2">Ps. 1,205.2</font></td>
    <td valign=bottom align="right" width="34">&nbsp;</td>
    <td valign=bottom align="right" width="83"> <font size="2">Ps.&nbsp;&nbsp;&nbsp;
      596.6</font></td>
    <td valign=bottom align="right" width="23">&nbsp;</td>
    <td valign=bottom align="right" width="75"> <font size="2">Ps. 589.8</font></td>
    <td valign=bottom align="right" width="29">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="268"> <font size="2">Bottles </font></td>
    <td valign=bottom align="right" width="88"> <font size="2">349.7</font></td>
    <td valign=bottom align="right" width="34">&nbsp;</td>
    <td valign=bottom align="right" width="83"> <font size="2">292.5</font></td>
    <td valign=bottom align="right" width="23">&nbsp;</td>
    <td valign=bottom align="right" width="75"> <font size="2">181.1</font></td>
    <td valign=bottom align="right" width="29">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="268"> <font size="2">Deferred charges and other investments
      </font></td>
    <td valign=bottom align="right" width="88">
      <div> <font size="2">355.5</font></div>
    </td>
    <td valign=bottom align="right" width="34">&nbsp;</td>
    <td valign=bottom align="right" width="83">
      <div> <font size="2">520.6</font></div>
    </td>
    <td valign=bottom align="right" width="23">&nbsp;</td>
    <td valign=bottom align="right" width="75">
      <div> <font size="2">229.0</font></div>
    </td>
    <td valign=bottom align="right" width="29">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="268">&nbsp;</td>
    <td valign=bottom align="right" width="88">
      <hr noshade size="1">
    </td>
    <td valign=bottom align="right" width="34">&nbsp;</td>
    <td valign=bottom align="right" width="83">
      <hr noshade size="1">
    </td>
    <td valign=bottom align="right" width="23">&nbsp;</td>
    <td valign=bottom align="right" width="75">
      <hr noshade size="1">
    </td>
    <td valign=bottom align="right" width="29">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="268"> <font size="2">Total</font></td>
    <td valign=bottom align="right" width="88">
      <div> <font size="2">Ps. 1,910.4</font></div>
    </td>
    <td valign=bottom align="right" width="34">&nbsp;</td>
    <td valign=bottom align="right" width="83">
      <div> <font size="2">Ps. 1,409.7</font></div>
    </td>
    <td valign=bottom align="right" width="23">&nbsp;</td>
    <td valign=bottom align="right" width="75">
      <div> <font size="2">Ps. 999.9</font></div>
    </td>
    <td valign=bottom align="right" width="29">&nbsp;</td>
  </tr>
</table>

<p><font size="2"><b>&nbsp;</b></font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td colspan=7> <font size="1"><b><font size="2">Capital Expenditures by Segment&nbsp;</font></b></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=269>&nbsp;</td>
    <td colspan=6>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269 height="32">&nbsp;</td>
    <td align="center" colspan="6" height="32"><font size="2"><b>Year Ended December
      31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=269>&nbsp;</td>
    <td align="center" colspan="2"><font size="2"><b>2003</b></font>
      <hr size="1" noshade width="50%">
    </td>
    <td align="center" colspan="2"><font size="2"><b>2002</b></font>
      <hr size="1" noshade width="50%">
    </td>
    <td align="center" colspan="2"><font size="2"><b>2001 </b></font>
      <hr size="1" noshade width="50%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=269>&nbsp;</td>
    <td align="center" colspan="6"><font size="2"><b>(millions of constant Mexican
      pesos atDecember 31, 2003)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Mexico</font></td>
    <td align="right" width=89> <font size="2">Ps. 1,431.2</font></td>
    <td align="right" width=33>&nbsp;&nbsp;</td>
    <td align="right" width=85> <font size="2"> Ps. 1,328.3</font></td>
    <td align="right" width=27>&nbsp;&nbsp;</td>
    <td align="right" width=71> <font size="2"> Ps. 966.6</font></td>
    <td align="right" width=26>&nbsp;&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Central America</font></td>
    <td align="right" width=89> <font size="2"> 162.9</font></td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85> <font size="2">&#151;</font></td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71> <font size="2">&#151;</font></td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Colombia</font></td>
    <td align="right" width=89> <font size="2">1.0</font></td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85> <font size="2">&#151;</font></td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71> <font size="2">&#151;</font></td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Venezuela</font></td>
    <td align="right" width=89> <font size="2">44.7</font></td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85> <font size="2">&#151;</font></td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71> <font size="2">&#151;</font></td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Brazil</font></td>
    <td align="right" width=89> <font size="2">165.6</font></td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85> <font size="2">&#151;</font></td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71> <font size="2">&#151;</font></td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Argentina</font></td>
    <td align="right" width=89>
      <div> <font size="2">105.0</font></div>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85>
      <div> <font size="2">81.4</font></div>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71>
      <div> <font size="2">33.3</font></div>
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269>&nbsp;</td>
    <td align="right" width=89>
      <hr noshade size="1">
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85>
      <hr noshade size="1">
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71>
      <hr noshade size="1">
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=269> <font size="2">Total</font></td>
    <td align="right" width=89>
      <div> <font size="2">Ps. 1,910.4</font></div>
    </td>
    <td align="right" width=33>&nbsp;</td>
    <td align="right" width=85>
      <div> <font size="2">Ps. 1,409.7</font></div>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=71>
      <div> <font size="2">Ps. 999.9</font></div>
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
</table>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our capital expenditures in 2003
  focused on integration of our new territories, placing refrigeration equipment
  with retailers and investments in returnable bottles and cases, increasing plant
  operating efficiencies, improving the efficiency of our distribution infrastructure
  and advancing information technology. Through these measures, we strive to improve
  our profit margins and overall profitability.</font></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">
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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the continued
  integration of our new territories, we estimated that our capital expenditures
  in 2004 would be approximately of Ps.3,300 million. Our capital expenditures
  in 2004 are primarily intended for: </font></p>
<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;</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>market
investments (primarily for the placement  of refrigeration equipment); and</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>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,  and improve our manufacturing facilities.</font></td></tr></table>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that a majority of
  our projected capital expenditures for 2004 will be spent in our Mexican territories.
  We believe that internally generated funds will be sufficient to meet our budgeted
  capital expenditure for 2004. Our capital expenditure plan for 2004 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;&#151;Liquidity
  and Capital Resources&#151;Liquidity&#148; and &#147;&#151;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></p>
<p><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 <i>Coca-Cola</i>
  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></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continuously evaluate opportunities
  to pursue acquisitions or engage in joint ventures or other transactions. The
  consummation of any of these opportunities may require us to make significant
  investments or capital expenditures. </font></p>
<p><font size="2"><b>Hedging Activities</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business activities require
  the holding or issuing of derivative instruments to hedge our exposure to market
  risks related to changes in interest rates, foreign currency exchange rates,
  equity risk and commodity price risk. See &#147;Item&nbsp;11. Quantitative and
  Qualitative Disclosures about Market Risk.&#148; </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides a
  summary of the fair value of derivative instruments as of December 31, 2003.
  The fair market value is obtained mainly from external sources, which are our
  counterparties to the contracts.</font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom width=270>&nbsp;</td>
    <td valign=bottom align="center" colspan="5"><font size="2"><b>Fair Value
      <br>
      At December 31, 2003<br>
      (millions of constant Mexican pesos)</b> </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom width=270>&nbsp;</td>
    <td valign=bottom align="center" width=74><font size="2"><b>Maturity<br>
      less than<br>
      1 year </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center" width=63><font size="2"><b>Maturity<br>
      1 - 3<br>
      years </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center" width=68><font size="2"><b>Maturity<br>
      4 - 5 years </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center" width=66><font size="2"><b>Maturity<br>
      in excess<br>
      of 5 years </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center" width=59><font size="2"><b>Total<br>
      fair<br>
      value </b></font>
      <hr size="1" noshade width="80%">
    </td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2">Prices quoted by external sources
      </font></td>
    <td valign=bottom align="center" width=74> <font size="2">(71.0)</font></td>
    <td valign=bottom align="center" width=63> <font size="2">(29.0)</font></td>
    <td valign=bottom align="center" width=68> <font size="2">(71.2)</font></td>
    <td valign=bottom align="center" width=66> <font size="2">&#151;</font></td>
    <td valign=bottom align="center" width=59> <font size="2">(171.2)</font></td>
  </tr>
</table>
<p><font size="2"><b>U.S. GAAP Reconciliation</b></font></p>
<p><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></p>

<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 and deferred employee profit  sharing;</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>deferred
promotional expenses;</font></td></tr></table>


<p>&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 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 imported machinery and equipment;</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>goodwill
amortization;</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>financial
instruments; and </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>capitalization
of interest expense.</font></td></tr></table>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
  is contained in Notes 25 and 26 to our consolidated financial statements.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Mexican GAAP, our
  consolidated financial statements recognize certain effects of inflation in
  accordance with Bulletins&nbsp;B-10 and B-12. These effects were not reversed
  in the reconciliation to U.S. GAAP.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP, we had net income
  of Ps.2,298.4 million in 2003, Ps.2,624.4 million in 2002 and Ps.2,392.1 million
  in 2001. Net income as reconciled to U.S. GAAP was lower than net income as
  reported under Mexican GAAP by Ps.13.4 million in 2003, lower by Ps.36.4 million
  in 2002 and higher by Ps.66.2 million in 2001. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; equity under
  U.S. GAAP was Ps.22,048.9 million in 2003, Ps.9,294.4 million in 2002 and Ps.8,208.5
  million in 2001. Compared to Mexican GAAP, shareholders&#146; equity under U.S.
  GAAP was Ps.604.2 million lower in 2003, Ps.373.7 million lower in 2002 and
  Ps.45.3 million higher in 2001.</font></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">
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>
<p><font size="2"><b>Item 6. Directors, Senior Management and Employees</b> </font></p>
<p><font size="2"><b>Directors</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of our business is
  vested in our board of directors. Our bylaws provide that our 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; four directors and their respective
  alternate directors are elected by holders of the Series D Shares voting as
  a class; and three directors and their respective alternate 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.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, holders of any series
  of our shares that do not vote in favor of the directors elected, either individually
  or acting together with other dissenting shareholders of any series, are entitled
  to elect one additional director and the corresponding alternate director for
  each 10% of our outstanding capital stock held by such individual or group.
  Any directors and alternate directors elected by dissenting shareholders will
  be in addition to those elected by the majority of the holders of Series A Shares,
  Series D Shares and Series L Shares.</font></p>
<p><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></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item 7. Major Shareholders
  and Related Party Transactions&#151;Related Party Transactions&#148; for information
  on relationships with certain directors and senior management.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 15, 2004, our board
  of directors had the following members (including alternate directors): </font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top height="20">
      <p><b><u><font size="2">Series A Directors</font></u></b></p>
    </td>
  </tr>

  <tr>
    <td valign=top width=209> <font size="2">Jos&#233; Antonio Fern&#225;ndez
      Carbajal<sup>(1)</sup><i> </i></font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">February 1954</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i> Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Chief Executive Officer, FEMSA</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">&nbsp;</font></td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Chairman of the board of FEMSA, Vice-Chairman
      of the board of Instituto Tecnol&#243;gico de Estudios Superiores de Monterrey,
      which we refer to as ITESM, Member of the boards of directors of Grupo Financiero
      BBVA Bancomer, S.A. de C.V., which we refer to as Grupo Financiero BBVA
      Bancomer, and Grupo Industrial Bimbo, S.A. de C.V., which we refer to as
      Grupo Industrial Bimbo. </font></td>
  </tr>
</table>

<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top height="20"> <b><u><font size="2">Series A Directors</font></u></b></td>
  </tr>

  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Held directorships at FEMSA Cerveza&#146;s
      Commercial Division and Oxxo Retail Chain. Has experience in the strategic
      planning department of FEMSA and has been involved in many managerial and
      operational aspects of FEMSA&#146;s businesses. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Industrial Engineering
      and an MBA from ITESM.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Alfredo Livas Cant&#250;</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Alfonso Garza Garza<sup>(2)</sup></font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">July 1962</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1996</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">General Director, FEMSA Empaques</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">&nbsp;</font></td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Alternate director of FEMSA and member
      of the boards of directors of the Hospital San Jos&#233;, CAINTRA N.L.,
      COMCE Noreste, Premio Eugenio Garza Sada and CONACEX Noreste. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Has experience in several FEMSA business
      units and departments, including Domestic Sales, International Sales, Procurement
      and Marketing, mainly in Cervecer&#237;a Cuauht&#233;moc Moctezuma, S.A.
      de C.V., FEMSA&#146;s Packaging Division, and was General Director of Grafo
      Regia, S.A. de C.V. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Industrial Engineering
      from the ITESM and an MBA from Instituto Panamericano de Alta Direcci&#243;n
      de Empresa, which we refer to as IPADE.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Mariana Garza Gonda</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Jos&#233; Luis Cutrale</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">September 1946</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><sup> </sup><i> &nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">2004</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">General Director of Sucocitrico Cutrale
      Ltda.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of directors
      of Cutrale North America, Inc., Cutrale Citrus Juice, Inc. and Citrus Products,
      Inc.</font></td>
  </tr>
</table>


<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top height="20">
      <p><b><u><font size="2">Series A Directors</font></u></b></p>
    </td>
  </tr>

  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Founding partner of Sucocitrico Cutrale
      Ltda. and member of ABECITRUS (the Brazilian Association of Citrus Exporters)
      and CDES (the Brazilian Government&#146;s Counsel for Economic and Social
      Development).</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Jos&#233; Luis Cutrale, Jr.</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">&nbsp;</font></td>
    <td valign=top width=135> <font size="2">&nbsp;</font></td>
    <td valign=top width=256> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Carlos Salazar Lomel&#237;n</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">April 1951</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">2001</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Chief Executive Officer, Coca-Cola
      FEMSA</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of review of
      Grupo Financiero BBVA Bancomer, Afore and Seguros BBVA Bancomer, Operadora
      Merco, S.A. de C.V., Cintermex &amp; Apex and Premio Eugenio Garza Sada.
      Held general directorships in several business units of FEMSA, including
      Grafo Regia, Pl&#225;sticos T&#233;cnicos Mexicanos, FEMSA Cerveza Export,
      Commercial Planning in Grupo Visa</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Served as Chief Executive Officer
      of FEMSA Cerveza.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds 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>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Ricardo Gonz&#225;lez Sada</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Ricardo Guajardo Touch&#233;</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">May 1948</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Chairman of the board, Grupo Financiero
      BBVA Bancomer.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of directors
      of El Puerto de Liverpool, S. A. de C.V., Transportaci&#243;n Mar&#237;tima
      Mexicana, S.A. de C.V., Grupo Industrial Alfa, S.A. de C.V., Grupo Aeroportuario
      del Sureste, S.A. de C.V. and ITESM. Executive directorships in the financial
      divisions of Grupo AXA and Grupo VAMSA. </font></td>
  </tr>
</table>


<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top height="20">
      <p><b><u><font size="2">Series A Directors</font></u></b></p>
    </td>
  </tr>

  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Has experience in various positions
      in Grupo Visa.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">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>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Max Michel Suberville</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Alfredo Mart&#237;nez Urdal</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">September 1931</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Deputy Chief Executive Officer, FEMSA
      </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of directors
      of BBVA Bancomer S.A. and Grupo Financiero BBVA Bancomer. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Served as Chief Executive Officer
      of our company and as Chief Executive Officer of FEMSA Cerveza. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Economics from
      the Western Reserve University, a degree in Law from Universidad Nacional
      Aut&#243;noma de M&#233;xico, which we refer to as UNAM, and a graduate
      degree from Harvard Business School.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">B&#225;rbara Garza Gonda</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">&nbsp;</font></td>
    <td valign=top width=135> <font size="2">&nbsp;</font></td>
    <td valign=top width=256> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Federico Reyes Garcia</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">September 1945</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Executive Vice President, Planning
      and Finance of FEMSA</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Vice Chairman of the Board of Directors
      of Seguros Monterrey New York Life, Chairman of the Board of Review of Fianzas
      Monterrey. Served as the Director of Corporate Development of FEMSA, Director
      of Corporate Staff at Grupo AXA, a major manufacturer of electrical equipment,
      and Chief Executive Officer of Seguros Monterrey and Fianzas Monterrey.
      </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Has extensive experience in the insurance
      sector.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Business and Finance
      from ITESM.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Alejandro Bailleres Gual</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Eduardo Padilla Silva</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">January 1955</font></td>
  </tr>
</table>


<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top height="20">
      <p><b><u><font size="2">Series A Directors</font></u></b></p>
    </td>
  </tr>

  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1997</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Chief Executive Officer, FEMSA Comercio</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of directors
      of Club Industrial, Casino de Monterrey and the Asociacion Nacional de Tiendas
      de Conveniencia y Departamentales. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Held a variety of positions at Grupo
      Alfa and served as FEMSA&#146;s Chief Executive Officer of the Trade Division,
      Director of FEMSA&#146;s Planning and Control and Chief Executive Officer of
      Terza, S.A. de C.V. </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Mechanical Engineering
      from ITESM and an MBA from Cornell University.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Francisco Jos&#233; Calder&#243;n
      Rojas</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Armando Garza Sada<sup>(2)</sup>
      </font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">June 1957</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1998</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Chief Executive Officer, Versax,
      S.A. de C.V.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of directors
      of Alfa, Bain &amp; Company Mexico, Especialidades Cerveceras, S.A. de C.V.,
      Gigante, Lamosa, Liverpool, MVS and ITESM.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Served as President of Sigma, the
      food division of Alfa, and has held other executive positions in Alfa including
      Vice President of Corporate Planning and President of Polioles (a petrochemical
      joint venture with BASF).</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Management from
      the Massachusetts Institute of Technology and an MBA from the Stanford Graduate
      School of Business.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Franciso Garza Zambrano</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Daniel Servitje Montul</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">April 1959</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">1998</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Chief Executive Officer, Grupo Industrial
      Bimbo</font></td>
  </tr>
</table>

<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top height="20">
      <p><b><u><font size="2">Series A Directors</font></u></b></p>
    </td>
  </tr>

  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorships:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of directors
      of Banco Nacional de Mexico, Grupo Bimbo, S.A. de C.V. and Transforma Mexico.
      </font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Served as Vice President of Grupo
      Bimbo, S.A. de C.V.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Education:</font></td>
    <td valign=top width=256> <font size="2">Holds a degree in Business from the
      Universidad Iberoamericana in Mexico and an MBA from the Stanford Graduate
      School of Business.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Guillermo Ch&#225;vez Eckstein</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">&nbsp;</font></td>
    <td valign=top width=135> <font size="2">&nbsp;</font></td>
    <td valign=top width=256> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2">Enrique Senior</font></td>
    <td valign=top width=135> <font size="2">Born:</font></td>
    <td valign=top width=256> <font size="2">August 1943</font></td>
  </tr>
  <tr>
    <td valign=top width=209> <font size="2"> <i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=135> <font size="2">First elected:</font></td>
    <td valign=top width=256> <font size="2">2004</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Term expires:</font></td>
    <td valign=top width=256> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Principal occupation:</font></td>
    <td valign=top width=256> <font size="2">Investment Banker, Allen &amp; Company
      LLC</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Other directorship:</font></td>
    <td valign=top width=256> <font size="2">Member of the boards of Televisa
      and Premier Retail Networks.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Business experience:</font></td>
    <td valign=top width=256> <font size="2">Among other clients, has provided
      financial advisory services to FEMSA and Coca-Cola FEMSA.</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135> <font size="2">Alternate director:</font></td>
    <td valign=top width=256> <font size="2">Herbert Allen III</font></td>
  </tr>
  <tr>
    <td valign=top width=209>&nbsp; </td>
    <td valign=top width=135>&nbsp; </td>
    <td valign=top width=256>&nbsp; </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">

  <tr valign="top">
    <td colspan=3> <font size="2"><b><u>Series D Directors</u></b></font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137>&nbsp; </td>
    <td width=255>&nbsp; </td>
  </tr>

  <tr valign="top">
    <td width=208> <font size="2">Gary Fayard</font></td>
    <td width=137> <font size="2">Born:</font></td>
    <td width=255> <font size="2">April 1952</font></td>
  </tr>
  <tr valign="top">
    <td width=208> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td width=137> <font size="2">First elected:</font></td>
    <td width=255> <font size="2">2003</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Term expires:</font></td>
    <td width=255> <font size="2">2005</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Principal occupation:</font></td>
    <td width=255> <font size="2">Chief Financial Officer, The </font><font size="2">Coca-Cola
      Company</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Other directorships:</font></td>
    <td width=255> <font size="2">Member of the boards of directors of Coca Cola
      Enterprises and Coca Cola Sabco. </font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Business experience:</font></td>
    <td width=255> <font size="2">Senior Vice-President of The Coca-Cola Company
      and former Partner of Ernst &amp; Young LLP.</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Education:</font></td>
    <td width=255> <font size="2">Holds a CPA from the University of Alabama</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Alternate director:</font></td>
    <td width=255> <font size="2">David Taggart</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137>&nbsp; </td>
    <td width=255>&nbsp; </td>
  </tr>
  <tr valign="top">
    <td width=208> <font size="2">Steven J. Heyer</font></td>
    <td width=137> <font size="2">Born:</font></td>
    <td width=255> <font size="2">June 1952</font></td>
  </tr>
  <tr valign="top">
    <td width=208> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td width=137> <font size="2">First elected:</font></td>
    <td width=255> <font size="2">2002</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Term expires:</font></td>
    <td width=255> <font size="2">2005</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Principal occupation:</font></td>
    <td width=255> <font size="2">President and Chief Operating Officer of The
      Coca-Cola Company.</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137>&nbsp; </td>
    <td width=255> <font size="2">Oversees The Coca-Cola Company&#146;s operating
      units in Latin America. </font></td>
  </tr>
</table>


<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr valign="top">
    <td colspan=3> <font size="2"><b><u>Series D Directors</u></b></font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137>&nbsp; </td>
    <td width=255>&nbsp; </td>
  </tr>

  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Business experience:</font></td>
    <td width=255> <font size="2">Served as President and Chief Operating Officer
      of Coca-Cola Ventures and Turner Broadcasting System, President and Chief
      Operating Officer of Young and Rubicam Advertising Worldwide and Senior
      Vice President and Managing Partner at Booz Allen &amp; Hamilton.</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Alternate director:</font></td>
    <td width=255> <font size="2">Patricia Powell</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137>&nbsp; </td>
    <td width=255>&nbsp; </td>
  </tr>
  <tr valign="top">
    <td width=208> <font size="2">Charles H. McTier</font></td>
    <td width=137> <font size="2">Born:</font></td>
    <td width=255> <font size="2">January 1939</font></td>
  </tr>
  <tr valign="top">
    <td width=208> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td width=137> <font size="2">First elected:</font></td>
    <td width=255> <font size="2">1998</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Term expires:</font></td>
    <td width=255> <font size="2">2005</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Principal occupation:</font></td>
    <td width=255> <font size="2">President, Robert W. Woodruff Foundation, Inc.</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Other directorships:</font></td>
    <td width=255> <font size="2">Member of the boards of directors of the SunTrust
      Bank of Georgia. </font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Business experience:</font></td>
    <td width=255> <font size="2">President of Joseph B. Whitehead Foundation,
      Inc., The Lettie Pate Evans Foundation, Inc., Lettie Pate Whitehead Foundation,
      Inc.</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2">Education:</font></td>
    <td width=255> <font size="2">Holds a degree in Business Administration from
      Emory University.</font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137> <font size="2"> Alternate director:</font></td>
    <td width=255> <font size="2">Dan Palumbo</font></td>
  </tr>
  <tr valign="top">
    <td width=208> <font size="2">&nbsp;</font></td>
    <td width=137> <font size="2">&nbsp;</font></td>
    <td width=255> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td rowspan=8 width=208> <font size="2"> Eva Garza Gonda de Fern&#225;ndez<sup>(3)</sup></font>
      <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td width=137> <font size="2">Born:</font></td>
    <td width=255> <font size="2">April 1958</font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">First elected:</font></td>
    <td width=255> <font size="2">2002</font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">Term expires:</font></td>
    <td width=255> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">Principal occupation:</font></td>
    <td width=255> <font size="2">President, Alternativas Pac&#237;f&#237;cas,
      A.C.</font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">Other directorships:</font></td>
    <td width=255> <font size="2">Alternate director of FEMSA.</font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">Business experience:</font></td>
    <td width=255> <font size="2"> Advisor to ITESM. </font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">Education:</font></td>
    <td width=255> <font size="2">Holds a degree in Communication Science from
      ITESM.</font></td>
  </tr>
  <tr>
    <td width=137> <font size="2">Alternate director:</font></td>
    <td width=255> <font size="2">Deval L. Patrick </font></td>
  </tr>
  <tr valign="top">
    <td width=208>&nbsp; </td>
    <td width=137>&nbsp; </td>
    <td width=255>&nbsp; </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top> <font size="2"><b><u>Series L Directors</u></b></font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137>&nbsp; </td>
    <td valign=top width=255>&nbsp; </td>
  </tr>

  <tr>
    <td valign=top width=208> <font size="2"> Alexis E. Rovzar de la Torre</font></td>
    <td valign=top width=137> <font size="2">Born:</font></td>
    <td valign=top width=255> <font size="2">July 1951</font></td>
  </tr>
  <tr>
    <td valign=top width=208> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=137> <font size="2">First elected:</font></td>
    <td valign=top width=255> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Term expires:</font></td>
    <td valign=top width=255> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Principal occupation:</font></td>
    <td valign=top width=255> <font size="2">Executive Partner, White &amp; Case,
      S.C.</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Other directorships:</font></td>
    <td valign=top width=255> <font size="2">Member of the boards of directors
      of FEMSA, Deutsche Bank (M&#233;xico), Grupo Industrial Bimbo, Grupo ACIR,
      S.A. de C.V., Comex, S.A. de C.V., Comsa and Ray &amp; Berndtseon. </font></td>
  </tr>
</table>


<p>&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 border=0 cellspacing=0 cellpadding=0 width="600">

  <tr>
    <td colspan=3 valign=top> <font size="2"><b><u>Series L Directors</u></b></font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137>&nbsp; </td>
    <td valign=top width=255>&nbsp; </td>
  </tr>

  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Business experience:</font></td>
    <td valign=top width=255> <font size="2">Has experience in numerous international
      business transactions, including joint ventures, debt to capital swaps and
      many other financial projects. </font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Education:</font></td>
    <td valign=top width=255> <font size="2">Holds a degree in Law from UNAM.</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Alternate director:</font></td>
    <td valign=top width=255> <font size="2">Arturo Estrada Treanor</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137>&nbsp; </td>
    <td valign=top width=255>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=208> <font size="2">Jos&#233; Manual Canal Hernando</font></td>
    <td valign=top width=137> <font size="2">Born:</font></td>
    <td valign=top width=255> <font size="2">February 1940</font></td>
  </tr>
  <tr>
    <td valign=top width=208> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=137> <font size="2">First elected:</font></td>
    <td valign=top width=255> <font size="2">2003</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Term expires:</font></td>
    <td valign=top width=255> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Principal occupation:</font></td>
    <td valign=top width=255> <font size="2">Independent Consultant</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Other directorships:</font></td>
    <td valign=top width=255> <font size="2">Member of the board of directors
      of FEMSA and FEMSA Cerveza.</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Business experience:</font></td>
    <td valign=top width=255> <font size="2">Served as Managing Partner of Ruiz,
      Urquiza y C&#237;a.</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Alternate director:</font></td>
    <td valign=top width=255> <font size="2">Helmut Paul</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137>&nbsp; </td>
    <td valign=top width=255>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=208> <font size="2">Francisco Zambrano Rodr&#237;guez</font></td>
    <td valign=top width=137> <font size="2">Born:</font></td>
    <td valign=top width=255> <font size="2">January 1953</font></td>
  </tr>
  <tr>
    <td valign=top width=208> <font size="2"><i>&nbsp;&nbsp;&nbsp;Director</i></font></td>
    <td valign=top width=137> <font size="2">First elected:</font></td>
    <td valign=top width=255> <font size="2">2003</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Term expires:</font></td>
    <td valign=top width=255> <font size="2">2005</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Principal occupation:</font></td>
    <td valign=top width=255> <font size="2"> Vice President, Desarollo Inmobiliario
      y de Valores, S.A. de C.V.</font></td>
  </tr>
  <tr>
    <td valign=top width=208> <font size="2">&nbsp;</font></td>
    <td valign=top width=137> <font size="2">Other directorships:</font></td>
    <td valign=top width=255> <font size="2">Member of the boards of directors
      of several Mexican companies: Desarrollo Inmobiliario y de Valores, S.A.
      de C.V. and Internacional de Inversiones, S.A. de C.V. </font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Business experience:</font></td>
    <td valign=top width=255> <font size="2">Has extensive experience in investment
      banking and private investment services in M&#233;xico.</font></td>
  </tr>
  <tr>
    <td valign=top width=208>&nbsp; </td>
    <td valign=top width=137> <font size="2">Alternate director:</font></td>
    <td valign=top width=255> <font size="2">Karl Frei</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">Son-in-law
of Eugenio Garza Lag&#252;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&#252;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&#252;era and wife of Jos&#233; Antonio  Fern&#225;ndez Carbajal.</font></td></tr></table>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eugenio Garza Lag&#252;era is
  the Honorary (non-voting) Life Chairman of our board of directors. The Secretary
  of the board of directors is Carlos Eduardo Aldrete Ancira and the Alternate
  Secretary of the board is David A. Gonz&#225;lez Vessi.</font></p>
<p><font size="2"><b>Statutory Examiners</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law, a statutory
  examiner must be elected by the shareholders at the annual ordinary shareholders&#146;
  meeting for a term of one year. We currently have two statutory examiners, one
  elected by the holders of Series A Shares and one by the holders of Series D
  Shares, and two alternate statutory examiners, one elected by the holders of
  Series A Shares and one by the holders of Series D Shares. Mexican law also
  requires that the statutory examiners receive periodic reports from our board
  of directors regarding material aspects of our affairs, including our financial
  condition. The primary role of the statutory examiners is to report to our shareholders
  at the annual ordinary shareholders&#146; meeting on the accuracy of the financial
  information presented to such statutory examiners by the board of directors.
  Our Series A statutory examiner is Ernesto Gonz&#225;lez D&#225;vila and our
  Series D statutory examiner is Fausto </font></p>


<p>&nbsp;
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<p>
<p><font size="2">Sandoval Amaya. Our alternate Series A statutory examiner is
  Ernesto Cruz Vel&#225;zquez de Le&#243;n and our alternate Series D statutory
  examiner is Humberto Ort&#237;z Guti&#233;rrez.</font></p>
<p><font size="2"><b>Executive Officers </b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 15, 2004, the following
  are the principal executive officers of our company:</font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width=167> <font size="2">Carlos Salazar Lomel&#237;n</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">April 1951</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i>&nbsp;&nbsp;&nbsp;Chief Executive
      Officer</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">2000</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2000</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"> Ernesto Torres Arriaga</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">July 1936</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"> <i>&nbsp;&nbsp;&nbsp;Vice President</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1979</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">1995</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Production Manager of IEMSA.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">Director of Production for the State
      of Mexico. Extensive experience at various bottler plants in Mexico, where
      he held several positions in the production, technical and logistics areas,
      eventually becoming General Manager of Sales, Production and Administration.
      </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Food Engineering
      from Kansas State University.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">H&#233;ctor Trevi&#241;o Guti&#233;rrez</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">August 1956</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i>&nbsp;&nbsp;&nbsp;Chief Financial
      and</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Administrative
      Officer</i></font></td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">1993</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Headed Corporate Development department.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">At FEMSA, was in charge of International
      Financing, served as General Manager of Financial Planning and General Manager
      of Strategic Planning. </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Chemical and Administrative
      Engineering from ITESM and an MBA from the Wharton School of Business.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">Rafael Su&#225;rez Olaguibel</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">April 1960</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Commerical
      Planning</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1986</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i>&nbsp;&nbsp;&nbsp;and</i> <i>Strategic</i></font></td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2003</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i>&nbsp;&nbsp;&nbsp;Development
      Officer</i></font></td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Has held several director positions
      at KOF, including Chief Operating Officer in Mexico, Planning and Projects
      Director and Corporate Marketing Manager for the Valley of Mexico and Director
      of Marketing. He also served as Distribution and Marketing Director of FEMSA&#146;s
      soft drink division and as Chief Operating Officer of Coca-Cola FEMSA de
      Buenos Aires. </font></td>
  </tr>
</table>


<p>&nbsp;
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<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">Has worked in the Administrative,
      Distribution and Marketing departments of The Cola-Cola Export Company.
      </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Economics from
      ITESM.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">Alejandro Duncan</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">May 1957</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Technical Officer</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1995</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2002</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Infrastructure Planning Director
      of Mexico. </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">Has undertaken responsibilities in
      different production, logistics, engineering, project planning and manufacturing
      departments of FEMSA and was a Plant Manager in central Mexico, Manufacturing
      Director in Buenos Aires.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Mechanical Engineering
      from ITESM and </font><font size="2">an MBA from the Universidad de Monterrey.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">Eulalio Cerda Delgadillo</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">July 1958</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Human Resources
      Officer</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1996</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2001</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Manager, positions in several departments,
      including maintenance, projects, packaging and human resources. </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">At Cervecer&#237;a Cuauht&#233;moc,
      served as New Projects Executive and worked in several departments including
      Marketing, Maintenance, Packaging, Bottler, Human Resources, Technical Development
      and Projects. </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Mechanical Engineering
      from ITESM.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">John Anthony Santa Mar&#237;a Otaz&#250;a</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">August 1957</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Chief Operating
      Officer -</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1995</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Mexico</i></font></td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2003</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Has served as Strategic Planning
      and Business Development Officer and Chief Operating Officer of Mexican
      operations. He has experience in several areas of the company, namely development
      of new products and mergers and acquisitions. </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">Has experience with different bottler
      companies in Mexico in areas such as Strategic Planning and General Management.
      </font></td>
  </tr>
</table>


<p>&nbsp;
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<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Business Administration
      and an MBA with a major in Finance from Southern Methodist University.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">Ernesto Silva Almaguer</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">March 1953</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Chief Operating
      Officer -</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1996</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Mercosur</i></font></td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2003</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Chief Operating Officer in Buenos
      Aires and New Business Development and Information Technology Director.
      </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">Has worked as General Director of
      Famosa and Quimiproductos, served as Vice President of International Sales
      at FEMSA Empaques and Manager of FEMSA&#146;s Corporate Planning and held
      several positions at the Grupo Industrial ALFA.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Education:</font></td>
    <td valign=top width=247> <font size="2">Holds a degree in Mechanical and
      Administrative Engineering from Universidad Aut&#243;noma de Nuevo Le&#243;n
      and an MBA from the University of Texas at Austin.</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186>&nbsp; </td>
    <td valign=top width=247>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2">Hermilo Zuart Ru&#237;z</font></td>
    <td valign=top width=186> <font size="2">Born:</font></td>
    <td valign=top width=247> <font size="2">March 1949</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Chief Operating
      Officer &#151;</i></font></td>
    <td valign=top width=186> <font size="2">Joined:</font></td>
    <td valign=top width=247> <font size="2">1992</font></td>
  </tr>
  <tr>
    <td valign=top width=167> <font size="2"><i> &nbsp;&nbsp;&nbsp;Latin Centro</i></font></td>
    <td valign=top width=186> <font size="2">Appointed to current position:</font></td>
    <td valign=top width=247> <font size="2">2003</font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Business experience with us:</font></td>
    <td valign=top width=247> <font size="2">Chief Operating Officer in the Valley
      of Mexico, Chief Operating Officer in the southeast of Mexico. </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp; </td>
    <td valign=top width=186> <font size="2">Other business experience:</font></td>
    <td valign=top width=247> <font size="2">Has undertaken several responsibilities
      in manufacturing, commercialization, planning and administrative areas of
      FEMSA: Franquicias Officer, mainly in charge of <i>Mundet</i> products.
      </font></td>
  </tr>
  <tr>
    <td valign=top width=167>&nbsp;</td>
    <td valign=top width=186><font size="2">Education:</font></td>
    <td valign=top width=247><font size="2">Hold a degree in Public Accounting
      from the UNAM and completed a graduate course in Business Management from
      the IPADE.</font></td>
  </tr>
</table>
<p><font size="2"><b>Compensation of Directors and Officers</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31,
  2003, the aggregate compensation of all of our executive officers paid or accrued
  in that year for services in all capacities was approximately Ps.124.3 million,
  of which approximately Ps.54.8 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. See &#147;&#151;Stock
  Incentive Plan&#148;. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each meeting attended, we
  paid Ps.30,000 to each director during 2002 and the first quarter of 2003, and
  Ps.35,000 beginning in the second quarter of 2003. Beginning in 2003 we paid
  the Audit Committee members Ps.120,000 per year, and each of the Finance and
  the Compensation Committees members Ps.14,000 per year. The aggregate compensation
  for directors during 2003 was Ps.3.2 million. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior management and executive
  officers participate in our benefit plan on the same basis as our other employees.
  Members of our board of directors do not participate in our benefit plan. As
  of December 31, 2003, amounts </font></p>


<p>&nbsp;
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<p>
<p><font size="2">set aside or accrued for all employees under these retirement
  plans were Ps.786.5 million, of which Ps.206.4 million is already funded.</font></p>
<p><font size="2"><b>Stock Incentive Plan </b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bonus program for executive
  officers is based upon the accomplishment of certain critical factors, established
  annually by management. The bonus is paid in cash the following year based on
  the accomplishment of these goals. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 1999 to 2003, we instituted
  a compensation plan for certain key executives, that consisted of granting them
  an annual bonus in FEMSA and Coca-Cola FEMSA stock or options, based on each
  executive&#146;s responsibilities within the organization and his or her performance.
  Executives receiving bonuses had access to the assigned stocks or options in
  20% increments in each of the five years following the granting of the bonus,
  beginning one year after they were granted. The five-year program ended in 2003,
  the last year shares were assigned. We are in the process of designing a new
  plan that will be effective in 2004 and that we expect will have the same general
  terms as the prior plan. </font></p>
<p align=left><font size="2"><b>EVA-Based Stock Incentive Plan </b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in 2004 we plan to commence
  a new three-year stock incentive plan for the benefit of our executive officers,
  which we refer to as the EVA Stock Incentive Plan. This new plan replaces the
  Stock Incentive Plan described above and is being developed using as the main
  metric for evaluation the Economic Value Added (or EVA) framework developed
  by Stern Stewart &amp; Co., a compensation consulting firm. Under the proposed
  terms of the EVA Stock Incentive Plan, eligible executive officers will be entitled
  to receive a special cash bonus, which will be used to purchase a stock grant
  on the Mexican stock exchange. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the current proposed
  structure for the plan, each year our Chief Executive Officer, in conjunction
  with our Evaluation and Compensation Committee, will determine the amount of
  the special cash bonus used to purchase the stock grant. This amount will be
  determined based on each executive officer&#146;s level of responsibility and
  based on the EVA generated by us. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend for the stock grants
  to be administrated by certain trusts for the benefit of the selected executive
  officers in the same manner as in the previous Stock Incentive Plan. Under the
  proposed terms of the EVA Stock Incentive Plan, each time a special bonus is
  assigned to an executive officer, the executive officer will contribute the
  special bonus received to the administrative trust in exchange for a stock grant.
  Pursuant to the proposed plan, the administrative trust will acquire a specified
  proportion of BD Units of FEMSA and Series L Shares of Coca-Cola FEMSA in the
  open market using the special bonus contributed by each executive officer. The
  ownership of the BD Units of FEMSA and the Series L Shares of Coca-Cola FEMSA
  will vest upon the executive officer holding a stock grant each year over the
  next five years following the date of receipt of the stock grant, at a rate
  per year equivalent to 20% of the number of BD Units of FEMSA and Coca-Cola
  FEMSA Series L Shares, as applicable. </font></p>
<p><font face="Times New Roman" size="2"> </font></p>
<p><font size="2"><b>Share Ownership</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 15, 2004, several
  of our directors and alternate directors serve on the Technical Committee as
  Trust Participants under the Irrevocable Trust No.&nbsp;F/29487-6 established
  at BBVA Bancomer, S.A., as Trustee, which is the owner of 69.7% of the voting
  stock of FEMSA, which in turn owns 45.7% of our outstanding capital stock. As
  a result of the Technical Committee&#146;s internal procedures, the Technical
  Committee procedures, the Technical Committee as a whole is deemed to have 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.
  These directors and alternate directors are Eugenio Garza Lag&#252;era, Alfonso
  Garza Garza, Mariana Garza de Trevi&#241;o and Eva Garza Gonda de Fern&#225;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></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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<p>
<p align=left><font size="2"><b>Board Practices</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws state that the board
  of directors will meet at least four times a year, 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<b>&#151;</b>Bylaws.&#148;</font></p>
<p><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 agreements
  providing for benefits upon termination of employment.</font></p>
<p><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></p>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=6% valign="top"><font size="2">1.</font></td>
    <td width=84%><font size="2"><i> Finance Committee</i>. The Finance and Planning
      Committee works with the management to set annual and long-term strategic
      and financial plans of the company and monitors adherence to these plans.
      It is responsible for setting our optimal capital structure of the company
      and recommends the appropriate level of borrowing as well as the issuance
      of securities. Financial risk management is another responsibility of the
      Finance and Planning Committee. The members are Armando Garza Sada, Steven
      J. Heyer, Federico Reyes Garc&#237;a, Ricardo Guajardo and Alfredo Mart&#237;nez
      Urdal. The Secretary of the Finance and Planning Committee is Hector Trevi&#241;o,
      our Chief Financial Officer.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=6% valign="top"><font size="2">2.</font></td>
    <td width=84%><font size="2"><i> Audit Committee. </i>The Audit Committee
      is responsible for reviewing the accuracy and integrity of the quarterly
      and annual financial statements as well as performance of the external and
      internal auditors. It works to develop the internal and external audit plan
      and reviews the auditors&#146; recommendations on internal controls. In
      addition, this Committee is responsible for the review of all significant
      unusual transactions, as well as transactions with related parties. Alexis
      Rovzar is the President of the Audit Committee. The additional members include:
      Charles H. McTier, Jos&#233; Manuel Canal and Francisco Zambrano, all of
      them independent directors (as defined under the Mexican Securities Market
      Law). The Secretary of the Audit Committee is Jos&#233; Gonz&#225;lez, head
      of FEMSA&acute;s internal auditing area.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=6% valign="top"><font size="2">3. </font></td>
    <td width=84%><font size="2"><i>Evaluation and Compensation Committee</i>.
      The Evaluation and Compensation Committee, or Human Resources Committee,
      reviews and recommends the management compensation programs to ensure that
      they are aligned with shareholders&#146; interests and corporate performance.
      The Committee is also responsible for identifying suitable director and
      senior management candidates and setting their compensation levels. It also
      develops evaluation objectives for the Chief Executive Officer and assesses
      his performance and remuneration in relation to these objectives. The members
      of the Evaluation and Compensation Committee are Daniel Servitje, Gary Fayard
      and Ricardo Gonz&#225;lez Sada. The Secretary of the Evaluation and Compensation
      Committee is Eulalio Cerda, head of Coca-Cola FEMSA&#146;s human resources
      department.&nbsp;</font></td>
  </tr></table>


<p>&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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<p><font size="2"><b>Employees</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2003, our headcount,
  including employees of third party distributors that work for us, was as follows:
  25,683 in Mexico, 5,402 in Central America, 8,466 in Colombia, 8,159 in Venezuela,
  6,217 in Brazil and 2,914 in Argentina. The table below sets forth headcount
  (excluding third parties) by category for the periods indicated:</font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=352>&nbsp;</td>
    <td align="center" width=248 colspan="6"><font size="2"><b>For the Year Ended
      December 31,</b></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=352>&nbsp;</td>
    <td align="center" width=85 colspan="2"><font size="2"><b>2003<sup>(1)</sup></b></font>
      <hr size="1" noshade width="70%">
    </td>
    <td align="center" width=85 colspan="2"><font size="2"><b>2002</b></font>
      <hr size="1" noshade width="70%">
    </td>
    <td align="center" width=78 colspan="2"><font size="2"><b>2001</b></font>
      <hr size="1" noshade width="70%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=352> <font size="2">Executives </font></td>
    <td align="right" width=60>
      <p><font size="2">337</font></p>
    </td>
    <td align="right" width=25>&nbsp;</td>
    <td align="right" width=58>
      <p><font size="2">201</font></p>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=52>
      <p><font size="2">154</font></p>
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=352> <font size="2">Non-Union </font></td>
    <td align="right" width=60>
      <p><font size="2">15,032</font></p>
    </td>
    <td align="right" width=25>&nbsp;</td>
    <td align="right" width=58>
      <p><font size="2">5,245</font></p>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=52>
      <p><font size="2">5,350</font></p>
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=352> <font size="2">Union</font></td>
    <td align="right" width=60>
      <div> <font size="2">24,342</font></div>
    </td>
    <td align="right" width=25>&nbsp;</td>
    <td align="right" width=58>
      <div> <font size="2">8,461</font></div>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=52>
      <div> <font size="2">9,038</font></div>
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=352>&nbsp;</td>
    <td align="right" width=60>
      <hr noshade size="1">
    </td>
    <td align="right" width=25>&nbsp;</td>
    <td align="right" width=58>
      <hr noshade size="1">
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=52>
      <hr noshade size="1">
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=352> <font size="2">&nbsp;&nbsp;&nbsp;Total </font></td>
    <td align="right" width=60>
      <div> <font size="2">39,711</font></div>
    </td>
    <td align="right" width=25>&nbsp;</td>
    <td align="right" width=58>
      <div> <font size="2">13,907</font></div>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=52>
      <div> <font size="2">14,542</font></div>
    </td>
    <td align="right" width=26>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=352>&nbsp;</td>
    <td align="right" width=60>
      <hr noshade>
    </td>
    <td align="right" width=25>&nbsp;</td>
    <td align="right" width=58>
      <hr noshade>
    </td>
    <td align="right" width=27>&nbsp;</td>
    <td align="right" width=52>
      <hr noshade>
    </td>
    <td align="right" width=26>&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, 2003, we also employed 17,130 additional  workers on a temporary basis.</font></td></tr></table>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2003, we almost
  tripled the number of employees as compared to 2002, due to the acquisition
  of Panamco. Approximately 61% of our personnel, most of whom were employed in
  Mexico, were members of labor unions. We had 57 separate collective bargaining
  agreements with four labor unions represented at our Mexican operations and
  several agreements with different labor unions in the rest of the countries
  where we operate. In general, we have a good relationship with the labor unions
  throughout our operations, except for in Colombia and Venezuela, which are the
  subjects of significant labor-related litigation. See &#147;Item 8. Financial
  Information&#151;Consolidated Statements and Other Financial Information&#151;Legal
  Proceedings.&#148; We believe we have appropriate reserves for these litigations
  and do not currently expect them to have a material adverse effect.</font></p>
<p><font size="2"><b>Insurance Policies</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain insurance policies
  for all of our non-union 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 and certain key
  executive officers for liabilities incurred in their capacities as directors
  and officers.</font></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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<p>
<p><b><font size="2">Item 7. Major Shareholders and Related Party Transactions
  </font></b><font size="2"> </font></p>
<p><font size="2"><b>MAJOR SHAREHOLDERS</b></font></p>
<p><font size="2">Our capital stock consists of three classes of securities: Series
  A Shares held by FEMSA, Series D Shares held by The Coca-Cola Company and Series
  L Shares, held by the public. The following table sets forth our major shareholders
  as of March 15, 2004:</font></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom width=306><font size="2"><b>Owner</b></font>
      <hr size="1" noshade width="15%" align="left">
    </td>
    <td valign=bottom align="center" colspan="2"><font size="2"><b>Outstanding<br>
      Capital Stock </b></font>
      <hr size="1" noshade width="80%">
    </td>
    <td valign=bottom align="center" colspan="2"><font size="2"><b>% Ownership
      of<br>
      Outstanding<br>
      Capital Stock </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td valign=bottom align="center" colspan="2"><font size="2"><b>% of<br>
      Voting Rights </b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr>
    <td valign=bottom width=306> <font size="2">FEMSA (Series A Shares)<sup>(1)</sup>
      </font></td>
    <td valign=bottom align="right" width=83> <font size="2">844,078,519</font></td>
    <td valign=bottom align="right" width=18>&nbsp;&nbsp;</td>
    <td valign=bottom align="right" width=86> <font size="2">45.7</font></td>
    <td valign=bottom align="right" width=22>&nbsp;&nbsp;</td>
    <td valign=bottom align="right" width=61> <font size="2">53.6</font></td>
    <td valign=bottom width=24>&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=306> <font size="2">The Coca-Cola Company (Series
      D Shares)<sup>(2)</sup></font></td>
    <td valign=bottom align="right" width=83> <font size="2">731,545,678</font></td>
    <td valign=bottom align="right" width=18>&nbsp;</td>
    <td valign=bottom align="right" width=86> <font size="2">39.6</font></td>
    <td valign=bottom align="right" width=22>&nbsp;</td>
    <td valign=bottom align="right" width=61> <font size="2">46.4</font></td>
    <td valign=bottom width=24>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=306> <font size="2">Public (Series L Shares)<sup>(3)</sup>
      </font></td>
    <td valign=bottom align="right" width=83> <font size="2">270,750,000</font></td>
    <td valign=bottom align="right" width=18>&nbsp;</td>
    <td valign=bottom align="right" width=86> <font size="2">14.7</font></td>
    <td valign=bottom align="right" width=22>&nbsp;</td>
    <td valign=bottom align="right" width=61> <font size="2">*</font></td>
    <td valign=bottom width=24>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=306>&nbsp;</td>
    <td valign=bottom align="right" width=83>
      <hr noshade size="1">
    </td>
    <td valign=bottom align="right" width=18>&nbsp;</td>
    <td valign=bottom align="right" width=86>
      <hr noshade size="1">
    </td>
    <td valign=bottom align="right" width=22>&nbsp;</td>
    <td valign=bottom align="right" width=61>
      <hr noshade size="1">
    </td>
    <td valign=bottom width=24>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=306> <font size="2">Total</font></td>
    <td valign=bottom align="right" width=83>
      <div> <font size="2">1,846,374,197</font></div>
    </td>
    <td valign=bottom align="right" width=18>&nbsp;</td>
    <td valign=bottom align="right" width=86>
      <div> <font size="2">100.0</font></div>
    </td>
    <td valign=bottom align="right" width=22>&nbsp;</td>
    <td valign=bottom align="right" width=61>
      <div> <font size="2">100.0</font></div>
    </td>
    <td valign=bottom width=24>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=306>&nbsp;</td>
    <td valign=bottom align="right" width=83>
      <hr noshade>
    </td>
    <td valign=bottom align="right" width=18>&nbsp;</td>
    <td valign=bottom align="right" width=86>
      <hr noshade>
    </td>
    <td valign=bottom align="right" width=22>&nbsp;</td>
    <td valign=bottom align="right" width=61>
      <hr noshade>
    </td>
    <td valign=bottom width=24>&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">FEMSA
owns these shares through its wholly-owned subsidiary  Compa&#241;&#237;a Internacional
de Bebidas, S.A. de C.V., which we refer to in this annual  report as CIBSA, 69.7% of the
voting stock of FEMSA is owned by the Technical  Committee and Trust Participants under
Irrevocable Trust No. F/29487-6 established  at BBVA Bancomer Servicios, S.A., as
Trustee. 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. As of March&nbsp;15,
2004, the  Trust Participants are: BBVA Bancomer Servicios, S.A., as Trustee under Trust
No. F/25078-7, Eugenio Garza Lag&#252;era, Paulina Garza Gonda de  Marroqu&#237;n, B&#225;rbara
Garza Gonda, Mariana Garza Gonda de Trevi&#241;o Bryan, Eva Gonda  de Garza, Eva Garza
Gonda de Fern&#225;ndez, Consuelo Garza Lag&#252;era de Garza, Alfonso  Garza Garza,
Patricio Garza Garza, Juan Carlos Garza Garza, Eduardo Garza Garza,  Eugenio Garza Garza,
Alberto Bailleres, Maria Teresa G. de Bailleres, Inversiones  Burs&#225;tiles
Industriales, S.A. de C.V., Corbal, S.A. de C.V., Magdalena M. de  David, Alepage, S.A.,
BBVA Bancomer Servicios , 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, Franca Servicios,  S.A. de C.V. and BBVA Bancomer Servicios, S.A.,
as Trustee under Trust No. F/29490-0  (together all of them, the Trust Participants).</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">The
Coca-Cola Company indirectly owns these shares through  its wholly-owned subsidiaries,
The Inmex Corporation, Dulux CBAI 2003 B.V. and  Dulux CBEXINMX 2003 B.V. </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">Holders
of Series L Shares are only entitled to vote  in limited circumstances. See &#147;Item
10. Additional Information&#151;Bylaws.&#148; Holders  of ADSs are entitled, subject to
certain exceptions, to instruct The Bank of  New York, a depositary, as to the exercise
of the limited voting rights pertaining  to the Series L Shares underlying by their ADSs.</font></td></tr></table>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">In addition, as of March 15, 2004,
  98,840,861 authorized but unissued Series L Shares are held in treasury.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"></font>FEMSA and
  The Coca-Cola Company have reached an agreement pursuant to which, at FEMSA&#146;s
  request, FEMSA may purchase sufficient shares from The Coca-Cola Company to
  increase its ownership of our capital stock to 51%. See &#147;&#151;Coca-Cola
  Memorandum.&#148;</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"></font>Our Series
  A Shares, owned by FEMSA, are held in Mexico and our Series D Shares, owned
  by The Coca-Cola Company, are held outside of Mexico. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"></font>As of December
  31, 2003, there were 24,920,542 of our ADSs outstanding, each ADS representing
  ten Series L Shares. Approximately 92% of our outstanding Series L Shares were
  represented by ADSs. As of March 15, 2004, approximately 91% of our outstanding
  Series L Shares were represented by ADSs, held by approximately 260 holders
  (including The Depositary Trust Company) with registered addresses outside of
  Mexico. </font></p>
<p><font size="2"><b>The Shareholders Agreement</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"></font>In connection
  with the initial subscription by a subsidiary of The Coca-Cola Company of our
  capital stock, FEMSA and The Coca-Cola Company agreed that we would be managed
  as a joint venture. Accordingly, in June of 1993, a subsidiary of FEMSA and
  a subsidiary of The Coca-Cola Company entered into a shareholders agreement,
  which, together with our bylaws, sets forth the basic rules under which we operate.
  This agreement has been</font></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;





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<p>
<p><font size="2"> subsequently amended to reflect changes in the subsidiaries
  through which FEMSA and The Coca-Cola Company hold their shares of our company.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shareholders agreement contemplates
  that we will 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></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bylaws, our Series A
  Shares and Series D Shares are the only shares with full voting rights and,
  therefore, control actions by our shareholders and board of directors. The holders
  of Series A Shares and Series D Shares 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. For
  actions by the board of directors, a supermajority including the directors appointed
  by the holders of Series D Shares is required for all actions. For shareholder
  actions, a majority of the shares represented at the shareholder meeting must
  vote in favor, whereas to amend the voting or quorum rights set out in the bylaws,
  a supermajority of at least 95% of those voting and not abstaining, must vote
  in favor.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shareholders agreement sets
  forth the principal shareholders&#146; understanding as to the effect of adverse
  actions of The Coca-Cola Company under the bottler agreements. Our bylaws provide
  that a majority of the directors appointed by the holders of Series A Shares,
  upon making a reasonable, good faith determination that any action of The Coca-Cola
  Company under any bottler 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 of material changes in our business plans, the introduction of a new,
  or termination of an existing, line of business, and related party transactions
  outside the ordinary course of business, which would ordinarily require the
  presence and approval of at least 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 for one year after the 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 in the following paragraph.</font></p>
<p><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)&nbsp;a change in control in a principal shareholder; (ii)&nbsp;the
  existence of irreconcilable differences between the principal shareholders;
  or (iii)&nbsp;the occurrence of certain specified defaults.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that (i)&nbsp;one
  of the principal shareholders buys the other&#146;s interest in our company
  in any of the circumstances described above or (ii)&nbsp;the ownership of our
  shares of capital stock other than the Series L Shares of the subsidiaries of
  The Coca-Cola Company or FEMSA is reduced below 20% and upon the request of
  the 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 ownership of our shares of
  capital stock other than the Series L Shares of the subsidiaries of The Coca-Cola
  Company or FEMSA is reduced below 25% (but not below 20%) and upon the request
  of the 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.</font></p>
<p><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 expires upon either the elimination of</font></p>

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<p>
<p><font size="2"> the super-majority voting requirements described above or The
  Coca-Cola Company&#146;s election to terminate the agreement as a result of
  a default.</font></p>
<p><font size="2"><b>The Coca-Cola Memorandum</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition
  of Panamco, we established certain understandings primarily relating to operational
  and business issues with both The Coca-Cola Company and FEMSA that were memorialized
  in writing prior to completion of the acquisition. The terms are as follows:
  </font></p>

<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>

<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>FEMSA will continue to consolidate our financial
      results.</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>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>

<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>There will be no changes in concentrate incidence
      pricing or marketing support by The Coca-Cola Company up to May 2004. After
      such time, The Coca-Cola Company has 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>

<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>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>

<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>FEMSA, The Coca-Cola Company and we will meet to
      discuss the optimal Latin American territorial configuration for the <i>Coca-Cola</i>
      bottler 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>

<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>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>

<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>The Coca-Cola Company will sell to a subsidiary
      of FEMSA, sufficient shares to permit FEMSA to beneficially own 51% of our
      outstanding capital stock (assuming that this subsidiary of FEMSA 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, FEMSA would pay the higher of: </font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=7%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=89%><font size=2>The prevailing market price per share at the time
      of the sale, and </font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=7%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=89%><font size=2>The sum of U.S.$2.216 per share (U.S.$22.16 per
      ADS) plus The Coca-Cola Company&#146;s carrying costs. </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>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>


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<p>
<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 entered into a stand-by credit facility, on
      December 19, 2003, with The Coca-Cola Export Corporation. Under this facility,
      we may borrow, subject to certain conditions, up to U.S.$250 million for
      working capital and other general corporate purposes at any time when such
      funding is not otherwise available until December 2006.</font></td>
  </tr></table>




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<p>
<p align="center"><font size="2"><b>RELATED PARTY TRANSACTIONS</b></font></p>
<p><b><font size="2">FEMSA</font></b></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We regularly engage in transactions
  with FEMSA and its subsidiaries. In 2003, 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, a wholly-owned subsidiary of FEMSA, under several
  supply agreements. A subsidiary of FEMSA Empaques also sells refrigerators to
  our non-Mexican operations. The aggregate amount of these purchases was Ps.1,513.0
  million in 2003. We believe that our purchasing practices with FEMSA Empaques
  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 under the name OXXO. These transactions are
  also conducted on an arm&#146;s length basis.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into a service agreement
  in June&nbsp;1993 with FEMSA Servicios, S.A. de C.V., a wholly owned subsidiary
  of FEMSA which we refer to as FEMSA Servicios, 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. This agreement was made on terms that
  we believe to be commercially reasonable.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2000, we entered into
  a service agreement with a subsidiary of FEMSA for the transportation of finished
  products from our production facilities to our distribution centers within Mexico.
  In 2003, we paid approximately Ps.410.3 million<b> </b>pursuant to this agreement.
  See &#147;Item&nbsp;4. Information on the Company&#151;The Company&#151;Product
  Distribution.&#148; This agreement was made on terms that we believe to be commercially
  reasonable. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" size="2">In
  November 2001, we entered into two franchise bottler 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 <i>Mundet</i>
  brands in the valley of Mexico and in most of our operations in the southeast
  of Mexico. 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. The total payments
  made to Promotora de Marcas Nacionales were Ps.61.8 million. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEMSA is also a party to the understandings
  we have with The Coca-Cola Company relating to specified operational and business
  issues that may affect us following completion of the Panamco acquisition. A
  summary of these understandings is set forth under &#147;&#151;Major Shareholders&#151;The
  Coca-Cola Memorandum.&#148;</font></p>
<p><font size="2"><b>The Coca-Cola Company</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We regularly engage in transactions
  with The Coca-Cola Company and their affiliates. Our company and The Coca-Cola
  Company pay and reimburse each other for marketing expenditures under a cooperative
  marketing arrangement. In each of 2003 and 2002, The Coca-Cola Company contributed
  approximately 48% and 41%, respectively of our marketing budget, totaling approximately
  Ps.1,371.8 million and Ps.521.6 million, respectively. In addition, The Coca-Cola
  Company has made payments to us in connection with cold-drink equipment investment
  and other volume driving investment programs. In each of 2002 and 2001, The
  Coca-Cola Company also contributed to our refrigerator equipment investment
  program. We purchase all of our concentrate requirements for <i>Coca-Cola</i>
  trademark beverages from The Coca-Cola Company. Total payments by us to The
  Coca-Cola Company for concentrates were approximately Ps.5,613.6 million and
  Ps.2,725.2 million in 2003 and 2002, respectively. </font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola FEMSA de Buenos Aires
  also purchases 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 <i>Coca-Cola</i> bottler with operations
  in Argentina, Chile and Brazil in which The Coca-Cola Company has a substantial
  interest. </font></p>


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<p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">In connection with the acquisition
  of Panamco, subsidiaries of The Coca-Cola Company 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, 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;&#151;Major
  Shareholders&#151;The Coca-Cola Memorandum.&#148;</font></p>
<p><font size="2"><b>Associated Companies</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We regularly engage in transactions
  with companies in which we own an equity interest. In Mexico, we purchase cans
  from IEQSA, in which we hold an approximate 33.68% interest, which in turn purchases
  cans from FEMSA Empaques. During 2003, we paid Ps.253.3 million to IEQSA. We
  also purchase sugar from Beta San Miguel, a sugar-cane producer in which we
  hold a 2.54% equity interest to which we paid Ps.221.2 million in 2003. In 2003,
  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 <i>Coca-Cola</i>
  bottlers in Argentina, Uruguay and Paraguay, in which Coca-Cola FEMSA de Buenos
  Aires owns a 48.1% interest. During 2003, we paid Ps.28.2 million to CICAN.
  In Colombia, we purchase some pre-formed ingots from Tap&#243;n Corona, in which
  we have a 40% equity interest and to which we paid Ps.43.8 million in 2003.
  In Brazil, we distribute beers manufactured by Cervejarias Kaiser, a subsidiary
  of Molson, in which we own a 0.74% equity interest and to which we paid Ps.24.2
  million during 2003. We also buy a small quantity of raw materials from Distribuidora
  Pl&#225;stica, S.A., Metalforma, S.A. and Vidrios Paname&#241;os, S.A. of which
  we own a 19.0%, 17.5% and 2.2% equity interest, respectively.</font></p>
<p><font size="2"><b>Other Related Party Transactions</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jos&#233; Antonio Fern&#225;ndez,
  Eva Garza de Fern&#225;ndez and Ricardo Guajardo Touch&#233;, who are directors
  of Coca-Cola FEMSA, are also members of the board of directors of ITESM, a Mexican
  private university that routinely receives donations from us.</font></p>
<p><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, Enrique Senior, is a Managing Director of Allen &amp; Company
  LLC and one of our alternate directors, Herbert Allen III, is the President
  of Allen &amp; Company LLC. Allen &amp; Company LLC provides investment banking
  services to us and our affiliates in the ordinary course of its business.</font></p>
<p><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, of which one of our
  directors, Ricardo Guajardo Touch&#233; is the chairman of the board of directors.
  Affiliates of Grupo Financiero BBVA Bancomer, purchased participations in the
  loans and <i>certificados burs&#225;tiles</i> incurred to finance the Panamco
  acquisition and acted as agent for the placement of the <i>certificados burs&#225;tiles</i>
  and periodically provide us with financing or financial advisory services in
  the ordinary course of their business. In each case, we believe the transactions
  were conducted on an arm&#146;s length basis.</font></p>


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<p>
<p><b><font size="2">Item 8. Financial Information</font></b></p>
<div align="center"><b><font size="2">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
  INFORMATION</font></b> </div>
<p><font size="2"><b>Consolidated Financial Statements</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item 18. Financial Statements&#148;
  and pages F-1 through F-41.</font></p>
<p><font size="2"><b>Dividend Policy</b></font></p>
<p><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></p>
<p><font size="2"><b>Significant Changes</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No significant changes have occurred
  since the date of the annual financial statements included in this annual report.</font></p>
<p><font size="2"><b>Legal Proceedings</b></font></p>
<p><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, including any proceeding that is pending or threatened of which
  we are aware, which we believe will have, or has had, a material adverse effect
  on our company. Other legal proceedings that are pending against or involve
  us and our subsidiaries are incidental to the conduct of our and their business.
  We believe that the ultimate disposition of such other proceedings individually
  or on an aggregate basis will not have a material adverse effect on our consolidated
  financial condition or results of operations.</font></p>
<p><font size="2"><b>Mexico</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Tax Matters</i>. During 2002,
  we initiated an appeal related to the <i>Impuesto Especial Sobre Productos y
  Servicios </i>(Special Tax on Products and Services) or IEPS applicable to inventories
  produced with HFCS. Additionally, during 2003, we included in the appeal the
  IEPS applicable to carbonated soft drinks produced with non-sugar sweeteners.
  See &#147;Item 4. Information on the Company&#151;The Company&#151;Regulation&#151;Taxation
  of Soft Drinks.&#148; On November 21, 2003, we obtained a favorable resolution
  for our 2002 claim and during 2004 expect to receive from the authorities the
  IEPS paid during 2002, including accrued interest. An appeal related to the
  IEPS paid in 2003 has also been initiated, and management and legal counsel
  believe that it is highly probable that it will obtain another favorable resolution.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Antitrust Matters</i>. During
  May 2000, the <i>Comisi&#243;n Federal de Competencia</i> in Mexico (the Mexican
  Antitrust Commission), pursuant to a complaint filed by PepsiCo and certain
  of its bottlers in Mexico, initiated an investigation of the sales practices
  of The Coca-Cola Company and its bottlers. In November 2000, in a preliminary
  decision and in February 2002, through a final resolution, the Mexican Antitrust
  Commission determined that The Coca-Cola Company and its bottlers engaged in
  monopolistic practices with respect to exclusivity arrangements with certain
  retailers. The Mexican Antitrust Commission did not impose any fines, but ordered
  The Coca-Cola Company and its bottlers, including certain Mexican subsidiaries
  of the company, to abstain from entering into any exclusivity arrangement with
  retailers. We, along with other <i>Coca-Cola</i> bottlers, appealed the resolution
  rendered in February 2002 by a <i>Recurso de Revisi&#243;n</i> (Review Recourse),
  which was presented before the Mexican Antitrust Commission. The Mexican Antitrust
  Commission confirmed its original resolution and issued a confirmatory resolution
  in July 2002. We and our Mexican operating subsidiaries appealed this resolution
  before the competent courts by initiating several <i>juicios de amparo</i> (appeals
  based on the violation of constitutional rights) and obtained favorable decisions.
  Under these decisions, the resolution was declared null and void and the Mexican
  Antitrust Commission was ordered to issue a new resolution amending its determination
  that The Coca-Cola Company and its bottlers had engaged in monopolistic transactions.</font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a different proceeding in 2003,
  we, The Coca-Cola Company and certain other <i>Coca-Cola</i> bottlers were requested
  by the Mexican Antitrust Commission to deliver certain proprietary information
  pursuant to a new</font></p>


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<p>
<p><font size="2"> investigation initiated by the Mexican Antitrust Commission.
  We obtained injunctions against the orders from the Mexican Antitrust Commission
  to deliver the requested information.</font></p>
<p><font size="2"><b>Central America</b></font></p>
<p><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antitrust Matters in Costa
  Rica and Panama.</i> During August 2001, the <i>Comisi&#243;n para Promover
  la Competencia </i>in Costa Rica (Costa Rican Antitrust Commission) pursuant
  to a complaint filed by PepsiCo and its bottler in Costa Rica initiated an investigation
  of the sales practices of The Coca-Cola Company and our Costa Rica subsidiary
  for alleged monopolistic practices in the retail distribution channel, including
  sales gained through exclusivity arrangements. Although no assurances can be
  given, we do not believe that the outcome of this matter, even if determined
  against the company, will have a material adverse effect on our financial condition
  or results of operations. Our Costa Rica subsidiary has vigorously defended
  itself throughout the process and is anticipating a decision from the Costa
  Rican Antitrust Commission at any time.</font></p>
<p><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>During 2002, Refrescos
  Nacionales, S.A., the Pepsi bottler in Panama, initiated a lawsuit against our
  Panamanian operating subsidiary, based on alleged monopolistic practices in
  the retail distribution channel through the implementation of exclusivity agreements,
  which allegedly have caused significant financial and sales losses to the plaintiff.
  We believe this lawsuit is without merit and intend to vigorously defend ourselves
  in this matter. </font></p>
<p><font size="2"><b>Colombia</b></font></p>
<p><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor Matters</i>. During July
  2001, a labor union and several individuals from the Republic of Colombia filed
  a lawsuit in the U.S. District Court for the Southern District of Florida against
  certain of our subsidiaries. In the complaint, the plaintiffs alleged that the
  subsidiaries of the company acquired in the Panamco acquisition engaged in wrongful
  acts against the labor union and its members in Colombia, including kidnapping,
  torture, death threats and intimidation. The complaint alleges claims under
  the U.S. Alien Tort Claims Act, Torture Victim Protection Act, Racketeer Influenced
  and Corrupt Organizations Act and state tort law and seeks injunctive and declaratory
  relief and damages of more than U.S.$500 million, including treble and punitive
  damages and the cost of the suit, including attorney fees. We filed a motion
  to dismiss the complaint for lack of subject matter and personal jurisdiction.
  We expect a ruling on the motion to dismiss at any time. We believe this lawsuit
  is without merit and intend to vigorously defend ourselves in this matter.</font></p>
<p><font size="2"><b>Venezuela</b></font></p>
<p><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Matters</i>. In 1999, our
  Venezuelan subsidiary received notice of certain tax claims asserted by the
  Venezuelan taxing authorities. Our subsidiary has taken the appropriate recourses
  against these claims at the administrative level as well as at the court level.
  These claims currently total approximately U.S.$23 million. The company has
  certain rights to indemnification from Venbottling Holding, Inc., a former shareholder
  of Panamco and The Coca-Cola Company for a substantial portion of such claims.
  Based on the analysis that we have completed in relation to these claims, as
  well as the defense strategy that we have developed, we do not believe that
  the ultimate disposition of these cases will have a material adverse effect
  on our financial condition or results of operations. </font></p>
<p><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor and Distribution Matters.</i>
  Since 1999, a group of independent distributors of our Venezuela subsidiary
  commenced a proceeding to incorporate a union of distributors. As a result,
  these distributors may, among other things, individually demand certain labor
  and severance rights against our subsidiary. Since the incorporation process
  began, we have vigorously opposed its formation through all available legal
  channels. In February 2000, our subsidiary presented a nullity recourse against
  the union incorporation solicitation, as well as an injunction request before
  the Venezuelan Supreme Court. On September 20, 2001, the Venezuelan Supreme
  Court rendered its opinion confirming the incorporation of the union, but withheld
  granting any specific labor rights to the members of the union other than the
  right to be unionized. In order to obtain specific labor rights, the union,
  or its members, will have to request and obtain from a court of law a determination
  that the members of such union are considered workers pursuant to Venezuelan
  labor laws, and thereafter claim against our Venezuela subsidiary the payment
  of such benefits and rights including retroactive payments. To our knowledge,
  neither the union nor any of its individual members have initiated any process
  with the objective of obtaining such a court decision, although certain members
  of the union have threatened such action. </font></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">
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>
<p><font size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>Since 2001, (after two
  decisions rendered during 2000 and 2001 by the Venezuelan Supreme Court against
  affiliates of Empresas Polar, S. A., whereby the Supreme Court found in those
  individual cases that the relationship between the affiliates of Empresas Polar,
  S. A. and those specific distributors was a relationship of labor nature and
  not of commercial nature) our subsidiary has been the subject of numerous claims
  by former distributors (including former members of the distributors union)
  claiming alleged labor and severance rights owed to them at the time of the
  termination of their relationship with us. As of December 31, 2003, our subsidiary
  was the subject of several lawsuits filed by former distributors for a total
  amount of approximately U.S.$31 million. Notwithstanding the number of claims
  and the amounts involved most of these claims have been filed by former distributors
  that either have entered into release agreements with our subsidiary at the
  time of their termination, and therefore we believe have no rights for additional
  claims, or are claims that have been filed after the expiration of the statute
  of limitations. There are also lawsuits presented by people that have never
  had a distributor or employee relationship with us, which the company believes
  have no merit. Since the decisions rendered by the Supreme Court during 2000
  and 2001 against the affiliates of Empresas Polar, S. A., the Supreme Court
  has, during 2002 and 2003, revised its criteria for determining a labor relationship
  vis-&#224;-vis a commercial relationship. The company believes based on the
  new decisions rendered by the Supreme Court, as well as based on the individual
  analysis of each individual claim, that these claims are without merit and intends
  to vigorously defend itself against them.</font></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">
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>
<p><font size="2"><b>Item 9. The Offer and Listing</b></font></p>
<p align="center"><b><font size="2">TRADING MARKETS</font></b></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1993, our Series L Shares
  have traded on the Mexican Stock Exchange and in the form of ADSs on the New
  York Stock Exchange. The ADSs were issued pursuant to a deposit agreement with
  the Bank of New York as depositary, and each ADS represents ten Series L Shares.
  On December 31, 2003, approximately 92% of the publicly traded Series L Shares
  were held in the form of ADSs.</font></p>
<p><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></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=239>&nbsp;</td>
    <td align="center" colspan="6"><font size="2"><b>Mexican Stock Exchange<br>
      Mexican pesos per L Share</b> </font>
      <hr size="1" noshade width="90%">
    </td>
    <td align="center" colspan="4"><font size="2"><b>New York Stock Exchange<br>
      U.S. dollars per ADS</b> </font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=239><font size="2">1999:</font></td>
    <td align="center" width=108 colspan="2">
      <div><font size="2"><b>High</b></font></div>
      <hr size="1" noshade width="40%">
    </td>
    <td colspan=4 align="center">
      <div><font size="2"><b>Low</b></font></div>
      <hr size="1" noshade width="40%">
    </td>
    <td align="center" width=91 colspan="2">
      <div><font size="2"><b>High</b></font></div>
      <hr size="1" noshade width="40%">
    </td>
    <td align="center" width=89 colspan="2">
      <div><font size="2"><b>Low</b></font></div>
      <hr size="1" noshade width="40%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></p>
    </td>
    <td align="right" width=76> <font size="2">Ps. 20.30</font></td>
    <td align="right" width=32><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td colspan=3 align="right"> <font size="2">Ps. 12.32</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">$ 12.81</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">$ 11.13</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">2000:</font></p>
    </td>
    <td align="right" width=76>&nbsp; </td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right">&nbsp; </td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63>&nbsp; </td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62>&nbsp; </td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></p>
    </td>
    <td align="right" width=76> <font size="2">Ps. 21.15</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">Ps. 13.70</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">$ 22.38</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">$ 18.50</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">2001:</font></p>
    </td>
    <td align="right" width=76>&nbsp; </td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right">&nbsp; </td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63>&nbsp; </td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62>&nbsp; </td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></p>
    </td>
    <td align="right" width=76> <font size="2">Ps. 23.15</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">Ps. 16.54</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">$ 25.31</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">$ 17.40</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">2002:</font></p>
    </td>
    <td align="right" width=76>&nbsp; </td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right">&nbsp; </td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63>&nbsp; </td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62>&nbsp; </td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">Ps. 25.06</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">Ps. 16.80</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">$ 25.31</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">$ 17.40</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">27.60</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">22.85</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">29.70</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">22.60</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third quarter </font></p>
    </td>
    <td align="right" width=76> <font size="2">23.80</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">19.50</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">23.93</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">19.01</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">23.60</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">18.10</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">23.00</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">17.50</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">2003:</font></p>
    </td>
    <td align="right" width=76>&nbsp; </td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right">&nbsp; </td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63>&nbsp; </td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62>&nbsp; </td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">Ps. 20.90</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">Ps. 18.30</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">$ 19.30</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">$ 16.64</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">24.25</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">18.80</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">22.68</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">17.39</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">24.50</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">21.18</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">22.81</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">20.59</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter</font></p>
    </td>
    <td align="right" width=76> <font size="2">24.60</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">21.50</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">21.97</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">19.85</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September</font></p>
    </td>
    <td align="right" width=76> <font size="2">24.50</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">22.85</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">22.24</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">20.96</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October</font></p>
    </td>
    <td align="right" width=76> <font size="2">24.60</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">21.75</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">21.97</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">19.88</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November</font></p>
    </td>
    <td align="right" width=76> <font size="2">23.78</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">21.50</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">21.03</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">19.85</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December</font></p>
    </td>
    <td align="right" width=76> <font size="2">24.05</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">22.55</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">24.05</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">20.00</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">2004:</font></p>
    </td>
    <td align="right" width=76>&nbsp; </td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right">&nbsp; </td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63>&nbsp; </td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62>&nbsp; </td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239 height="18">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January</font></p>
    </td>
    <td align="right" width=76 height="18"> <font size="2">Ps. 27.39</font></td>
    <td align="right" width=32 height="18"><font size="2"></font></td>
    <td colspan=3 align="right" height="18"> <font size="2">Ps. 24.00</font></td>
    <td align="right" width=12 height="18">&nbsp;</td>
    <td align="right" width=63 height="18"> <font size="2">$ 24.97</font></td>
    <td align="right" width=28 height="18"><font size="2"></font></td>
    <td align="right" width=62 height="18"> <font size="2">$ 23.98</font></td>
    <td width=27 height="18">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February</font></p>
    </td>
    <td align="right" width=76> <font size="2">27.49</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">25.99</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">25.03</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">23.69</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=239>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March<sup>(1)</sup></font></p>
    </td>
    <td align="right" width=76> <font size="2">27.17</font></td>
    <td align="right" width=32><font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2">24.95</font></td>
    <td align="right" width=12>&nbsp;</td>
    <td align="right" width=63> <font size="2">24.75</font></td>
    <td align="right" width=28><font size="2"></font></td>
    <td align="right" width=62> <font size="2">22.41</font></td>
    <td width=27>&nbsp;</td>
  </tr>
  <tr>
    <td width=239></td>
    <td width=76></td>
    <td width=32></td>
    <td width=37></td>
    <td width=20></td>
    <td width=5></td>
    <td width=12></td>
    <td width=63></td>
    <td width=28></td>
    <td width=62></td>
    <td width=27></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 March 1 until March
      15, 2004.</font></td>
  </tr>
</table>
<p>&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>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since November&nbsp;1, 1996, our
  8.95% Notes due November&nbsp;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></p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=329>&nbsp;</td>
    <td colspan="4"><font size="2"><b>New York Stock Exchange<br>
      Percentage of Principal Amount<br>
      in U.S. Dollars</b> </font>
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=329> <b><font size="1">&nbsp;</font></b></td>
    <td colspan="2">
      <div> <font size="2"><b>High</b></font></div>
      <hr size="1" noshade width="50%">
    </td>
    <td colspan="2">
      <div> <font size="2"><b>Low</b></font></div>
      <hr size="1" noshade width="50%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">1999:</font></td>
    <td width=95>&nbsp; </td>
    <td width=39>&nbsp;</td>
    <td width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></td>
    <td align="right" width=95> <font size="2"> $ 102.81</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2"> $&nbsp;&nbsp; 90.16</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329>&nbsp; </td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">2000:</font></td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></td>
    <td align="right" width=95> <font size="2"> $ 106.33</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2"> $&nbsp;&nbsp; 99.24</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329>&nbsp; </td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">2001:</font></td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full year </font></td>
    <td align="right" width=95> <font size="2"> $ 112.25</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2"> $ 102.06</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329>&nbsp; </td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">2002:</font></td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter
      </font></td>
    <td align="right" width=95> <font size="2"> $ 111.91</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2"> $ 110.63</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter
      </font></td>
    <td align="right" width=95> <font size="2">111.73</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">110.75</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third quarter
      </font></td>
    <td align="right" width=95> <font size="2">112.13</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">110.14</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter
      </font></td>
    <td align="right" width=95> <font size="2">115.51</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">111.88</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;</font></td>
    <td align="right" width=95> <font size="2">&nbsp;</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">&nbsp;</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">2003:</font></td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First quarter
      </font></td>
    <td align="right" width=95> <font size="2"> $ 116.70</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2"> $ 114.76</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second quarter
      </font></td>
    <td align="right" width=95> <font size="2">113.07</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">104.90</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third quarter
      </font></td>
    <td align="right" width=95> <font size="2">114.71</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">109.42</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter
      </font></td>
    <td align="right" width=95> <font size="2">122.23</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">113.12</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September </font></td>
    <td align="right" width=95> <font size="2">113.92</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">110.96</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October </font></td>
    <td align="right" width=95> <font size="2">116.88</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">113.12</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November </font></td>
    <td align="right" width=95> <font size="2">122.17</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">114.32</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December </font></td>
    <td align="right" width=95> <font size="2">122.23</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">120.49</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">2004:</font></td>
    <td align="right" width=95>&nbsp; </td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89>&nbsp; </td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January </font></td>
    <td align="right" width=95> <font size="2"> $ 121.08</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2"> $ 117.69</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February </font></td>
    <td align="right" width=95> <font size="2">121.78</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">114.54</font></td>
    <td width=48>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=329> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March<sup>(1)</sup>
      </font></td>
    <td align="right" width=95> <font size="2">116.28</font></td>
    <td align="right" width=39>&nbsp;</td>
    <td align="right" width=89> <font size="2">115.38</font></td>
    <td width=48>&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 March 1 until March
      15, 2004.</font></td>
  </tr>
</table>
<p><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></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">
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>
<p align="center"><font size="2"><b>TRADING ON THE MEXICAN STOCK EXCHANGE</b></font></p>
<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Stock Exchange or
  the <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 that are exclusively
  authorized to trade on the Exchange. Trading on the Mexican Stock Exchange takes
  place principally through automated systems that are open between the hours
  of 8:30 a.m. and 3:00&nbsp;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></p>
<p><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 the <i>Instituci&#243;n para el Dep&#243;sito de Valores,
  S.A. de C.V.</i>, which we refer to as Indeval, a privately owned securities
  depositary that acts as a clearinghouse for Mexican Stock Exchange transactions.</font></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">
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><font size="2"><b>Item 10. Additional Information</b></font></p>

  <p align="center"><font size="2"><b>BYLAWS </b> </font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a brief summary
    of certain significant provisions of our bylaws 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 statutory examiners, see
    &#147;Item 6. Directors, Senior Management and Employees.&#148;</font></p>

  <p><font size="2"><b>Organization and Register</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated on October&nbsp;31, 1991, as a <i>sociedad
    an&#243;nima de capital variable</i> ( Mexican variable stock corporation)
    in accordance with the Mexican Companies Law. We were registered in the Public
    Registry of Commerce of Mexico City on August&nbsp;23, 1993 under mercantile
    number 176543.</font></p>

  <p><font size="2"><b>Purposes</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purposes of our company include the following:</font></p>

<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>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>

<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>to
carry out all types of active and passive  transactions involving bonds, shares,
participations and securities of any  type; </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>to
provide or receive advisory, consulting or  other types of services in business matters; </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>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;</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>to
acquire and dispose of trademarks, commercial  names, copyrights, patents, inventions,
franchises, distributions, concessions  and processes; </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>to
possess and operate real and personal property  necessary for our purposes;</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>to
subscribe, buy and sell stocks, bonds and  securities among other things; 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>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 the acts,  enter into the agreements and carry out other transactions as may
be necessary  or conducive to our business purpose.</font></td></tr></table>

  <p><b><font size="2">&nbsp;Voting Rights; Transfer Restrictions</font></b></p>

  <p><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. Although
    no Series B Shares have been issued, our bylaws provide for the issuance of
    Series B Shares with full voting rights that are freely transferable. Series
    L Shares are freely transferable but have limited voting rights. None of our
    shares are exchangeable for shares of a different series. <font face="Times">The
    rights of all series of our capital stock are substantially identical except
    for: </font></font></p>

<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>restrictions
on transfer of the Series A and  Series D 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>limitations
on the voting rights of Series L  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"> 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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<p><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
respective rights of the Series A, Series  D, and Series L Shares, voting as separate
classes in a special meeting, to  elect specified numbers of our directors and alternate
directors (and the  inability of the Series B Shares to vote for directors); 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>prohibitions
on non-Mexican ownership of Series  A Shares. 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><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 these 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,
    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)
    is required for: </font></p>

<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
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);</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>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 </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>cancellation of the registration of our shares
        with the <i>Registro Nacional de Valores</i> (the National Registry of
        Securities or RNV) by the CNBV or with other foreign stock exchanges on
        which our shares may be listed.</font></td>
    </tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote of 95% of our capital stock (including
    the Series L Shares) and the approval of the CNBV is required to amend the
    provisions of our bylaws that require our controlling shareholders, in the
    event of cancellation of the registration of any of our shares in the RNV,
    to make a public offer to acquire these shares. 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></p>

  <p><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 on any action that would prejudice the rights
    of holders of shares of these 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 statutory 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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to change any voting or quorum rights set out in
    the bylaws, the following is necessary: (i) 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 (ii)
    the previous approval of the CNBV. </font></p>

  <p><font size="2"><b>Shareholders&#146; Meetings</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; meetings
    may be ordinary meetings or extraordinary meetings. 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 preferred stock and debentures, and increases and reductions of
    the fixed portion of the capital. In addition, our bylaws require an extraordinary
    meeting to consider the cancellation of the registration of our shares with
    the RNV<b> </b>or with other foreign stock exchanges on which its shares may
    be listed. All other matters are considered at an ordinary meeting.</font></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"> 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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</p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican law also provides for a special meeting of shareholders
    to allow holders of shares of a series to vote as a class on any action that
    would prejudice exclusively the rights of holders of such series. </font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An ordinary meeting of the holders of Series A and Series
    D 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 and to determine the allocation of the profits of the preceding
    year. Holders of the Series A, Series D and Series L Shares at their respective
    special meetings must appoint, remove or ratify directors and statutory examiners,
    as well as determine their compensation.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions adopted at a extraordinary or ordinary shareholders
    meeting, are valid when adopted by holders of at least a majority of the issued,
    subscribed capital stock voting (and not abstaining) at the meeting, while
    resolutions adopted at a special shareholders meetings will be valid when
    adopted by the holders of at least a majority of the issued, subscribed and
    paid shares of the series of shares entitled to attend the special meeting.
    </font></p>

  <p><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 the issued, subscribed, capital stock of such
    shares, and action may be taken by holders of a majority of such shares. The
    quorum for ordinary and extraordinary meetings at which holders of Series
    L Shares are not entitled to vote is 76% of the holders of our Series A and
    Series D Shares, and the quorum for an extraordinary meeting at which holders
    of Series L Shares are entitled to vote is 82% of the issued, subscribed and
    paid capital stock.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors, our Mexican statutory 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 statutory 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 and Series D Shares may require the board of
    directors or the statutory 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 the meeting at least 48 hours in advance of the
    time set thereof or, in the case of Series L Shares held in book-entry form
    through Indeval, submit certificates evidencing a deposit of the shares with
    Indeval. If so entitled to attend the meeting, a shareholder may be represented
    by proxy. Our directors and statutory examiners may not act as proxies.</font></p>

  <p><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<b> </b>judicially
    oppose resolutions adopted at a shareholders&#146; meeting if the following
    conditions are met: </font></p>

<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
holders file a complaint with a Mexican court  within 15 days after the adjournment of
the meeting at which this action was  taken;</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
holders&#146; complaint details the provisions  of the Mexican law or our bylaws that are
violated and the reason for their  claim; 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>the
holders were represented at the meeting when  the action was taken or, if represented,
voted against it.</font></td></tr></table>

  <p><font size="2"><b>Transfer Restrictions</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that no holder
    of Series A or Series D Shares may sell its shares unless it has disclosed
    the terms of the proposed sale and the name of the proposed buyer and has
    previously offered to sell the shares to the holders of the other 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 the shares
    within 90 days of the offer, the selling shareholder is free to sell the shares
    to the third party at the price and under the specified terms. In addition,
    our bylaws impose certain procedures in connection with the pledge of any
    Series A or Series D Shares to any financial institution that are designed,
    among other things, to ensure that the pledged shares will be offered to the
    holders of the other Series at market value prior to any foreclosure. Finally,
    a proposed transfer of Series A or Series D Shares other than a proposed sale
    or 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 </font></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><font size="2">rights of first refusal to purchase the shares at market value.
    See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Major
    Shareholders&#151;The Shareholders Agreement.&#148;</font></p>

  <p><font size="2"><b>Dividend Rights</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the annual ordinary meeting
    of holders of Series A and Series D 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 and Series D 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 the 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).
    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 are 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 the dividend or other distribution. No series of shares is entitled to
    a preferred dividend. Shares that are only partially paid participate in a
    dividend or other distributions in the same proportion that the shares have
    been paid at the time of the dividend or other distributions. Treasury shares
    are not entitled to dividends or other distributions. After ten years, dividend
    entitlement lapses in favor of the company.</font></p>

  <p><font size="2"><b>Liquidation</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon our liquidation, a liquidator may be appointed to wind
    up our 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 that are only partially paid participate in any 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></p>

  <p><font size="2"><b>Preemptive Rights</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a capital increase, a holder of existing shares
    of the series to be issued 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&#243;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 the preemptive rights. See &#147;Risk Factors&#151;Risks
    Related to the Series L Shares and the ADSs&#148;<i> </i>for a description
    of the circumstances under which holders of ADSs may not be entitled to exercise
    preemptive rights. </font></p>

  <p><font size="2"><b>Foreign Investment Legislation; Related Bylaw Provisions</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership by non-Mexicans of shares of Mexican enterprises
    is regulated by <i>Ley de Inversi&#243;n Extranjera</i> (the 1993 Foreign
    Investment Law) and the subsequent 1998 regulations, the Foreign Investment
    Regulations. <i>Comisi&#243;n Nacional de Inversi&#243;n Extranjera</i> (the
    National Foreign Investment Commission) is responsible for the administration
    of the Foreign Investment Law. In order to comply with restrictions on the
    percentage of their capital stock that may be owned by non-Mexican investors,
    Mexican 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></p>

  <p><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 </font></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>
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  <p><font size="2">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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bylaws, in the event Series A Shares are subscribed
    or acquired by any other shareholders holding shares of any other series,
    and the shareholder has a nationality other than Mexican, these Series A Shares
    are automatically converted into shares of the same series of stock that this
    shareholder owns, and this conversion will be considered perfected at the
    same time as the subscription or acquisition<b>, </b>provided however that
    Series A Shares may never represent less than 51% of the outstanding capital
    stock. </font></p>

  <p><font size="2"><b>Other Provisions</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Redemption</i>.</b> Our fully paid shares are subject
    to redemption in connection with either (i)&nbsp;a reduction of capital stock
    or (ii)&nbsp;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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Capital Variations</i>.</b> According to our bylaws,
    any change in our authorized capital stock requires a resolution of an extraordinary
    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. The fixed portion of
    our capital stock may only be increased or decreased by amendment of our bylaws
    upon resolution of an extraordinary meeting of the shareholders. The variable
    portion of our capital stock may be increased or decreased by resolution of
    an ordinary meeting of the shareholders without amending the bylaws. 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: </font></p>

<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>95%
of the average market value of the 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</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
book value of the shares at the end of the  fiscal year in which the exercise of the
option is effective.</font></td></tr></table>

  <p><font size="2">If this 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 ordinary meeting at which the relevant annual financial statements are
    approved.</font></p>

  <p><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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Forfeiture of Shares</i>.</b> As required by Mexican
    law, our bylaws provide that our non-Mexican shareholders formally agree with
    the <i>Secretar&#237;a de Relaciones Exteriores</i> (the Ministry of Foreign
    Affairs) to:</font></p>

<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>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</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>not
to invoke the protection of their own governments  in matters relating to their ownership
of our shares.</font></td></tr></table>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to comply with these
    provisions is subject to a penalty of forfeiture of the 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 its 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 </font></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>
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  <p><font size="2">General Counsel, under this provision a non-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 governmental protection in violation
    of this agreement, its shares could be forfeited to the Mexican government.
    Mexican law requires that this provision be included in the bylaws of all
    Mexican corporations unless the bylaws prohibit ownership of shares by non-Mexican
    persons.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Duration.</i></b> Our existence under the bylaws continues
    until 2090 unless extended through a resolution of an extraordinary shareholders
    meeting.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Purchase of Our Own Shares</i>.</b> 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 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 that shareholder; we must
    sell any shares so acquired within three months, otherwise our capital stock
    will be reduced and the 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 that 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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Conflict of Interest</i>.</b> A shareholder or director
    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 the shareholder&#146;s or director&#146;s vote.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Actions Against Directors</i>.</b> Action for civil
    liabilities against directors may be initiated by resolution passed at an
    ordinary shareholders&#146; meeting. In the event the shareholders decide
    to bring the action, the directors against whom the action is 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 an action against directors, provided that (i)&nbsp;the
    shareholders did not concur in the decision at the shareholders&#146; meeting
    not to take action against the directors and (ii)&nbsp;the claim covers all
    the damages alleged to have been caused to us and not only the portion corresponding
    to the shareholders. Any recovery of damages with respect to the action will
    be for our benefit and not for the shareholders bringing action.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Appraisal Rights</i>.</b> 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. In this case, the shareholder
    would be entitled to the reimbursement of its shares, in proportion to the
    company&#146;s assets in accordance with the last approved balance sheet.
    Because holders of Series L Shares are not entitled to vote on certain types
    of these changes, these withdrawal rights are available to holders of Series
    L Shares in fewer cases than to holders of other series of our capital stock.</font></p>

  <p><font size="2"><b>Rights of Shareholders</b></font></p>

  <p><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></p>

  <p><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 United States company.</font></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>
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  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, under the United States federal securities laws,
    as a foreign private issuer, we are exempt from certain rules that apply to
    domestic United States. issuers with equity securities registered under the
    United States. 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 independent directors.</font></p>

  <p><font size="2"><b>Enforceability of Civil Liabilities</b></font></p>

  <p><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 United States courts,
    or to enforce in United States courts judgments obtained against them in courts
    in jurisdictions outside the United States, in any action based on civil liabilities
    under the United States federal securities laws. There is doubt as to the
    enforceability against these persons in Mexico, whether in original actions
    or in actions to enforce judgments of United States courts, of liabilities
    based solely on the United States federal securities laws.</font></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"> 95</font></td>
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  <p align="center"><font size="2"><b>MATERIAL AGREEMENTS</b></font></p>

  <p><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. 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.
    For a discussion of the terms of these agreements, see &#147;Item 4. Information
    on the Company&#151;Bottler Agreements.&#148; </font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are managed as a joint venture between 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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase the 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 for our original
    operations in Mexico. 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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item 5. Operating and Financial Review and Prospects&#151;Summary
    of Significant Debt Obligations&#148; for a brief discussion of certain terms
    of our significant debt agreements.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item 7. Major Shareholders
    and Related Party Transactions&#151;Related Party Transactions&#148; for a
    discussion of other transactions and agreements with our affiliates and associated
    companies.</font></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"> 96</font></td>
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  <p align="center"><font size="2"><b>EXCHANGE CONTROLS</b></font></p>

  <p><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 Mexican 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></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"> 97</font></td>
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    <!-- MARKER PAGE="sheet: 1; page: 1" --> <font size="2" face="Times New Roman"><b><br clear=all>
    </b> </font>
  <p align="center"><font size="2"><b>TAXATION</b><br>
    </font></p>

  <p><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 our 8.95% Notes due November 1, 2006, which we refer to
    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, which we refer to 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&nbsp;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></p>

  <p><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, which we refer
    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></p>

  <p><font size="2"><b>Mexican Taxation</b></font></p>

  <p><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 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, or if he or she has another home outside
    Mexico but his or her &#147;center of vital interest&#148; (as defined in
    the Mexican Tax Code) is located in Mexico. It is considered that the &#147;center
    of vital interests&#148; of an individual is situated in Mexico, among other
    cases, when more than 50% of that person&#146;s total income during a calendar
    year originates from within Mexico. 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></p>

  <p><font size="2"><b>Tax Considerations Relating to the Notes</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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 of our voting stock or corporations
    more than twenty percent of the stock of which is owned, directly or indirectly,
    individually or collectively, by related persons of our company), directly
    or indirectly, is the effective beneficiary of five percent or more of the
    aggregate amount of each such interest payment.</font></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"> 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>
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    </b></font>
  <p>&nbsp;</p>

  <p><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></p>

  <p><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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed, subject to specified exceptions, to pay additional
    amounts, which we refer to 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></p>

  <p><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></p>

  <p><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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Taxation of Dispositions of Notes.</i></b> Capital gains
    resulting from the sale or other disposition of the Notes by a non-resident
    holder will not be subject to Mexican income or other taxes.</font></p>

  <p><font size="2"><b>Tax Considerations Relating to the Series L Shares and
    the ADSs</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 situated in countries that have a tax treaty with
    Mexico 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></p>

  <p><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></p>

  <p><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 calculated
    pursuant to the Mexican Income Tax Law provisions. In both cases, the financial
    institutions involved in the transfers must withhold the tax.</font></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"> 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; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
<p><font size="2"><b>Other Mexican Taxes</b></font>
  <p><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></p>

  <p><font size="2"><b>United States Taxation</b></font></p>

  <p><font size="2"><b>Tax Considerations Relating to the Notes</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Taxation of Interest and Additional Amounts in Respect
    of the Notes.</i></b><i> </i>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></p>

  <p><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 advisers regarding
    the availability of foreign tax credits and the treatment of Additional Amounts.</font></p>

  <p><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></p>

  <p><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,
    which we refer to as a Non-U.S. holder, generally will not be subject to U.S.
    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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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></p>

  <p><font size="2"><b>Tax Considerations Relating to the Series L Shares and
    the ADSs</b></font></p>

  <p><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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 Mexican pesos, will be includible in the income of a U.S. holder
    in a U.S. dollar amount calculated, in general, by</font></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"> 100</font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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  <p><font size="2"> 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 Mexican 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&nbsp;31,&nbsp;2002 and before January 1, 2009
    is subject to taxation at a maximum rate of 15%. U.S. holders should consult
    their own tax advisers regarding the availability of the reduced dividends
    tax rate in light of their own particular circumstances. U.S. holders should
    consult their tax advisers regarding the treatment of the foreign currency
    gain or loss, if any, on any Mexican 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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to holders of additional Series&nbsp;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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder of Series L Shares or ADSs that is, with respect
    to the United&nbsp;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></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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></p>

  <p><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 advisers
    regarding the application of the foreign tax credit rules to their investment
    in, and disposition of, Series L Shares.</font></p>

  <p><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></p>

  <p><font size="2"><b>United States Backup Withholding and Information Reporting</b></font></p>

  <p><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></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"> 101</font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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  <p align="center"><b><font size="2">DOCUMENTS ON DISPLAY</font></b></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file reports, including annual
    reports on Form 20-F, and other information with the SEC 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. 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></p>

  <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"> 102</font></td>
      <td 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" --> <font size="2" face="Times New Roman"><b><br clear=all>
    </b></font> <font size="2" face="Times New Roman"><b><br clear=all>
    </b> </font>
  <p><font size="2"><b>Item 11. Quantitative and Qualitative Disclosures about
    Market Risk</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business activities require the holding or issuing of
    financial instruments that expose us to market risks related to changes in
    interest rates, foreign currency exchange rates, equity risk and commodity
    price risk.</font></p>

  <p align=left><font size="2"><b>Interest Rate Risk</b></font></p>

  <p><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, 2003,
    we had outstanding indebtedness of Ps.27,256.8 million, of which 35.7% bore
    interest at fixed interest rates and 64.3% bore interest at variable interest
    rates. Swap contracts held by us effectively switch a portion of our variable-rate
    indebtedness into fixed-rate indebtedness. After giving effect to these contracts,
    as of December 31, 2003 69.8% of our debt was fixed-rate and 30.2% of our
    debt was variable-rate. 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, the CETE, U.S. treasury bonds and TIIE. If these
    reference rates increase, our interest payments would consequently increase.</font></p>

  <p><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, including the effect of our
    interest rate swaps on our debt obligations. The table presents notional amounts
    and weighted average interest rates by expected contractual maturity dates.
    Notional amounts are used to calculate the contractual payments to be exchanged
    under the contract. Weighted average variable rates are based on the reference
    rates on December 31, 2003, plus spreads, contracted by us. The instruments&#146;
    actual payments are denominated in U.S. dollars, Mexican pesos and Colombian
    pesos. All of the payments in the table are presented in Mexican pesos, our
    reporting currency, utilizing the December 31, 2003 exchange rate of Ps.11.235
    Mexican pesos per U.S. dollar.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below also includes
    the fair value of long-term debt based on the discounted value of contractual
    cash flows. The discount rate is estimated using rates currently offered for
    debt with similar terms and remaining maturities. Furthermore, the fair value
    of long-term notes payable is based on quoted market prices, and the fair
    value of the interest rate swaps is estimated based on quoted market prices
    to terminate the contracts on December 31, 2003. As of December 31, 2003,
    the fair value represents a loss amount of Ps.712 million.</font></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"> 103</font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
  <p align="center">&nbsp; <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" --> <font size="2" face="Times New Roman"><b><br clear=all>
    </b></font> <font size="2"><b><font face="Times New Roman"><br clear=all>
    </font> </b></font>
  <p align="center"><b><font size="2">Principal by Year of Maturity<br>
    At December 31, 2003<br>
    (millions of constant Mexican pesos) </font></b></p>

  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="middle" align="center">
      <td width=13%> <font size="1" color="black">&nbsp;</font></td>
      <td colspan="22"><font size="1"><b>At December 31, 2003</b> </font>
        <hr size="1" noshade>
      </td>
      <td width=1% align="center"><font size="1"></font></td>
      <td colspan="4"> <font size="1"><b>At December 31, 2002</b> </font>
        <hr size="1" noshade>
      </td>
    </tr>
    <tr align="center">
      <td width=13% valign=bottom>
        <div align="center"><font size="1" color="black">&nbsp; </font></div>
      </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">2004 </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">2005 </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">2006 </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">2007 </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">2008 </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">2009 and<br>
        thereafter </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=8% valign=bottom colspan="2"> <font size="1">Total </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=7% valign=bottom> <font size="1">Fair Value </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom> <font size="1">&nbsp;&nbsp; </font></td>
      <td width=5% valign=bottom colspan="2"> <font size="1">Carrying <br>
        Value </font>
        <hr size="1" noshade>
      </td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom> <font size="1">Fair Value </font>
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1">Fixed Rate Debt </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;U.S.
        dollars </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">1,124 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">390 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">6,247 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">781 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">390 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">3,433 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">12,365 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">12,889 </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">3,263 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">3,700 </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Interest
        rate<sup>(1)</sup> </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">9 </font></td>
      <td width=3% valign=bottom><font size="1">.4% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">4 </font></td>
      <td width=3% valign=bottom><font size="1">.1% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">5 </font></td>
      <td width=3% valign=bottom><font size="1">.5% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">4 </font></td>
      <td width=3% valign=bottom><font size="1">.1% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">4 </font></td>
      <td width=3% valign=bottom><font size="1">.1% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">7 </font></td>
      <td width=3% valign=bottom><font size="1">.3% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">6 </font></td>
      <td width=3% valign=bottom><font size="1">.2% </font></td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">&#151; </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">9 </font></td>
      <td width=3% valign=bottom><font size="1">.1% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&#151; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Pesos
        </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">1,418 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">3,750 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">1,500 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">6,668 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">6,860 </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&#151; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Interest
        rate<sup>(1)</sup> </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">8 </font></td>
      <td width=3% valign=bottom><font size="1">.7% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">9 </font></td>
      <td width=3% valign=bottom><font size="1">.0% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.2% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">9 </font></td>
      <td width=3% valign=bottom><font size="1">.2% </font></td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">&#151; </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&#151; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp; </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right">&nbsp;</td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1">Variable Rate Debt </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right">&nbsp;</td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&nbsp; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;U.S.
        dollars </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">122 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">8 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">8 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">7 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">2 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">147 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">147 </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">38 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">38 </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1">&nbsp;&nbsp;&nbsp;Interest rate<sup>(1)</sup>
        </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">2 </font></td>
      <td width=3% valign=bottom><font size="1">.7% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.0% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.0% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.1% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.1% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">2 </font></td>
      <td width=3% valign=bottom><font size="1">.9% </font></td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">&#151; </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">9 </font></td>
      <td width=3% valign=bottom><font size="1">.5% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&#151; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom height="9"> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Pesos
        </font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1" color="black">905
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">3,207
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">914
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">2,913
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">457
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">&#151;
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">8,396
        </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9">&nbsp;</td>
      <td width=7% valign=bottom height="9" align="right"><font size="1">2,519
        </font></td>
      <td width=1% valign=bottom height="9" align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right" height="9"> <font size="1">5 </font></td>
      <td width=3% valign=bottom height="9">&nbsp;</td>
      <td width=1% valign=bottom height="9"><font size="1"></font></td>
      <td width=7% valign=bottom align="right" height="9"> <font size="1">5 </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom height="10"> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Interest
        rate<sup>(1)</sup> </font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1" color="black">6.3
        </font></td>
      <td width=3% valign=bottom height="10"><font size="1" color="black">% </font></td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">5 </font></td>
      <td width=3% valign=bottom height="10"><font size="1">.6% </font></td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">6 </font></td>
      <td width=3% valign=bottom height="10"><font size="1">.8% </font></td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">5 </font></td>
      <td width=3% valign=bottom height="10"><font size="1">.9% </font></td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">6 </font></td>
      <td width=3% valign=bottom height="10"><font size="1">.8% </font></td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">&#151;
        </font></td>
      <td width=3% valign=bottom height="10">&nbsp;</td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">6 </font></td>
      <td width=3% valign=bottom height="10"><font size="1">.0% </font></td>
      <td width=1% valign=bottom height="10">&nbsp;</td>
      <td width=7% valign=bottom align="right" height="10"><font size="1">&#151;
        </font></td>
      <td width=1% valign=bottom align="center" height="10"><font size="1"></font></td>
      <td width=5% valign=bottom height="10" align="right"> <font size="1">6 </font></td>
      <td width=3% valign=bottom height="10"><font size="1">.8% </font></td>
      <td width=1% valign=bottom height="10"><font size="1"></font></td>
      <td width=7% valign=bottom height="10" align="right"> <font size="1">&#151;
        </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Colombian
        <br>
        &nbsp;&nbsp;&nbsp; pesos </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">266 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">182 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">138 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">586 </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom>&nbsp;</td>
      <td width=7% valign=bottom align="right"><font size="1">586 </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&#151; </font></td>
    </tr>
    <tr>
      <td width=13% valign=bottom> <font size="1" color="black">&nbsp;&nbsp;&nbsp;Interest
        rate<sup>(1)</sup> </font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.6% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">9 </font></td>
      <td width=3% valign=bottom><font size="1">.7% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.7% </font></td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">10 </font></td>
      <td width=3% valign=bottom><font size="1">.3% </font></td>
      <td width=1% valign=bottom>&nbsp; </td>
      <td width=7% valign=bottom align="right"><font size="1">&#151; </font></td>
      <td width=1% valign=bottom align="center"><font size="1"></font></td>
      <td width=5% valign=bottom align="right"> <font size="1">&#151; </font></td>
      <td width=3% valign=bottom>&nbsp;</td>
      <td width=1% valign=bottom><font size="1"></font></td>
      <td width=7% valign=bottom align="right"> <font size="1">&#151; </font></td>
    </tr>
  </table>

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

  <table width=600>
    <tr valign="top">
      <td width=4% align=left><font size="1">(1) </font></td>
      <td width=2%>&nbsp;</td>
      <td width=94%><font size="1">Calculated by a weighted average rate. </font></td>
    </tr>
  </table>
  <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
    table above we are including the effects of all of our interest swaps agreements,
    each of which is a contract that swaps a variable interest rate for a fixed
    interest rate. As of December 31, 2003, we have the following outstanding
    agreements: </font></p>

  <p><font face="Times New Roman" size="2"><sup>&nbsp;</sup> </font></p>


  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr align="center">
        <td valign=bottom width=25%><font face="Times New Roman" size="2"><b>Maturity
          Date</b> </font></td>
        <td valign=bottom colspan="3">

        <div align="center"><font face="Times New Roman" size="2"><b>Notional
          Amount<sup><font face="Times New Roman Bold" size="1">(1)</font></sup></b></font>
        </div>
        </td>
        <td valign=bottom width=25%> <font face="Times New Roman" size="2"><b>Pay
          Rate</b></font></td>

      <td valign=bottom colspan="3"> <font face="Times New Roman" size="2"><b>Fair
        Value<sup><font face="Times New Roman Bold" size="1">(1)</font></sup></b></font></td>
      </tr>
      <tr>
        <td width=100% valign=bottom colspan="8">
          <hr size="1" noshade>
        </td>
      </tr>
      <tr>
        <td width=25% valign=bottom align="center"> <font face="Times New Roman" size="2">2006</font></td>
        <td width=5% valign=bottom> <font size="2"> </font></td>
        <td width=10% valign=bottom><font size="2">Ps.</font></td>

      <td width=10% valign=bottom align="left"> <font size="2">3,219</font></td>
        <td width=25% valign=bottom align="center"> <font face="Times New Roman" size="2">3.6%</font></td>
        <td width=5% valign=bottom>&nbsp;</td>
        <td width=10% valign=bottom><font size="2">Ps.</font></td>
        <td width=10% valign=bottom> <font size="2"> (29)</font></td>
      </tr>
      <tr>
        <td width=25% valign=bottom align="center"> <font face="Times New Roman" size="2">2008</font></td>
        <td width=5% valign=bottom>&nbsp; </td>
        <td width=10% valign=bottom>&nbsp;</td>

      <td width=10% valign=bottom align="left"> <font face="Times New Roman" size="2">6,092</font></td>
        <td width=25% valign=bottom align="center"> <font face="Times New Roman" size="2">
          6.7%</font></td>

      <td width=5% valign=bottom>&nbsp;</td>
        <td width=10% valign=bottom>&nbsp;</td>
        <td width=10% valign=bottom> <font face="Times New Roman" size="2"> (71)</font></td>
      </tr>
      <tr>
        <td width=25% valign=bottom align="left">&nbsp;</td>
        <td width=5% valign=bottom>&nbsp; </td>
        <td width=10% valign=bottom>&nbsp;</td>
        <td width=10% valign=bottom align="center">&nbsp; </td>

      <td width=25% valign=bottom align="center">&nbsp; </td>

      <td width=5% valign=bottom>&nbsp;</td>
        <td width=10% valign=bottom>&nbsp;</td>

      <td width=10% valign=bottom>&nbsp; </td>
      </tr>
    </table>

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

  <table width=600>
    <tr valign="top">
      <td width=4% align=left><font size="1">(1)</font></td>
      <td width=2%>&nbsp;</td>
      <td width=94%><font size="1">In millions of Mexican pesos.</font> <font size="1">
        </font></td>
    </tr></table>

  <p><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, 2003 would increase our interest expense by approximately
    Ps.82 million, or 16.0% over a 12-month period of 2004, assuming no additional
    debt is incurred during such period, in each case after giving effect to all
    of our interest swap agreements. </font></p>

  <p align=left><font size="2"><b>Foreign Currency Exchange Rate Risk</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal exchange rate
    risk involves changes in the value of the local currencies, of each country
    in which we operate, relative to the U.S. dollar. In 2003, the percentage
    of our consolidated total revenues was denominated as follows: </font></p>

  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> 104</font></td>
      <td 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" --> <font face="Times New Roman" size="2" color="black"><br
clear=all>
  </font>
  <p>&nbsp;</p>

  <p align=center><font size="2"><b>Total Revenues by Currency</b></font></p>

  <p align=center><font size="2"><b>At December 31, 2003</b></font></p>

  <div align=center>
    <table border=0 cellspacing=0 cellpadding=0 width="600">
      <tr align="center">
        <td width=75% valign=top align="left"><font face="Times New Roman" size="2"><b>Currency
          /Country</b></font>
          <hr size="1" noshade width="24%" align="left">
        </td>
        <td width=25% valign=top><font face="Times New Roman" size="2"><b>%</b></font>
          <hr size="1" noshade width="20%">
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Mexican peso (Mexico)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">66.6</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Quetzal (Guatemala)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">1.4</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Cordoba (Nicaragua)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">1.3</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Colon (Costa Rica)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">2.2</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">U.S. dollar (Panama)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">1.3</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Colombian peso (Colombia)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">6.5</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Bolivar (Venezuela)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">7.1</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Real (Brazil)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">7.8</font></p>
        </td>
      </tr>
      <tr>
        <td width=75% valign=top>
          <p><font face="Times New Roman" size="2">Argentine peso (Argentina)</font></p>
        </td>
        <td width=25% valign=top>
          <p align=center><font face="Times New Roman" size="2">5.8</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p>&nbsp;</p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that a majority
    of our consolidated costs and expenses are denominated in Mexican pesos for
    Mexican subsidiaries and in the aforementioned currencies for the foreign
    subsidiaries that are part of Coca-Cola FEMSA. Substantially all of our costs
    and expenses denominated in a foreign currency, other than the functional
    currency of each country in which we operate, are denominated in U.S. dollars.
    As of December 31, 2003, 45.9% of our indebtedness was denominated in U.S.
    dollars, 51.9% in Mexican pesos and the remaining 2.2% in Colombian pesos.
    Decreases in the value of the different currencies relative to the U.S. dollar
    will increase the cost 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 Mexican peso relative
    to the U.S. dollar will also result in foreign exchange losses as the Mexican
    peso value of our foreign currency denominated indebtedness is increased.</font></p>

  <p><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. We occasionally utilize
    currency forward contracts to hedge our exposure to the U.S. dollar relative
    to the Mexican peso and other currencies.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2003 and
    2002, we did not have any forward agreements to hedge our operations denominated
    in U.S. dollars, and we did not have any call option agreements to buy U.S.
    dollars. </font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of the foreign
    currency forward contracts is estimated based on quoted market prices of each
    agreement at year-end assuming the same maturity dates originally contracted.
    The fair value of the call option agreements is estimated based on quoted
    market prices of the cost of such agreements, considering the same amounts,
    exchange rates and maturity dates originally contracted.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A hypothetical, instantaneous and unfavorable 10% devaluation
    in the value of the Mexican peso relative to the U.S. dollar occurring on
    December 31, 2003, would have resulted in an increase in our net consolidated
    integral result of financing expense of approximately Ps.1,239 million over
    a 12-month period of 2004, reflecting higher interest expense and 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, 2003. 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 Mexican peso relative
    to the U.S. dollar, which gain on monetary position would reduce the consolidated
    net integral result of financing.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March 15, 2004, the exchange
    rates relative to the U.S. dollar of all the countries in which we operate
    have had revaluation or devaluation movements as follows:</font></p>

  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> 105</font></td>
      <td 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>&nbsp;</p>

  <font face="Times New Roman" size="2" color="black"><br
clear=all>
  </font>
  <p>
  <div align=center>
    <table border=0 cellspacing=0 cellpadding=0 width="600">
      <tr>
        <td width=105 valign=bottom>&nbsp;</td>
        <td colspan=3 valign=bottom>
          <div align="center"><font face="Times New Roman" size="2"><b>Exchange
            Rate</b></font><font face="Times New Roman" size="2"><b><br>
            March 15, 2004</b></font></div>
        </td>
        <td colspan=2 valign=bottom>&nbsp; </td>
        <td colspan=3 valign=bottom>
          <div align="center"><font face="Times New Roman" size="2"><b>(Devaluation)
            or <br>
            Revaluation</b></font></div>
        </td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>&nbsp; </td>
        <td valign=bottom colspan="3">
          <hr noshade size="1">
        </td>
        <td valign=bottom colspan="2">&nbsp;</td>
        <td valign=bottom colspan="3">
          <hr noshade size="1">
        </td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom height="16">
          <p><font face="Times New Roman" size="2">Mexico</font></p>

        </td>
        <td valign=bottom height="16" width=22>&nbsp;</td>
        <td valign=bottom height="16" width=63>
          <p align=right><font face="Times New Roman" size="2">10.95</font></p>

        </td>
        <td valign=bottom height="16" width=32>&nbsp;</td>
        <td colspan=2 valign=bottom height="16">
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom height="16" width=41>&nbsp;</td>
        <td valign=bottom height="16" width=63>
          <p align=right><font face="Times New Roman" size="2">2.5%</font></p>

        </td>
        <td valign=bottom height="16" width=37>&nbsp;</td>
        <td width=10 height="16">&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Guatemala</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">
            8.10</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">(0.9)%</font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom height="17">
          <p><font face="Times New Roman" size="2">Nicaragua</font></p>

        </td>
        <td valign=bottom height="17" width=22>&nbsp;</td>
        <td valign=bottom height="17" width=63>
          <p align=right><font face="Times New Roman" size="2">
            15.71</font></p>

        </td>
        <td valign=bottom height="17" width=32>&nbsp;</td>
        <td colspan=2 valign=bottom height="17">
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom height="17" width=41>&nbsp;</td>
        <td valign=bottom height="17" width=63>
          <p align=right><font face="Times New Roman" size="2">(1.0)%</font></p>

        </td>
        <td valign=bottom height="17" width=37>&nbsp;</td>
        <td width=10 height="17">&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Costa Rica</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">422.47</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">(0.8)%</font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Panama</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">1.00</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;
            </font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Colombia</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">2,654.10</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">4.5%</font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Venezuela</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">1,920.00</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">(3.6)%</font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Brazil</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">2.91</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">(0.7)%</font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105 valign=bottom>
          <p><font face="Times New Roman" size="2">Argentina</font></p>

        </td>
        <td valign=bottom width=22>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">2.91</font></p>

        </td>
        <td valign=bottom width=32>&nbsp;</td>
        <td colspan=2 valign=bottom>
          <p align=center><font face="Times New Roman" size="2">&nbsp;</font></p>

        </td>
        <td valign=bottom width=41>&nbsp;</td>
        <td valign=bottom width=63>
          <p align=right><font face="Times New Roman" size="2">0.9%</font></p>

        </td>
        <td valign=bottom width=37>&nbsp;</td>
        <td width=10>&nbsp;</td>
      </tr>
      <tr>
        <td width=105></td>
        <td width=22></td>
        <td width=63></td>
        <td width=32></td>
        <td width=23></td>
        <td width=4></td>
        <td width=41></td>
        <td width=63></td>
        <td width=37></td>
        <td width=10></td>
      </tr>
    </table>
  </div>
  <p>&nbsp;</p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A hypothetical, instantaneous
    and unfavorable 10% devaluation in the value of the currencies, of all the
    countries in which we operate, on an individual basis, relative to the U.S.
    dollar occurring on December 31, 2003, would produce a reduction in stockholders&#146;
    equity of approximately the following amounts:</font></p>

  <div align=center>
    <table border=0 cellspacing=0 cellpadding=0 width="600">
      <tr>
        <td width=20% valign=bottom><font size="2"></font></td>
        <td width=15% valign=bottom><font size="2"></font></td>
        <td valign=bottom colspan="3" align="center"> <font size="2"><b>Reduction
          in <font face="Times New Roman"><br>
          Stockholders&#146; equity <br>
          (millions of Mexican pesos)</font></b></font>
          <hr size="1" noshade width="50%">
        </td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>&nbsp;</td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>&nbsp;</td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Mexico</font></p>
        </td>
        <td width=19% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">Ps.</font></div>
        </td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">2,115 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Guatemala</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">17 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Nicaragua</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">60 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Costa Rica</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">188 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Panama</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">85 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Colombia</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">457 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Venezuela</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">94 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom>
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom>
          <p><font face="Times New Roman" size="2">Brazil</font></p>
        </td>
        <td width=19% valign=bottom>&nbsp;</td>
        <td width=9% valign=bottom>
          <div align="right"><font face="Times New Roman" size="2">223 </font></div>
        </td>
        <td width=14% valign=bottom>&nbsp;</td>
        <td width=20% valign=bottom><font size="2"></font></td>
      </tr>
      <tr>
        <td width=20% valign=bottom height="20">
          <p>&nbsp;</p>
        </td>
        <td width=15% valign=bottom height="20">
          <p><font face="Times New Roman" size="2">Argentina</font></p>
        </td>
        <td width=19% valign=bottom height="20">&nbsp;</td>
        <td width=9% valign=bottom height="20">
          <div align="right"><font face="Times New Roman" size="2">70 </font></div>
        </td>
        <td width=14% valign=bottom height="20">&nbsp;</td>
        <td width=20% valign=bottom height="20"><font size="2"></font></td>
      </tr>
    </table>
  </div>
  <p align=left>&nbsp;</p>

  <p align=left><font size="2"><b>Equity Risk</b></font></p>

  <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
    2002, one of our subsidiaries entered into an equity forward purchase contract,
    expiring in June 2004, on 92% of the Molson shares received from the sale
    of Cervejarias Kaiser, with a notional amount of approximately Ps.203.4 million.
    The fair value of the equity forward purchase contract of Ps.73.8 million
    is the loss resulting from the difference between the strike price of the
    forward contract and the market value of the shares.</font></p>

  <p align=left><font size="2"><b>Commodity Price Risk</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into various derivative contracts to hedge the
    cost of certain raw materials. The result of the commodity price contracts
    was a gain of Ps.3 million as of December 31, 2003, which where recorded in
    the results of operations of the year. The fair value is estimated based on
    the quoted market prices to terminate the contracts at the reporting date.
    As of December 31, 2003, we had various derivate instruments contracts with
    maturity dates in 2004 and 2005, notional amounts of Ps.59 million and the
    fair value of Ps.3 million.</font></p>

  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> 106</font></td>
      <td 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>&nbsp;</p>

  <p>&nbsp;</p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The outstanding agreements and
    their terms are as follows:</font></p>

  <p align=center><font size="2"><b>Year Ended December&nbsp;31, 2003<br>
(thousands of Mexican pesos)</b></font>

  <table border=0 cellspacing=0 cellpadding=0 width="600" align="center" height="79">
    <tr align="center" valign="bottom">
      <td width="12%">
        <hr size="2" noshade>
      </td>
      <td width="10%">
        <hr size="2" noshade>
      </td>
      <td colspan="2" width="12%">
        <hr size="2" noshade>
      </td>
      <td width="10%">
        <hr size="2" noshade>
      </td>
      <td colspan="2" width="12%">
        <hr size="2" noshade>
      </td>
      <td width="10%">
        <hr size="2" noshade>
      </td>
      <td colspan="2" width="12%">
        <hr size="2" noshade>
      </td>
      <td width="10%">
        <hr size="2" noshade>
      </td>
      <td colspan="2" width="12%">
        <hr size="2" noshade>
      </td>
    </tr>
    <tr align="center" valign="bottom">
      <td width="12%"><font face="Times New Roman" size="2"><b>Maturity<br>
        Date</b></font></td>
      <td width="10%">&nbsp;</td>
      <td colspan="2" width="12%"><font face="Times New Roman" size="2"><b>Agreement<br>
        Type</b></font></td>
      <td width="10%">&nbsp;</td>
      <td colspan="2" width="12%"><font face="Times New Roman" size="2"><b>Notional<br>
        Amount</b></font></td>
      <td width="10%">&nbsp;</td>
      <td colspan="2" width="12%"><font face="Times New Roman" size="2"><b>Fair
        Value</b></font></td>
      <td width="10%">&nbsp;</td>
      <td colspan="2" width="12%"><font face="Times New Roman" size="2"><b>Tonnage</b></font></td>
    </tr>
    <tr>
      <td valign=top width="12%" height="18">
        <hr size="1" noshade>
      </td>
      <td valign=top width="10%" height="18">
        <hr size="1" noshade>
      </td>
      <td valign=top width="12%" colspan="2" height="18">
        <hr size="1" noshade>
      </td>
      <td valign=top width="10%" height="18">
        <hr size="1" noshade>
      </td>
      <td valign=top width="12%" height="18" colspan="2">
        <hr size="1" noshade>
      </td>
      <td valign=top width="10%" height="18">
        <hr size="1" noshade>
      </td>
      <td valign=top width="12%" height="18" colspan="2">
        <hr size="1" noshade>
      </td>
      <td valign=top width="10%" height="18">
        <hr size="1" noshade>
      </td>
      <td valign=top width="12%" colspan="2" height="18">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td valign=top width="12%" height="18">
        <p align=center><font face="Times New Roman" size="2">2004</font></p>
      </td>
      <td valign=top width="10%" height="18">&nbsp;</td>
      <td valign=top width="12%" colspan="2" height="18">
        <p><font face="Times New Roman" size="2">Swaptions</font></p>
      </td>
      <td valign=top width="10%" height="18">&nbsp;</td>
      <td valign=top width="12%" height="18" colspan="2">
        <div align="right"><font size="2">&nbsp;&nbsp;Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">37,120</font></div>
      </td>
      <td valign=top width="10%" height="18">&nbsp;</td>
      <td valign=top width="12%" height="18" colspan="2">
        <div align="right"><font face="Times New Roman" size="2">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" size="2">(19)</font></div>
      </td>
      <td valign=top width="10%" height="18">&nbsp;</td>
      <td valign=top width="12%" colspan="2" height="18">

      <div align="right"><font face="Times New Roman" size="2"> Tons.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman" size="2">2,360</font></div>
      </td>
    </tr>
    <tr valign="top">

    <td width="12%">
      <p align=center><font face="Times New Roman" size="2">2004&nbsp;</font></p>
      </td>
      <td width="10%">&nbsp;</td>
      <td width="12%" colspan="2">
        <p><font face="Times New Roman" size="2">Swaps</font></p>
      </td>
      <td width="10%">&nbsp;</td>
      <td width="12%" colspan="2">
        <p align="right"><font face="Times New Roman" size="2">21,687</font></p>
      </td>
      <td width="10%">&nbsp;</td>
      <td width="12%" colspan="2">
        <p align="right"><font face="Times New Roman" size="2">2,783</font></p>
      </td>
      <td width="10%">&nbsp;</td>
      <td width="12%" colspan="2">
        <p align="right"><font face="Times New Roman" size="2">1,370</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width="12%">
        <hr size="1" noshade>
      </td>
      <td width="10%">
        <hr size="1" noshade>
      </td>
      <td width="12%" colspan="2">
        <hr size="1" noshade>
      </td>
      <td width="10%">
        <hr size="1" noshade>
      </td>
      <td width="12%" colspan="2">
        <hr size="1" noshade>
      </td>
      <td width="10%">
        <hr size="1" noshade>
      </td>
      <td width="12%" colspan="2">
        <hr size="1" noshade>
      </td>
      <td width="10%">
        <hr size="1" noshade>
      </td>
      <td width="12%" colspan="2">
        <hr size="1" noshade>
      </td>
    </tr>
  </table>

  <p><font size="2">The fair value is estimated based on quoted market prices
    to terminate the agreements at December 31, 2003.</font></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"> 107</font></td>
      <td 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><font size="2"><br clear=all>
    <b>Items 12-14. Not Applicable</b></font></p>

  <p><font size="2"><b>Item 15. Controls and Procedures</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of December 31, 2003, we carried out an evaluation
    under the supervision and with the participation of our management, including
    our Chief Executive Officer and Chief Financial Officer, of the effectiveness
    of the design and operation of our 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 our
    evaluation, our 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 we file
    and submit under the Securities Exchange Act of 1934, as amended, is recorded,
    processed, summarized and reported as and when required.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no change in our internal control over
    financial reporting during 2003 that has materially affected, or is reasonably
    likely to materially affect, our internal control over financial reporting.</font></p>

  <p><font size="2"><b>Item 16A. Audit Committee Financial Expert</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our annual ordinary shareholders&#146; meeting in March
    2004, our shareholders elected the following four members of the Audit Committee:
    Alexis Rovzar, Charles H. McTier, Jos&#233; Manuel Canal and Francisco Zambrano
    and designated Mr. Jos&#233; Manuel Canal as an &#147;audit committee financial
    expert&#148; within the meaning of this Item 16A. Although under Mexican law
    the determination of the shareholders is binding on our company, our board
    of directors will confirm this designation at its next board meeting.</font></p>

  <p><font size="2"><b>Item 16B. Code of Ethics</b></font></p>

  <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have
    adopted a code of ethics, as defined in Item 16B of Form 20-F under the Securities
    Exchange Act of 1934, as amended. Our code of ethics applies to our Chief
    Executive Officer, Chief Financial Officer and persons performing similar
    functions as well as to our directors and other officers and employees. Our
    code of ethics is available on our web site at <u>www.cocacola-femsa.com.mx/code
    of ethics</u>. If we amend the provisions of our code of ethics that apply
    to our Chief Executive Officer, Chief Financial Officer and persons performing
    similar functions, or if we grant any waiver of such provisions, we will disclose
    such amendment or waiver on our web site at the same address</font></p>

  <p><font size="2"><b>Item 16C. Principal Accountant Fees and Services</b></font></p>

  <p><font size="2"><b>Audit and Non-Audit Fees</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the aggregate fees billed to
    us by Galaz, Yamazaki, Ruiz Urquiza, S.C., a member firm of Deloitte Touche
    Tohmatsu, and its affiliates including Deloitte Consulting, which we collectively
    refer to as Deloitte &amp; Touche, during the fiscal years ended December
    31, 2002 and 2003:</font></p>

  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="top">
      <td width=184 height="17">
        <p><font size="2">&nbsp;</font></p>

      </td>
      <td colspan=7 height="17">
        <div align="center"><font size="2"><b>Year ended December 31, </b></font>
        </div>
      </td>
    </tr>
    <tr valign="top">
      <td width=184 height="23">&nbsp;</td>
      <td colspan="7" height="23">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="top">
      <td width=184 height="23">
        <p><font size="2">&nbsp;</font></p>

      </td>
      <td colspan="3" height="23">
        <div align="center"><font size="2"><b>2003</b></font> </div>
      </td>
      <td width=45 height="23">&nbsp; </td>
      <td colspan="3" height="23">
        <div align="center"><font size="2"><b>2002</b></font></div>
      </td>
    </tr>
    <tr valign="top">
      <td width=184 height="18">&nbsp;</td>
      <td height="18" colspan="3">
        <hr size="1" noshade>
      </td>
      <td width="45" height="18">&nbsp;</td>
      <td height="18" colspan="3">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="top">
      <td width=184>
        <p><font size="2">&nbsp;</font></p>

      </td>
      <td colspan="7">
        <p align=center><font size="2"><b>(millions of Mexican pesos) </b></font>
        </p>

      </td>
    </tr>
    <tr valign="top">
      <td width=184>&nbsp;</td>
      <td colspan="7">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="top">
      <td width=184>
        <p><font size="2">Audit fees</font></p>

      </td>
      <td width=54>
        <div align="right"><font size="2">Ps. </font></div>
      </td>
      <td width=20>
        <p align="right"><font size="2">50</font></p>

      </td>
      <td width=52>&nbsp;</td>
      <td width=45>&nbsp;</td>
      <td width=57>
        <div align="right"><font size="2">Ps. </font></div>
      </td>
      <td width=25>
        <div align="right"><font size="2">11</font></div>
      </td>
      <td width=48>
        <p>&nbsp;</p>

      </td>
    </tr>
    <tr valign="top">
      <td width=184>
        <p><font size="2">Audit-related fees </font></p>

      </td>
      <td width=54>&nbsp; </td>
      <td width=20>
        <p align="right"><font size="2">6</font></p>

      </td>
      <td width=52>&nbsp;</td>
      <td width=45>&nbsp;</td>
      <td width=57>&nbsp; </td>
      <td width=25>
        <div align="right"><font size="2">22</font></div>
      </td>
      <td width=48>
        <p>&nbsp;</p>

      </td>
    </tr>
    <tr valign="top">
      <td width=184>
        <p><font size="2">Tax fees </font></p>

      </td>
      <td width=54>&nbsp; </td>
      <td width=20>
        <p align="right"><font size="2">3</font></p>

      </td>
      <td width=52>&nbsp;</td>
      <td width=45>&nbsp;</td>
      <td width=57>&nbsp; </td>
      <td width=25>
        <div align="right"><font size="2">&#151;</font></div>
      </td>
      <td width=48>
        <p>&nbsp;</p>

      </td>
    </tr>
    <tr valign="top">
      <td height="16" width=184>
        <p><font size="2">Other fees</font></p>

      </td>
      <td height="16" width=54>&nbsp; </td>
      <td height="16" width=20>
        <p align="right"><font size="2">2</font></p>

      </td>
      <td height="16" width=52>&nbsp;</td>
      <td height="16" width=45>&nbsp;</td>
      <td height="16" width=57>&nbsp; </td>
      <td height="16" width=25>
        <div align="right"><font size="2">2</font></div>
      </td>
      <td height="16" width=48>
        <p>&nbsp;</p>

      </td>
    </tr>
    <tr valign="top">
      <td width=184>&nbsp;</td>
      <td colspan="3">
        <hr size="1" noshade>
      </td>
      <td width=45>&nbsp;</td>
      <td colspan="3">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="top">
      <td width=184>
        <p><font size="2">Total fees </font></p>

      </td>
      <td width=54>
        <div align="right"><font size="2">Ps.</font></div>
      </td>
      <td width=20>
        <p align="right"><font size="2"> 61</font></p>

      </td>
      <td width=52>&nbsp;</td>
      <td width=45>&nbsp;</td>
      <td width=57>
        <div align="right"><font size="2">Ps.</font></div>
      </td>
      <td width=25>
        <div align="right"><font size="2">35</font></div>
      </td>
      <td width=48>
        <p>
      </td>
    </tr>
  </table>
  <p>&nbsp;
  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> 108</font></td>
      <td 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><font face="Times New Roman" size="2"><i><font color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
    fees.</font></i><font color="black"> Audit fees in the above table are the
    aggregate fees billed by Deloitte &amp; Touche in connection with the audit
    of our annual financial statements, the review of our quarterly financial
    statements, and statutory and regulatory audits. Additionally, in 2003, the
    audit fees included the opening balance sheet audit fees associated with the
    Panamco acquisition.</font></font></p>

  <p><font face="Times New Roman" size="2" color="black">&nbsp;</font><font face="Times New Roman" size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-related
    Fees. </i>Audit-related fees in the above table for the year ended December
    31, 2003 are the aggregate fees billed by Deloitte &amp; Touche for financial
    accounting and reporting consultations. </font></p>

  <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-related
    fees in the above table for the year ended December 31, 2002 are the aggregate
    fees billed by Deloitte &amp; Touche for due diligence associated with acquisitions
    (predominately the Panamco acquisition), financial accounting and reporting
    consultations.</font></p>

  <p><font face="Times New Roman" size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
    Fees. </i>Tax fees in the above table are fees billed by Deloitte &amp; Touche
    for services based upon existing facts and prior transactions in order to
    document, compute, and obtain government approval for amounts included in
    tax filings such as value-added tax return assistance, transfer pricing documentation
    and requests for technical advice from taxing authorities.</font></p>

  <p><font face="Times New Roman" size="2"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
    Fees. </i>Other fees in the above table are fees billed by Deloitte and Touche
    for non-audit services rendered by Deloitte Consulting. As a percentage of
    total fees billed to Coca-Cola FEMSA, other fees represent 3.3% and 5.7% for
    2003 and 2002, respectively.</font></p>

  <p><font size="2"><b>Audit Committee Pre-Approval Policies and Procedures</b></font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted pre-approval policies and procedures under
    which all audit and non-audit services provided by our external auditors must
    be pre-approved by the audit committee as set forth in the audit committee&#146;s
    charter. Any service proposals submitted by external auditors need to be discussed
    and approved by the audit committee during its meetings, which take place
    at least four times a year. Once the proposed service is approved, we or our
    subsidiaries formalize the engagement of services. The approval of any audit
    and non-audit services to be provided by our external auditors is specified
    in the minutes of our audit committee. In addition, the members of our board
    of directors are briefed on matters discussed by the different committees
    of our board. </font></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"> 109</font></td>
      <td 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><font size="2"><b>Item 16D. Not Applicable</b></font></p>

  <p><font size="2"><b>Item 16E. Not Applicable</b></font></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"> 110</font></td>
      <td 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><font size="2"><b>Item 17. Not Applicable</b></font></p>

  <p><font size="2"><b>Item 18. Financial Statements</b></font></p>

  <p><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></p>

  <p><font size="2"><b>Item 19. Exhibits</b></font></p>

  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <u>List of Financial Statements</u></font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2"><u>Page</u></font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p>&nbsp;</p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">Report of Independent Public
          Accountants</font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2">F-1</font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p>&nbsp;</p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">Consolidated Balance Sheets at
          December 31, 2003 and 2002</font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2">F-2</font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p>&nbsp;</p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">Consolidated Income Statements
          For the Years Ended<br>
          &nbsp;&nbsp;&nbsp;December 31, 2003, 2002 and 2001</font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2"><br>
          F-4</font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p>&nbsp;</p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">Consolidated Statements of Changes
          in Financial Position For <br>
          &nbsp;&nbsp;&nbsp;the Years Ended December 31, 2003, 2002 and 2001</font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2"><br>
          F-5</font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p>&nbsp;</p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">Consolidated Statements of Changes
          in Stockholders&#146; Equity <br>
          &nbsp;&nbsp;&nbsp;For the Years Ended December 31, 2003, 2002 and 2001</font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2"><br>
          F-6</font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p>&nbsp;</p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>
        <p><font face="Times New Roman" size="2">Notes to the Consolidated Financial
          Statements*</font></p>
      </td>
      <td width=54 valign=top align="right">
        <p align="right"><font face="Times New Roman" size="2">F-8</font></p>
      </td>
    </tr>
    <tr>
      <td width=589 valign=top>&nbsp;</td>
      <td width=54 valign=top align="right">&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% align=left valign=top><font size="1">* </font></td>
      <td width=2%>&nbsp;</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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <u>List of Exhibits</u> </font></p>

  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=114 valign=top> <font size="2"><u><font color="black">Exhibit
        No</font></u><font color="black">:</font></font></td>
      <td width=534 valign=top> <font size="2" color="black"><u>Description</u></font>
      </td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        1.1</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Amended
        and Restated Bylaws (<i>Estatutos Sociales</i>) of Coca-Cola FEMSA, dated
        May 6, 2003 (with English translation) (incorporated by reference to Exhibit
        1.3 to Coca-Cola FEMSA&#146;s Annual Report on Form 20-F on June&nbsp;27,&nbsp;2003
        (File No. 1-12260)).</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.1</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Deposit
        Agreement, dated as of September 1, 1993, among Coca-Cola FEMSA, the Bank
        of New York, as Depositary, and Holders and Beneficial Owners of American
        Depository Receipts (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.2</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Indenture
        Agreement, dated as of October 28, 1996, between Coca-Cola FEMSA and Citibank,
        N.A., as Trustee (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.3</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Note
        Purchase Agreement, dated as of August 26, 1994, between Coca-Cola FEMSA
        and the holders specified therein (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.4</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Indenture,
        dated July 11, 1997, by and between </font><font face="Times New Roman" size="2">Corporaci&#243;n
        Interamericana de Bebidas, S.A. de C.V.<font color="black"> and The Chase
        Manhattan Bank, as Trustee (incorporated by reference to Exhibit 4.1 of
        </font></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"> 111</font></td>
      <td 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 border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=114 valign=top> <font size="2"><u><font color="black">Exhibit
        No</font></u><font color="black">:</font></font></td>
      <td width=534 valign=top> <font size="2" color="black"><u>Description</u></font>
      </td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top><font face="Times New Roman" size="2" color="black">Panamco&#146;s
        Registration Statement on Form F-4, (File No. 333-7918)).</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.5</font></td>
      <td width=534 valign=top> <font size="2" color="black">First Supplemental
        Indenture, dated October 15, 2003, between </font><font size="2">Corporaci&#243;n
        Interamericana de Bebidas, S.A. de C.V., as Issuer, Coca-Cola FEMSA, as
        Guarantor, and JPMorgan Chase Bank, as Trustee. </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.6</font></td>
      <td width=534 valign=top> <font size="2" color="black">Second Supplemental
        Indenture, dated November 19, 2003, between </font><font size="2">Corporaci&#243;n
        Interamericana de Bebidas, S.A. de C.V., as Issuer, Coca-Cola FEMSA, as
        Guarantor, and JPMorgan Chase Bank, as Trustee.</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        2.7</font></td>
      <td width=534 valign=top> <font size="2" color="black">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&#233;xico, S.A., BBVA Bancomer and
        ING Bank, N.V. (incorporated by reference to Exhibit 2.6 to Coca-Cola
        FEMSA&#146;s Annual Report on Form 20-F filed on June 27, 2003 (File No.
        1-12260)).</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.1</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Amended
        and Restated Shareholders Agreement dated as of July 6, 2002, by and among
        CIBSA, Emprex, The Coca-Cola Company and Inmex, (incorporated by reference
        to Exhibit 4.13 to Coca-Cola FEMSA&#146;s Annual Report on Form 20-F filed
        on June 27, 2003 (File No. 1-12260)).</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.2</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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.
        (incorporated by reference to Exhibit 4.14 to Coca-Cola FEMSA&#146;s Annual
        Report on Form 20-F filed on June 27, 2003 (File No. 1-12260)).</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.3</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Amended
        and Restated Bottler Agreement, dated June 21, 2003, between Coca-Cola
        FEMSA and The Coca-Cola Company with respect to operations in the valley
        of Mexico. </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.4</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Supplemental
        Agreement, dated June 21, 1993, between Coca-Cola FEMSA and The Coca-Cola
        Company with respect to operations in the valley of Mexico (with English
        translation) (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.5</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Amended
        and Restated Bottler Agreement, dated June 21, 2003, between Coca-Cola
        FEMSA and The Coca-Cola Company with respect to operations in the southeast
        of Mexico.</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.6</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Supplemental
        Agreement, dated June 21, 1993, between Coca-Cola FEMSA and The Coca-Cola
        Company with respect to operations in the southeast of Mexico (with English
        translation) (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.7</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Bottler
        Agreement, dated July 1, 1999, between Panamco Golfo, S.A. de C.V. and
        The Coca-Cola Company with respect to operations in Golfo, Mexico (English
        translation) (incorporated by reference to Exhibit 4.32 to Coca-Cola FEMSA&#146;s
        Annual Report on Form 20-F filed on June 27, 2003 (File No. 1-12260)).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.8</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Bottler
        Agreement, dated July 1, 1999, between Panamco Bajio, S.A. de C.V. and
        The Coca-Cola Company with respect to operations in Bajio, Mexico (English
        translation) (incorporated by </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"> 112</font></td>
      <td 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 border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=114 valign=top> <font size="2"><u><font color="black">Exhibit
        No</font></u><font color="black">:</font></font></td>
      <td width=534 valign=top> <font size="2" color="black"><u>Description</u></font>
      </td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top><font face="Times New Roman" size="2" color="black">reference
        to Exhibit 4.33 to Coca-Cola FEMSA&#146;s Annual Report on Form 20-F filed
        on June 27, 2003 (File No. 1-12260)).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.9</font></td>
      <td width=534 valign=top> <font size="2">Bottler Agreement and Letter Agreement,
        both dated March 18, 2000, between The Coca-Cola Company and Embotelladora
        Central, S.A with respect to operations in Guatemala (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.10</font></td>
      <td width=534 valign=top> <font size="2">Bottler Agreement and Letter Agreement,
        both dated May 13, 2001, between The Coca-Cola Company and Panamco de
        Nicaragua, S.A. with respect to operations in Nicaragua (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.11</font></td>
      <td width=534 valign=top> <font size="2">Bottler Agreement and Letter Agreement,
        both dated October 1, 2002, between The Coca-Cola Company and Embotelladora
        Panamco Tica, S.A. with respect to operations in Costa Rica (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.12</font></td>
      <td width=534 valign=top> <font size="2">Bottler Agreement, dated July 1,
        1999, between The Coca-Cola Company and Panamco-Colombia, S.A., with respect
        to operations in Colombia (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.13</font></td>
      <td width=534 valign=top> <font size="2">Bottler Agreement, dated August
        16, 1996 and Letter of Renewal, dated February 9, 2001, between The Coca-Cola
        Company and Embotelladora Coca-Cola y Hit de Venezuela, S.A. with respect
        to operations in Venezuela (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.14</font></td>
      <td width=534 valign=top> <font size="2">Bottler Agreement, dated August
        16, 1996 and Letter of Renewal, dated February 9, 2001, between Advantage
        Investments, Inc. and Embotelladora Coca-Cola y Hit de Venezuela, S.A.
        with respect to operations in Venezuela (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.15</font></td>
      <td width=534 valign=top> <font size="2">Manufacturing Agreement, dated
        April 16, 1999, between Coca-Cola Industrias Ltda., SPAL &#150; Industria
        Brasileira de Bebidas, S.A. and The Coca-Cola Company with respect to
        operations in Sao Paulo, Brazil (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.16</font></td>
      <td width=534 valign=top> <font size="2">Manufacturing Agreement, dated
        April 16, 1999, between Coca-Cola Industrias Ltda., SPAL &#150; Industria
        Brasileira de Bebidas, S.A. and The Coca-Cola Company with respect to
        operations in Campinas, Brazil (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.17</font></td>
      <td width=534 valign=top> <font size="2">Manufacturing Agreement, dated
        April 16, 1999, between Coca-Cola Industrias Ltda., SPAL &#150; Industria
        Brasileira de Bebidas, S.A., and The Coca-Cola Company with respect to
        operations in Campo Grande, Brazil (English translation).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.18</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Bottler
        Agreement, dated August 22, 1994, between Coca-Cola FEMSA and The Coca-Cola
        Company with respect to operations in Argentina (with English translation)
        (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.19</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Supplemental
        Agreement, dated August 22, 1994, between Coca-Cola FEMSA and The Coca-Cola
        Company with respect to operations in Argentina (with English translation)
        (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.20</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Amendments,
        dated May 17 and July 20, 1995, to Bottler Agreement and Letter of Agreement,
        dated August 22, 1994, each with respect to operations in Argentina, between
        Coca-Cola FEMSA and The Coca-Cola Company (with English translation) (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 </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"> 113</font></td>
      <td 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 border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=114 valign=top> <font size="2"><u><font color="black">Exhibit
        No</font></u><font color="black">:</font></font></td>
      <td width=534 valign=top> <font size="2" color="black"><u>Description</u></font>
      </td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top><font face="Times New Roman" size="2" color="black">No.
        1-12260)).</font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.21</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Bottler
        Agreement, dated December 1, 1995, between Coca-Cola FEMSA and The Coca-Cola
        Company with respect to operations in SIRSA (with English translation)
        (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.22</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Supplemental
        Agreement, dated December 1, 1995, between Coca-Cola FEMSA and The Coca-Cola
        Company with respect to operations in SIRSA (with English translation)
        (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.23</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Amendment,
        dated February 1, 1996, to Bottler Agreement between Coca-Cola FEMSA and
        The Coca-Cola Company with respect to operations in SIRSA, dated December
        1, 1995 (with English translation) (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.24</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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 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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.25</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Coca-Cola
        Tradename License Agreement dated June 21, 1993, between Coca-Cola FEMSA
        and The Coca-Cola Company (with English translation) (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.26</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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. 1-2290)).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.27</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.28</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.29</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Supply
        Agreement dated June 21, 1993, between Coca-Cola FEMSA and FEMSA Empaques,
        (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.30</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Supply
        Agreement dated April 3, 1998, between ALPLA F&#225;brica de Pl&#225;sticos,
        S.A. de C.V. and Industria Embotelladora de M&#233;xico, S.A. de C.V.
        (with 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>
  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>

    <td width=480 align=center><font size="2"> 114</font></td>
      <td 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 border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td width=114 valign=top> <font size="2"><u><font color="black">Exhibit
        No</font></u><font color="black">:</font></font></td>
      <td width=534 valign=top> <font size="2" color="black"><u>Description</u></font>
      </td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.31</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Services
        Agreement, dated November 7, 2000, between Coca-Cola FEMSA and FEMSA Log&#237;stica
        (with 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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.32</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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. (with English translation) (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.33</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">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. (with English translation) (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>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        4.34</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Memorandum
        of Understanding, dated as of March 11, 2003, by and among Panamco, as
        seller, and The Coca-Cola Company, as buyer (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. 1-2290)).
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        8.1</font></td>
      <td width=534 valign=top> <font face="Times New Roman" size="2" color="black">Significant
        Subsidiaries.
        </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2">Exhibit
        12.1</font></td>

    <td width=534 valign=top> <font face="Times New Roman" size="2">CEO Certifications
      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated <br>
      April 5, 2004. </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font face="Times New Roman" size="2" color="black">Exhibit
        12.2</font></td>

    <td width=534 valign=top> <font face="Times New Roman" size="2">CFO Certifications
      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated <br>
      April 5, 2004. </font></td>
    </tr>
    <tr>
      <td width=114 valign=top>&nbsp;</td>
      <td width=534 valign=top>&nbsp;</td>
    </tr>
    <tr>
      <td width=114 valign=top> <font size="2">Exhibit 13.1</font></td>

    <td width=534 valign=top> <font size="2">Officer Certification pursuant to
      Section 906 of the Sarbanes-Oxley Act of 2002, dated <br>
      April 5, 2004. </font></td>
    </tr>
  </table>

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

<table width=600><tr><td width=4% align=left valign=top><font size="1">* </font></td>
      <td width=2%>&nbsp;</td>
      <td width=94%><font size="1">Portions
of Exhibit 4.31 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"> 115</font></td>
      <td 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><font size="2">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></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"> 116</font></td>
      <td 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 align="center"><font size="2"><b>SIGNATURE</b></font></p>

  <p><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&nbsp;20-F and has duly caused this Annual Report to be
    signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

  <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: April 5, 2004</font></p>

<p>
  <table width=100%>
    <tr>
      <td width="47%">&nbsp;</td>
      <td valign="bottom" align="left" colspan="2"><font size=2>COCA-COLA FEMSA,
        S.A. de C.V. </font></td>
    </tr>
    <tr valign="top">
      <td width="47%">&nbsp;</td>
      <td width="5%" align="right">&nbsp;</td>
      <td width="48%">&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width="47%">&nbsp;</td>
      <td width="5%" align="right">
        <p><font size=2>By: /s/&nbsp; &nbsp;</font> </p>
      </td>
      <td width="48%">
        <p><font size=2><u>H<font size="1">&#201;CTOR</font> T<font size="1">REVI&#209;O</font>
          G<font size="1">UTI&#201;RREZ</font></u><br>
          H&#233;ctor Trevi&#241;o Guti&#233;rrez</font></p>
      </td>
    </tr>
  </table>
  <p>&nbsp;
  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> 117</font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <p>&nbsp;








<p><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
<p>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="e17118deloittelogo.gif" width="126" height="29"></td>
  </tr>
</table>
<p>
<p>
<p>
<p>
<table width=600>
  <tr>
    <td><font size=2><b>INDEPENDENT AUDITORS&#146; REPORT<br>
      To the Board of Directors and Stockholders of 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
      (the &#147;Company&#148;) as of December 31, 2003 and 2002, and the related
      consolidated statements of income, changes in financial position and changes
      in stockholders&#146; equity for each of the three years in the period ended
      December 31, 2003, all expressed in thousands of Mexican pesos of purchasing
      power as of December 31, 2003. 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, such consolidated financial statements present
      fairly, in all material respects, the financial position of Coca-Cola FEMSA,
      S.A. de C.V. and subsidiaries as of December 31, 2003 and 2002, and the
      results of their operations, changes in their financial position and changes
      in their stockholders&#146; equity for each of the three years in the period
      ended December 31, 2003, 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 2, the Company acquired Panamerican
      Beverages, Inc. on May 6, 2003, incorporating its results of operations
      since the date of acquisition, as a result of which the 2003 consolidated
      results of operations and consolidated financial position are not comparable
      with those of the prior years.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>As mentioned in Note 5, effective January 1, 2003, the Company
      adopted new bulletins C-8 &#147;Intangible Assets&#148; and C-9 &#147;Liabilities,
      Provisions, Contingent Assets and Liabilities and Commitments&#148;. Additionally,
      effective January 1, 2001, the Company adopted Bulletin C-2 &#147;Financial
      Instruments&#148;.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Accounting principles generally accepted in Mexico vary in
      certain significant respects from accounting principles generally accepted
      in the United States of America. The application of the latter would have
      affected the determination of income for each of the three years in the
      period ended December 31, 2003, and the determination of stockholders&#146;
      equity at December 31, 2003 and 2002, to the extent summarized in Note 26.</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 3. 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>Galaz, Yamazaki, Ruiz Urquiza, S. C.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>A member firm of Deloitte Touche Tohmatsu</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>C. P. C. Jorge Alamillo Sotomayor</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Mexico City, Mexico<br>
      February 9, 2004</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">&nbsp;F-1 </font></td>
    <td width=60 align=right>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
<div class=Section1> <br>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td><b><font size="2">Translation of financial statements originally issued
        in Spanish</font></b><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2"><b>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</b></font></td>
    </tr>
    <tr>
      <td><font size="2"><i><font size="2"><i><font size="4"><b><font size="3">Consolidated
        Balance Sheets</font></b></font></i></font><font size="3"></font></i></font></td>
    </tr>
    <tr>
      <td><font size="2"><font size="1">At December
        31, 2003 and 2002<br>
        Amounts expressed in thousands of US Dollars ($) and in thousands of constant
        Mexican Pesos (Ps.) as of December 31, 2003</font></font></td>
    </tr>
  </table>
  <br>
  <table border="0" cellspacing="0" cellpadding="0" width="640">
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2"><b>ASSETS</b></font></td>
      <td colspan="6" align="center"><font size="2"><b>2003</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td align="center"><font size="2"></font></td>
      <td colspan="2" align="center"><b>&nbsp;&nbsp;<font size="2">2002</font></b>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2"><b>Current Assets:</b></font></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Cash and cash equivalents</font></td>
      <td align="right"><font size="2">$</font></td>
      <td align="right"><font size="2">247,729</font></td>
      <td align="left">&nbsp;</td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2">2,783,233 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2">6,429,449</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Accounts receivable</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2"> </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">119,084 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">1,337,910</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">581,014 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">7,566 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">85,002 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">12,770 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">34,766 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">390,607</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">214,452 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">161,416</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">1,813,519 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">808,236</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Recoverable taxes</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">96,864 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">1,088,272</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">251,546 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Inventories</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">194,631</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">2,186,675</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">798,635 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Prepaid expenses</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">17,982 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">202,015 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">76,519 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2">Total Current Assets</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">718,622 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">8,073,714</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">8,364,385</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2"><b>Property, Plant and Equipment:</b></font></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>
      <td align="right">&nbsp;</td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Land</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">221,120</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">2,484,283 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">819,901 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Buildings, machinery and equipment</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">2,141,467</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">24,059,383 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">9,373,780</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Accumulated depreciation</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">(924,395</font></td>
      <td align="left"><font size="2">)</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">(10,385,578</font></td>
      <td align="left"><font size="2">)</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">(3,441,413</font></td>
      <td align="left"><font size="2">)</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Construction in progress</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">59,757 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">671,374</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">381,477</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;&nbsp;Bottles and cases</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">84,318</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">947,315 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">302,793 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2">Total Property, Plant and Equipment, Net</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">1,582,267 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">17,776,777</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">7,436,538</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2"><b>Investments in Shares</b></font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">41,865 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">470,355 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">131,861</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2"><b>Other assets, Net</b></font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">122,637 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">1,377,828</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">885,139</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2"><b>Intangible assets, Net</b></font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">3,001,431 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">33,721,079</font></td>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><font size="2">268,746 </font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td><font size="2"><b>TOTAL ASSETS</b></font></td>
      <td align="right"><font size="2">$</font></td>
      <td align="right"><font size="2">5,466,822 </font></td>
      <td align="left">&nbsp;</td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2">61,419,753</font></td>
      <td align="left">&nbsp;</td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2">17,086,669</font></td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10">
        <hr noshade size="2">
      </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">&nbsp;F-2 </font></td>
      <td width=60 align=right>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
 <br>
    <br>

  <table border="0" cellspacing="0" cellpadding="0" width="640">
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"><b>LIABILITIES AND STOCKHOLDERS&#146;
        EQUITY</b></font></td>
      <td colspan="6" align="center"><font size="2"><b>2003</b></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td colspan="2" align="center"><font size="2"><b>2002</b></font><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"><b>Current Liabilities:</b></font></td>
      <td><font size="2"></font></td>
      <td>&nbsp;</td>
      <td><font size="2"></font></td>
      <td><font size="2">.</font></td>
      <td>&nbsp;</td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"> &nbsp;&nbsp;&nbsp;Bank loans and interest </font></td>
      <td align="right"><font size="2">$</font></td>
      <td align="right"><font size="2">180,905 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2">Ps</font></td>
      <td align="right"><font size="2">2,032,471</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2">74,762</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Current maturities of long-term debt</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">110,889</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 1,245,834 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">9,664 </font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"> &nbsp;&nbsp;&nbsp;Notes payable</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">5,242 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">58,889</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><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><font size="2">&nbsp;&nbsp;&nbsp;Suppliers</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">300,526 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 3,376,409</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">1,681,078</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Accounts payable</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">121,174</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 1,361,408</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">433,243</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Accrued taxes</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 91,206</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 1,024,704</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">236,289</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Other liabilities</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">27,082</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 304,241</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">255,864</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">Total Current Liabilities</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 837,024 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 9,403,956</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">2,690,900</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"><b>Long-term Liabilities:</b></font></td>
      <td align="right"><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"></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="right"><font size="2"></font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Long-term debt</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,315,176</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">26,011,000</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">3,295,968</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Notes payable</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,703</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 30,375</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><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><font size="2"> &nbsp;&nbsp;&nbsp;Pension plan</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 46,931</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">527,266</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">171,283</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"> &nbsp;&nbsp;&nbsp;Seniority premiums</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 4,705</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">52,861</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">22,034 </font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Deferred taxes</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 33,507</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">376,450</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">847,974 </font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Other liabilities</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 195,928</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,201,268</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">390,369</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">Total Long-term Liabilities</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,598,950</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 29,199,220</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">4,727,628</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">Total Liabilities</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">3,435,974</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 38,603,176</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">7,418,528</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"><b>Stockholders&#146;
        Equity:</b></font></td>
      <td align="right"><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"></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="right"><font size="2"></font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Minority interest in consolidated subsidiaries</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 14,549</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 163,459</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><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 colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;Majority interest:</font></td>
      <td align="right"><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"></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="right"><font size="2"></font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 236,355</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">2,655,453</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">2,463,868</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in
        capital</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 1,011,254</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">11,361,439</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">1,733,482</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings
        from prior years</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 841,177 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 9,450,618 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">6,789,817</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income for the
        year</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 205,771 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,311,842</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">2,660,801</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation
        adjustment</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> (127,118</font></td>
      <td align="left"><font size="2">)</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">(1,428,171</font></td>
      <td align="left"><font size="2">)</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">(1,039,670</font></td>
      <td align="left"><font size="2">)</font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative result
        of holding</font> <font size="2">nonmonetary assets</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> (151,140</font></td>
      <td align="left"><font size="2">)</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> (1,698,063</font></td>
      <td align="left"><font size="2">)</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">(2,940,157</font></td>
      <td align="left"><font size="2">)</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">Total majority interest</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,016,299</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 22,653,118 </font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">9,668,141</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">Total Stockholders&#146; Equity</font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2"> 2,030,848</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">22,816,577</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2"></font></td>
      <td align="right"><font size="2">9,668,141</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"><b>TOTAL LIABILITIES AND
        STOCKHOLDERS&#146; EQUITY</b></font></td>
      <td align="right"><font size="2">$</font></td>
      <td align="right"><font size="2"> 5,466,822</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2"> 61,419,753</font></td>
      <td align="left"><font size="2"></font></td>
      <td align="right"><font size="2">Ps.</font></td>
      <td align="right"><font size="2">17,086,669</font></td>
      <td align="left"><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="10"><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font>
        <hr noshade size="2">
      </td>
    </tr>
    <tr valign="bottom">
      <td><font size="2"><font size="1">The accompanying
        notes are an integral part of these consolidated balance sheets.</font></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">&nbsp;&nbsp;</font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
    </tr>
    <tr valign="bottom">
      <td><font size="2">Mexico City, February 9, 2004</font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
      <td><font size="2"></font></td>
    </tr>
  </table>
  <p class=MsoNormal><br>
    <br>
  </p>
  <table width="640" border="0" cellspacing="0" cellpadding="0">
    <tr align="center">
      <td><font size="2">Carlos Salazar Lomel&#237;n<br>
        Chief Executive Officer </font></td>
      <td><font size="2">H&#233;ctor Trevi&#241;o Guti&#233;rrez<br>
        Chief Financial and Administrative Officer
        </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">&nbsp;F-3 </font></td>
      <td width=60 align=right>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
  <br>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td><b><font size="2">Translation of financial statements originally issued
        in Spanish</font></b><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2"><b>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</b></font></td>
    </tr>
    <tr>
      <td><font size="2"><i><font size="4"><b><font size="3">Consolidated
        Income Statements</font></b></font></i></font></td>
    </tr>
    <tr>
      <td><font size="2"><font size="1">For the
        years ended December 31, 2003, 2002 and 2001<br>
        Amounts expressed in thousands of US Dollars ($) and in thousands of constant
        Mexican Pesos (Ps.) as of December 31, 2003</font></font></td>
    </tr>
  </table>

  <br>
  <table border=0 cellspacing=0 cellpadding=0 width="640">
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p>&nbsp;</p>
      </td>
      <td colspan="6" align="center">
        <p><font size="1"><b>2003</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>&nbsp;</b></font></p>
      </td>
      <td align="center">
        <p><font size="1"><b>2002</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>&nbsp;</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>&nbsp;</b></font></p>
      </td>
      <td align="center">
        <p><font size="1"><b>&nbsp;2001</b></font></p>
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Net sales</font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">3,158,596 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">35,486,829 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps. </font></p>
      </td>
      <td align="right">
        <p><font size="1">18,518,634 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">17,636,475</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Other operating revenues</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">21,592 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">242,588 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">148,879 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">135,089 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Total revenues</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,180,188</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">35,729,417</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">18,667,513</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">17,771,564 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Cost of sales</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,600,387</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">17,980,349</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">8,680,755 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">8,255,731</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Gross profit</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,579,801</font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">17,749,068</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">9,986,758 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">9,515,833 </font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Operating expenses:</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Administrative</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">207,735 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,333,900 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,474,810 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,357,739</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">774,793 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">8,704,808 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,844,503 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,993,292</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">982,528 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">11,038,708</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">5,319,313</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">5,351,031 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Amortization of goodwill</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">40,635</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">108,253 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Income from operations</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">597,273 </font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">6,710,360</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,626,810 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,056,549</font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Integral result of financing:</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">138,091 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,551,452</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">348,379 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">343,435 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Interest income</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(20,208</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(227,039</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(263,986</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(287,692</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss,
          net</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">180,500 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,027,922</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(249,961</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(10,330</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on monetary position</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(77,512</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(870,843</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(394,776</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">84,183 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;220,871 </font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,481,492 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(560,344</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">129,596 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Other expense, net</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">21,238</font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">238,586 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">614,240 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">44,147 </font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Income for the year before income taxes, employee profit<br>
          &nbsp;&nbsp;&nbsp;&nbsp;sharing and change in accounting principles</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">355,164 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,990,282</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,572,914 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,882,806</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Income taxes and employee profit sharing</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">&nbsp;147,594 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,658,229</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,912,113</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,526,743 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Income for the year before change in accounting principles
          </font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">207,570 </font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,332,053</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,660,801</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,356,063 </font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Change in accounting principles</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">30,124 </font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Net income for the year</font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">207,570 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,332,053 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps. </font></p>
      </td>
      <td align="right">
        <p><font size="1">2,660,801</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,325,939</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="2">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Minority net income</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,799 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">20,211 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Majority net income</font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">205,771 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,311,842 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,660,801 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,325,939</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="2">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Weighted average shares outstanding (in thousands)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,704,250</font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,704,250 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,425,000 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,425,000</font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Income per share before change in accounting principles
          </font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">0.12 </font></p>
      </td>
      <td align="left">&nbsp;</td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">1.36 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">1.87 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">1.65 </font></p>
      </td>
      <td align="left">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Majority net income per share </font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">0.12 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">1.36 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">1.87 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">1.63 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="2">
      </td>
    </tr>
    <tr valign="bottom">
      <td colspan="13"><font size="1">The accompanying notes are an integral part
        of these consolidated statements. </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">&nbsp;F-4 </font></td>
      <td width=60 align=right>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
  <br>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td><b><font size="2">Translation of financial statements originally issued
        in Spanish</font></b><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2"><b>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</b></font></td>
    </tr>
    <tr>
      <td><font size="2"><i><font size="2"><i><font size="4"><b><font size="3">Consolidated
        Statements of Changes in Financial Position</font></b></font></i></font><font size="3"></font></i></font></td>
    </tr>
    <tr>
      <td><font size="2"><font size="1">For the
        years ended December 31, 2003, 2002 and 2001<br>
        Amounts expressed in thousands of US Dollars ($) and in thousands of constant
        Mexican Pesos (Ps.) as of December 31, 2003</font></font></td>
    </tr>
  </table>
  <br>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p><font size="1"><b>2003</b></font></p>
      </td>
      <td><font size="1"></font></td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
      <td>
        <p><font size="1"><b>&nbsp;</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>2002</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>&nbsp;</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>&nbsp;</b></font></p>
      </td>
      <td>
        <p><font size="1"><b>&nbsp;2001</b></font></p>
      </td>
      <td><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>RESOURCES GENERATED BY (USED IN):</b></font></p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>Operating Activities:</b></font></p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td>
        <p>&nbsp;</p>
      </td>
      <td><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;Net income for the year</font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">207,570 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,332,053 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,660,801 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps. </font></p>
      </td>
      <td align="right">
        <p><font size="1">2,325,939</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">&nbsp;&nbsp;&nbsp;Depreciation</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">86,115 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">967,490 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">572,211 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">638,261 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> Breakage of bottles and cases</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">24,359 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">273,670 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> 200,801 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">208,212 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> Goodwill amortization and impairment</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">497,829</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">108,253</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> Amortization and other</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">67,214 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">755,154 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">310,352 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">152,818 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">385,258 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,328,367</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,241,994</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,433,483 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b> Working capital:</b></font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Accounts receivable</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">18,497 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">207,809 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">197,145 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(188,522</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Inventories</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(33,164</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(372,600</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(226,701</font></p>
      </td>
      <td align="left">
        <p><font size="1"> )</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (152,897</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Prepaid expenses and recoverable
          taxes</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(52,460</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(589,387</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(590,382</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">16,353 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Suppliers</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(11,710</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(131,562</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p><font size="1"> </font></p>
      </td>
      <td align="right">
        <p><font size="1">59,449</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">279,758 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Accounts payable and other</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(84,825</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (953,004</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">214,441 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (39,490</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Accrued taxes</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (9,591</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (107,754</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">113,481 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">162,945 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Interest payable</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">14,654 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">164,643 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">5,106 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (6,640</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Pension plan and seniority premiums</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (2,716</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(30,513</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(9,552</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">15,081 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">NET RESOURCES GENERATED BY OPERATING ACTIVITIES</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">223,943 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,515,999 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,004,981 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">3,520,071</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>Investing Activities:</b></font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Panamerican Beverages, Inc. acquisition</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(2,638,932</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p><font size="1"> </font></p>
      </td>
      <td align="right">
        <p><font size="1">(29,648,404</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Property, plant and equipment</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (138,403</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (1,554,957</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p><font size="1"> </font></p>
      </td>
      <td align="right">
        <p><font size="1">(919,585</font></p>
      </td>
      <td align="left">
        <p><font size="1"> )</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(770,242</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Retirements of property, plant and
          equipment</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">- </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">134,591</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"> &nbsp;&nbsp;&nbsp;Investments in shares and other assets</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (31,637</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (355,448</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (490,121</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (229,650</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">NET RESOURCES USED IN INVESTING ACTIVITIES</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (2,808,972</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(31,558,809</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(1,409,706</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (865,301</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1"><b>Financing Activities:</b></font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Amortization in real terms of financing</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">80,693 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">906,587 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">245,402 </font></p>
      </td>
      <td align="left">
        <p><font size="1"> </font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(281,186</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Translation adjustment in foreign subsidiaries</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(34,580</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (388,501</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(515,251</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">641,181 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Proceeds from issuance of long-term debt</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,388,417 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">15,598,869 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (21,638</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (19,329</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Dividends paid</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(608,260</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (331,447</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Other liabilities</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (48,057</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (539,903</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">19,194 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">133,888</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Increase in capital stock</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">874,014 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">9,819,542 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">-</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">NET RESOURCES OBTAINED FROM (USED IN) FINANCING ACTIVITIES</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,260,487 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">25,396,594 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (880,553</font></p>
      </td>
      <td align="left">
        <p><font size="1">)</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">143,107 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Decrease in cash and cash equivalents</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">(324,542</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1"> (3,646,216</font></p>
      </td>
      <td align="left"><font size="1">)</font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,714,722 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">2,797,877</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">Cash and cash equivalents at beginning of the year</font></p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">572,271 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">6,429,449 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">4,714,727 </font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">1,916,850</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td>
        <p><font size="1">CASH AND CASH EQUIVALENTS AT END OF THE YEAR</font></p>
      </td>
      <td align="right">
        <p><font size="1">$</font></p>
      </td>
      <td align="right">
        <p><font size="1">247,729 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">2,783,233</font></p>
      </td>
      <td align="left"><font size="1"></font></td>
      <td align="right">
        <p><font size="1">Ps. </font></p>
      </td>
      <td align="right">
        <p><font size="1">6,429,449</font></p>
      </td>
      <td align="left">
        <p>&nbsp;</p>
      </td>
      <td align="right">
        <p><font size="1">Ps.</font></p>
      </td>
      <td align="right">
        <p><font size="1">4,714,727 </font></p>
      </td>
      <td align="left"><font size="1"></font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <hr noshade size="2">
      </td>
    </tr>
    <tr valign="bottom">
      <td colspan="13">
        <p><font size="1">The accompanying notes are an integral part of these
          consolidated statements of changes in financial position.</font></p>
      </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">&nbsp;F-5 </font></td>
      <td width=60 align=right>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
  <br>
  <b><font size="2">Translation of financial statements originally issued in Spanish<br>
  <br>
  Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries<br>
  <i>Consolidated Statements of Changes in Stockholders&#146; Equity</i></font></b><br>
  <font size="2">For the years ended December 31, 2003, 2002 and 2001<br>
  Amounts expressed in thousands of constant Mexican Pesos (Ps.) as of December
  31, 2003 <br>
  <br>
  </font>
  <table border=0 cellspacing=0 cellpadding=0 width=640>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="1">
      </td>
    </tr>
    <tr align="center">
      <td nowrap valign=bottom> <font size="1"><b>Description</b></font></td>
      <td nowrap valign=bottom>&nbsp; </td>
      <td nowrap valign=bottom> <font size="1"><b>Capital <br>
        Stock</b></font></td>
      <td nowrap valign=bottom>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td nowrap valign=bottom> <font size="1"><b>Additional<br>
        Paid-in<br>
        Capital</b></font></td>
      <td nowrap valign=bottom>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td nowrap valign=bottom colspan="2"> <font size="1"><b>Retained<br>
        Earnings<br>
        from Prior <br>
        Years</b></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Consolidated Balances at December
        31, 2000</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,463,868 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">1,733,482 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 4,002,649 </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="2">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Transfer of income of prior year</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 1,400,936 </font></td>
      <td nowrap valign=bottom align="left"><font size="2">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Dividends declared and paid</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (331,447</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Comprehensive income</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Consolidated Balances at December
        31, 2001</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,463,868 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">1,733,482 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 5,072,138 </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="2">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Transfer of income of prior year</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 2,325,939 </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Dividends declared and paid</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (608,260</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Comprehensive income </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Consolidated Balances at December
        31, 2002</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,463,868 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">1,733,482 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 6,789,817 </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="2">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Minority interest at Panamerican
        Beverages, Inc. acquisition</font></td>
      <td nowrap valign=bottom>&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Increase in capital stock </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">191,585 </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">9,627,957 </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Transfer of income of prior year</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 2,660,801 </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2">Comprehensive income</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom> <font size="2"><b>Consolidated Balances at December
        31, 2003</b></font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,655,453 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">11,361,439 </font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 9,450,618 </font></td>
      <td nowrap valign=bottom align="left"><font size="2"></font></td>
    </tr>
    <tr align="center">
      <td nowrap colspan=8 valign=bottom>
        <hr noshade size="2">
      </td>
    </tr>
    <tr align="left">
      <td nowrap colspan=8 valign=bottom><font size="1">The accompanying notes
        are an integral part of these consolidated statements of changes in stockholders&#146;
        equity.</font></td>
    </tr>
  </table>
  <p><font size="2">Transfer of additional paid in capital to capital stock</font>
    <br>
  </p>
  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2">&nbsp;F-6 </font></td>
      <td width=60 align=right>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <p>&nbsp; </p>
  <table border=0 cellspacing=0 cellpadding=0 width=640>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom>
        <p>&nbsp;</p>
      </td>
      <td nowrap valign=bottom align="center"> <b><font size="1">Net<br>
        Income for<br>
        the Year</font></b></td>
      <td nowrap valign=bottom align="center">&nbsp;</td>
      <td nowrap valign=bottom align="center">&nbsp; </td>
      <td nowrap valign=bottom align="center"> <b><font size="1">Cumulative<br>
        Translation<br>
        Adjustment</font></b></td>
      <td nowrap valign=bottom align="center">&nbsp;</td>
      <td nowrap valign=bottom align="center">&nbsp; </td>
      <td nowrap valign=bottom align="center"> <b><font size="1">Cumulative<br>
        Result of Holding<br>
        Nonmonetary<br>
        Assets</font></b></td>
      <td nowrap valign=bottom align="center">&nbsp;</td>
      <td nowrap valign=bottom align="center">&nbsp; </td>
      <td nowrap valign=bottom align="center"> <b><font size="1">Total<br>
        Majority<br>
        Interest</font></b></td>
      <td nowrap valign=bottom align="center">&nbsp;</td>
      <td nowrap valign=bottom align="center">&nbsp; </td>
      <td nowrap valign=bottom align="center"> <b><font size="1">Minority<br>
        Interest in<br>
        Consolidated<br>
        Subsidiaries</font></b></td>
      <td nowrap valign=bottom align="center">&nbsp;</td>
      <td nowrap valign=bottom align="center">&nbsp; </td>
      <td nowrap valign=bottom align="center"> <b><font size="1">Total<br>
        Stockholders&#146;<br>
        Equity</font></b></td>
      <td nowrap valign=bottom align="center">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">1,400,936 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (1,165,600</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (2,224,946</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">6,210,389 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 6,210,389 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="2">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (1,400,936</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (331,447</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (331,447</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">2,325,939 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 641,181 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (682,866</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">2,284,254 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 2,284,254 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,325,939 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (524,419</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (2,907,812</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">8,163,196 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 8,163,196 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="2">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (2,325,939</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (608,260</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (608,260</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">2,660,801 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (515,251</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (32,345</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">2,113,205 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 2,113,205 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,660,801 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (1,039,670</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (2,940,157</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">9,668,141 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 9,668,141 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="2">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">143,248 </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 143,248 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">9,819,542 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 9,819,542 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (2,660,801</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> - </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">2,311,842 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> (388,501</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 1,242,094 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">3,165,435 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2">20,211 </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right">&nbsp; </td>
      <td nowrap valign=bottom align="right"> <font size="2"> 3,185,646 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">2,311,842 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (1,428,171</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> (1,698,063</font></td>
      <td nowrap valign=bottom align="left"><font size="2">)</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">22,653,118 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2">163,459 </font></td>
      <td nowrap valign=bottom align="right">&nbsp;</td>
      <td nowrap valign=bottom align="right"> <font size="2">Ps.</font></td>
      <td nowrap valign=bottom align="right"> <font size="2"> 22,816,577 </font></td>
      <td nowrap valign=bottom align="left">&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=bottom colspan="18">
        <hr noshade size="2">
      </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">&nbsp;F-7 </font></td>
      <td width=60 align=right>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
  <br>
</div>
<table width=600><tr>
    <TD ALIGN="LEFT"><font size=2><B><font size="3">Coca-Cola FEMSA, S.A. de C.V.
      and Subsidiaries<br>
      </font></B><font size="3"><i><font size="4">Notes to the Consolidated Financial
      Statements <br>
      </font><font size=2><i>At December 31, 2003, 2002 and 2001 <br>
      </i></font></i><font size="1">Amounts expressed in thousands of US Dollars
      ($) and in thousands of constant Mexican Pesos (Ps.) as of December 31,
      2003 </font><font size=2></font></font></font>
      <hr noshade size="2">
    </td>
  </tr></table>

<p>
<p>
<p>
<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.  (&#147;FEMSA&#148;),  which  indirectly owns
45.7% of the  capital  stock  (53.6% of the voting  shares),  and The  Coca-Cola
Company,  which  indirectly  owns 39.6% of the capital  stock.  The  remaining  14.7% 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 Mexico, Central America
(Guatemala, Nicaragua, Costa Rica  and Panama), Colombia, Venezuela, Brazil and Argentina.</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.  Acquisition of  Panamerican
Beverages, Inc.</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 Ps.
29,518,105  excluding  transaction  expenses.  As part of the acquisition,  the Company
assumed Ps. 9,084,963 of net debt and incurred  transaction  costs of Ps.  388,436,
which  consisted of financial,  advisory and legal fees that were  capitalized  as
adjustments to the purchase  price.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The results of Panamco&#146;s operations have been
included in the consolidated  financial statements since the date of acquisition, as a
result of which the  2003 results of operations and balance sheet are not comparable with
those of  the prior year. The 2003 statement of changes in financial position has been
reclassified to present the effects of the acquisition and incorporation of  Panamco as a
single line item.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At the acquisition date, Panamco produced and
distributed Coca-Cola trademark  beverages in its bottling territories in Mexico,
Guatemala, Nicaragua, Costa  Rica, Panama, Colombia, Venezuela and Brazil, along with
bottled water and other  beverages in some of these territories and beer in Brazil. The
results of  Panamco&#146;s operations have been included in the consolidated financial
statements  since the date of acquisition.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The transaction was financed with an equity
contribution from FEMSA of Ps.  2,778,674, an exchange of The Coca-Cola Company&#146;s equity
interests in Panamco  valued at Ps. 7,040,868, for new shares of Coca-Cola FEMSA, cash on
hand of Ps.  2,820,351, and new indebtedness in Mexican pesos and US dollars in the
amount of  Ps. 17,266,648.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The exchange of equity interests of The
Coca-Cola Company as well as the capital  increase from FEMSA generated additional
paid-in capital in majority  stockholders&#146; equity, since the shares were subscribed at a
value greater than  the book value of the shares at the subscription date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The acquisition of Panamco&#146;s operations has
great strategic importance for  Coca-Cola FEMSA, because it positions the Company as: </font></td></tr></table>

<p><table width=600><tr><td><font size=2>a) A strong multinational  bottler, assuring its
growth in a consolidating environment. </font></td></tr></table>


<p><table width=600><tr><td><font size=2>b) The largest  Coca-Cola bottler in Mexico and
Latin America, with great potential for creating  synergies.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The fair values of the assets acquired and
liabilities assumed 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-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><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign=top colspan="3">
      <hr noshade size="2">
    </td>
  </tr>
  <tr>
    <td valign=top colspan="3">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Cash and cash equivalents</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">679,861</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Other current assets</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">2,677,093</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Property, plant and equipment</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">9,658,441</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Other assets</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">2,291,636</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Rights to produce and distribute Coca-Cola trademark products</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">33,419,830</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="3">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Total assets acquired</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">48,726,861</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Short-term debt</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">3,330,551</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Current liabilities</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">4,787,435</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Long-term debt</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">6,434,273</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Other long-term liabilities</font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">3,147,088</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="3">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Total liabilities assumed </font></td>
    <td align="right"> <font size="2">&nbsp;</font></td>
    <td align="right"> <font size="2">17,699,347</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="3">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Net assets acquired</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">31,027,514</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="3">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 3.  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 25. A reconciliation from Mexican GAAP to US
GAAP is included in Note 26.</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, 2003 of 11.235 Mexican
      pesos to one US dollar.</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 or  indirectly a majority of the outstanding voting 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><B>Note 4.  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 and in
accordance with accounting  principles generally accepted in each country. For
incorporation into the  Company&#146;s consolidated financial statements, they are adjusted to
Mexican GAAP  and are restated to the purchasing power of the local currency at the end
of the  year by applying the inflation factors of the country of origin and are
subsequently translated into Mexican pesos using the year-end exchange rate.</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>When the Company designates foreign subsidiary
net investment as an economic  hedge of its own financing acquisition, the accounting
treatment for the  integral result of financing is 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
foreign exchange gain or loss is recorded as part of the cumulative  translation
adjustment, to the extent the net investment in the foreign  subsidiary covers the debt,
net of taxes. The foreign exchange gain or loss  associated with any unhedged portion of
such debt is recorded in the  integral result of financing.</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
monetary position result is computed using the inflation factors of the  country in which
the acquired subsidiary is located to the extent the net  investment in the foreign
subsidiary covers the debt. The unhedged portion  of such debt is calculated using
inflation factors of the country of the  company that contracts the financing. The total
effect is recorded in the  integral result of financing.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>When the Company has not designated an economic
hedge, the foreign exchange gain  or loss and gain or loss on monetary position are
recorded in the integral  result 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"> 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;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->



<p><table width=600><tr><td><font size=2>The monetary position result and exchange gain
or loss on intercompany foreign  currency denominated balances that are considered to be
of a  long-term-investment nature (that is, settlement is not planned or anticipated  in
the foreseeable future), are reflected in cumulative translation adjustment  in the
stockholders&#146; equity.</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. Due to 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  performed a valuation of its investment in Coca-Cola FEMSA de Buenos Aires, S.A.
(&#147;Coca-Cola FEMSA de Buenos Aires&#148;) based on market price value multiples of
comparable businesses. The valuation resulted in the recognition of an  impairment of
goodwill of Ps. 457,194, which was recorded in results of 2002. 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>In January 2003, the Venezuelan government
suspended the exchange of bolivars  for US dollars, and in February 2003, implemented an
exchange control regime,  under which it created a foreign exchange control agency
(CADIVI) that approves  all foreign currency transactions and instructs the Central Bank
of Venezuela  (BCV) to release foreign currency to approved companies. Under the exchange
control regime, approved US dollars are released by the BCV at the official  exchange
rate of 1,600 bolivars per US dollar. For most of 2003, releases had  been minimal in
relation to amounts requested. In view of the uncertainties  regarding the availability
of US dollars at the official rate, the Company has  used the last available
market-closing rate of 1,853 to translate the financial  statements of its Venezuelan
subsidiary into Mexican pesos. In February 6, 2004,  a devaluation of the bolivar to
1,920 bolivars per U.S. dollar was announced in  the Gaceta Oficial. (Official Gazzette)</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Company has not designated any investment in
foreign subsidiary as an  economic hedge of the liabilities incurred to acquire Panamco&#146;s
territories.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 5.  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. 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><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><font size=2><B>a)&nbsp;&nbsp;&nbsp; Recognition of the Effects of Inflation:</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recognition of
the effects of inflation in the financial  information consists of:</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>Restating
non-monetary assets such as inventories and fixed assets,  including related costs and
expenses when such assets are consumed or  depreciated.</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>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 generated through the use of inflation factors.</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>Including
in stockholders&#146; equity the cumulative effect of holding  non-monetary assets, which is
the net difference between changes in  the replacement cost of non-monetary assets and
adjustments based upon  inflation factors.</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>Including
in the cost of financing the purchasing power gain or loss from  holding monetary items.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Company restates its consolidated financial
statements in terms of the  purchasing power of the Mexican peso as of the most recent
balance sheet  date by using inflation 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>&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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<!-- MARKER PAGE="sheet: 4; page: 4" -->



<p><table width=600><tr><td><font size=2>Financial information for the Mexican
subsidiaries for prior years was  restated using Mexican inflation 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 current year-end exchange rate of the Mexican peso.  Accordingly, the amounts are
comparable with each other and with the  preceding years since all are expressed in the
purchasing power of the  same currency as of the end of the latest year presented.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><font size="2"><b> Cash
and Cash Equivalents:</b></font></td></tr></table>

<P><table width=600><tr>
    <td width=5% valign=top><font size="2"> </font></td>
    <td width=95%><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 brokerage houses valued at the quoted market prices (See
      note 17).</font></td>
  </tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>c) </b></font></td><td width=95%><font size="2"><b> Inventories
and Cost of Sales:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The value
of inventories is adjusted to replacement cost, without  exceeding market value. Advances
to suppliers to purchase raw materials  and spare parts are included in the inventory
account and are restated by  applying inflation factors, considering their average age.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Cost of
sales is determined based on replacement cost at the time of sale.  Cost of sales
includes expenses related to raw materials used in  production process, 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=5% valign=top><font size="2"><b>d) </b></font></td><td width=95%><font size="2"><b> Prepaid
Expenses:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 recognized  in the income statement in the month in
which the services or benefits are  received. Prepaid expenses are principally
represented by advertising,  promotional and leasing expenses.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 at the
time the  advertising takes place.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 period,  during which they are estimated to increase sales of the
related products  or presentations to normal operating levels, which is generally one
year.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>e) </b></font></td><td width=95%><font size="2"><b> Property,
Plant and Equipment:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">These assets
are initially recorded at their cost of acquisition and/or  construction cost. Property,
plant and equipment of domestic origin,  except bottles and cases (see Note 5 f), are
restated by applying  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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Depreciation is
computed using the straight-line method, based on the  value of the restated assets
reduced by their residual values. The Company  together with independent appraisers
determines depreciation rates,  considering the estimated remaining useful lives of the
assets.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The estimated
useful lives of the main assets are as follows:</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="2">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=525> <font size="2">Buildings and construction</font></td>
    <td width=75> <font size="2">40 years</font></td>
  </tr>
  <tr valign="bottom">
    <td width=525> <font size="2">Machinery and equipment</font></td>
    <td width=75> <font size="2">13 years</font></td>
  </tr>
  <tr valign="bottom">
    <td width=525> <font size="2">Distribution equipment</font></td>
    <td width=75> <font size="2">10 years</font></td>
  </tr>
  <tr valign="bottom">
    <td width=525> <font size="2">Other equipment</font></td>
    <td width=75> <font size="2">&nbsp;&nbsp;9 years</font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="2">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=5% valign=top><font size="2"><b>f) </b></font></td><td width=95%><font size="2"><b> Bottles
and Cases:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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>&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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">For financial
reporting purposes, breakage is recorded as an expense as it  is incurred.  Depreciation
is computed only for tax purposes using the  straight-line method at a rate  of 10% per
year. The Company estimates that  breakage expense is similar to the  depreciation
calculated based on an  estimated average useful life of approximately five  years for
returnable  glass bottles, five years for returnable cases and one year for  returnable
plastic bottles. For the years ended December 31, 2003, 2002 and 2001,  breakage expense
amounted to Ps. 273,670, Ps. 200,801 and Ps. 208,212,  respectively.  Bottles and cases
that have been placed in the hands of  customers and for which a  deposit from customers
has been received are  presented net of such deposits, and the  difference between the
cost of  these assets and the deposits received is amortized  according to their  useful
lives. The bottles and cases for which no deposit has been  received  are expensed when
placed in the hands of customers.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>g) </b></font></td><td width=95%><font size="2"><b> Investments
in Shares:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Investments in
shares of associated 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 and which do not have an
observable market value are  recorded at acquisition cost and restated based upon
inflation factors of  the country of origin. Investments in affiliated companies in which
the  Company does not have significant influence and which do have an  observable market
value are adjusted to market value, with such  adjustments reflected in earnings.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>h) </b></font></td><td width=95%><font size="2"><b> Other
Assets:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">This assets
represent payments whose benefits will be received in future  years, and consist 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>Refrigeration equipment, which is initially recorded
      at the cost of acquisition. Equipment of domestic origin is restated by
      applying domestic inflation factors. Imported equipment is restated by applying
      the inflation rate of the county of origin and then translated at the year-end
      exchange rate. Refrigeration equipment is amortized based on an estimated
      average useful life of approximately five years in 2003 and three years
      in 2002 and 2001. The effect of the change in useful life amounted to Ps.
      92,000 of additional income in 2003.</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>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 terms of such agreement, based on the volume sold by the customers.
      The term of these agreements is between three and four years.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3></font></td>
    <td width=2%></td>
    <td width=91%><font size=2>Prior to 2002, the amortization was included in
      operating expenses. Beginning in 2002, the Company adopted as a suppletory
      standard the provisions of Emerging Issues Task Force (&#147;EITF&#148;)
      No. 01-09, &#147;Accounting for Consideration Given by a Vendor to a Customer
      (Including a Reseller of the Vendor&#146;s Products)&#148; of the Financial Accounting
      Standards Board (&#147;FASB&#148;), which requires presenting the amortization
      of these capitalized amounts as a reduction of net sales.</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>Enterprise resource planning (ERP) system implementation
      costs incurred during the development stage, which are capitalized in accordance
      with Bulletin C-8, &#147;Activos Intangibles&#148; (Intangible Assets) (&#147;C-8&#148;)
      and are amortized using the straight-line method over four years. Expenses
      that do not fulfill the requirements for capitalization, such as research
      expenses, are expensed as incurred.</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>Leasehold improvements, which are restated by applying
      inflation factors and amortized using the straight-line method, over the
      terms of lease contracts.</font></td>
  </tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>i) </b></font></td><td width=95%><font size="2"><b> Intangible
Assets and Goodwill:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">These assets
represent payments whose benefits will be received in future  years. Beginning in 2003
the Company applies C-8, which establishes that  project development costs should be
capitalized if they fulfill the  criteria established for recognition as assets.
Additionally, C-8 requires  identifying all intangible assets to reduce as much as
possible the  goodwill associated with business combinations. Prior to 2003, the excess
of the purchase price over the fair value of the net assets acquired in a  business
combination was considered to be goodwill. With the adoption of  C-8, the Company
considers such excess to relate to the right to produce  and distribute Coca-Cola
trademark products. The Company separates  intangible assets between those with a finite
useful life and those with  an indefinite useful life, in accordance with the period over
which the  Company expects to receive the benefits.</font></td></tr></table>


<p>&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: 6; page: 6" -->



<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Intangible assets
with indefinite lives are not amortized, but are  periodically subject to an impairment
test. These represent the right to  manufacture, package, distribute, and sell Coca-Cola
trademark beverages  in the territories acquired. Those 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. The most
significant bottler agreements have terms of 10 years.  The bottler agreements are
automatically renewable for 10-year terms,  subject to non-renewal by either party. The
agreements are recorded in the  functional currency of the subsidiary in which the
investment was made and  are 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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Goodwill is
the difference between the price paid and the fair value of  the shares and/or net assets
acquired that was not assigned directly to an  intangible asset. 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. Goodwill is amortized over a period of not more than 20 years.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>j) </b></font></td><td width=95%><font size="2"><b> Impairment
of Goodwill and Long-Lived Assets:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The Company
reviews the carrying value of its goodwill and other 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 impairment exists,
management compares estimated future  discounted 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 width=5% valign=top><font size="2"><b>k) </b></font></td><td width=95%><font size="2"><b> Payments
from The Coca-Cola Company:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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. 1,498,436, Ps. 755,039
and Ps. 747,540  during the years ended December 31, 2003, 2002 and 2001, respectively.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 investment is recorded in &#147;Other assets&#148;, net of the  participation
of The Coca-Cola Company.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>l) </b></font></td><td width=95%><font size="2"><b> Labor
Liabilities:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 non-monetary and are restated using long-term
assumptions. The increase in labor liabilities of the year is charged to  expense in the
income statement.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Unamortized prior
service costs are recorded as expenses in the income  statement over the period during
which the employees will receive the  benefits of the plan, which in the case of pension
and retirement plans  and seniority premiums is 14 years since 1996.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Certain subsidiaries
of the Company 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=5% valign=top><font size="2"> </font></td><td width=95%><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. During the years ended December 31, 2003,
2002 and  2001, these payments amounted to Ps. 30,636, Ps. 76,577 and Ps. 27,026,
respectively.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>m) </b></font></td><td width=95%><font size="2"><b> Contingencies
and Commitments:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td>
    <td width=95%><font size="2">Beginning January 1, 2003, the Company adopted
      the provisions of new Bulletin C-9, &#147;Liabilities, Provisions, Contingent
      Assets and Liabilities and Commitments&#148; (&#147;C-9&#148;), which establishes
      additional guidelines clarifying the accounting for provisions, accruals
      and contingent liabilities, and establishes new standards for the use of
      present </font></td>
  </tr></table>


<p>&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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<!-- MARKER PAGE="sheet: 7; page: 7" -->



<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2"> value techniques
to measure liabilities and accounting for the early settlement  or substitution of
obligations. The adoption of C-9 did not have a  material impact on the Company&#146;s
financial position and results of  operations.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>n) </b></font></td><td width=95%><font size="2"><b> Revenue
Recognition:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>o) </b></font></td><td width=95%><font size="2"><b> Operating
Expenses:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Selling expenses
include:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=5% valign="top">
    <td width=5% valign="top"><font size="2">a) </font></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, 2003, 2002 and 2001, these  distribution costs
amounted to Ps. 2,803,654, Ps. 2,099,028 and Ps.  2,236,401, respectively.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=5% valign="top">
    <td width=5% valign="top"><font size="2">b) </font></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>

<P><table width=600>
  <tr>
    <td width=5% valign="top">
    <td width=5% valign="top"><font size="2">c) </font></td><td width=90%><font size="2">Marketing:
labor costs (salaries and other  benefits), promotions and advertising costs.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>p) </b></font></td><td width=95%><font size="2"><b> Income
Tax, Tax on Assets and Employee Profit Sharing:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Income taxes
and employee profit sharing are charged to results of the year  in which they are
incurred, including the deferred income tax that arises  from the temporary differences
between the accounting and tax bases of  assets and liabilities, including the tax loss
carryforward benefit.  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 basis for employee profit sharing  that are expected to
generate a benefit or liability within a defined  period.</font></td></tr></table>


<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The tax
on assets paid that is expected to be recovered is recorded as a  reduction of the
deferred tax liability. </font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The balance
of deferred taxes is  comprised of monetary and non-monetary 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=5% valign=top><font size="2"> </font></td><td width=95%><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 the 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.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 limited to 60% of the stockholders&#146;  participation. The provisions
for income taxes of the foreign countries have  been determined on the basis of the
taxable income of each individual  company and not on a consolidated basis.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>q) </b></font></td>
    <td width=95%><font size="2"><b> Integral Result of Financing: <br>
      <br>
      </b> The integral result of financing includes:</font></td>
  </tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"></font></td><td width=95%><font size="2">Interest:</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Interest income
and expenses are recorded when earned or incurred,  respectively.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Foreign Exchange
Gains and Losses:</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Transactions in
foreign currency are recorded in local currency 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 any foreign exchange gain or loss from financing
obtained for the  acquisition of foreign subsidiaries that is considered to be an
economic  hedge (see Note 4).</font></td></tr></table>

<p>&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;





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<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Gain (Loss)
on Monetary Position:</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">This is
the result of the effects of inflation on monetary items. The gain  (loss) on monetary
position is computed by applying inflation factors of the  country of origin to the net
monetary position at the beginning of each  month, excluding the financing contracted for
the acquisition of any foreign  subsidiaries that is considered to be an economic hedge
(see Note 4).</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The gain
(loss) on monetary position of foreign subsidiaries is translated  into Mexican pesos
using the year-end exchange rate.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>r) </b></font></td><td width=95%><font size="2"><b> Financial
Instruments:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The Company
frequently 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. If the
instrument is  used to manage the risks related with the financing operations, the effect
is recorded in interest expense or in the foreign exchange loss (gain),  depending on the
related contract.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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=5% valign=top><font size="2"> </font></td><td width=95%><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. 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. 30,124.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>s) </b></font></td><td width=95%><font size="2"><b> Cumulative
Result of Holding Non-monetary Assets:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">This represents
the sum of the differences between book values and  restatement values, as determined by
applying inflation factors to  non-monetary 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=5% valign=top><font size="2"><b>t) </b></font></td><td width=95%><font size="2"><b> Comprehensive
Income:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 non-monetary assets and is presented in
the consolidated  statement of changes in stockholders&#146; equity.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="2"><font size="2"><b>Note 6. Accounts Receivable</b></font><font size="2"><b></b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width=600 height="263">
  <tr valign="bottom">
    <td width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width=29> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width=78> <font size="2"><b>&nbsp;</b></font><font size="2"><b> 2003</b></font></td>
    <td align="right" width=51> <font size="2"><b>     </b></font></td>
    <td align="right" width=77> <font size="2"><b>&nbsp;</b></font><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Trade</font></td>
    <td align="right" width=29> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=78> <font size="2"><b>1,440,896</b></font></td>
    <td align="right" width=51> <font size="2">Ps.</font></td>
    <td align="right" width=77> <font size="2">592,903</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Allowance for doubtful accounts</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>(102,986)</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">(11,889)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Notes</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>85,002</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">12,770</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">The Coca-Cola Company</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>255,114</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">120,188</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Alpla, S.A. de C.V.</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>-</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">43,450</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Arteva, S.A. de C.V.</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>-</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">2,338</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Travel advances to employees</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>10,788</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">12,214</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Insurance claims</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>6,501</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">3,352</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Government bonds</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>23,172</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Receivables from sales of fixed assets</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>37,031</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Loans to employees</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>22,128</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">193</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Guarantee deposits</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>7,922</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">5,034</font></td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">Other</font></td>
    <td align="right" width=29> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=78> <font size="2"><b>27,951</b></font></td>
    <td align="right" width=51> <font size="2">&nbsp;</font></td>
    <td align="right" width=77> <font size="2">27,683</font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=365> <font size="2">&nbsp;</font></td>
    <td align="right" width=29> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=78> <font size="2"><b>1,813,519</b></font></td>
    <td align="right" width=51> <font size="2">Ps.</font></td>
    <td align="right" width=77> <font size="2">808,236</font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="5">
      <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-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: 9; page: 9" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=5% valign=top><font size="2"> </font></td>
    <td width=95%><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 size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">
      <div align="right"><font size="2"><b> 2003</b></font></div>
    </td>
    <td align="left">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">
      <div align="right"><font size="2"><b>2002</b></font></div>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Balance at the beginning of the year</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="left">
      <p align="right"><b><font size="2">11,889</font></b></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="left">
      <p align="right"><font size="2">8,888</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Provision for the year</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><b><font size="2">45,154</font></b></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><font size="2">18,891</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Write-offs</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><b><font size="2">(14,929)</font></b></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><font size="2">(15,439)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Panamco allowance at date of acquisition</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><b><font size="2">61,736</font></b></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Restatement of the balance at the beginning of the year</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><b><font size="2">(864)</font></b></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="left">
      <p align="right"><font size="2">(451)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Balance at the end of the year</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="left">
      <p align="right"><b><font size="2">102,986</font></b></p>
    </td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="left">
      <p align="right"><font size="2">11,889</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 7.  Inventories</B></font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2"><b>2002</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Finished products</font></p>
    </td>
    <td align="right" width=23>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">565,500</font></b></p>
    </td>
    <td width=21>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=23>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">220,988</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Raw materials</font></p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">1,210,939</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2">264,031</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Spare parts</font></p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">323,690</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2">86,171</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Advances to suppliers</font></p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">145,104</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2">227,011</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Work in process</font></p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">16,487</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2">1,661</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Advertising and promotional materials</font></p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">24,317</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2">4,807</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Allowance for obsolescence</font></p>
    </td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">(99, 362)</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=60>
      <p><font size="2">(6,034)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=23>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">2,186,675</font></b></p>
    </td>
    <td width=21>&nbsp;</td>
    <td align="right" width=23>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=60>
      <p><font size="2">798,635</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 8.  Prepaid Expenses</B></font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=21>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td width=22>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=61>
      <p><font size="2"><b> 2002</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Advertising and promotional expenses</font></p>
    </td>
    <td align="right" width=21>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">164,011</font></b></p>
    </td>
    <td width=22>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=23>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=61>
      <p><font size="2">52,810</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Bonus</font></p>
    </td>
    <td align="right" width=21>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">15,200</font></b></p>
    </td>
    <td width=22>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=61>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Insurance</font></p>
    </td>
    <td align="right" width=21>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">8,537</font></b></p>
    </td>
    <td width=22>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=61>
      <p><font size="2">2,150</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p><font size="2">Other</font></p>
    </td>
    <td align="right" width=21>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">14,267</font></b></p>
    </td>
    <td width=22>&nbsp;</td>
    <td align="right" width=23>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=61>
      <p><font size="2">21,559</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=410>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=21>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=63>
      <p><b><font size="2">202,015</font></b></p>
    </td>
    <td width=22>&nbsp;</td>
    <td align="right" width=23>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=61>
      <p><font size="2">76,519</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The advertising and promotional expenses
recorded in the income statement  for the year ended December 31, 2003, 2002 and 2001 are
as follows:</font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=227>
      <p>&nbsp;</p>
    </td>
    <td width=102>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=58>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td align="center" width=18>&nbsp;</td>
    <td align="center" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=61>
      <p><b><font size="2">2002</font></b></p>
    </td>
    <td align="center" width=22>&nbsp;</td>
    <td align="center" width=24>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=63>
      <p><b><font size="2">2001</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=227>
      <p><font size="2">Advertising</font></p>
    </td>
    <td align="right" width=102>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=58>
      <p><font size="2">784,761</font></p>
    </td>
    <td align="right" width=18>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=25>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=61>
      <p><font size="2">512,012</font></p>
    </td>
    <td align="right" width=22>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=24>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=63>
      <p><font size="2">524,422</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=227>
      <p><font size="2">Promotional expenses</font></p>
    </td>
    <td width=102>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=58>
      <p><font size="2">77,301</font></p>
    </td>
    <td align="right" width=18>&nbsp;</td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=61>
      <p><font size="2">126,330</font></p>
    </td>
    <td align="right" width=22>&nbsp;</td>
    <td align="right" width=24>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=63>
      <p><font size="2">108,914</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 9.  Investments in Shares</B></font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td colspan="8">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>Company</b></font></td>
    <td align="right"><font size="2"><b>Ownership as of <br>
      December 31, 2003</b></font></td>
    <td align="right">&nbsp;&nbsp;&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>2003</b></font></td>
    <td align="right">&nbsp;&nbsp;&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">Industria Envasadora de Quer&#233;taro, S.A.
      de<br>
      &nbsp;&nbsp;&nbsp; C.V. (&#147;IEQSA&#148;)</font></td>
    <td align="center"><font size="2">33.68%</font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"><b>Ps.</b></font></td>
    <td align="right"><font size="2"><b>123,771</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2">Ps.</font></td>
    <td align="right"><font size="2">70,335</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">Complejo Industrial Can, S.A. (&#147;CICAN&#148;) </font></td>
    <td align="center"><font size="2">48.10%</font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>51,400</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2"></font></td>
    <td align="right"><font size="2">59,570</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">Beta San Miguel, S.A. de C.V.</font></td>
    <td align="center"><font size="2">2.54%</font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>30,348</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2"></font></td>
    <td align="right"><font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">Tapon Corona de Colombia, S.A.</font>
    </td>
    <td align="center"><font size="2">40.00%</font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>19,665</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2"></font></td>
    <td align="right"><font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">Molson, Inc.</font> </td>
    <td align="center"><font size="2">0.74%</font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>235,987</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2"></font></td>
    <td align="right"><font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">Other investments</font> </td>
    <td align="center"><font size="2">Various</font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"><b>9,184</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2"></font></td>
    <td align="right"><font size="2">1,956</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td align="center"><font size="2"></font></td>
    <td align="center">&nbsp;</td>
    <td align="right"><font size="2"><b>Ps.</b></font></td>
    <td align="right"><font size="2"><b>470,355</b></font></td>
    <td align="right">&nbsp;</td>
    <td><font size="2">Ps.</font></td>
    <td align="right"><font size="2">131,861</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The investment in Molson, Inc.
(&#147;Molson&#148;) shares resulted from the Brazilian  subsidiary&#146;s sale of its
investment interest of 12.1% in Cervejarias Kaiser,  S.A. (&#147;Kaiser&#148;), a
Brazilian brewery, to Molson in 2002.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The Molson stock is subject to a two-year
contractual restriction on sale that  expires on March 19, 2004, pursuant to the
agreement with Molson entered into at  the time of the acquisition of Kaiser by Molson.
The two-year restriction can  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"> 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: 10; page: 10" -->





<P><table width=600><tr><td><font size=2>be shortened in the case of a change in control
of Molson, transfer of  substantially all of the assets of Molson, or any material
inaccuracy in  Molson&#146;s representations and warranties contained in the Kaiser purchase
agreement. As of December 31, 2003, no events have occurred which have decreased  the
original restriction period.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The investment in Molson shares is recorded at
its market value of Ps. 309,786  and is presented net of the fair value of the related
equity forward contract of  Ps. 73,799.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 10.  Property, Plant and Equipment</B></font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td width=24>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2"><b>2002</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p><font size="2">Land</font></p>
    </td>
    <td align="right" width=28>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">2,484,283</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=25>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="2">819,901</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p><font size="2">Buildings, machinery and equipment</font></p>
    </td>
    <td align="right" width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">24,059,383</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">9,373,780</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p><font size="2">Accumulated depreciation</font></p>
    </td>
    <td align="right" width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">(10,385,578)</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">(3,441,413)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p><font size="2">Construction in progress</font></p>
    </td>
    <td align="right" width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">671,374</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">381,477</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p><font size="2">Bottles and cases</font></p>
    </td>
    <td align="right" width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">947,315</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">302,793</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=373>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=28>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=79>
      <p><b><font size="2">17,776,777</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=25>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="2">7,436,538</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 11.  Other Assets</B></font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>&nbsp;</td>
    <td width=26>&nbsp;</td>
    <td align="right" width=78><b><font size="2">2003</font></b></td>
    <td width=25>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td align="right" width=72><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Refrigeration equipment</font></p>
    </td>
    <td align="right" width=26>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">856,848</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=72>
      <p><font size="2">414,428</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Long-term notes</font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">22,348</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Leasehold improvements</font></p>
    </td>
    <td align="right" width=26>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">32,574</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">28,844</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Additional labor liability (see Note 15)</font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">23,342</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">13,123</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Yankee bond</font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">47,099</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">24,161</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Advertising</font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">140,685</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">75,170</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Commissions</font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">127,399</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">271,883</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p><font size="2">Other</font></p>
    </td>
    <td align="right" width=26>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">127,533</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">57,530</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=374>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=26>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=78>
      <p><b><font size="2">1,377,828</font></b></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=25>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=72>
      <p><font size="2">885,139</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 12.  Intangible Assets</B></font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width=29>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=77>
      <p><b><font size="2"> 2003</font></b></p>
    </td>
    <td width=24><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><b><font size="2">2002</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p><font size="2"><u><b>Unamortized Intangible Assets</b></u></font></p>
    </td>
    <td valign=bottom align="right" width=29>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=77>
      <p>&nbsp;</p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p><font size="2">Rights to produce and distribute Coca-Cola trademark products:</font></p>
    </td>
    <td valign=bottom align="right" width=29>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=77>
      <p>&nbsp;</p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Panamco territories (see Note 2)</font></p>
    </td>
    <td valign=bottom align="right" width=29>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=77>
      <p><b><font size="2">33,419,830</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=26>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=72>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Coca-Cola FEMSA de
        Buenos Aires</font></p>
    </td>
    <td valign=bottom align="right" width=29>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=77>
      <p><b><font size="2">189,962</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">158,099</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Tapachula,  Chiapas territory</font></p>
    </td>
    <td valign=bottom align="right" width=29>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=77>
      <p><b><font size="2">111,287</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p><font size="2">110,647</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=372>
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right" width=29>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=77>
      <p><b><font size="2">33,721,079</font></b></p>
    </td>
    <td width=24>&nbsp;</td>
    <td align="right" width=26>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=72>
      <p><font size="2">268,746</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 13.  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 width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=371>
      <p><font size="2"><b>Balance Sheet</b></font></p>
    </td>
    <td align="right" width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td width=24><font size="2"></font></td>
    <td width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2"><b>2002</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=371>
      <p><font size="2">Assets (accounts receivable)</font></p>
    </td>
    <td align="right" width=30>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=76>
      <p><b><font size="2">64,490</font></b></p>
    </td>
    <td width=24><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right" width=28>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="2">19,413</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=371>
      <p><font size="2">Liabilities (suppliers and other liabilities)</font></p>
    </td>
    <td align="right" width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><b><font size="2">268,131</font></b></p>
    </td>
    <td width=24><font size="2"></font></td>
    <td width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">208,128</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade 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-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: 11; page: 11" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=256><font size="2"><b>Transactions</b></font></td>
    <td width=39><font size="2"></font></td>
    <td align="center" width=74><b><font size="2">2003</font></b></td>
    <td align="center" width=20>&nbsp;&nbsp;&nbsp;</td>
    <td align="center" width=27>&nbsp;</td>
    <td align="center" width=66><b><font size="2">2002</font></b></td>
    <td align="center" width=20>&nbsp;&nbsp;&nbsp;</td>
    <td align="center" width=27>&nbsp;</td>
    <td align="center" width=71><b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=256>
      <p><font size="2">Income:</font>
    </td>
    <td width=39>
      <p>&nbsp;</p>
    </td>
    <td width=74>
      <p>&nbsp;</p>
    </td>
    <td width=20>&nbsp;</td>
    <td width=27>
      <p>&nbsp;</p>
    </td>
    <td width=66>
      <p>&nbsp;</p>
    </td>
    <td width=20>&nbsp;</td>
    <td width=27>
      <p>&nbsp;</p>
    </td>
    <td width=71>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=256>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Sales and other revenues</font>
    </td>
    <td align="right" width=39>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=74>
      <p><b><font size="2">173,484</font></b></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=66>
      <p><font size="2">145,493</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="2">123,127</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=256>
      <p><font size="2">Expenses:</font>
    </td>
    <td width=39>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=66>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=256>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Purchases of inventories</font>
    </td>
    <td width=39>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><b><font size="2">1,083,679</font></b></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=66>
      <p><font size="2">858,804</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">572,740</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=256>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</font>
    </td>
    <td width=39>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><b><font size="2">1,009,887</font></b></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=66>
      <p><font size="2">686,452</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">652,706</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr>
    <td width=256></td>
    <td width=39></td>
    <td width=74></td>
    <td width=20></td>
    <td width=27></td>
    <td width=66></td>
    <td width=20></td>
    <td width=27></td>
    <td width=71></td>
  </tr>
</table>
<br>
<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 valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=389>
      <p><font size="2"><b>Balance Sheet</b></font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=67>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td align="right" width=20>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">2002</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=389>
      <p><font size="2">Assets (accounts receivable)</font></p>
    </td>
    <td align="right" width=26>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=67>
      <p><b><font size="2">255,114</font></b></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="2">120,188</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=389>
      <p><font size="2">Liabilities (suppliers and other liabilities)</font></p>
    </td>
    <td align="right" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=67>
      <p><b><font size="2">716,625</font></b></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td align="right" width=27>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">330,512</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=233>
      <p><font size="2"><b>Transactions</b></font></p>
    </td>
    <td width=61>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td width=32><b>&nbsp;&nbsp;</b></td>
    <td width=17>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=66>
      <p><b><font size="2">2002</font></b></p>
    </td>
    <td width=18><b>&nbsp;&nbsp;</b></td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><b><font size="2">2001</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=233>
      <p><font size="2">Expenses:</font></p>
    </td>
    <td width=61>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p>&nbsp;</p>
    </td>
    <td width=32>&nbsp;</td>
    <td width=17>
      <p>&nbsp;</p>
    </td>
    <td width=66>
      <p>&nbsp;</p>
    </td>
    <td width=18>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td width=73>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=233>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Purchases of concentrate</font></p>
    </td>
    <td align="right" width=61>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=74>
      <p><b><font size="2">5,613,563</font></b></p>
    </td>
    <td width=32>&nbsp;</td>
    <td align="right" width=17>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=66>
      <p><font size="2">2,725,193</font></p>
    </td>
    <td width=18>&nbsp;</td>
    <td align="right" width=26>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=73>
      <p><font size="2">2,805,980</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=233>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</font></p>
    </td>
    <td width=61>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><b><font size="2">8,063</font></b></p>
    </td>
    <td width=32>&nbsp;</td>
    <td width=17>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=66>
      <p><font size="2">15,201</font></p>
    </td>
    <td width=18>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">24,172</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>c) Other associated and affiliated companies:</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>For the years ended December 31, 2003, 2002 and
2001, the Company&#146;s  subsidiaries received services from other companies in which
stockholder&#146;s  of the Company have and equity interest.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=390>
      <p><font size="2"><b>Balance Sheet</b></font></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=67>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td align="right" width=19>&nbsp;&nbsp;</td>
    <td width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2"><b>2002</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=390>
      <p><font size="2">Assets (accounts receivable)</font></p>
    </td>
    <td align="right" width=25>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=67>
      <p><b><font size="2">101</font></b></p>
    </td>
    <td align="right" width=19>&nbsp;</td>
    <td align="right" width=28>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=390>
      <p><font size="2">Liabilities (suppliers)</font></p>
    </td>
    <td width=25>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=67>
      <p><b><font size="2">46,748</font></b></p>
    </td>
    <td align="right" width=19>&nbsp;</td>
    <td width=28>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="2">29,910</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=196>
      <p><font size="2"><b>Transactions:</b></font></p>
    </td>
    <td width=99>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td width=32>&nbsp;&nbsp;</td>
    <td width=16>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=66>
      <p><font size="2"><b>2002</b></font></p>
    </td>
    <td width=19>&nbsp;&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2"><b>2001</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=196>
      <p><font size="2">Interest income</font></p>
    </td>
    <td align="right" width=99>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=73>
      <p><b><font size="2">34,346</font></b></p>
    </td>
    <td width=32>&nbsp;</td>
    <td align="right" width=16>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=66>
      <p><font size="2">68,049</font></p>
    </td>
    <td width=19>&nbsp;</td>
    <td align="right" width=26>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=73>
      <p><font size="2">71,517</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2"><b>Purchases of Products from:</b></font></p>
    </td>
    <td width=48>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><b><font size="2">2002</font></b></p>
    </td>
    <td align="right" width=20><b>&nbsp;&nbsp;</b></td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><b><font size="2">2001</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;IEQSA</font></p>
    </td>
    <td align="right" width=48>
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">253,260</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;&nbsp;</td>
    <td align="right" width=18>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=64>
      <p><font size="2">178,635</font></p>
    </td>
    <td align="right" width=20>&nbsp;&nbsp;</td>
    <td align="right" width=26>
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=73>
      <p><font size="2">447,032</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;CICAN</font></p>
    </td>
    <td width=48>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">28,215</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><font size="2">80,709</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">156,576</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Tapon Corona
        de Colombia, S.A.</font></p>
    </td>
    <td width=48>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">43,844</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><font size="2">-</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Distribuidora Plastica, S.A.</font></p>
    </td>
    <td width=48>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">2,610</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><font size="2">-</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Metalforma, S.A.</font></p>
    </td>
    <td width=48>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">2,362</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><font size="2">-</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Vidrios Paname&#241;os, S.A.</font></p>
    </td>
    <td width=48>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">6,660</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><font size="2">-</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=250>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Beta San Miguel,
        S.A. de C.V.</font></p>
    </td>
    <td width=48>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><b><font size="2">221,179</font></b></p>
    </td>
    <td align="right" width=30>&nbsp;</td>
    <td width=18>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><font size="2">-</font></p>
    </td>
    <td align="right" width=20>&nbsp;</td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=73>
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 14.  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 US dollars,  are as follows:</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width="600" colspan="12">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="142">
      <p><b><font size="2">Balances</font></b></p>
    </td>
    <td width="72"><b></b></td>
    <td align="center" width="74">
      <p><b><font size="2">Applicable <br>
        Exchange <br>
        Rate <sup><font size="1"><sup>(1) </sup></font></sup></font></b></p>
    </td>
    <td align="center" width="15">&nbsp;&nbsp;&nbsp;</td>
    <td width="21"><b></b></td>
    <td align="right" width="72">
      <p><b><font size="2">Short-Term</font></b></p>
    </td>
    <td align="right" width="15">&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width="21"><b></b></td>
    <td align="right" width="68">
      <p><b><font size="2">Long-Term</font></b></p>
    </td>
    <td align="right" width="15">&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width="21"><b></b></td>
    <td align="right" width="64">
      <p><b><font size="2">Total</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="142">
      <p><font size="2"><b>December 31, 2003:</b></font></p>
    </td>
    <td width="72">
      <p><font size="2"><b>Assets</b></font></p>
    </td>
    <td align="right" width="74">
      <p><b><font size="2">11.2350</font></b></p>
    </td>
    <td align="right" width="15"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="21">
      <p><b><font size="2">$</font></b></p>
    </td>
    <td align="right" width="72">
      <p><b><font size="2">79,553</font></b></p>
    </td>
    <td align="right" width="15"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="21">
      <p><b><font size="2">$</font></b></p>
    </td>
    <td align="right" width="68">
      <p><b><font size="2">-</font></b></p>
    </td>
    <td align="right" width="15"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="21">
      <p><b><font size="2">$</font></b></p>
    </td>
    <td align="right" width="64">
      <p><b><font size="2">79,553</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="142">
      <p>&nbsp;</p>
    </td>
    <td width="72">
      <p><font size="2"><b>Liabilities</b></font></p>
    </td>
    <td align="right" width="74">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="15"><b></b></td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="72">
      <p><b><font size="2">283,227</font></b></p>
    </td>
    <td align="right" width="15"><b></b></td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="68">
      <p><b><font size="2">1,054,917</font></b></p>
    </td>
    <td align="right" width="15"><b></b></td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="64">
      <p><b><font size="2">1,338,144</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="142">
      <p>&nbsp;</p>
    </td>
    <td width="72">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="74">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="72">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="68">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="64">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="142">
      <p><font size="2">December 31, 2002:</font></p>
    </td>
    <td width="72">
      <p><font size="2">Assets</font></p>
    </td>
    <td align="right" width="74">
      <p><font size="2">10.4590</font></p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="21">
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width="72">
      <p><font size="2">320,660</font></p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="21">
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width="68">
      <p><font size="2">-</font></p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="21">
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width="64">
      <p><font size="2">320,660</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="142">
      <p>&nbsp;</p>
    </td>
    <td width="72">
      <p><font size="2">Liabilities</font></p>
    </td>
    <td width="74">
      <p>&nbsp;</p>
    </td>
    <td width="15">&nbsp;</td>
    <td align="right" width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="72">
      <p><font size="2">7,763</font></p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="68">
      <p><font size="2">303,070</font></p>
    </td>
    <td align="right" width="15">&nbsp;</td>
    <td width="21">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="64">
      <p><font size="2">310,833</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="12">
      <hr noshade 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">Mexican
pesos per one US dollar.</font></td></tr></table>


<p>&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: 12; page: 12" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=314>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Transactions</font></p>
    </td>
    <td width=47>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td align="right" width=18>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=15>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=52>
      <p><b><font size="2">2002</font></b></p>
    </td>
    <td align="right" width=19>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=14>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=57>
      <p><b><font size="2">2001</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=314>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest income </font></p>
    </td>
    <td align="right" width=47>
      <p><b><font size="2">$</font></b></p>
    </td>
    <td align="right" width=64>
      <p><b><font size="2">5,182</font></b></p>
    </td>
    <td align="right" width=18>&nbsp;</td>
    <td align="right" width=15>
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width=52>
      <p><font size="2">2,931</font></p>
    </td>
    <td align="right" width=19>&nbsp;</td>
    <td align="right" width=14>
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width=57>
      <p><font size="2">2,333</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=314>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses and commissions</font></p>
    </td>
    <td align="right" width=47>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=64>
      <p><b><font size="2">184,059</font></b></p>
    </td>
    <td align="right" width=18>&nbsp;</td>
    <td align="right" width=15>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=52>
      <p><font size="2">28,043</font></p>
    </td>
    <td align="right" width=19>&nbsp;</td>
    <td align="right" width=14>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=57>
      <p><font size="2">28,809</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=314>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=47>
      <p><b><font size="2">$</font></b></p>
    </td>
    <td align="right" width=64>
      <p><b><font size="2">(178,877)</font></b></p>
    </td>
    <td align="right" width=18>&nbsp;</td>
    <td align="right" width=15>
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width=52>
      <p><font size="2"> (25,112)</font></p>
    </td>
    <td align="right" width=19>&nbsp;</td>
    <td align="right" width=14>
      <p><font size="2">$</font></p>
    </td>
    <td align="right" width=57>
      <p><font size="2">(26,476)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>As of February 9, 2004 the issue date of these
consolidated financial  statements, the exchange rate was 11.120 Mexican pesos per one US
dollar, and  the foreign currency position was similar to that as of December 31, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 15.  Labor Liabilities</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>The actuarial calculations for the pension and
retirement plan and seniority  premiums and the cost for the year 2003 were determined
using the following  long-term assumptions:</font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center" width=69>
      <p><b><font size="2">Annual<br>
        Discount<br>
        Rate</font></b></p>
    </td>
    <td align="center" width=35>&nbsp;</td>
    <td align="center" width=63>
      <p><b><font size="2">Salary<br>
        Increase</font></b></p>
    </td>
    <td align="center" width=44>&nbsp;</td>
    <td align="center" width=68>
      <p><b><font size="2">Return on<br>
        Assets</font></b></p>
    </td>
    <td width=31>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Mexico</font></p>
    </td>
    <td align="right" width=69>
      <p><font size="2">6.0%</font></p>
    </td>
    <td align="right" width=35>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=63>
      <p><font size="2">1.5%</font></p>
    </td>
    <td align="right" width=44>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=68>
      <p><font size="2">5.5%</font></p>
    </td>
    <td align="left" width=31>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Brazil</font></p>
    </td>
    <td align="right" width=69>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="right" width=35>&nbsp;</td>
    <td align="right" width=63>
      <p><font size="2">1.5%</font></p>
    </td>
    <td align="right" width=44>&nbsp;</td>
    <td align="right" width=68>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="left" width=31>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Colombia</font></p>
    </td>
    <td align="right" width=69>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="right" width=35>&nbsp;</td>
    <td align="right" width=63>
      <p><font size="2">1.5%</font></p>
    </td>
    <td align="right" width=44>&nbsp;</td>
    <td align="right" width=68>
      <p><font size="2">-</font></p>
    </td>
    <td align="left" width=31>
      <p><b><font size="2"><sup>(1)</sup></font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Costa Rica</font></p>
    </td>
    <td align="right" width=69>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="right" width=35>&nbsp;</td>
    <td align="right" width=63>
      <p><font size="2">1.5%</font></p>
    </td>
    <td align="right" width=44>&nbsp;</td>
    <td align="right" width=68>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="left" width=31>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Nicaragua</font></p>
    </td>
    <td align="right" width=69>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="right" width=35>&nbsp;</td>
    <td align="right" width=63>
      <p><font size="2">1.5%</font></p>
    </td>
    <td align="right" width=44>&nbsp;</td>
    <td align="right" width=68>
      <p><font size="2">-</font></p>
    </td>
    <td align="left" width=31>
      <p><b><font size="2"><sup>(1)</sup></font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Guatemala</font></p>
    </td>
    <td align="right" width=69>
      <p><font size="2">4.5%</font></p>
    </td>
    <td align="right" width=35>&nbsp;</td>
    <td align="right" width=63>
      <p><font size="2">1.5%</font></p>
    </td>
    <td align="right" width=44>&nbsp;</td>
    <td align="right" width=68>
      <p><font size="2">-</font></p>
    </td>
    <td align="left" width=31>
      <p><b><font size="2"><sup>(1)</sup></font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=290>
      <p><font size="2">Measurement date</font></p>
    </td>
    <td colspan=5>
      <p><font size="2">November 30, 2003</font></p>
    </td>
    <td width=31>
      <p><font size="2"><sup>&nbsp;</sup></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade 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">Not
applicable, as the benefits are not funded</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The bases for the determination of the long-term
asset return rate is supported  by a historical analysis of average returns in real terms
of the last 30 years  of the &#147;Certificados de Tesoreria del Gobierno Federal&#148;
(&#147;CETES&#148;) (Federal  Government Treasury Certificates) and the expectations of
long-term returns of  the actual investments of the Company.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>Panama, Venezuela and Argentina operations do
not have any pension and  retirement plans.</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 border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">2003</font></b></p>
    </td>
    <td><b></b></td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">2002</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2"><b>Pension and Retirement Plans:<br>
        </b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Vested benefit obligation</font></p>
    </td>
    <td align="right"><font size="2"><b>Ps.</b></font></td>
    <td align="right"><b><font size="2">226,419</font></b></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td align="right"><font size="2">Ps.</font></td>
    <td align="right"><font size="2">60,854</font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Non-vested benefit obligation</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">397,258</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">93,592</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated benefit obligation</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">623,677</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">154,446</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Excess of projected benefit obligation
        over accumulated benefit<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">Obligation</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">78,583</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">27,239</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Projected benefit
        obligation</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">702,260</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">181,685</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Pension plan
        funds at fair value</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><b><font size="2">(206,408)</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(36,732)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unfunded projected
        benefit obligation</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">495,852</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">144,953</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized
        net transition obligation services</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">(14,644)</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">(14,825)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized
        actuarial net gain</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">38,511</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">41,155</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">519,719</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">171,283</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Additional
        labor liability</font></p>
    </td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><b><font size="2">7,547</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p>&nbsp;</p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><b><font size="2">527,266</font></b></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">171,283</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b><font size="2">2003</font></b></td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b><font size="2">2002</font></b></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>Seniority Premiums:</b><br>
      </font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Vested benefit obligation</font></td>
    <td align="right"><font size="2"><b>Ps.</b></font></td>
    <td align="right"><b><font size="2">10,462</font></b></td>
    <td>&nbsp;</td>
    <td align="right"><font size="2">Ps.</font></td>
    <td align="right"><font size="2">5,338</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Non-vested benefit obligation</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><b><font size="2">29,904</font></b></td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2">16,530</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <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"> 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: 13; page: 13" -->
<p>&nbsp;
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Accumulated benefit obligation</font>
    </td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>40,366</b></font></td>
    <td align="left">&nbsp;&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">21,868</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Excess of projected benefit obligation
      over <br>
      &nbsp;&nbsp;&nbsp;&nbsp;accumulated benefit obligation</font> </td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>5,524</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">2,013</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Projected benefit obligation</font>
    </td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>45,890</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">23,881</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Unrecognized net transition obligation
      services</font> </td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(2,145)</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">(2,291)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Unrecognized net loss</font>
    </td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(6,679)</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">(12,679)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </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"><b>37,066</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">8,911</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Additional labor liability</font>
    </td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>15,795</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2">13,123</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;Total</font> </td>
    <td align="left"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>52,861</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="left"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">22,034</font></td>
  </tr>
  <tr valign="bottom">
    <td height=21 align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=21 align="left"> <font size="2"><b> &nbsp;Total Labor Liabilities</b></font></td>
    <td height=21 align="left"> <font size="2"><b>Ps.</b></font></td>
    <td height=21 align="right"> <font size="2"><b>580,127</b></font></td>
    <td height=21 align="left">&nbsp;</td>
    <td height=21 align="left"> <font size="2">Ps.</font></td>
    <td height=21 align="right"> <font size="2">193,317</font></td>
  </tr>
  <tr valign="bottom">
    <td height=21 align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p></p>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=17 align="left" width="600" colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="304"> <font size="2"><b> &nbsp;Expense for
      the Year:</b></font></td>
    <td height=17 align="left" width="29">&nbsp; </td>
    <td height=17 align="right" width="55"> <font size="2"><b> 2003</b></font></td>
    <td height=17 align="right" width="14">&nbsp;&nbsp;</td>
    <td height=17 align="right" width="30">&nbsp; </td>
    <td height=17 align="right" width="67"> <font size="2"><b> 2002</b></font></td>
    <td height=17 align="right" width="10">&nbsp;&nbsp;</td>
    <td height=17 align="right" width="25">&nbsp; </td>
    <td height=17 align="right" width="66"> <font size="2"><b> 2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="600" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="304"> <font size="2"> &nbsp;&nbsp;Pension and retirement
      plan</font></td>
    <td align="left" width="29"> <font size="2"><b> Ps.</b></font></td>
    <td align="right" width="55"> <font size="2"><b> 34,803</b></font></td>
    <td align="left" width="14">&nbsp;</td>
    <td align="left" width="30"> <font size="2"> Ps.</font></td>
    <td align="right" width="67"> <font size="2"> 12,380</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="left" width="25"> <font size="2"> Ps.</font></td>
    <td align="right" width="66"> <font size="2"> 11,575</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="304"> <font size="2">&nbsp;&nbsp;Seniority premiums</font>
    </td>
    <td align="left" width="29"><font size="2"></font></td>
    <td align="right" width="55"> <font size="2"><b> 8,761</b></font></td>
    <td align="left" width="14">&nbsp;</td>
    <td align="left" width="30"><font size="2"></font></td>
    <td align="right" width="67"> <font size="2"> 5,425</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="left" width="25"><font size="2"></font></td>
    <td align="right" width="66"> <font size="2"> 5,195</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="600" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="304"><font size="2"></font></td>
    <td align="left" width="29"> <font size="2"><b> Ps.</b></font></td>
    <td align="right" width="55"> <font size="2"><b> 43,564</b></font></td>
    <td align="left" width="14">&nbsp;</td>
    <td align="left" width="30"> <font size="2"> Ps.</font></td>
    <td align="right" width="67"> <font size="2"> 17,805</font></td>
    <td align="left" width="10">&nbsp;</td>
    <td align="left" width="25"> <font size="2"> Ps.</font></td>
    <td align="right" width="66"> <font size="2"> 16,770</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="600" colspan="9">
      <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 actual 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, 2003 and 2002, 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 other assets (see Note
11).</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.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The pension plan trust assets are invested as of
December 31, 2003 and 2002 in  the following financial instruments:</font></td></tr></table>

<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2"><b>2003</b></font></p>
      <p align="CENTER">
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">2002</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"><b>&nbsp;&nbsp;Fixed Rate:</b></font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Traded securities</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">34%</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">16%</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Bank instruments</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">11%</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">34%</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Federal government
        instruments</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">30%</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">30%</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"><b>&nbsp;&nbsp;Variable Rate.</b></font>
    </td>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Publicly-traded
        shares</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">25%</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">20%</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">100%</font>
    </td>
    <td valign="TOP">
      <p align="CENTER"><font size="2">100%</font>
    </td>
  </tr>
  <tr>
    <td valign="TOP" colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<P><table width=600><tr><td><font size=2>The Company has a policy of maintaining at least
30% of the trust assets in  Federal Government instruments. Objective portfolio
guidelines have been  established for the remaining 70%, and investment decisions are
being made to  comply with those guidelines to the extent that market conditions and
available  funds allow. The composition of the objective portfolio is consistent with the
Mexican company share composition of the portfolios of the five best-known  international
companies that manage long-term funds.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The contributions to the pension plan by certain
subsidiaries amounted to Ps.  100 (nominal value) at December 31, 2003. The Company
estimates that it will not  have to contribute to the pension plan during 2004.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The integral result of financing includes the
interest cost related to labor  liabilities, net of the return on plan assets. This
amounted to Ps. 14,276, Ps.  5,496 and Ps. 5,495 for the years ended December 31, 2003,
2002 and 2001,  respectively.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 16.  Bonus Program</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>The bonus program for executive officers is
based upon the accomplishment of  certain critical factors, established annually by
management. The bonus is paid  in cash the following year, based on the accomplishment of
such goals.</font></td></tr></table>



<p>&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: 14; page: 14" -->



<P><table width=600><tr><td><font size=2>In 1999 and the following five years, the
Company instituted a new compensation  plan for certain key executives, which consisted
of granting them an annual  bonus in FEMSA and Coca-Cola FEMSA stock or options, based on
each executive&#146;s  responsibilities within the organization and the executives&#146;
performance. 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, beginning one
year after they are granted. The five-year program ended in 2003, the last year  shares
were assigned.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 17.  Bank Loans</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>Current bank loans and notes payable outstanding
at December 31, 2003 and 2002,  principally consist of revolving loans denominated in
Mexican pesos and US  dollars. The weighted average annual interest rate in 2003 for debt
denominated  in Mexican pesos and US dollars was 6.25% and 6.24%, respectively, and in
2002  the weighted average annual rate was 8.74% for revolving loans denominated in US
dollars.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>Long-term bank loans and notes payable of the
Company, as well as their maturity  dates, are as follows:</font></td></tr></table>

<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"><font size="2"></font></td>
    <td align="center" width="71"> <font size=2> <font size="2">Interest <br>
      </font><font size="2">Rate<sup><font size="1"> (1)</font></sup></font></font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">2003</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">2002</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td width="2675" colspan="5"><font size="2"></font><font size="2"></font><font size="2"></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2"> &nbsp;Fixed interest rate:</font>
      </font></b></td>
    <td width="71"><font size="2"></font></td>
    <td width="134"><font size="2"></font></td>
    <td width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td width="71">&nbsp;</td>
    <td width="134">&nbsp;</td>
    <td width="113">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2"><i>&nbsp;US dollars:</i></font>
      </font></b></td>
    <td width="71"><font size="2"></font></td>
    <td width="134"><font size="2"></font></td>
    <td width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Yankee Bond</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">7.92%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">Ps. 5,679,787</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">Ps. 2,174,980</font>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Private Placement</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">9.40%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2"> 1,123,500</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2"> 1,087,490</font>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td align="right" width="71">&nbsp;</td>
    <td align="right" width="134">&nbsp;</td>
    <td align="right" width="113">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2"><i>&nbsp;Mexican pesos:</i></font>
      </font></b></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"><font size="2"></font></td>
    <td align="right" width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Notes</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">10.23%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">1,500,000</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">-</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Units of Investment <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2">(UDIS)</font>
      </font></td>
    <td align="right" width="71"> <font size=2> <font size="2"> 8.65%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">1,417,754</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">-</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td align="right" width="71">&nbsp;</td>
    <td align="right" width="134">&nbsp;</td>
    <td align="right" width="113">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2"><i>&nbsp;Variable interest
      rate:</i></font> </font></b></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"><font size="2"></font></td>
    <td align="right" width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td align="right" width="71">&nbsp;</td>
    <td align="right" width="134">&nbsp;</td>
    <td align="right" width="113">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2"><i>&nbsp;US dollars:</i></font>
      </font></b></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"><font size="2"></font></td>
    <td align="right" width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Bank Loans</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">2.40%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">5,676,089</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">-</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Leasing</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">9.44%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">32,078</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">38,376</font>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td align="right" width="71">&nbsp;</td>
    <td align="right" width="134">&nbsp;</td>
    <td align="right" width="113">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><i><font size=2> <font size="2">&nbsp;Mexican pesos:</font>
      </font></i></b></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"><font size="2"></font></td>
    <td align="right" width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Bank Loans</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">6.83%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">2,741,250</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">4,786</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Notes</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">6.09%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">8,500,000</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">-</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2">&nbsp;</td>
    <td align="right" width="71">&nbsp;</td>
    <td align="right" width="134">&nbsp;</td>
    <td align="right" width="113">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2"><i>&nbsp;Colombian pesos:</i></font>
      </font></b></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"><font size="2"></font></td>
    <td align="right" width="113"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"> <font size=2> <font size="2"> Notes</font> </font></td>
    <td align="right" width="71"> <font size=2> <font size="2">10.34%</font> </font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">586,376</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">-</font> </font></td>
  </tr>
  <tr valign="bottom">
    <td width="2675" colspan="5"><font size="2"></font><font size="2"></font><font size="2"></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <b><font size=2> <font size="2">&nbsp;Long-Term Debt</font>
      </font></b></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">27,256,834</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">3,305,632</font>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"> <font size=2> <font size="2">&nbsp;Current maturities of
      long- term debt</font> </font></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">(1,245,834)</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">(9,664)</font>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="2675" colspan="5"><font size="2"></font><font size="2"></font><font size="2"></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="16">&nbsp;</td>
    <td width="201"><font size="2"></font></td>
    <td align="right" width="71"><font size="2"></font></td>
    <td align="right" width="134"> <b><font size=2> <font size="2">Ps. 26,011,000</font>
      </font></b></td>
    <td align="right" width="113"> <font size=2> <font size="2">Ps. 3,295,968</font>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td width="2675" colspan="5"><font size="2"></font><font size="2"></font><font size="2"></font>
      <hr size="2" noshade>
    </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-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: 15; page: 15" -->
<p>&nbsp;
<table  cellspacing=0 cellpadding=0 width=700>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan=20 align="center"> <font size=2> Maturities</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"> <font size=2> 2004</font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"> <font size=2> 2005</font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"> <font size=2> 2006</font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"> <font size=2> 2007</font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"> <font size=2> 2008</font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"> <font size=2> 2009 and <br>
      thereafter </font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"> <font size=2> Total</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size=2> <i>&nbsp;Fixed interest rate:</i></font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> <i>&nbsp;US dollars:</i></font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Yankee Bond</font></td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> 2,247,000</font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> 3,432,787</font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> 5,679,787</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Private Placement</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,123,500</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,123,500</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> <i>&nbsp;Mexican pesos:</i></font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Notes</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,500,000</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,500,000</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Units of Investment <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UDIS)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,417,754</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,417,754</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> <i>&nbsp;Variable interest rate:</i></font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> <i>&nbsp;US dollars:</i></font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Bank Loans</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 114,764</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 390,416</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 3,999,660</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 780,833</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 390,416</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 5,676,089</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Leasing</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 7,570</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 7,570</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 7,569</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 7,477</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,892</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 32,078</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> <i>&nbsp;Mexican pesos:</i></font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Bank Loans</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 456,875</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 913,750</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 913,750</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 456,875</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <b><font size=2> -</font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 2,741,250</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Notes</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 2,750,000</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 2,000,000</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 3,750,000</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 8,500,000</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> <i>&nbsp;Colombian pesos:</i></font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;&nbsp;&nbsp;Notes</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 265,891</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 181,979</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 138,506</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 586,376</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="21">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <b><font size=2> &nbsp;Long-Term Debt</font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 1,245,834</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 3,870,752</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 8,767,712</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 3,840,566</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 4,599,183</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 4,932,787</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> 27,256,834</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size=2> &nbsp;Current maturities of <br>
      &nbsp;long-term debt </font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> (1,245,834)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size=2> (1,245,834)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="21">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> -</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> 3,870,752</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> 8,767,712</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2>Ps. </font></td>
    <td align="right"> <font size=2> 3,840,566</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2>Ps. </font></td>
    <td align="right"> <font size=2> 4,599,183</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2>Ps.</font></td>
    <td align="right"> <font size=2> 4,932,787</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2>Ps. </font></td>
    <td align="right"> <font size=2> 26,011,000</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="21">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The Company and some of its subsidiaries have
financing from different  institutions, with different restrictions and covenants, which
mainly consist of  maximum levels of leverage and capitalization, as well as minimum
consolidated  net worth and debt and interests coverage ratios. As of December 31, 2003,
the  Company was in compliance with all restrictions and covenants established in  their
financing agreements.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The Company has restricted cash of approximately
$43,000, which has been pledged  as collateral for some of its short-term bank loans.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 18.  Fair Value of Financial Instruments</B></font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>a) </b></font></td><td width=95%><font size="2"><b> Long-term
Debt:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 debt is based on
quoted market  prices.</font></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600 border="0">
  <tr valign="bottom">
    <td height=17 width="2214" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 width="338">
      <p></p>
    </td>
    <td colspan=2 height=17 align="right"> <b><font size=2> 2003</font></b></td>
    <td height=17 align="right" width="31">&nbsp;&nbsp; </td>
    <td colspan=2 height=17 align="right"> <b><font size=2> </font></b> <b><font size=2>2002</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="3402" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="338"> <font size=2> &nbsp;Carrying value</font></td>
    <td align="right" width="33"> <b><font size=2> Ps.</font></b> </td>
    <td align="right" width="75"> <b><font size=2> 27,256,834</font></b></td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="28"> <font size=2> Ps.</font> </td>
    <td align="right" width="62"> <font size=2> 3,305,632</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="338"> <font size=2> &nbsp;Fair value</font></td>
    <td align="right" width="33">&nbsp;</td>
    <td align="right" width="75"> <b><font size=2> 27,969,126</font></b></td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="62"> <font size=2> 3,743,311</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="3402" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<P><table width=600><tr><td width=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><font size="2"><b> Equity
Forward Contract:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As mentioned
in Note 9, during 2002 a subsidiary of the Company entered  into an equity forward
purchase contract, expiring in March 2004, on 92%  of the Molson shares received from the
sale of Kaiser, with a notional  amount 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"> 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;





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




<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">approximately Ps.
203,350. The fair value of the equity forward  purchase contract of Ps. 73,799 is the
loss resulting from the difference  between the strike price of the forward contract and
the market value of  the shares.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>c) </b></font></td><td width=95%><font size="2"><b> Interest
Rate Swaps:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The Company
uses interest rate swaps to manage the interest rate risk  associated with its
borrowings, pursuant to which it pays amounts based on  a fixed rate and receives amounts
based on a floating rate. Additionally,  the Company sold some put options as a
complement to the swap agreements,  for which a premium was received. The net effect for
the year ended  December 31, 2003 is recorded in the financing expenses and amounted to
Ps.  31,480.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The fair
value is 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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">At December
31, 2003, the Company has the following outstanding agreements:</font></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" align="left" width="2964" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" align="left" width="389"><font size="2"><b>Maturity <br>
      </b></font><font size="2"><b>Date</b></font></td>
    <td valign="TOP" align="right" width="23">&nbsp;</td>
    <td valign="TOP" align="right" width="58"><font size="2"><b>Notional <br>
      </b></font><font size="2"><b>Amount</b></font></td>
    <td valign="TOP" align="center" width="24">&nbsp;</td>
    <td valign="TOP" align="center" colspan="2"><font size="2"><b>Fair <br>
      </b></font> <font size="2"><b>Value</b></font></td>
  </tr>
  <tr>
    <td valign="TOP" width="3408" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="389"> <font size="2">May 2006</font> </td>
    <td valign="TOP" align="right" width="23"> <font size="2">Ps.</font> </td>
    <td valign="TOP" align="right" width="58"> <font size="2">3,218,827</font></td>
    <td valign="TOP" align="right" width="24">&nbsp;&nbsp;</td>
    <td valign="TOP" align="right" width="22"> <font size="2">Ps.</font></td>
    <td valign="TOP" align="right" width="52"> <font size="2">(29,026)</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="389"> <font size="2">April 2008</font> </td>
    <td valign="TOP" align="right" width="23"><font size="2"></font></td>
    <td valign="TOP" align="right" width="58"> <font size="2">1,250,000</font>
    </td>
    <td valign="TOP" align="right" width="24">&nbsp;</td>
    <td valign="TOP" align="right" width="22"><font size="2"></font></td>
    <td valign="TOP" align="right" width="52"> <font size="2">(14,931)</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="389"> <font size="2">May 2008</font> </td>
    <td valign="TOP" align="right" width="23"><font size="2"></font></td>
    <td valign="TOP" align="right" width="58"> <font size="2">2,342,498</font>
    </td>
    <td valign="TOP" align="right" width="24">&nbsp;</td>
    <td valign="TOP" align="right" width="22"><font size="2"></font></td>
    <td valign="TOP" align="right" width="52"> <font size="2">(32,489)</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="389"> <font size="2">July 2008</font> </td>
    <td valign="TOP" align="right" width="23"><font size="2"></font></td>
    <td valign="TOP" align="right" width="58"> <font size="2">2,500,000</font>
    </td>
    <td valign="TOP" align="right" width="24">&nbsp;</td>
    <td valign="TOP" align="right" width="22"><font size="2"></font></td>
    <td valign="TOP" align="right" width="52"> <font size="2">(23,774)</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="3408" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<P>
<table width=600><tr><td width=5% valign=top><font size="2"><b>d) </b></font></td><td width=95%><font size="2"><b> Forward
Agreements to Purchase-Sell US Dollars:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">At December
31, 2003 and 2002, the Company does not have any forward  agreements to hedge its
operations denominated in US dollars.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">During 2003
various contracts to guarantee the purchase of US dollars in  connection with the
acquisition of Panamco were terminated, which resulted  in an exchange loss of
approximately Ps. 293,827.</font></td></tr></table>


<P><table width=600><tr><td width=5% valign=top><font size="2"><b>e) </b></font></td><td width=95%><font size="2"><b> Commodity
Price Contracts:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">During 2002
and 2003 the Company entered into various derivative contracts  maturing in 2003 and 2004
to hedge the cost of aluminum. The result of the  commodity price contracts was a gain of
Ps. 3,019 as of December 31, 2003,  which is recorded in the results of operations of the
year. The fair value  is 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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The outstanding
contracts and their terms are as follows:</font></td></tr></table>

<br>
<table  cellspacing=0 cellpadding=0 width=550>
  <tr valign="bottom" align="center">
    <td width="74">&nbsp;</td>
    <td colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width="74">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="88"> <font size="2"><b>Maturity <br>
      Date</b> </font></td>
    <td width="189"> <font size="2"><b>Contract <br>
      Type</b> </font></td>
    <td width="112"> <font size="2"><b>Notional <br>
      Amount </b> </font></td>
    <td colspan="2"> <font size="2"><b>Fair Value </b></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td width="74">&nbsp;</td>
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width="74">&nbsp;</td>
    <td width="88"> <font size="2">2004</font></td>
    <td width="189"> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions
      <br>
      Swaps</font></td>
    <td width="112"> <font size="2"><b>37,120 <br>
      21,687</b></font></td>
    <td align="right" width="69"> <font size="2"><b>(19) <br>
      2,783</b></font></td>
    <td align="right" width="16"><font size="2">&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td width="74">&nbsp;</td>
    <td colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 19.  Minority Interest in Consolidated
Subsidiaries</B></font></td></tr></table>



<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" height=17 width="2526" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=17 width="390">
      <p></p>
    </td>
    <td valign="TOP" colspan=2 height=17 align="right"> <font size="2"><b>2003</b></font></td>
    <td valign="TOP" height=17 align="right" width="31">&nbsp; </td>
    <td valign="TOP" colspan=2 height=17 align="right"> <font size="2"><b> 2002</b></font></td>
  </tr>
  <tr>
    <td valign="TOP" width="3402" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="390"> <font size="2">&nbsp;&nbsp;Mexico</font></td>
    <td valign="TOP" align="right" width="23"> <font size="2"><b>Ps.</b></font></td>
    <td valign="TOP" align="right" width="56"> <font size="2"><b>147,335</b></font></td>
    <td valign="TOP" align="right" width="31"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="TOP" align="right" width="21"> <font size="2">Ps.</font></td>
    <td valign="TOP" align="right" width="46"> <font size="2">-</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="390"> <font size="2">&nbsp;&nbsp;Colombia</font></td>
    <td valign="TOP" align="right" width="23"><font size="2"></font></td>
    <td valign="TOP" align="right" width="56"> <font size="2"><b>13,338</b></font></td>
    <td valign="TOP" align="right" width="31"><font size="2"></font></td>
    <td valign="TOP" align="right" width="21"><font size="2"></font></td>
    <td valign="TOP" align="right" width="46"> <font size="2">-</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="390"> <font size="2">&nbsp;&nbsp;Central America</font></td>
    <td valign="TOP" align="right" width="23"><font size="2"></font></td>
    <td valign="TOP" align="right" width="56"> <font size="2"><b>2,786</b></font></td>
    <td valign="TOP" align="right" width="31"><font size="2"></font></td>
    <td valign="TOP" align="right" width="21"><font size="2"></font></td>
    <td valign="TOP" align="right" width="46"> <font size="2">-</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="3402" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" width="390"><font size="2"></font></td>
    <td valign="TOP" align="right" width="23"> <font size="2"><b>Ps.</b></font></td>
    <td valign="TOP" align="right" width="56"> <font size="2"><b>163,459</b></font></td>
    <td valign="TOP" align="right" width="31"><font size="2"></font></td>
    <td valign="TOP" align="right" width="21"> <font size="2">Ps.</font></td>
    <td valign="TOP" align="right" width="46"> <font size="2">-</font></td>
  </tr>
  <tr>
    <td valign="TOP" width="3402" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Note 20.  Stockholders&#146; Equity</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>As of December 31, 2003, the capital stock of
the Company was comprised of  1,846,374 thousands common shares without par value and
with no foreign  ownership restrictions. Fixed capital amounts to Ps. 820,503 (nominal
value) and  variable capital may not exceed 10 times the minimum fixed 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"> 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: 17; page: 17" -->



<P><table width=600><tr><td><font size=2>The characteristics of the common shares are as
follows:</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>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 76% of
subscribed capital stock.</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>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>

<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>Series
&#147;D&#148; shares have open subscription and cannot exceed 49% of the ordinary  shares.</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>Series
&#147;L&#148; shares have limited voting and other corporate rights.</font></td></tr></table>

<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, 2003, 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">
    <td width=600 colspan="2">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=43><font size="2"><b>Series</b></font></td>
    <td width=515>
      <p align=right><font size="2"><b>Thousands of<br>
        shares</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="2">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td align="center" width=43><font size="2">A</font></td>
    <td width=515>
      <p align=right><font size="2">844,078</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="center" width=43><font size="2">D</font></td>
    <td width=515>
      <p align=right><font size="2">731,546</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="center" width=43><font size="2">L</font></td>
    <td width=515>
      <p align=right><font size="2">270,750</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="2">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=43><font size="2">Total</font></td>
    <td width=515>
      <p align=right><font size="2">1,846,374</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="2">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<P><table width=600><tr><td><font size=2>The restatement of stockholders&#146; equity 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 valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2"><b>Historical</b><br>
      </font><font size="2"><b>Cost</b></font></td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2"><b>Restatement</b></font></td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2"><b>Restated<br>
      </b></font><b><font size="2">Value</font></b></td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Capital stock</font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>820,503</b></font></p>
    </td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td align="right">
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>1,834,950</b></font></p>
    </td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td align="right">
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>2,655,453</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Additional paid-in capital</font></p>
    </td>
    <td>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>9,703,375</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>1,658,064</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>11,361,439</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Retained earnings from prior years</font></p>
    </td>
    <td>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>6,709,610</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>2,741,008</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>9,450,618</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net income for the year</font></p>
    </td>
    <td>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>2,242,280</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>69,562</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p align=right><font size="2"><b>2,311,842</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<P><table width=600><tr><td><font size=2>At a stockholders&#146; meeting held on December 20,
2002, the stockholders approved  that the agreements reached in such meeting be deemed
legal on the dates  required to complete the Panamco acquisition, the most significant of
which were  an increase in capital stock and additional paid-in capital of Ps. 9,819,542
to  be contributed by FEMSA and The Coca-Cola Company.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>At an ordinary stockholders&#146; meeting held on
March 11, 2002, the stockholders  approved:</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>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>

<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>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 the Company is subject to the
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 Company, except as stock dividends. As of December 31, 2003,  the
legal reserve for Coca-Cola FEMSA amounted to Ps. 126,650 (nominal value).</font></td></tr></table>

<P><table width=600><tr><td><font size=2>Retained earnings and other reserves distributed
as dividends, as well as the  effects derived from capital reductions, are subject to
income tax at the rate  in effect, except for the restated stockholder contributions and
distributions  made from consolidated taxable income, denominated &#147;Cuenta de
Utilidad Fiscal  Neta Consolidada&#148; (&#147;CUFIN&#148;). From 1999 to 2001, the
deferral of a portion (3% in  1999 and 5% in 2000 and 2001) of the income tax was
allowed, until the  distribution of such earnings as dividends. For this purpose a
&#147;Cuenta de  Utilidad Fiscal Neta Consolidada Reinvertida&#148; (&#147;CUFINRE&#148;)
was created, which  like CUFIN represents previously taxed earnings. Beginning in 2002,
the right to  defer payment of this income tax was eliminated.</font></td></tr></table>


<p>&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-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>Dividends paid in excess of CUFIN and CUFINRE
will be subject to income taxes at  a grossed-up rate based on the current statutory
rate. Beginning in 2003, this  tax may be credited against the income tax of the year in
which the dividends  are paid and in the following two years against the income tax and
estimated tax  payments.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>As of December 31, 2003, the balances of CUFIN
and CUFINRE amounted to Ps. 2,389,700 and Ps. 2,525,847.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 21. Net Majority Income per Share</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>This represents the net majority 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.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 22. Tax System</B></font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>a) </b></font></td><td width=95%><font size="2"><b> Income
Tax:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Income tax
is computed on taxable income, which differs from accounting  income principally due to
the treatment of the integral result of  financing, the cost of labor liabilities,
depreciation and other  accounting provisions. In the case of Mexico, it also differs
because  purchases are deductible instead of cost of sales. The tax loss of any  year may
be carried forward and could be applied against taxable income as  indicated below.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The income
tax rates applicable in the countries where the Company  operates and the period in which
tax loss carryforwards may be applied are  as follows:</font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p align=center><font size="1">&nbsp;</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Mexico</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Argentina</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Brazil</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Colombia</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Costa Rica</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Guatemala</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Nicaragua</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Panama</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">Venezuela</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p align=right><font size="1">Statutory<br>
        </font><font size="1">tax rate</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">34.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">35.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">34.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">38.5%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">30.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">31.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">30.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">30.0%</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">34.0%</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">Tax <br>
        &nbsp;&nbsp;&nbsp;&nbsp;loss carryforward<br>
        &nbsp;&nbsp;&nbsp;&nbsp;expiration</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">10</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">5</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">(a)</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">(b)</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">3</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">(c)</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">3</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">5</font></p>
    </td>
    <td align="right">
      <p align=right><font size="1">3</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=5% valign="top">
    <td width=5% valign="top"><font size="2">(a) </font></td><td width=90%><font size="2"> In
Brazil tax loss carryforwards do not expire and may be carried  forward indefinitely.
Utilization of tax carryforwards in any year,  however, is limited to 30% of the taxable
income generated in such  year.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=5% valign="top">
    <td width=5% valign="top"><font size="2">(b) </font></td><td width=90%><font size="2"> Colombian
tax losses generated before December 31, 2002 may be carried  forward for a period of
five years, and tax losses generated after  January 1, 2003 may be carried forward for a
period of eight years, but  limited to 25% of the taxable income of each year.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=5% valign="top">
    <td width=5% valign="top"><font size="2">(c) </font></td><td width=90%><font size="2"> In
Guatemala tax loss carryforwards may only be applied by companies of  recent creation
(not applicable to the Company).</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The Mexican
statutory income tax rate from 2000 through 2002 was 35%.  Beginning 2003, the rate will
be reduced one percentage point per year  through 2005, when the rate will be 32%.
Therefore the statutory tax rate  for Mexico during 2003 is 34%.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><font size="2"><b> Tax
on Assets:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The operations
in Mexico, Guatemala, Nicaragua, Venezuela, Colombia and  Argentina are subject to a tax
on assets.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 tax restated value less certain  liabilities. The tax on assets is paid only to
the extent that it exceeds  the income tax of the year. If in any year a tax on assets
payment is  required, this amount can be credited against the excess of income taxes
over the tax on assets in each 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 ten years.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In Guatemala
there is an alternative minimum tax (&#147;IEMA&#148;) equivalent to  the lower of 2.25%
of the prior year&#146;s revenues or 3.5% of total assets as  of the beginning of the year,
which is paid only to the extent that it  exceeds the income taxes of the year. If in any
year a payment of IEMA is  required, this amount may be credited against 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"> 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;





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<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">excess of
income taxes  over the IEMA of the following year. Such alternative minimum tax was
declared unconstitutional in February 2, 2004.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In Nicaragua
the tax on assets results from applying a 1% rate to total  tax assets as of the end of
the year, and it is paid only to the extent  that it exceeds the income taxes of the
year. If in any year a tax on  assets payment is required, this tax is definitive and
amount may not be  credited against the excess of income taxes in future years.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In Venezuela
the tax on assets results from applying a 1% rate to the net  average amount of
non-monetary assets adjusted for inflation and monetary  assets devalued for inflation.
The tax on assets is paid only to the  extent that it exceeds the income tax of the year.
If in any year a tax on  assets payment is required, this amount may be credited against
the excess  of income taxes over the tax on assets in the following three years.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In Colombia
the tax on assets results from applying a 6% rate to net tax  assets as of the beginning
of the year to determine the basis for the  alternative minimum tax, equivalent to 38.5%
of such basis. This tax is  paid only to the extent that it exceeds the income taxes of
the year. If a  tax on assets payment was required in 2001 or 2002, the amount may be
credited against the excess of income taxes over the tax on assets in the  following
three years. If a tax on assets payment is required subsequent  to 2002, the amount may
be credited against the excess of income taxes  over the tax on assets in the following
five years.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The tax
laws in Argentina established a Tax on Minimum Presumptive Income  (&#147;TMPI&#148;)
that results from applying a rate of 1% to certain productive  assets, and it is paid
only to the extent that it exceeds the income taxes  of the year. If in any year a
payment is required, this amount may be  credited against the excess of income taxes over
the TMPI in the following  ten years.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>c) </b></font></td><td width=95%><font size="2"><b> Employee
Profit Sharing:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Employee profit
sharing is applicable to Mexico and Venezuela. In Mexico  employee profit sharing is
computed at the rate of 10% of the individual  taxable income except that depreciation of
historical, rather than  restated values is used, foreign exchange gains and losses are
not  included until the asset is disposed of or the liability is due, and the  other
effects of inflation are also excluded in Venezuela employee profit  sharing is
equivalent to 15% of after tax earnings.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>d) </b></font></td><td width=95%><font size="2"><b> Deferred
Income Taxes and Employee Profit Sharing:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The temporary
differences that generated deferred income tax liabilities  (assets) are as follows:</font></td></tr></table>


<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="600" colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2"><b>Deferred Income Taxes</b></font></td>
    <td width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>2003</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Inventories</font></td>
    <td align="right" width="80"><font size="2"><b>Ps.</b></font></td>
    <td align="right" width="76"><font size="2"><b>352,362</b></font></td>
    <td align="right" width="22">&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width="34"><font size="2">Ps.</font></td>
    <td align="right" width="59"><font size="2">122,170</font></td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Property, plant and equipment<sup><font size="1"><sup>(1)</sup></font></sup></font></td>
    <td align="right" width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>1,414,435</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2">680,668</font></td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Investments in shares</font></td>
    <td align="right" width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>176,640</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2">23,927</font></td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Other assets</font></td>
    <td align="right" width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>106,656</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2">152,322</font></td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Pension plan and seniority premiums</font></td>
    <td align="right" width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>(106,747)</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2">(65,821)</font></td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Tax loss carryforwards</font></td>
    <td align="right" width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>(381,804)</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="329"><font size="2">Reserves</font></td>
    <td align="right" width="80">&nbsp;</td>
    <td align="right" width="76"><font size="2"><b>(1,185,092)</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34">&nbsp;</td>
    <td align="right" width="59"><font size="2">(65,292)</font></td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="329">&nbsp;</td>
    <td align="right" width="80"><font size="2"><b>Ps. </b></font></td>
    <td align="right" width="76"><font size="2"><b>376,450</b></font></td>
    <td align="right" width="22">&nbsp;</td>
    <td align="right" width="34"><font size="2">Ps.</font></td>
    <td align="right" width="59"><font size="2">847,974</font></td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="6">
      <hr noshade 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">Including
bottles and cases.</font></td></tr></table>


<p>&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: 20; page: 20" -->




<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>&nbsp;</td>
    <td width=79>&nbsp;</td>
    <td align="right" width=76><font size="2"><b>2003</b></font></td>
    <td width=22>&nbsp;</td>
    <td width=34>&nbsp;</td>
    <td align="right" width=60><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>
      <p><font size="2">Balance at beginning of the year</font></p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="2"><b>847,974</b></font></p>
    </td>
    <td width=22>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=34>
      <p align=right><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=60>
      <p align=right><font size="2">651,885</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>
      <p><font size="2">Balance acquisition of Panamco</font></p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="2"><b>(934,274)</b></font></p>
    </td>
    <td width=22>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=34>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=60>
      <p align=right><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>
      <p><font size="2">Provision for the year</font></p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="2"><b>492,082</b></font></p>
    </td>
    <td width=22>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=34>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=60>
      <p align=right><font size="2">121,950</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>
      <p><font size="2">Change in the statutory income tax rate</font></p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="2"><b>(37,666)</b></font></p>
    </td>
    <td width=22>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=34>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=60>
      <p align=right><font size="2">(42,966)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>
      <p><font size="2">Result of holding non-monetary assets</font></p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="2"><b>8,334</b></font></p>
    </td>
    <td width=22>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=34>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=60>
      <p align=right><font size="2">117,105</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=329>
      <p><font size="2">Balance at end of the year</font></p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="2"><b>376,450</b></font></p>
    </td>
    <td width=22>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=34>
      <p align=right><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=60>
      <p align=right><font size="2">847,974</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">At December
31, 2003, there are no significant non-recurring temporary  differences between the
accounting income for the year and the bases for  employee profit sharing, therefore the
Company did not record a provision  for deferred Mexican employee profit sharing.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>e) </b></font></td><td width=95%><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">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=217>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td width=68>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center" width=72>
      <p align=center><font size="2"><b>2003</b></font></p>
    </td>
    <td align="center" width=23>&nbsp;</td>
    <td align="center" width=26>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td align="center" width=78>
      <p align=center><font size="2"><b>2002</b></font></p>
    </td>
    <td align="center" width=23>&nbsp;</td>
    <td align="center" width=31>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td align="center" width=62>
      <p align=center><font size="2"><b>2001</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=217>
      <p><font size="2">Current income taxes</font></p>
    </td>
    <td align="right" width=68>
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>982,052</b></font></p>
    </td>
    <td width=23>&nbsp;&nbsp;&nbsp;</td>
    <td align="center" width=26>
      <p align=right><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=78>
      <p align=right><font size="2">1,696,601</font></p>
    </td>
    <td width=23>&nbsp;&nbsp;&nbsp;</td>
    <td align="right" width=31>
      <p align=right><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=62>
      <p align=right><font size="2">1,325,688</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=217>
      <p><font size="2">Deferred income taxes</font></p>
    </td>
    <td align="right" width=68>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>454,416</b></font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td align="center" width=26>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=78>
      <p align=right><font size="2">78,984</font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td align="right" width=31>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=62>
      <p align=right><font size="2">66,024</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=217>
      <p><font size="2">Employee profit sharing</font></p>
    </td>
    <td align="right" width=68>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>221,761</b></font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td align="center" width=26>
      <p align=right><font size="2">&nbsp;</font></p>
    </td>
    <td align="right" width=78>
      <p align=right><font size="2">136,528</font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td align="right" width=31>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=62>
      <p align=right><font size="2">135,031</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=217>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p align=right><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>1,658,229</b></font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td align="center" width=26>
      <p align=right><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=78>
      <p align=right><font size="2">1,912,113</font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td align="right" width=31>
      <p align=right><font size="2">Ps.</font></p>
    </td>
    <td align="right" width=62>
      <p align=right><font size="2">1,526,743</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">A reconciliation
of the Mexican statutory income tax rate to the  consolidated effective tax rate is as
follows:</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p>&nbsp;</p>
    </td>
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=72>
      <p align=center><font size="2"><b>2003</b></font></p>
    </td>
    <td align="center" width=48>
      <p align=center>&nbsp;</p>
    </td>
    <td align="center" width=79>
      <p align=center><font size="2"><b>2002</b></font></p>
    </td>
    <td align="center" width=47>
      <p align=center>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=center><font size="2"><b>2001</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">Mexican statutory income tax rate</font></p>
    </td>
    <td width=69>
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>34.00%</b></font></p>
    </td>
    <td width=48>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">35.00%</font></p>
    </td>
    <td width=47>
      <p>&nbsp;&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">35.00%</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain from monetary
        position</font></p>
    </td>
    <td width=69>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>(6.26)</b></font></p>
    </td>
    <td width=48>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">(3.06)</font></p>
    </td>
    <td width=47>
      <p align=right>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">(0.75)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflationary component</font></p>
    </td>
    <td width=69>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>6.16</b></font></p>
    </td>
    <td width=48>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">0.58</font></p>
    </td>
    <td width=47>
      <p align=right>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">0.97</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible expenses
        and other </font></p>
    </td>
    <td width=69>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>3.18</b></font></p>
    </td>
    <td width=48>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">0.95</font></p>
    </td>
    <td width=47>
      <p align=right>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">(0.15)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxed at other
        than Mexican<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statutory
        rate</font></p>
    </td>
    <td width=69>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>(1.08)</b></font></p>
    </td>
    <td width=48>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">1.92</font></p>
    </td>
    <td width=47>
      <p align=right>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">0.77</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment
        </font></p>
    </td>
    <td width=69>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>-</b></font></p>
    </td>
    <td width=48>
      <p align=right>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">3.44</font></p>
    </td>
    <td width=47>
      <p align=right>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=216>
      <p><font size="2">Consolidated effective tax rate</font></p>
    </td>
    <td width=69>
      <p align=right><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right" width=72>
      <p align=right><font size="2"><b>36.00%</b></font></p>
    </td>
    <td width=48>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=79>
      <p align=right><font size="2">38.83%</font></p>
    </td>
    <td width=47>
      <p>&nbsp;</p>
    </td>
    <td align="center" width=69>
      <p align=right><font size="2">35.84%</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="7">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=5% valign=top><font size="2"><b>f) </b></font></td><td width=95%><font size="2"><b> Tax
Loss Carryforwards and Recoverable Tax on Assets:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As of
December 31, 2003, only Mexico, Venezuela and Brazil subsidiaries have  tax loss
carryforwards and/or recoverable tax on assets.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The expiration
dates of such amounts are as follows:</font></td></tr></table>


<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td colspan="6"><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font>
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2"><b>Year</b></font></td>
    <td colspan="2" align="center"><font size="2"></font><font size="2"><b>Tax
      Loss<br>
      Carryforwards</b></font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td colspan="2" align="center"><font size="2"></font><font size="2"><b>Recoverable
      Tax<br>
      on Assets</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2004</font></td>
    <td align="right" width="28"><font size="2"><b>Ps.</b></font></td>
    <td align="right" width="93"><font size="2"><b>621</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"><b>Ps.</b></font></td>
    <td align="right" width="117"><font size="2"><b>5,659</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2005</font></td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="93"><font size="2"><b>433,963</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"></font></td>
    <td align="right" width="117"><font size="2"><b>35,272</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2006</font></td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="93"><font size="2"><b>148</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"></font></td>
    <td align="right" width="117"><font size="2"><b>17,368</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2007</font></td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="93"><font size="2"><b>1,156</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"></font></td>
    <td align="right" width="117"><font size="2"><b>-</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2008</font></td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="93"><font size="2"><b>5,680</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"></font></td>
    <td align="right" width="117"><font size="2"><b>-</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2009</font></td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="93"><font size="2"><b>10,670</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"></font></td>
    <td align="right" width="117"><font size="2"><b>-</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2">2010 and thereafter</font></td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="93"><font size="2"><b>2,213,251</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"></font></td>
    <td align="right" width="117"><font size="2"><b>-</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="299"><font size="2"></font></td>
    <td align="right" width="28"><font size="2"><b>Ps.</b></font></td>
    <td align="right" width="93"><font size="2"><b>2,665,489</b></font></td>
    <td width="37"><font size="2"></font></td>
    <td align="right" width="26"><font size="2"><b>Ps.</b></font></td>
    <td align="right" width="117"><font size="2"><b>58,299</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Due to
the uncertainty of the realization of certain tax loss  carryforwards, as of December 31,
2003 a valuation allowance has been  provided of Ps. 1,275,646 of the carryforward.</font></td></tr></table>


<p>&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: 21; page: 21" -->




<p><table width=600><tr><td><font size=2><B>Note 23.  Contingencies and Commitments</B></font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>a) </b></font></td><td width=95%><font size="2"><b> Contingencies:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">During 2002,
Coca-Cola FEMSA initiated an appeal related to the IEPS  (&#147;Special Tax on Products
and Services&#148;) applicable to inventories produced  with high fructose content.
Additionally, during 2003, the Company included  in its appeal the IEPS applicable to
dietetic soft drinks and mineral  waters. On November 21, 2003, the Company obtained a
favorable resolution  for its 2002 claim and during 2004 is expecting to receive from the
authorities the IEPS paid during 2002, including accrued interest. An  appeal related to
the IEPS paid in 2003 has also been initiated, and  management and legal counsel believe
that it is highly probable that it  will obtain a favorable resolution. The Company has
posted a bond for 2003  Mexican tax liabilities in the amount of Ps. 84,792, for which
management  has a high expectation that payments will not have to be made.</font></td></tr></table>


<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In 2000,
the Comision Federal de Competencia in Mexico (the Mexican  Antitrust Commission, the
&#147;Commission&#148;) initiated an investigation of the  sales practices of Coca-Cola
and its bottlers. In February 2002, through a  final resolution, the Mexican Antitrust
Commission held that Coca-Cola and  its bottlers engaged in monopolistic practices with
respect to exclusivity  arrangements with certain retailers, and ordered Coca-Cola and
its  bottlers, to abstain from entering into any exclusivity arrangement with  retailers.
The Company, along with other Coca-Cola bottlers, appealed the  resolution. In 2003, the
Company were requested by the Commission to  deliver some intellectual and proprietary
information, and the bottlers  refused to deliver the information and initiated another
appeal, with most  subsidiaries obtaining injunctions against the orders from the
Commission.  The Company and its legal counsel believe that it is probable to prevail
and obtain a permanent injunction against the Commission.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">During 2001,
the Comision para Promover la Competencia in Costa Rica (the  &#147;Costa Rican Antitrust
Commission&#148;) initiated an investigation on the sales  practices of Coca-Cola for
alleged monopolistic practices in the retail  distribution channel including the gain of
share of sales through  exclusivity arrangements. The Company does not believe that the
resolution  of this matter will have a material adverse effect on its financial
condition or results of operations.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In 1999,
the Company received notice of certain tax claims asserted by the  Venezuelan taxing
authorities. These claims currently total approximately  $23,000. The Company has certain
rights to indemnification from the  original owner before Panamco and The Coca-Cola
Company for a substantial  portion of such claims. The Company does not believe that the
ultimate  disposition of these cases will have a material adverse effect on its
financial condition or results of operations.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Since 2001,
the Venezuelan subsidiary was the subject of lawsuits filed by  former distributors,
claiming alleged labor and severance rights owed to  them at the time of the termination
of their relationship with the  Venezuelan subsidiary, for a total amount of
approximately $31,000. The  Company believes based on the decisions rendered by the
Supreme Court on  similar cases, as well as based on the analysis of each case, that
these  claims are without merit.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In 2001,
a labor union and several individuals from the Republic of  Colombia filed a lawsuit in
the U.S. District Court for the Southern  District of Florida against the Company and The
Coca-Cola Company. In the  complaint, the plaintiffs alleged that the Company engaged in
wrongful acts  against the labor union and its members in Colombia for the amount of
$500,000. The Company has filed a motion to dismiss the complaint for lack  of subject
matter and personal jurisdiction and believes this lawsuit is  without merit. The Company
has received proposals to settle the claim, but  no agreements have been reached.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">There are
certain tax contingencies of the foreign subsidiaries that  required asset guarantees
while in litigation.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The Company
also has various other loss contingencies, for which reserves  have been recorded in
those cases where the Company believes the results of  an unfavorable resolution is
probable. The details regarding these  contingencies has not been disclosed since the
Company believes that to do  so would adversely impact its legal position.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Other legal
proceedings are pending against or involve the Company and its  subsidiaries, which are
incidental to the conduct of their businesses. The  Company believes that the ultimate
disposition of such other proceedings  will not have a material adverse effect on its
consolidated financial  condition or results of operations</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><font size="2"><b> Commitments:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As of
December 31, 2003 the Company has operating lease commitments 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-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: 22; page: 22" -->
<p>&nbsp;
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="4">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="4"><font size="2"></font><font size="2"></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;&nbsp;</td>
    <td align="left" width="421"> <font size="2">2004</font></td>
    <td align="right" width="51"> <font size="2">Ps.</font></td>
    <td align="right" width="66"> <font size="2"><b>173,317</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;</td>
    <td align="left" width="421"> <font size="2">2005</font></td>
    <td align="right" width="51"><font size="2"></font></td>
    <td align="right" width="66"> <font size="2"><b>157,161</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;</td>
    <td align="left" width="421"> <font size="2">2006</font></td>
    <td align="right" width="51"><font size="2"></font></td>
    <td align="right" width="66"> <font size="2"><b>156,360</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;</td>
    <td align="left" width="421"> <font size="2">2007</font></td>
    <td align="right" width="51"><font size="2"></font></td>
    <td align="right" width="66"> <font size="2"><b>146,324</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;</td>
    <td align="left" width="421"> <font size="2">2008</font></td>
    <td align="right" width="51"><font size="2"></font></td>
    <td align="right" width="66"> <font size="2"><b>144,154</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;</td>
    <td align="left" width="421"> <font size="2">2009 and thereafter</font></td>
    <td align="right" width="51"><font size="2"></font></td>
    <td align="right" width="66"> <font size="2"><b>272,864</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="4">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="16">&nbsp;</td>
    <td align="left" width="421"><font size="2"></font></td>
    <td align="right" width="51"> <font size="2">Ps.</font></td>
    <td align="right" width="66"> <font size="2"><b>1,050,180</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="4">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Rental expense
for all  operating  leases  charged  against  earnings  amounted  to  approximately  Ps.
146,976,  Ps.  35,628  and Ps. 36,155 for the years ended December 31, 2003, 2002 and
2001, respectively.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 24.  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 as follows:</font></td></tr></table>

<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;</td>
    <td align="left"> <font size="2"><b>Total Revenues </b></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b> 2002</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Mexico </font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>23,935,154</b></font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">16,843,190</font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">15,783,808</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Central America<sup><font size="1">(1) </font></sup></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,186,518</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Venezuela </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,544,496</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Colombia </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,319,133</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Brazil </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,796,870</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Argentina </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,076,898</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">1,824,323</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">1,987,756</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Consolidation adjustments </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(129,651)</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <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>35,729,417</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">18,667,513</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">17,771,564</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;</td>
    <td align="left"> <font size="2"><b>Income from Operations</b></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b> 2002</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Mexico </font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>5,633,582</b></font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">4,597,403</font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">3,980,989</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Central America<sup><font size="1">(1) </font></sup></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>218,402</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Venezuela </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>231,523</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Colombia </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>261,126</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Brazil </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>149,762</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Argentina </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>215,593</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">29,407</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">75,560</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Consolidation adjustments </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>372</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp; </td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>6,710,360</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">4,626,810</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">4,056,549</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"><b>Depreciation<sup><font size="1">(2)</font></sup></b></font></td>
    <td valign="bottom" colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" colspan=2 align="right"> <font size="2"><b> 2002</b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2">Mexico </font></td>
    <td valign="bottom" align="right"> <font size="2"><b>Ps.</b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>725,537</b></font></td>
    <td valign="bottom" align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="right"> <font size="2">Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2">611,457</font></td>
    <td valign="bottom" align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="right"> <font size="2">Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2">712,372</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2">Central America<sup><font size="1">(1)
      </font></sup></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>103,215</b></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">-</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">-</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2">Venezuela </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>105,990</b></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">-</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">-</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2">Colombia </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>138,755</b></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">-</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">-</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2">Brazil </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>42,372</b></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">-</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">-</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2">Argentina </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>125,291</b></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">161,555</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">134,101</font></td>
  </tr>
  <tr>
    <td valign="TOP" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>Ps.</b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b>1,241,160</b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2">Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2">773,012</font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2">Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2">846,473</font></td>
  </tr>
  <tr>
    <td valign="TOP" colspan="10">
      <hr size="2" noshade>
    </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
Guatemala, Costa Rica, Panama and Nicaragua </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">Includes
breakage  of bottles</font></td></tr></table>


<p>&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: 23; page: 23" -->
<p>&nbsp;
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;</td>
    <td align="left"> <font size="2"><b>Amortization and Other <br>
      Non-Cash Charges <sup>(3)</sup></b></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b> 2002</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Mexico </font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>471,094</b></font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">274,206</font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">151,890</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Central America<sup><font size="1">(1) </font></sup></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>53,538</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Venezuela </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>21,170</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Colombia </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>110,452</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Brazil </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>27,050</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Argentina </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>71,850</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">36,146</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">928</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <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>755,154</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">310,352</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">152,818</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="2830" colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="15">&nbsp;&nbsp;</td>
    <td align="left" width="244"> <font size="2"><b>Impairment of Long-Lived Assets</b></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right" width="13"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b> 2002</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="15">&nbsp;</td>
    <td align="left" width="244"> <font size="2">Argentina </font></td>
    <td align="right" width="32"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="81"> <font size="2"><b>-</b></font></td>
    <td align="right" width="13"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right" width="29"> <font size="2">Ps.</font></td>
    <td align="right" width="70"> <font size="2">457,194</font></td>
    <td align="right" width="11"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right" width="30"> <font size="2">Ps.</font></td>
    <td align="right" width="75"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="15">&nbsp;</td>
    <td align="left" width="244"><font size="2"></font></td>
    <td align="right" width="32"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="81"> <font size="2"><b>-</b></font></td>
    <td align="right" width="13"><font size="2"></font></td>
    <td align="right" width="29"> <font size="2">Ps.</font></td>
    <td align="right" width="70"> <font size="2">457,194</font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td align="right" width="30"> <font size="2">Ps.</font></td>
    <td align="right" width="75"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="600" colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=18 colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2"><b>Interest Expense</b></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>2003</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2"><b> 2002</b></font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Mexico </font></td>
    <td height=18 align="right" width="29"> <font size="2"><b>Ps. </b></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>1,496,690 </b></font></td>
    <td height=18 align="right" width="12"> <font size="2">&nbsp;&nbsp; </font></td>
    <td height=18 align="right" width="29"> <font size="2">Ps. </font></td>
    <td height=18 align="right" width="70"> <font size="2">343,330 </font></td>
    <td height=18 align="right" width="17"> <font size="2">&nbsp;&nbsp; </font></td>
    <td height=18 align="right" width="27"> <font size="2">Ps. </font></td>
    <td height=18 align="right" width="72"> <font size="2">340,432 </font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Central America<sup><font size="1">(1)
      </font></sup></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>12,703 </b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2">-</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Venezuela </font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>10,656</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2">-</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Colombia </font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>45,230</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2">-</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Brazil </font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>16,213</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2">-</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Argentina </font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>32,197</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2">5,049</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2">3,003</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"> <font size="2">Consolidation adjustments
      </font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>(62,237)</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"><font size="2"></font></td>
    <td height=18 align="right" width="70"> <font size="2">-</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"><font size="2"></font></td>
    <td height=18 align="right" width="72"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="13">&nbsp;</td>
    <td height=18 align="left" width="251"><font size="2"></font></td>
    <td height=18 align="right" width="29"> <font size="2"><b>Ps.</b></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>1,551,452</b></font></td>
    <td height=18 align="right" width="12"><font size="2"></font></td>
    <td height=18 align="right" width="29"> <font size="2">Ps.</font></td>
    <td height=18 align="right" width="70"> <font size="2">348,379</font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="27"> <font size="2">Ps.</font></td>
    <td height=18 align="right" width="72"> <font size="2">343,435</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="13">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;</td>
    <td align="left"> <font size="2"><b>Interest Income </b></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"><b>2002</b></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="13">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Mexico</font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>190,238</b></font></td>
    <td align="right"> <font size="2">&nbsp;&nbsp;</font></td>
    <td colspan=2 align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">257,066</font></td>
    <td align="right"> <font size="2">&nbsp;&nbsp;</font></td>
    <td colspan=3 align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">284,288</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2"></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size=4> <font size="2">Central America<sup><font size="1">(1)
      </font></sup></font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> <font size="2">8,273</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size=4> </font><font size=4> <font size="2">Venezuela
      </font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">2,734</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size=4> </font><font size=4> <font size="2">Colombia
      </font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">59,236</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size=4> </font><font size=4> <font size="2">Brazil
      </font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">34,311</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size=4> </font><font size=4> <font size="2">Argentina</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">3,100</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">6,920</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">3,404</font></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size=4> </font><font size=4> <font size="2">Consolidation
      adjustments </font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">(70,853)</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size="2"></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">-</font></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="13">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2"></font></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">Ps.
      </font></font></b></td>
    <td align="right"> <b><font size=2> </font></b><b><font size=2> <font size="2">227,039</font></font></b></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=2 align="right"> <font size=2> </font><font size=2> <font size="2">Ps.
      </font></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">263,986</font></font></td>
    <td align="right"> <font size="2"></font></td>
    <td colspan=3 align="right"> <font size=2> </font><font size=2> <font size="2">Ps.
      </font></font></td>
    <td align="right"> <font size=2> </font><font size=2> <font size="2">287,692</font></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="13">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;</td>
    <td align="left"> <font size="2"><b>Income Tax and Tax on Assets </b></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2002</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Mexico </font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b> 1,048,781</b></font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">1,797,162</font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">1,351,120</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Central America<sup><font size="1">(1) </font></sup></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>61,694</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Venezuela </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>34,215</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Colombia </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>176,033</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Brazil </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>32,959</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Argentina </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>68,818</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">(21,577)</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">40,592</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="left"> <font size="2">Consolidation adjustments </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>13,968</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <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>1,436,468</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">1,775,585</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">1,391,712</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </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
Guatemala, Costa Rica, Panama and Nicaragua</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">Excludes
the non-cash charges relatives to current assets and liabilities</font></td></tr></table>




<p>&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-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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 24; page: 24" -->
<p>&nbsp;
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;&nbsp;</td>
    <td align="left" width="258"> <font size="2"><b>Capital Expenditures<font size="1"><sup>(4)
      </sup></font></b></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2002</b></font></td>
    <td align="right" width="10"><font size="2"></font></td>
    <td colspan=2 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;</td>
    <td align="left" width="258"> <font size="2">Mexico </font></td>
    <td align="right" width="27"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="82"> <font size="2"><b>1,431,157</b></font></td>
    <td align="right" width="11"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right" width="23"> <font size="2">Ps.</font></td>
    <td align="right" width="71"> <font size="2">1,328,348</font></td>
    <td align="right" width="10"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right" width="32"> <font size="2">Ps.</font></td>
    <td align="right" width="73"> <font size="2">832,041</font></td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;</td>
    <td align="left" width="258"> <font size="2">Central America<sup><font size="1">(1)
      </font></sup></font></td>
    <td align="right" width="27"><font size="2"></font></td>
    <td align="right" width="82"> <font size="2"><b>162,907</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td align="right" width="23"><font size="2"></font></td>
    <td align="right" width="71"> <font size="2">-</font></td>
    <td align="right" width="10"><font size="2"></font></td>
    <td align="right" width="32"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;</td>
    <td align="left" width="258"> <font size="2">Venezuela </font></td>
    <td align="right" width="27"><font size="2"></font></td>
    <td align="right" width="82"> <font size="2"><b>44,670</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td align="right" width="23"><font size="2"></font></td>
    <td align="right" width="71"> <font size="2">-</font></td>
    <td align="right" width="10"><font size="2"></font></td>
    <td align="right" width="32"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;</td>
    <td align="left" width="258"> <font size="2">Colombia </font></td>
    <td align="right" width="27"><font size="2"></font></td>
    <td align="right" width="82"> <font size="2"><b>982</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td align="right" width="23"><font size="2"></font></td>
    <td align="right" width="71"> <font size="2">-</font></td>
    <td align="right" width="10"><font size="2"></font></td>
    <td align="right" width="32"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;</td>
    <td align="left" width="258"> <font size="2">Brazil </font></td>
    <td align="right" width="27"><font size="2"></font></td>
    <td align="right" width="82"> <font size="2"><b>165,691</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td align="right" width="23"><font size="2"></font></td>
    <td align="right" width="71"> <font size="2">-</font></td>
    <td align="right" width="10"><font size="2"></font></td>
    <td align="right" width="32"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width="13">&nbsp;</td>
    <td align="left" width="258"> <font size="2">Argentina </font></td>
    <td align="right" width="27"><font size="2"></font></td>
    <td align="right" width="82"> <font size="2"><b>104,998</b></font></td>
    <td align="right" width="11"><font size="2"></font></td>
    <td align="right" width="23"><font size="2"></font></td>
    <td align="right" width="71"> <font size="2">81,358</font></td>
    <td align="right" width="10"><font size="2"></font></td>
    <td align="right" width="32"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">33,260</font></td>
  </tr>
  <tr valign="bottom">
    <td height=10 colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=10 width="13">&nbsp;</td>
    <td height=10 align="left" width="258"><font size="2"></font></td>
    <td height=10 align="right" width="27"> <font size="2"><b>Ps. </b></font></td>
    <td height=10 align="right" width="82"> <font size="2"><b>1,910,405</b></font></td>
    <td height=10 align="right" width="11"><font size="2"></font></td>
    <td height=10 align="right" width="23"> <font size="2">Ps. </font></td>
    <td height=10 align="right" width="71"> <font size="2">1,409,706</font></td>
    <td height=10 align="right" width="10"><font size="2"></font></td>
    <td height=10 align="right" width="32"> <font size="2">Ps. </font></td>
    <td height=10 align="right" width="73"> <font size="2">865,301</font></td>
  </tr>
  <tr valign="bottom">
    <td height=10 colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 border="0" width=600>
  <tr valign="bottom">
    <td height=18 colspan=9>
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;&nbsp;</td>
    <td colspan=2 height=18 align="left"><font size="2"><b>Intangible Assets and
      Other Assets</b></font></td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="90"><font size="2"><b>2003</b></font></td>
    <td height=18 align="right" width="22"><font size="2">&nbsp;&nbsp;</font></td>
    <td height=18 align="right" width="32"><font size="2"></font></td>
    <td colspan=2 height=18 align="right" width="83"><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan=9>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left">
      <p><font size="2">Mexico </font>
    </td>
    <td height=18 align="right" width="36"><font size="2"><b>Ps.</b></font></td>
    <td height=18 align="right" width="90">
      <p align="RIGHT"><font size="2"><b>26,532,616 </b></font>
    </td>
    <td height=18 align="right" width="22"><font size="2"></font></td>
    <td height=18 align="right" width="32"><font size="2">Ps.</font></td>
    <td colspan=2 height=18 align="right" width="83">
      <p align="RIGHT"><font size="2">925,505</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left">
      <p><font size="2">Central America<sup>(1) </sup></font>
    </td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="90">
      <p align="RIGHT"><font size="2"><b>2,802,024 </b></font>
    </td>
    <td height=18 align="right" width="22"><font size="2"></font></td>
    <td height=18 align="right" width="32"><font size="2"></font></td>
    <td colspan=2 height=18 align="right" width="83">
      <p></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left">
      <p><font size="2">Venezuela </font>
    </td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="90">
      <p align="RIGHT"><font size="2"><b>1,101,099 </b></font>
    </td>
    <td height=18 align="right" width="22"><font size="2"></font></td>
    <td height=18 align="right" width="32"><font size="2"></font></td>
    <td colspan=2 height=18 align="right" width="83">
      <p></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left">
      <p><font size="2">Colombia </font>
    </td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="90">
      <p align="RIGHT"><font size="2"><b>3,157,766 </b></font>
    </td>
    <td height=18 align="right" width="22"><font size="2"></font></td>
    <td height=18 align="right" width="32"><font size="2"></font></td>
    <td colspan=2 height=18 align="right" width="83">
      <p></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left">
      <p><font size="2">Brazil </font>
    </td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="90">
      <p align="RIGHT"><font size="2"><b>1,305,798 </b></font>
    </td>
    <td height=18 align="right" width="22"><font size="2"></font></td>
    <td height=18 align="right" width="32"><font size="2"></font></td>
    <td colspan=2 height=18 align="right" width="83">
      <p></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left">
      <p><font size="2">Argentina </font>
    </td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="90">
      <p align="RIGHT"><font size="2"><b>199,604 </b></font>
    </td>
    <td height=18 align="right" width="22"><font size="2"></font></td>
    <td height=18 align="right" width="32"><font size="2"></font></td>
    <td colspan=2 height=18 align="right" width="83">
      <p align="RIGHT"><font size="2">228,380</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan=9>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="21">&nbsp;</td>
    <td colspan=2 height=18 align="left"><font size="2"></font></td>
    <td height=18 align="right" width="36"><font size="2"><b>Ps.</b></font></td>
    <td height=18 align="right" width="90"><font size="2"><b>35,098,907</b></font></td>
    <td height=18 align="right" width="22">&nbsp;</td>
    <td height=18 align="right" width="32"><font size="2">Ps.</font></td>
    <td colspan=2 height=18 align="right" width="83"><font size="2">1,153,885</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan=9>
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 border="0" width=600>
  <tr valign="bottom">
    <td height=17 colspan=8>
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 width="19">&nbsp;&nbsp;</td>
    <td colspan=2 height=17 align="left"><font size="2"><b>Long-term Assets</b></font></td>
    <td height=17 align="right" width="34"><font size="2"></font></td>
    <td height=17 align="right" width="91"><font size="2"><b>2003</b></font></td>
    <td height=17 align="right" width="21">&nbsp;</td>
    <td height=17 align="right" width="32"><font size="2"></font></td>
    <td height=17 align="right" width="84"><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=17 colspan=8>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 width="19">&nbsp;</td>
    <td colspan=2 height=17 align="left">
      <p><font size="2">Mexico </font>
    </td>
    <td height=17 align="right" width="34"><font size="2"><b>Ps.</b></font></td>
    <td height=17 align="right" width="91"><font size="2"><b>10,462,355 </b></font></td>
    <td height=17 align="right" width="21">
      <p><font size="2">&nbsp;&nbsp;</font></p>
    </td>
    <td height=17 align="right" width="32"><font size="2">Ps.</font></td>
    <td height=17 align="right" width="84">
      <p align="RIGHT"><font size="2">6,507,368</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 width="19">&nbsp;</td>
    <td colspan=2 height=17 align="left">
      <p><font size="2">Central America<sup>(1) </sup></font>
    </td>
    <td height=17 align="right" width="34"><font size="2"></font></td>
    <td height=17 align="right" width="91"><font size="2"><b>4,762,135 </b></font></td>
    <td height=17 align="right" width="21">
      <p></p>
    </td>
    <td height=17 align="right" width="32"><font size="2"></font></td>
    <td height=17 align="right" width="84">
      <p align="RIGHT"><font size="2">-</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=16 width="19">&nbsp;</td>
    <td colspan=2 height=16 align="left">
      <p><font size="2">Venezuela </font>
    </td>
    <td height=16 align="right" width="34"><font size="2"></font></td>
    <td height=16 align="right" width="91"><font size="2"><b>2,883,162 </b></font></td>
    <td height=16 align="right" width="21">
      <p></p>
    </td>
    <td height=16 align="right" width="32"><font size="2"></font></td>
    <td height=16 align="right" width="84">
      <p align="RIGHT"><font size="2">-</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=16 width="19">&nbsp;</td>
    <td colspan=2 height=16 align="left">
      <p><font size="2">Colombia </font>
    </td>
    <td height=16 align="right" width="34"><font size="2"></font></td>
    <td height=16 align="right" width="91"><font size="2"><b>4,866,215 </b></font></td>
    <td height=16 align="right" width="21">
      <p></p>
    </td>
    <td height=16 align="right" width="32"><font size="2"></font></td>
    <td height=16 align="right" width="84">
      <p align="RIGHT"><font size="2">-</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 width="19">&nbsp;</td>
    <td colspan=2 height=17 align="left">
      <p><font size="2">Brazil </font>
    </td>
    <td height=17 align="right" width="34"><font size="2"></font></td>
    <td height=17 align="right" width="91"><font size="2"><b>3,370,539 </b></font></td>
    <td height=17 align="right" width="21">
      <p></p>
    </td>
    <td height=17 align="right" width="32"><font size="2"></font></td>
    <td height=17 align="right" width="84">
      <p align="RIGHT"><font size="2">-</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=16 width="19">&nbsp;</td>
    <td colspan=2 height=16 align="left">
      <p><font size="2">Argentina </font>
    </td>
    <td height=16 align="right" width="34"><font size="2"></font></td>
    <td height=16 align="right" width="91"><font size="2"><b>1,226,375 </b></font></td>
    <td height=16 align="right" width="21">
      <p></p>
    </td>
    <td height=16 align="right" width="32"><font size="2"></font></td>
    <td height=16 align="right" width="84">
      <p align="RIGHT"><font size="2">1,061,031</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=16 width="19">&nbsp;</td>
    <td colspan=2 height=16 align="left"><font size="2">Consolidation adjustments</font></td>
    <td height=16 align="right" width="34"><font size="2"></font></td>
    <td height=16 align="right" width="91"><font size="2"><b>(9,323,649)</b></font></td>
    <td height=16 align="right" width="21">&nbsp;</td>
    <td height=16 align="right" width="32"><font size="2"></font></td>
    <td height=16 align="right" width="84"><font size="2"><b>-</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=16 colspan=8>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=16 width="19">&nbsp;</td>
    <td colspan=2 height=16 align="left"><font size="2"></font></td>
    <td height=16 align="right" width="34"><font size="2"><b>Ps.</b></font></td>
    <td height=16 align="right" width="91">&nbsp;</td>
    <td height=16 align="right" width="21"><font size="2"></font></td>
    <td height=16 align="right" width="32"><font size="2">Ps.</font></td>
    <td height=16 align="right" width="84"><font size="2">7,568,399</font></td>
  </tr>
  <tr valign="bottom">
    <td height=16 colspan=8>
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600 border="0">
  <tr valign="bottom">
    <td height=18 colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;&nbsp;</td>
    <td height=18 align="left" width="326"><font size="2"><b>Total Assets</b></font></td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>2003</b></font></td>
    <td height=18 align="right" width="21"><font size="2">&nbsp;&nbsp;</font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82"><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326"><font size="2">Mexico</font></td>
    <td height=18 align="right" width="35"><font size="2"><b>Ps.</b></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>52,273,504</b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2">Ps.</font></td>
    <td height=18 align="right" width="82"><font size="2">15,503,501</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326"><font size="2">Central America<sup>(1)
      </sup></font></td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>5,656,703 </b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82"><font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326"><font size="2">Venezuela </font></td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>3,668,518 </b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82"><font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326">
      <p><font size="2">Colombia </font>
    </td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>6,687,621</b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82">
      <p align="RIGHT"><font size="2"><b>- </b></font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326">
      <p><font size="2">Brazil </font>
    </td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>4,519,906 </b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82">
      <p align="RIGHT"><font size="2"><b>- </b></font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326">
      <p><font size="2">Argentina </font>
    </td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>1,631,273 </b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82">
      <p align="RIGHT"><font size="2">1,583,168</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326">
      <p><font size="2">Consolidation adjustments </font>
    </td>
    <td height=18 align="right" width="35"><font size="2"></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>(13,017,772)</b></font></td>
    <td height=18 align="right" width="21"><font size="2"></font></td>
    <td height=18 align="right" width="33"><font size="2"></font></td>
    <td height=18 align="right" width="82">
      <p align="RIGHT"><font size="2">-</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 width="12">&nbsp;</td>
    <td height=18 align="left" width="326">
      <p></p>
    </td>
    <td height=18 align="right" width="35"><font size="2"><b>Ps.</b></font></td>
    <td height=18 align="right" width="91"><font size="2"><b>61,419,753</b></font></td>
    <td height=18 align="right" width="21">&nbsp;</td>
    <td height=18 align="right" width="33"><font size="2">Ps.</font></td>
    <td height=18 align="right" width="82">
      <p align="RIGHT"><font size="2">17,086,669</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="15">&nbsp;&nbsp;</td>
    <td height=17 align="left" width="322"> <font size="2"><b>Total Liabilities</b></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="92"> <font size="2"><b>2003</b></font></td>
    <td height=17 align="right" width="17"><font size="2"></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="80"> <font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=19 align="left" width="15">&nbsp;</td>
    <td height=19 align="left" width="322"> <font size="2">Mexico </font></td>
    <td height=19 align="right" width="36"> <font size="2"><b>Ps.</b></font></td>
    <td height=19 align="right" width="92"> <font size="2"><b>35,558,118</b></font></td>
    <td height=19 align="right" width="17"> <font size="2">&nbsp;&nbsp;</font></td>
    <td height=19 align="right" width="36"> <font size="2">Ps.</font></td>
    <td height=19 align="right" width="80"> <font size="2">6,947,867</font></td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="15">&nbsp;</td>
    <td height=17 align="left" width="322"> <font size="2">Central America<sup><font size="1">(1)
      </font> </sup></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="92"> <font size="2"><b>1,274,073</b></font></td>
    <td height=17 align="right" width="17"><font size="2"></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="80"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="15">&nbsp;</td>
    <td height=17 align="left" width="322"> <font size="2">Venezuela </font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="92"> <font size="2"><b>2,310,257</b></font></td>
    <td height=17 align="right" width="17"><font size="2"></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="80"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="15">&nbsp;</td>
    <td height=18 align="left" width="322"> <font size="2">Colombia </font></td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="92"> <font size="2"><b>1,515,509</b></font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="15">&nbsp;</td>
    <td height=17 align="left" width="322"> <font size="2">Brazil </font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="92"> <font size="2"><b>2,142,785</b></font></td>
    <td height=17 align="right" width="17"><font size="2"></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="80"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="15">&nbsp;</td>
    <td height=17 align="left" width="322"> <font size="2">Argentina </font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="92"> <font size="2"><b>585,259</b></font></td>
    <td height=17 align="right" width="17"><font size="2"></font></td>
    <td height=17 align="right" width="36"><font size="2"></font></td>
    <td height=17 align="right" width="80"> <font size="2">470,661</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="15">&nbsp;</td>
    <td height=18 align="left" width="322"> <font size="2">Consolidation adjustments</font></td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="92"> <font size="2"><b>(4,782,825)</b></font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="36"><font size="2"></font></td>
    <td height=18 align="right" width="80"> <font size="2"><b>-</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="15">&nbsp;</td>
    <td height=18 align="left" width="322">&nbsp; </td>
    <td height=18 align="right" width="36"> <font size="2"><b>Ps</b>.</font></td>
    <td height=18 align="right" width="92"> <font size="2"><b>38,603,176</b></font></td>
    <td height=18 align="right" width="17"><font size="2"></font></td>
    <td height=18 align="right" width="36"> <font size="2">Ps.</font></td>
    <td height=18 align="right" width="80"> <font size="2">7,418,528</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="2" noshade>
    </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
Guatemala, Costa Rica, Panama and Nicaragua </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">Includes
investments in property, plant and equipment and other assets</font></td></tr></table>



<p>&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><font size=2><B>Note 25.  Differences Between Mexican GAAP
and US GAAP</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 Mexican GAAP, which differs in certain
significant respects from US GAAP. A  reconciliation of the reported majority net income,
majority stockholders&#146;  equity and majority comprehensive income to US GAAP is presented
in Note 26. It  should be noted that this reconciliation to US GAAP does not include the
reversal of the restatement of the financial statements as required by Bulletin  B-10,
&#147;Reconocimiento de los Efectos de la Inflacion en la Informacion  Financiera&#148;
(Recognition of the Effects of Inflation in the Financial  Information), of Mexican GAAP,
since 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 below.</font></td></tr></table>


<P><table width=600><tr><td width=5% valign=top><font size="2"><b>a) </b></font></td><td width=95%><font size="2"><b> Restatement
of Prior Year Financial Statements:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As explained
in Note 5 a), in accordance with Mexican GAAP, the financial  statements for Mexican
subsidiaries for prior years were restated using  inflation factors, and for foreign
subsidiaries and affiliated companies  for prior years were restated using the inflation
rate of the country in  which the foreign subsidiary or affiliated company is located,
then  translated to Mexican pesos at the year-end exchange rate.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under US
GAAP, the Company applies the regulations of the Securities and  Exchange Commission of
the United States of America (&#147;SEC&#148;), which require  that prior year financial
statements 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 inflation
factors.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Additionally, all
other US GAAP adjustments for prior years have been  restated based upon the SEC
methodology.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><font size="2"><b> Classification
Differences:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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>

<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>As
explained in Note 5 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>

<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>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=5% valign=top><font size="2"><b>c) </b></font></td><td width=95%><font size="2"><b> Deferred
Promotional Expenses:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As explained
in Note 5 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,
such promotional costs  are expensed as incurred.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>d) </b></font></td><td width=95%><font size="2"><b> Intangible
Assets:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As mentioned
in Note 5 i), under Mexican GAAP until January 1, 2003 all  intangible assets were
amortized over a period of no more than 20 years.  Effective January 1, 2003 revised
Bulletin C-8, &#147;Activos Intangibles&#148;  (Intangible Assets) (&#147;C-8&#147;),
went into effect and recognizes that certain  intangible assets have indefinite lives and
should not be amortized. Under  US GAAP, in accordance with Statement of Financial
Accounting Standards  (&#147;SFAS&#148;) No. 142, &#147;Goodwill and Other Intangible
Assets&#148;, effective  January 1, 2002, goodwill and indefinite-lived intangible assets
are also  no longer subject to amortization but rather are subject to periodic
assessment for impairment. Accordingly, amortization of indefinite-lived  intangible
assets was discontinued in 2002 for US GAAP and in 2003 for  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"> 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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<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">A reconciliation
of previously reported net income and income per share  under US GAAP to the amounts
adjusted to exclude intangible amortization  is as follows:</font></td></tr></table>



<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=13 colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=13>
      <p></p>
    </td>
    <td height=13>
      <p></p>
    </td>
    <td height=13 align="right"> <font size="2"><b>2003</b></font></td>
    <td height=13 align="right"><font size="2"></font></td>
    <td height=13 align="right">&nbsp; </td>
    <td height=13 align="right"> <font size="2"><b>2002</b></font></td>
    <td height=13 align="right"><font size="2"></font></td>
    <td height=13 align="right">&nbsp; </td>
    <td height=13 align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2"><b>&nbsp;Reported net income:</b></font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>2,298,443</b></font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">2,624,372</font></td>
    <td align="right"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">2,391,988</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Add: intangible
      amortization</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>-</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">122,171</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income
      </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,298,443</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">2,624,372</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">2,514,159</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2"><b>&nbsp;Reported net income per share:</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>1.35</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">1.84</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">1.68</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Add: intangible
      amortization</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>-</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">0.08</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income
      per share </font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>1.35</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">1.84</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">1.76</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As a
result of the adoption of this standard, the Company performed an  impairment test as of
January 1, 2002 and found no impairment. Subsequent  impairment tests are performed
annually by the Company, 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. As mentioned in
Note 4, due to significant adverse changes in the Argentine economy during  2002, on July
1, 2002 the Company recognized an impairment of the  intangible generated by the
acquisition of Coca-Cola FEMSA de Buenos Aires.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>e) </b></font></td><td width=95%><font size="2"><b> Restatement
of Imported Equipment:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">As explained
in Note 5 e), under 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.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under US
GAAP, the Company applies the SEC regulations, which require that  all machinery and
equipment, both domestic and imported, be restated using  inflation factors.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>f) </b></font></td><td width=95%><font size="2"><b>Capitalization
of the Integral Result of Financing:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under Mexican
GAAP, the capitalization of the integral result of financing  (interest, foreign exchange
and monetary position) generated by loan  agreements obtained to finance investment
projects is optional, and the  Company has elected not to capitalize the integral result
of financing.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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. 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 majority net income and  majority
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. If the borrowings
are denominated in Mexican  pesos, the amount of interest to be capitalized 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=5% valign=top><font size="2"><b>g) </b></font></td><td width=95%><font size="2"><b>Financial
Instruments:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In accordance
with Mexican GAAP, as mentioned in Note 5 r), beginning in  January 2001 Bulletin C-2,
&#147;Instrumentos Financieros&#148; (Financial  Instruments), became effective.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 be recognized 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>The
net income of the year; 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>Other
comprehensive income, if the instruments represent cash flow hedges that  qualify for
hedge accounting.</font></td></tr></table>


<p>&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;





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<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">For purposes
of SFAS No. 133, the Company elected not to designate its  financial instruments as
hedges for the derivative instruments, and  accordingly the entire effect of the
valuation of those instruments  contracted before December 31, 2000, was recognized in
the income  statement as a change in accounting principle under US GAAP at January 1,
2001.</font></td></tr></table>


<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under Mexican
GAAP, the swap agreements for aluminum prices, as well as  cash-settled options
contracted by the Company (see Note 18), have been  designated as hedges and accordingly
valued using the same valuation  criteria applied to the underlying asset or liability,
which are  recognized in the income statement when the consumption or payment takes
place. However, under US GAAP, these agreements must be adjusted to their  market value,
recognizing the corresponding asset or liability. Since the  hedging relationship
required by US GAAP has not been adequately  documented, a reconciling item has been
included in the US GAAP  reconciliation to adjust earnings for this difference in
valuation method.</font></td></tr></table>


<P><table width=600><tr><td width=5% valign=top><font size="2"><b>h) </b></font></td><td width=95%><font size="2"><b> Deferred
Income Taxes and Employee Profit Sharing:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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>

<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 are
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 non-monetary 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 (see Note  22 a) approved early in
2002 prior to issuance of the financial  statements 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.</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.</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
differences in prepaid expenses, restatement of imported machinery  and equipment,
capitalization of financing costs, financial instruments  and pension plan mentioned in
Note 25 c) e), f), g) and i) generate a  difference calculating the deferred income tax
under US GAAP compared  to the one presented under Mexican GAAP (see Note 22 d).</font></td></tr></table>



<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2"><b>&nbsp;Reconciliation of Deferred Income
      Taxes</b></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2003</b></font></td>
    <td align="right">&nbsp;&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Deferred income taxes under Mexican
      GAAP</font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>376,450</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">847,974</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;US GAAP adjustments:</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses
      </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(36,701)</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">(3,637)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Restatement of imported
      machinery and plant and equipment, net </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(7,265)</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">111,648</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments
      </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(33,073)</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Pension and retirement
      plans </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>1,620</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">1,123</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Total adjustments</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(75,419)</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">109,134</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Restatement of prior year financial
      statements</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>-</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">(29,250)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Deferred income taxes under US GAAP</font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>301,031</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">927,858</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The total
deferred income taxes under US GAAP include the  corresponding  current  portion  (asset)
liability as of December 31,  2003 and 2002 of Ps. (172,026) and Ps. 84,674, 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"> 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>&nbsp;





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





<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The changes
in the balance of the deferred income taxes for the years  under US GAAP are as follows:</font></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td><font size="2"></font></td>
    <td align="center"> <font size="2"><b>2003</b></font></td>
    <td align="center">&nbsp;&nbsp;</td>
    <td align="center"><font size="2"></font></td>
    <td align="center"> <font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Balance at the beginning of the year</font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>927,858</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">980,598</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Provision for the year</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>338,469</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">36,892</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Other comprehensive income </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(33,073)</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Panamco acquisition effect</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>(934,274)</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Cumulative translation adjustment</font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>2,051</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">(89,632)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">&nbsp;Balance at the end of the year</font></td>
    <td align="right"> <font size="2"><b>Ps.</b></font></td>
    <td align="right"> <font size="2"><b>301,031</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"> <font size="2">Ps.</font></td>
    <td align="right"> <font size="2">927,858</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>

<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2"><b>&nbsp;Reconciliation of Deferred
      Employee Profit Sharing</b></font></td>
    <td width="31"><font size="2"></font></td>
    <td align="center" width="90"> <font size="2"><b>2003</b></font></td>
    <td align="center" width="15">&nbsp;&nbsp;</td>
    <td align="center" width="25"><font size="2"></font></td>
    <td align="center" width="73"> <font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;Deferred employee profit
      sharing under Mexican GAAP</font></td>
    <td align="right" width="31"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="90"> <font size="2"><b>-</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"> <font size="2">Ps.</font></td>
    <td align="right" width="73"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;US GAAP adjustments:</font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"><font size="2"></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Inventories
      </font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"> <font size="2"><b>106,776</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">35,933</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Property,
      plant and equipment, net </font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"> <font size="2"><b>436,345</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">372,694</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other
      assets </font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"> <font size="2"><b>47,275</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">43,106</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Pension
      and retirement plans </font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"> <font size="2"><b>(27,187)</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">(18,012)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other
      reserves </font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"> <font size="2"><b>(71,858)</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">(13,631)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;Total adjustments</font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="90"> <font size="2"><b>491,351</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"><font size="2"></font></td>
    <td align="right" width="73"> <font size="2">420,090</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="340"> <font size="2">&nbsp;Deferred employee profit
      sharing under US GAAP</font></td>
    <td align="right" width="31"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="90"> <font size="2"><b>491,351</b></font></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="25"> <font size="2">Ps.</font></td>
    <td align="right" width="73"> <font size="2">420,090</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<P><table width=600><tr><td><font size=2>The changes in the balance of the deferred
employee profit sharing for the years  under US GAAP are as follows:</font></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="331"><font size="2"></font></td>
    <td width="31"><font size="2"></font></td>
    <td align="center" width="92"> <font size="2"><b>2003</b></font></td>
    <td align="center" width="13">&nbsp;&nbsp;</td>
    <td align="center" width="28"><font size="2"></font></td>
    <td align="center" width="70"> <font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="331"> <font size="2">&nbsp;Balance at the beginning
      of the year</font></td>
    <td align="right" width="31"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="92"> <font size="2"><b>420,090</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="28"> <font size="2">Ps.</font></td>
    <td align="right" width="70"> <font size="2">322,044</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="331"> <font size="2">&nbsp;Provision for the year</font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="92"> <font size="2"><b>36,257</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="70"> <font size="2">100,660</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="331"> <font size="2">&nbsp;Panamco acquisition effect</font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="92"> <font size="2"><b>36,508</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="70"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="331"> <font size="2">&nbsp;Inflation adjustment</font></td>
    <td align="right" width="31"><font size="2"></font></td>
    <td align="right" width="92"> <font size="2"><b>(1,504)</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="28"><font size="2"></font></td>
    <td align="right" width="70"> <font size="2">(2,614)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="331"> <font size="2">&nbsp;Balance at the end of the
      year</font></td>
    <td align="right" width="31"> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width="92"> <font size="2"><b>491,351</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="28"> <font size="2">Ps.</font></td>
    <td align="right" width="70"> <font size="2">420,090</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=5% valign=top><font size="2"><b>i) </b></font></td><td width=95%><font size="2"><b> Pension
Plan:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under Mexican
GAAP, the liabilities for employee benefits are determined  using actuarial computations
in accordance with Bulletin D-3,  &#147;Obligaciones Laborales&#148; (Labor Obligations),
which is substantially the  same as US GAAP SFAS No. 87, &#147;Employers&#146; Accounting for
Pensions&#148;, except  for the initial year of application of both bulletins, which
generates a  difference in the unamortized prior service costs and in the amortization
expense.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The Company
has prepared a study of pension costs under US GAAP based on  actuarial calculations
using the same assumptions applied under Mexican  GAAP (see Note 15).</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The required
disclosures under SFAS No. 87 are as follows:</font></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="bottom" height=13 align="left" colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" height=13 align="left"> <font size="2"><b> &nbsp;Net Pension
      Cost </b></font></td>
    <td valign="bottom" height=13>&nbsp; </td>
    <td valign="bottom" height=13 align="center"> <font size="2"><b> 2003</b></font></td>
    <td valign="bottom" height=13 align="center">&nbsp;&nbsp;</td>
    <td valign="bottom" height=13 align="center">&nbsp; </td>
    <td valign="bottom" height=13 align="center"> <font size="2"><b> 2002</b></font></td>
    <td valign="bottom" height=13 align="center">&nbsp;&nbsp;</td>
    <td valign="bottom" height=13 align="center">&nbsp; </td>
    <td valign="bottom" height=13 align="center"> <font size="2"><b> 2001</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Service cost</font></td>
    <td valign="bottom" align="right"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 21,470</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2"> 10,428</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2"> 8,874</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Interest cost</font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 22,915</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> 7,035</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> 7,523</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Actual return on plan
      assets</font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> (7,543)</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> (2,764)</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> (3,248)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Net amortization and
      deferral</font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> (561)</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> (1,209)</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> (1,965)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Net pension cost (US
      GAAP)</font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 36,281</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> 13,490</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> 11,184</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Net pension cost recorded
      (Mexican GAAP)</font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 34,803</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> 12,380</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> 11,575</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Additional expense
      (income) that must be <br>
      &nbsp;&nbsp;&nbsp;&nbsp;recognized under US GAAP </font></td>
    <td valign="bottom" align="right"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 1,478</b></font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2"> 1,110</font></td>
    <td valign="bottom" align="right">&nbsp;</td>
    <td valign="bottom" align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2"> (391)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="9">
      <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-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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 29; page: 29" -->

<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"><b> &nbsp;Pension
      Liability </b></font></td>
    <td valign="bottom" width="21"><font size="2"></font></td>
    <td valign="bottom" align="center" width="63"> <font size="2"><b> 2003</b></font></td>
    <td valign="bottom" align="center" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="center" width="19"><font size="2"></font></td>
    <td valign="bottom" align="center" width="59"> <font size="2"><b> 2002</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Projected
      benefit obligation</font></td>
    <td valign="bottom" align="right" width="21"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> 702,261</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> 179,811</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Pension
      plan funds at fair value</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> (206,408)</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> (36,732)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Unfunded
      projected benefit obligation</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> 495,853</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> 143,079</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Unrecognized
      net transition obligation</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> (8,534)</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> (18,470)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Unrecognized
      net gain </font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> 35,037</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> 43,393</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Total
      unfunded accrued pension liability under US GAAP</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> 522,356</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> 168,002</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Total
      unfunded accrued pension liability under Mexican GAAP</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> (527,266)</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> (171,283)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="407"> <font size="2"> &nbsp;Liability
      that must be canceled under US GAAP</font></td>
    <td valign="bottom" align="right" width="21"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right" width="63"> <font size="2"><b> (4,910)</b></font></td>
    <td valign="bottom" align="right" width="7"><font size="2"></font></td>
    <td valign="bottom" align="right" width="19"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"> (3,281)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>


<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"><b>&nbsp;Change
      in Projected Benefit Obligation</b></font></td>
    <td valign="bottom" width="21"><font size="2"></font></td>
    <td valign="bottom" align="center" width="61"> <font size="2"><b> 2003</b></font></td>
    <td valign="bottom" align="center" width="11">&nbsp;&nbsp;</td>
    <td valign="bottom" align="center" width="19"><font size="2"></font></td>
    <td valign="bottom" align="center" width="57"> <font size="2"><b> 2002</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Obligation
      at the beginning of the year</font></td>
    <td valign="bottom" align="right" width="21"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> 179,811</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> 134,610</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Panamco
      acquisition</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> 485,041</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> -</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Service
      cost</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> 21,470</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> 10,428</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Interest
      cost</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> 22,915</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> 7,035</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Actuarial
      gain (loss)</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> (938)</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> 35,608</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Benefits
      paid</font></td>
    <td valign="bottom" align="right" width="21"><font size="2"></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> (6,038)</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"><font size="2"></font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> (7,870)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="398"> <font size="2"> &nbsp;Obligation
      at the end of the year </font></td>
    <td valign="bottom" align="right" width="21"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right" width="61"> <font size="2"><b> 702,261</b></font></td>
    <td valign="bottom" align="right" width="11">&nbsp;</td>
    <td valign="bottom" align="right" width="19"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right" width="57"> <font size="2"> 179,811</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>

<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="bottom" align="left" width="3444" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="405"> <font size="2"><b> &nbsp;Change
      in Pension Plan Funds</b></font></td>
    <td valign="bottom" width="22"><font size="2"></font></td>
    <td valign="bottom" align="center" width="59"> <font size="2"><b> 2003</b></font></td>
    <td valign="bottom" align="center" width="13">&nbsp;&nbsp;</td>
    <td valign="bottom" align="center" width="20"><font size="2"></font></td>
    <td valign="bottom" align="center" width="55"> <font size="2"><b> 2002</b></font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="574" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="405"> <font size="2"> &nbsp;Balance
      at the beginning of the year</font></td>
    <td valign="bottom" align="right" width="22"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"><b> 36,732</b></font></td>
    <td valign="bottom" align="right" width="13">&nbsp;</td>
    <td valign="bottom" align="right" width="20"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right" width="55"> <font size="2"> 41,838</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="405"> <font size="2"> &nbsp;Panamco
      acquisition</font></td>
    <td valign="bottom" align="right" width="22"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"><b> 163,954</b></font></td>
    <td valign="bottom" align="right" width="13">&nbsp;</td>
    <td valign="bottom" align="right" width="20"><font size="2"></font></td>
    <td valign="bottom" align="right" width="55"> <font size="2"> -</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="405"> <font size="2"> &nbsp;Actual
      return on plan assets in real terms</font></td>
    <td valign="bottom" align="right" width="22"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"><b> 15,800</b></font></td>
    <td valign="bottom" align="right" width="13">&nbsp;</td>
    <td valign="bottom" align="right" width="20"><font size="2"></font></td>
    <td valign="bottom" align="right" width="55"> <font size="2"> 2,764</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="405"> <font size="2"> &nbsp;Benefits
      paid</font></td>
    <td valign="bottom" align="right" width="22"><font size="2"></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"><b> (10,078)</b></font></td>
    <td valign="bottom" align="right" width="13">&nbsp;</td>
    <td valign="bottom" align="right" width="20"><font size="2"></font></td>
    <td valign="bottom" align="right" width="55"> <font size="2"> (7,870)</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="574" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="405"> <font size="2"> &nbsp;Balance
      at the end of the year </font></td>
    <td valign="bottom" align="right" width="22"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right" width="59"> <font size="2"><b> 206,408</b></font></td>
    <td valign="bottom" align="right" width="13">&nbsp;</td>
    <td valign="bottom" align="right" width="20"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right" width="55"> <font size="2"> 36,732</font></td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width="574" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=5% valign=top><font size="2"><b>j) </b></font></td><td width=95%><font size="2"><b> Minority
Interest:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under Mexican
GAAP, the minority interest in consolidated subsidiaries is  presented as a separate
component within stockholders&#146; equity in the  consolidated balance sheet.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">Under US
GAAP, this item must be excluded from consolidated stockholders&#146;  equity in the
consolidated balance sheet. Additionally, the minority  interest in the net earnings of
consolidated subsidiaries is excluded from  consolidated net income.</font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">The US
GAAP adjustments shown in Note 26 a) and b) are calculated on a  consolidated basis.
Therefore, the minority interest effect is presented as  a separate line item, in order
to obtain net income and stockholders&#146;  equity.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>k) </b></font></td><td width=95%><font size="2"><b> Statement
of Cash Flows:</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In accordance
with US GAAP, the Company follows SFAS No. 95, &#147;Statement of  Cash Flows&#148;,
which is presented excluding the effects of inflation (see Note  25 l).</font></td></tr></table>



<p>&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-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;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 30; page: 30" -->





<p><table width=600><tr><td><font size=2><B>l) Summarized Consolidated Financial
Information under US GAAP:</B></font></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"><b> &nbsp;Balance Sheets
      </b></font></td>
    <td valign="bottom"><font size="2"></font></td>
    <td valign="bottom" align="center"> <font size="2"><b> 2003</b></font></td>
    <td valign="bottom" align="center"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" align="center"><font size="2"></font></td>
    <td valign="bottom" align="center"> <font size="2"><b> 2002</b></font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Current assets </font></td>
    <td valign="bottom" align="right"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 8,134,528</b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2"> 8,297,654</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Property, plant and
      equipment, net </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 17,786,048</b></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"> 7,556,577</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Other assets </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 35,575,507</b></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"> 1,299,875</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Total assets </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 61,496,083</b></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"> 17,154,106</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Current liabilities
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 9,403,956</b></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"> 2,724,840</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Long-term liabilities
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 26,616,592</b></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"> 3,486,929</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Other liabilities
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 3,263,132</b></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"> 1,647,922</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Total liabilities
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 39,283,680</b></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"> 7,859,691</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Minority interest
      in consolidated subsidiaries </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 163,459</b></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"> -</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> &nbsp;Stockholders&#146; equity
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 22,048,944</b></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"> 9,294,415</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"><b> &nbsp;Total liabilities
      and stockholders&#146; equity </b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 61,496,083</b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" align="right"> <font size="2"> 17,154,106</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" height=20>&nbsp;</td>
    <td valign="bottom" height=20 align="left" colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP" height=20>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="bottom" height=20 align="left"> <font size="2"><b> Income Statements</b></font></td>
    <td valign="bottom" height=20>&nbsp; </td>
    <td valign="bottom" height=20 align="center"> <font size="2"><b> 2003</b></font></td>
    <td valign="bottom" height=20 align="center"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" height=20 align="center">&nbsp; </td>
    <td valign="bottom" height=20 align="center"> <font size="2"><b> 2002</b></font></td>
    <td valign="bottom" height=20 align="center"><font size="2">&nbsp;&nbsp;</font></td>
    <td valign="bottom" height=20 align="center">&nbsp; </td>
    <td valign="bottom" height=20 align="center"> <font size="2"><b> 2001</b></font></td>
  </tr>
  <tr>
    <td valign="MIDDLE" height=19>&nbsp;</td>
    <td valign="bottom" height=19 align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="MIDDLE" height=19>&nbsp;</td>
    <td valign="bottom" height=19 align="left"> <font size="2"> Total revenues
      </font></td>
    <td valign="bottom" height=19 align="right"> <font size="2"><b> Ps.</b></font></td>
    <td valign="bottom" height=19 align="right"> <font size="2"><b> 35,729,417</b></font></td>
    <td valign="bottom" height=19 align="right"><font size="2"></font></td>
    <td valign="bottom" height=19 align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" height=19 align="right"> <font size="2"> 18,320,674</font></td>
    <td valign="bottom" height=19 align="right"><font size="2"></font></td>
    <td valign="bottom" height=19 align="right"> <font size="2"> Ps.</font></td>
    <td valign="bottom" height=19 align="right"> <font size="2"> 19,237,284</font></td>
  </tr>
  <tr>
    <td valign="TOP" height=5>&nbsp;</td>
    <td valign="bottom" height=5 align="left"> <font size="2"> Income from operations
      </font></td>
    <td valign="bottom" height=5 align="right">&nbsp; </td>
    <td valign="bottom" height=5 align="right"> <font size="2"><b> 6,322,808</b></font></td>
    <td valign="bottom" height=5 align="right"><font size="2"></font></td>
    <td valign="bottom" height=5 align="right">&nbsp; </td>
    <td valign="bottom" height=5 align="right"> <font size="2"> 4,388,090</font></td>
    <td valign="bottom" height=5 align="right"><font size="2"></font></td>
    <td valign="bottom" height=5 align="right">&nbsp; </td>
    <td valign="bottom" height=5 align="right"> <font size="2"> 3,941,034</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Income before income tax
      and tax on assets </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 3,639,175</b></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"> 4,352,997</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"> 3,793,616</font></td>
  </tr>
  <tr>
    <td valign="BOTTOM" height=16>&nbsp;</td>
    <td valign="bottom" height=16 align="left"> <font size="2"> Income tax </font></td>
    <td valign="bottom" height=16 align="right">&nbsp; </td>
    <td valign="bottom" height=16 align="right"> <font size="2"><b> 1,320,521</b></font></td>
    <td valign="bottom" height=16 align="right"><font size="2"></font></td>
    <td valign="bottom" height=16 align="right">&nbsp; </td>
    <td valign="bottom" height=16 align="right"> <font size="2"> 1,728,625</font></td>
    <td valign="bottom" height=16 align="right"><font size="2"></font></td>
    <td valign="bottom" height=16 align="right">&nbsp; </td>
    <td valign="bottom" height=16 align="right"> <font size="2"> 1,401,628</font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Net income </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 2,318,654</b></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"> 2,624,372</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"> 2,391,988</font></td>
  </tr>
  <tr>
    <td valign="MIDDLE">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Minority net income </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> (20,211)</b></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"> -</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"> -</font></td>
  </tr>
  <tr>
    <td valign="MIDDLE">&nbsp;</td>
    <td valign="bottom" align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="MIDDLE">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Majority net income </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 2,298,443</b></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"> 2,624,372</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"> 2,391,988</font></td>
  </tr>
  <tr>
    <td valign="MIDDLE">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Cumulative translation result
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> (207,046)</b></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"> (702,897)</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"> (1,681,531)</font></td>
  </tr>
  <tr>
    <td valign="MIDDLE">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Result of holding non-monetary
      assets </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 910,737 </b></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"> (227,075) </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"> 388,174 </font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Other comprehensive income
      </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> (67,147) </b></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"> - </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"> - </font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Comprehensive income </font></td>
    <td valign="bottom" align="right"> <font size="2"><b> Ps. </b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 2,934,987 </b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> Ps. </font></td>
    <td valign="bottom" align="right"> <font size="2"> 1,694,400 </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> Ps. </font></td>
    <td valign="bottom" align="right"> <font size="2"> 1,098,631 </font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Weighted average common
      shares outstanding </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 1,704,250 </b></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"> 1,425,000 </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"> 1,425,000 </font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left"> <font size="2"> Net comprehensive income
      per share </font></td>
    <td valign="bottom" align="right"> <font size="2"><b> Ps. </b></font></td>
    <td valign="bottom" align="right"> <font size="2"><b> 1.72 </b></font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> Ps. </font></td>
    <td valign="bottom" align="right"> <font size="2"> 1.19 </font></td>
    <td valign="bottom" align="right"><font size="2"></font></td>
    <td valign="bottom" align="right"> <font size="2"> Ps. </font></td>
    <td valign="bottom" align="right"> <font size="2"> 0.77 </font></td>
  </tr>
  <tr>
    <td valign="TOP">&nbsp;</td>
    <td valign="bottom" align="left" colspan="9">
      <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-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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 31; page: 31" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2"><b>Cash Flows<sup><font size="1"><sup>(1)</sup></font>
        </sup></b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="2"><b>2003</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="2"><b>2002</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="2"><b>2001</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net income</font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>2,228,881</b></font></p>
    </td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,524,210</font></p>
    </td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,250,232</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Non-cash items</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>2,750,821</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">966,682</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,055,704</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Other expenses</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>22,691</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">377,531</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">39,729</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Working capital investment</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(2,553,018)</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">154,140</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">320,511</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net cash flows from operating activities</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>2,449,375</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">4,022,563</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">3,666,176</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Panamco acquisition </font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(29,191,840)</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Fixed and other assets investments</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(1,914,774)</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(1,170,060)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(777,895)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Total investing activities</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(31,106,614)</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(1,170,060)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(777,895)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Financial expenses</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>30,823</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">30,169</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">5,643</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Bank loans </font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>15,889,909</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(10,805)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(24,697)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Capital increase </font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>9,584,874</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Dividends paid</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>-</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(561,023)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(292,125)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Other financial transactions</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(1,017,345)</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(407,225)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">184,868</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net cash flows used in financing activities</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>24,488,261</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(948,884)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(126,311)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net increase in cash and cash equivalents</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(4,168,978)</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,903,619</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,761,970</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Effect of exchange rate changes on cash</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>147,634</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(194,551)</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(316,356)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Cash and cash equivalents from Panamco acquisition</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>633,183</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Cash and cash equivalents at the beginning of the year</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>6,171,394</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">4,462,326</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,016,712</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Cash and cash equivalents at the end of the year</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>2,783,233</b></font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">6,171,394</font></p>
    </td>
    <td><font size="2"></font></td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">4,462,326</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade 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">Expressed in historical Mexican pesos</font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>Supplemental Information about Cash Flows:<sup> <font size="1"><sup>(1)</sup></font></sup></b></font></td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"><font size="2"><b>2003</b></font></td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2"><b>2002</b></font></td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Interest paid</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>1,124,895</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">42,847</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">38,610</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Income tax and tax on assets paid</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>1,588,809</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,873,150</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,408,205</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr noshade 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">Expressed in historical Mexican pesos</font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>Statements of Changes in Stockholders&#146; Equity:</b></font></td>
    <td>&nbsp;</td>
    <td align="center"><font size="2"><b>2003</b></font></td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2"><b>2002</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Stockholders&#146; equity at the beginning of the year
        </font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><font size="2">9,294,415</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">8,208,275</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Dividends declared and paid </font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>-</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(608,260)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Cumulative translation adjustment </font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(207,046)</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(702,897)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Increase in capital stock</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>9,819,542</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Result of holding non-monetary assets</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>910,737</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(227,075)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Other comprehensive income</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>(67,147)</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net income for the year</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>2,298,443</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,624,372</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Stockholders&#146; equity at the end of the year</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>22,048,944</b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">9,294,415</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </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-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;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->






<p><table width=600><tr><td><font size=2><B>Note 26.  Reconciliation of Mexican GAAP to
US GAAP</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net
      Majority Income for the year:</B></font></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2003</font></b></font></p>
    </td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2002</font></b></font></p>
    </td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2001</font></b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net majority income under Mexican GAAP</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="2">2,311,842</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,660,801</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,325,939</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">US GAAP adjustments:</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Restatement of prior year financial
        statements<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">(Note
        25 a)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">-</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">5,384</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">140,208</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Deferred promotional expenses
        (Note 25 c)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(100,923)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(10,697)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 25 d)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">-</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">38,819</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Restatement of imported machinery
        and equipment<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note 25 e)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">7,763</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(13,651)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(6,770)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of the integral
        result of financing<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">(Note
        25 f)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(5,847)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(690)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">18,466</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments (Note 25
        g)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">7,396</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(4,815)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes (Note 25
        h)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">115,947</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">50,991</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">3,523</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Deferred employee profit sharing
        (Note 25 h)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(36,257)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(100,660)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(89,769)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Pension plan&nbsp; (Note 25 i)&nbsp;
        </font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(1,478)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(1,110)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">391</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Total adjustments</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(13,399)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(36,429)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">66,049</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Net income under US GAAP</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">2,298,443</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,624,372</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,391,988</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<br>
<table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><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 result of financing,
goodwill and pension plan liabilities  that are non-monetary.</font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><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">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2003</font></b></font></p>
    </td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2002</font></b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Majority stockholders&#146; equity under Mexican GAAP</font></p>
    </td>
    <td align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td align="right">
      <p><font size="2">22,653,118</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">9,668,141</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;US GAAP adjustments:</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restatement of prior
        year financial statements (Note 25 a)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">-</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(181,437)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred promotional
        expenses (Note 25 c)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(111,212)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(10,697)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets&nbsp;
        (Note 25 d)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">38,819</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">38,819</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restatement of imported
        machinery and equipment (Note 25 e)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(94,376)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">233,427</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of
        the integral result of financing (Note 25 f)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">71,073</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">76,920</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive
        income (Note 25 g)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(97,456)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(4,815)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes
        (Note 25 h)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">75,419</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(109,134)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred employee
        profit sharing (Note 25 h)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(491,351)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(420,090)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension plan (Note
        25 i)</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">4,910</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">3,281</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Total adjustments</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(604,174)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(373,726)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">Stockholders&#146; equity under US GAAP</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">22,048,944</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">9,294,415</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<P><table width=600><tr><td width=5% valign=top><font size="2"><b>c) </b></font></td><td width=95%><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">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2003</font></b></font></p>
    </td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2002</font></b></font></p>
    </td>
    <td align="center">&nbsp;&nbsp;&nbsp;</td>
    <td align="center">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2001</font></b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Majority comprehensive income under
        Mexican<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">GAAP</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">3,165,435</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,113,205</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">2,284,254</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US GAAP adjustments:</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (Note 26
        a)</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(13,399)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(36,429)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">66,049</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustment
        </font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(207,046)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(702,897)</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">(1,681,531)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Result of holding
        non-monetary assets</font></p>
    </td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">57,144</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">320,521</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">429,859</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive
        income</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">(67,147)</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;&nbsp;Comprehensive income under US GAAP</font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td align="right">
      <p><font size="3"><b><font size="2">2,934,987</font></b></font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,694,400</font></p>
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td align="right">
      <p><font size="2">1,098,631</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td colspan="9">
      <hr noshade size="2">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Note 27.  Future Impact of Recently Issued
Accounting Standards Not Yet in Effect.</B></font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b>a) </b></font></td><td width=95%><font size="2"><b> In
Mexican GAAP:</b></font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b> </b></font></td><td width=95%><font size="2"><b>Bulletin C-15,
&#147;Deterioro en el Valor de los Activos de Larga Duracion y su  Disposicion&#148;
(&#147;Impairment in the Value of Long-Lived Assets and Their  Disposal&#148;)
(&#147;C-15&#148;):</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-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;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 33; page: 33" -->



<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In March
2003, the Mexican Institute of Public Accountants (&#147;IMCP&#148;) 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. 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=5% valign=top><font size="2"><b> </b></font></td>
    <td width=95%><font size="2"><b>Bulletin C-12, &#147;Instrumentos Financieros
      con Caracteristicas de Pasivo, de Capital o de Ambos&#148; (&#147;Financial
      Instruments with Characteristics of Debt, Equity or Both&#148;) (&#147;C-12&#148;):</b></font></td>
  </tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">In April
2003, the IMCP issued Bulletin C-12, whose application is  mandatory for financial
statements of periods beginning on or after January  1, 2004, although early application
is encouraged. C-12 establishes the  more significant differences between debt and
equity, as the basis for the  development of the criteria necessary to appropriately
identify, classify  and record, upon initial recognition, the debt and equity components,
of  compound financial instruments. This new pronouncement is similar SFAS No.  150,
&#147;Accounting for Certain Financial Instruments with Characteristic of  Both
Liabilities and Equity&#148;, of US GAAP. 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=5% valign=top><font size="2"><b>b) </b></font></td><td width=95%><font size="2"><b>In
US GAAP:</b></font></td></tr></table>

<P><table width=600><tr><td width=5% valign=top><font size="2"><b> </b></font></td><td width=95%><font size="2"><b>SFAS No
149, &#147;Amendment of Statement 133 on Derivative Instruments and  Hedging
Activities&#148; (&#147;SFAS No. 149&#148;):</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td><td width=95%><font size="2">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 September 30, 2003,  except as stated below and
for hedging relationships designated after  September 3, 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=5% valign=top><font size="2"> </font></td><td width=95%><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  September 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=5% valign=top><font size="2"><b> </b></font></td><td width=95%><font size="2"><b>FASB Interpretation
No. 46, &#147;Consolidation of Variable Interest Entities&#148; (&#147;FIN 46&#148;):</b></font></td></tr></table>

<P><table width=600><tr>
   <td width=5% valign=top><font size="2"> </font></td>
    <td width=95%><font size="2">In January 2003, the FASB issued FIN 46. FIN
      46 clarified the application of Accounting Research Bulletin No. 51, &#147;<i>Consolidated
      Financial Statements</i>&#148;, to certain entities in which equity investors
      do not have the characteristics of a controlling financial interest or do
      not have sufficient equity at risk for the entity to finance its activities
      without additional subordinated financial support from other parties. FIN
      46 was effective immediately for all variable interests held by the Company
      in a variable interest entity created after January 31, 2003. For a variable
      interest held by the Company in a variable interest entity created before
      February 1, 2003, the Company will be required to apply the provisions of
      FIN 46 as of December 31, 2004. The Company does not currently have any
      variable interests in a variable interest entity.</font></td>
  </tr></table>



<p>&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-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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 33; page: 33" -->
<p><table width=600><tr><td><font size=2><B>Note 28. Unaudited Supplemental Pro Forma
Information</B></font></td></tr></table>

<P><table width=600><tr><td><font size=2>The unaudited pro forma financial information
presents the results for the  years ended December 31, 2003 and 2002 as if the
acquisition of Panamco  had occurred at the beginning of the respective periods. Such
information  has been prepared for comparative purposes only.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>These pro forma results have been prepared on
the basis of Mexican GAAP,  and accordingly, they include restatement for the effects of
inflation as  required by Mexican GAAP. These pro forma results include certain
adjustments to conform Panamco&#146;s previous accounting policies and  estimates with those
of the Company, including such items as depreciation  rates, accounting for bottles and
cases, useful lives of refrigerators, as  well as the increased integral result of
financing on acquisition debt.  The corresponding income tax effects have also been
considered.</font></td></tr></table>

<P><table width=600><tr><td><font size=2>The pro forma amounts do not reflect any
operating efficiencies and cost  savings that the Company believes are achievable.</font></td></tr></table>



<br>
<table border=1 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td colspan=2 align="center">
      <p><font size="2">(Unaudited; in thousands, except per share amounts)</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td colspan=2 align="center">
      <p><font size="2">Year Ended December 31,</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2003</font></b></font></p>
    </td>
    <td align="center">
      <p><font size="3"><b><font size="2">2002</font></b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td align="center">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Net sales</font></p>
    </td>
    <td align="center">
      <p><font size="2">43,710,952</font></p>
    </td>
    <td align="center">
      <p><font size="2">43,970,241</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Total revenues</font></p>
    </td>
    <td align="center">
      <p><font size="2">44,006,113</font></p>
    </td>
    <td align="center">
      <p><font size="2">44,223,606</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Net income</font></p>
    </td>
    <td align="center">
      <p><font size="2">2,766,723</font></p>
    </td>
    <td align="center">
      <p><font size="2">3,530,583</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;&nbsp;Earnings per share</font></p>
    </td>
    <td align="center">
      <p><font size="2">1.50</font></p>
    </td>
    <td align="center">
      <p><font size="2">1.91</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td>
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The pro forma results are not necessarily
indicative either of the results  of operations that actually would have resulted had the
acquisition been  in effect at the beginning of the respective periods or of future
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"> F-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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`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.5
<SEQUENCE>5
<FILENAME>e17118ex2-5.htm
<DESCRIPTION>FIRST SUPPLEMENT INDENTURE
<TEXT>
<html>
<head>
<title>Exhibit 2.5 </title>
</head>
<body>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
<br>
<table width=600>
  <tr>
    <td align=right><font size=2><b>Exhibit 2.5</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td align=right><font size=2><B><u>Execution Copy</u></B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=4><B>First Supplemental Indenture</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>Dated as of October 15, 2003</B></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  align=center><font size=5><B>CORPORACI&#211;N INTERAMERICANA
DE <BR>BEBIDAS, S.A. de C.V.</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=4><B>AS ISSUER</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>AND</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. <BR><FONT SIZE="4">AS GUARANTOR</FONT></B></FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>AND</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><FONT SIZE="5"><B>JPMORGAN CHASE BANK <BR><FONT SIZE="4">AS TRUSTEE</FONT></B></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  align=center><font size=2><B>$300,000,000</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>7&#188;% SENIOR NOTES DUE 2009</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">
</font></td><td 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS FIRST
SUPPLEMENTAL INDENTURE</B>, dated as of October 15, 2003, is among CORPORACI&#211;N
INTERAMERICANA DE BEBIDAS, S.A. de C.V., a Mexican corporation (formerly Panamerican
Beverages, Inc.) (the &#147;Company&#148;), COCA-COLA FEMSA, S.A. de C.V., as guarantor,
and JPMORGAN CHASE BANK, a New York banking corporation, as trustee (the &#147;Trustee&#148;).</FONT></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>RECITALS OF THE COMPANY AND THE
PARENT GUARANTOR</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the
Company has issued an aggregate principal amount of $300,000,000 of its 7&#188;% Senior
Notes due 2009 (the &#147;Notes&#148;) pursuant to an indenture dated as of July 11, 1997
(the &#147;Indenture&#148;), between  the Company and the Trustee;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant
to Section 9.01(vi) of the Indenture, the Company and the Trustee may, without  the
consent of any Holder, enter into a supplemental indenture to amend and supplement the
Indenture to  add Guarantees with respect to the Notes;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in May
2003, the Company became a wholly-owned subsidiary of the Parent Guarantor  (defined
below);</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the
Parent Guarantor intends to guarantee in full each of the Company&#146;s obligations
under  the Indenture; and</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all
things necessary for the execution of this First Supplemental Indenture and to make  this
First Supplemental Indenture a valid and binding agreement of the Company and the Parent
Guarantor  have been done.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE,
for and in consideration of the premises and the mutual covenants and agreements
hereinafter set forth, the parties hereto agree, for the equal and proportionate benefit
of all Holders of  the Notes, as follows:</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>ARTICLE 1</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>R<font size="1">ATIFICATION</font>; D<font size="1">EFINITIONS</font></B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      1.01.<I> First Supplemental Indenture.</I> This First Supplemental Indenture
      is supplemental to, and is entered into in accordance with Section 9.01(vi)
      of, the Indenture, and except as modified, amended and supplemented by this
      First Supplemental Indenture, the provisions of the Indenture are in all
      respects ratified and confirmed and shall remain in full force and effect.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      1.02.<I> Definitions.</I> Unless the context shall otherwise require, all
      terms which are defined in Sections 1.01 and 1.02 of the Indenture shall
      have the same meanings, respectively, in this First Supplemental Indenture
      as such terms are given in said Sections 1.01 and 1.02 of the Indenture.
      In addition, for purposes of this First Supplemental Indenture the following
      terms shall have the respective meanings assigned them below:</FONT></td>
  </tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Agent for
Service</I>&#148; shall have the meaning set forth in Section 4.06.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Company</I>&#148; shall
have the meaning set forth in the preamble.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; shall
have the meaning set forth in the recitals.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Notes</I>&#148; shall
have the meaning set forth in the recitals.</FONT></td></tr></table>


<p>&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Obligations</I>&#148; shall
have the meaning set forth in Section 2.01(a).</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Parent
Guarantee</I>&#148; shall have the meaning set forth in Section 2.01(a).</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Parent
Guarantor</I>&#148; means Coca-Cola FEMSA, S.A. de C.V., a Mexican corporation, unless and
until a successor replaces it in accordance with Article 3 of this First Supplemental
Indenture and thereafter means such successor.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Successor
Parent Guarantor</I>&#148; shall have the meaning set forth in Section 3.01(i)(b).</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; shall
have the meaning set forth in the preamble.</FONT></td></tr></table>


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

<p><table width=600><tr>
    <td  align=center><font size=2><B>P<font size="1">ARENT</font> G<font size="1">UARANTEE</font></B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      2.01.<I> Parent Guarantee</I>.</FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  The Parent
Guarantor hereby fully, unconditionally and irrevocably guarantees (the  &#147;Parent
Guarantee&#148;), as primary obligor and not merely as surety, to each Holder and the
Trustee the full  and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the  obligations of the Company to the Holders or the Trustee
under the Indenture (the &#147;Obligations&#148;).  The  Parent Guarantor further agrees
(to the extent permitted by law) that the Obligations may be extended or  renewed, in
whole or in part, without notice or further assent from it, and that it will remain bound
under this Section 2.01 notwithstanding any extension or renewal of any Obligation.  The
Parent Guarantor  hereby agrees to pay, in addition to the amounts stated above, any and
all expenses (including reasonable  counsel fees and expenses) incurred by the Trustee or
the Holders in enforcing any rights under the Parent  Guarantee.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  The Parent
Guarantor waives presentation to, demand of payment from and protest to the  Company of
any of the Obligations and also waives notice of protest for nonpayment.  The Parent
Guarantor  waives notice of any default with respect to its Obligations.  The obligations
of the Parent Guarantor  hereunder shall not be affected by (i) the failure of any Holder
to assert any claim or demand or to  enforce any right or remedy against the Company or
any other Person under the Indenture, the Notes or any  other agreement or otherwise;
(ii) any extension or renewal of any thereof; (iii) any rescission, waiver,  amendment or
modification of any of the terms or provisions of the Indenture, the Notes or any other
agreement; (iv) the release of any security held by any Holder or the Trustee for the
Obligations or any  of them; or (v) the failure of any Holder to exercise any right or
remedy against the Parent Guarantor.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  The Parent
Guarantor further agrees that the Parent Guarantee herein constitutes a  guarantee of
payment when due (and not a guarantee of collection) and waives any right to require that
any  resort be had by any Holder to any security held for payment of the Obligations.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  The
obligations of the Parent Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than payment of the
Obligations in full),  including any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to  any defense of setoff, counterclaim, recoupment
or termination whatsoever or by reason of the invalidity,  illegality or unenforceability
of the Obligations or otherwise.  Without limiting the generality of the  foregoing, the
obligations of the Parent Guarantor herein shall not be discharged or impaired or
otherwise  affected by the failure of any Holder to assert any claim or demand or to
enforce any remedy under the  Indenture, the Notes or any other agreement, by any waiver
or modification of any thereof, by 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">
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>default,  failure or delay, willful or
otherwise, in the performance of the Obligations, or by any other act or  thing or
omission or delay to do any other act or thing which may or might in any manner or to any
extent  vary the risk of the Parent Guarantor or would otherwise operate as a discharge
of the Parent Guarantor as  a matter of law or equity.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  The Parent
Guarantor further agrees that the Parent Guarantee herein shall continue to be  effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of
principal  of or interest on any of the Obligations is rescinded or must otherwise be
restored by any Holder upon the  bankruptcy or reorganization of the Company or otherwise.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  In
furtherance of the foregoing and not in limitation of any other right which any Holder
has at law or in equity against the Parent Guarantor by virtue hereof, upon the failure
of the Company to  pay any of the Obligations when and as the same shall become due,
whether at maturity, by acceleration, by  redemption or otherwise, the Parent Guarantor
hereby promises to and will, upon receipt of written demand  by the Trustee, forthwith
pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=4% valign="top"><font size="2">(i) </font></td>
    <td width=93%><font size="2"> the unpaid amount of such Obligations then due
      and owing; and</font></td>
  </tr></table>


<P><table width=600>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=4% valign="top"><font size="2">(ii) </font></td>
    <td width=93%><font size="2"> accrued and unpaid interest on such Obligations
      then due and owing (but only to the extent not prohibited by law).</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  The Parent
Guarantor further agrees that, as between itself, on the one hand, and the  Holders, on
the other hand:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=4% valign="top"><font size="2">(i) </font></td>
    <td width=93%><font size="2"> the maturity of the Obligations guaranteed hereby
      may be accelerated as provided in the Indenture for the purposes of the
      Parent Guarantee, notwithstanding any stay, injunction or other prohibition
      preventing such acceleration in respect of the Obligations guaranteed hereby;
      and</font></td>
  </tr></table>


<P><table width=600>
  <tr>
    <td width=3% valign=top>&nbsp;</td>
    <td width=4% valign="top"><font size="2">(ii) </font></td>
    <td width=93%><font size="2"> in the event of any such declaration of acceleration
      of such Obligations, such Obligations (whether or not due and payable) shall
      forthwith become due and payable by the Parent Guarantor for the purposes
      of the Parent Guarantee.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      2.02. <I> No Subrogation.</I> The Parent Guarantor agrees that it shall
      not be entitled to any right of subrogation in respect of any Obligations
      until payment in full of all Obligations and all obligations to which the
      Obligations are subordinated. If any amount shall be paid to the Parent
      Guarantor on account of such subrogation rights at any time when all of
      the Obligations and all obligations to which the Obligations are subordinated
      shall not have been paid in full, such amount shall be held by the Parent
      Guarantor in trust for the Trustee and the Holders, segregated from other
      funds of the Parent Guarantor, and shall, forthwith upon receipt by the
      Parent Guarantor, be turned over to the Trustee in the exact form received
      by the Parent Guarantor (duly endorsed by the Parent Guarantor to the Trustee,
      if required), to be applied against the Obligations or obligations to which
      the Obligations are subordinated.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      2.03. <I>Limitation on Liability, Release and Discharge</I>.</FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  The
obligations of the Parent Guarantor hereunder will be limited to the maximum amount  as
will, after giving effect to all other contingent and fixed liabilities of the Parent
Guarantor and  after giving effect to any collections from or payments made by or on
behalf of the Parent Guarantor in  respect of the obligations under the Parent Guarantee,
result in the obligations of the Parent Guarantor</font></td></tr></table>



<p>&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>under the Parent Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal  or state law.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  Concurrently
with the discharge of the Notes under Section 8.01(a) of the Indenture, the  &#147;covenant
defeasance&#148; of the Notes under Section 8.01(b) of the Indenture, the defeasance of
the Notes  under Section 8.01(b) of the Indenture or the redemption in full of the Notes
under Article 3 of the  Indenture, the Parent Guarantor shall be released from all its
obligations under its Parent Guarantee  under this Article 2.</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>ARTICLE 3</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>S<font size="1">UCCESSORS</font></B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.01.<I> Consolidations and Mergers of the Parent Guarantor</I>. The Parent
      Guarantor shall not, in a single transaction or through a series of transactions
      consolidate, amalgamate or combine with or merge with or into any Person,
      or directly or indirectly sell, assign, convey, transfer, lease or otherwise
      dispose of all or substantially all its properties and assets to any Person
      or Persons and the Parent Guarantor shall not permit any of its Subsidiaries
      to enter into any such transaction or series of transactions, if such transactions
      or series of transactions, in the aggregate, would result in the sale, assignment,
      conveyance, lease, transfer or disposition of all or substantially all of
      the properties and assets of the Parent Guarantor and its Subsidiaries taken
      as a whole, to any Person or Persons unless: (i) either (a) the Parent Guarantor
      shall be the continuing Person in the case of a merger or (b) the resulting,
      surviving or transferee Person if other than the Parent Guarantor (the &#147;Successor
      Parent Guarantor&#148;) shall expressly assume, by an indenture supplemental
      to the Indenture, executed and delivered to the Trustee in form reasonably
      satisfactory to the Trustee, all the obligations of the Parent Guarantor
      under this First Supplemental Indenture; (ii) immediately after giving effect
      to such transaction or series of transactions on a pro forma basis (including,
      without limitation, any Indebtedness Incurred or anticipated to be Incurred
      in connection with or in respect of such transaction or series of transactions)
      no Default or Event of Default with respect to the Company would occur or
      be continuing and the Parent Guarantor shall have delivered, to the Trustee
      an Officers&#146; Certificate to that effect; and (iii) the Parent Guarantor
      or the Successor Parent Guarantor, as the case may be, shall have delivered
      to the Trustee an Officers&#146; Certificate and an Opinion of Counsel,
      each stating that such transaction or series of transactions and such supplemental
      indenture (if any) comply with the Indenture and that such supplemental
      indenture constitutes the legal, valid and binding obligation of the Successor
      Parent Guarantor, enforceable against such entity in accordance with its
      terms, subject to customary exceptions, and that all conditions precedent,
      if any, in this First Supplemental Indenture relating to the transaction
      or series of transactions have been satisfied.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.02.<I> Rights and Duties of Successor Corporation.</I> In case of any
      consolidation or merger, or conveyance or transfer of the assets of the
      Parent Guarantor as an entirety or virtually as an entirety in accordance
      with Section 3.01 of this First Supplemental Indenture, the Successor Parent
      Guarantor shall succeed to and be substituted for the Parent Guarantor,
      with the same effect as if it had been named herein as the Parent Guarantor,
      and the predecessor corporation shall be relieved of any further obligation
      under this First Supplemental Indenture.</FONT></td>
  </tr></table>



<p>&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  align=center><font size=2><B>ARTICLE 4</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>M<font size="1">ISCELLANEOUS</font></B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.01. <I> No Recourse Against Others</I>. No past, present or future director,
      officer employee, direct or indirect shareholder or incorporator or Affiliate
      of the Parent Guarantor, as such, shall have any liability for any obligation
      of the Parent Guarantor under this First Supplemental Indenture or for any
      claim based on, in respect of, or by reason of, any such obligation or the
      creation of any such obligation. Each Holder waives and releases such Persons
      from all such liability.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.02.<I> Successors.</I> Except as set forth in Section 3.02, all agreements
      of the Parent Guarantor in this First Supplemental Indenture shall bind
      any successors of the Parent Guarantor.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.03.<I> Notices and Demands on Parent Guarantor.</I> Any notice or demand
      which by any provision of this First Supplemental Indenture is required
      or permitted to be given or served by the Trustee or by the Holders to or
      on the Parent Guarantor may be given to Coca-Cola FEMSA, S.A. de C.V., Guillermo
      Gonz&#225;lez Camarena No. 600, Centro de Ciudad Santa Fe, 01210 M&#233;xico,
      D.F., M&#233;xico; Attention: Corporate Finance and Treasury Director (telecopier:
      011-52-55-5292-3474), in each case in accordance with the methods provided
      in Section 10.02 of the Indenture.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.04.<I> Governing Law.</I> The internal laws of the State of New York shall
      govern this First Supplemental Indenture, without regard to the conflict
      of laws provisions thereof.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.05.<I> Counterparts.</I> This First Supplemental Indenture may be executed
      in any number of counterparts and by the parties hereto in separate counterparts,
      each of which when so executed shall be deemed to be an original and 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;S<font size="1">ECTION</font>
      4.06. <I>Consent to Jurisdiction; Designation of Agent.</I> The Parent Guarantor
      hereby irrevocably submits to the non-exclusive jurisdiction of any State
      of New York or United States federal court sitting in the State of New York
      over any action or proceeding arising out of or in relation to this First
      Supplemental Indenture or the Indenture as amended or supplemented from
      time to time, and hereby irrevocably agrees that all claims in respect of
      such action or proceeding may be heard and determined in such New York or
      federal court. The Parent Guarantor hereby irrevocably appoints CT Corporation
      System (the &#147;Agent for Service&#148;) as its agent to receive on its
      behalf service of copies of the summons and complaint and any other process
      which may be served in any such action or proceeding. Service may be made
      on the Parent Guarantor by mailing or delivering a copy of such process
      to the Parent Guarantor in care of the Agent for Service at the address
      of the Agent for Service in the State of New York, and the Parent Guarantor
      hereby irrevocably authorizes and directs the Agent for Service to accept
      such service on its behalf. The Parent Guarantor further agrees that a final
      judgment in any such action or proceeding after the expiration of any period
      permitted for appeal and subject to any stay during appeal shall be conclusive
      and may be enforced in other jurisdictions by suit on the judgment or in
      any other manner provided by law. The Parent Guarantor further waives any
      objection to venue in the State of New York and objection to any action
      or proceeding in such State on the basis of forum non conveniens. Nothing
      in this Section 4.06 shall affect the right of the Parent Guarantor to bring
      any action or proceeding against any other Person or their property in the
      courts of any other jurisdiction.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.07.<I> Incorporation into Indenture.</I> All provisions of this First
      Supplemental Indenture shall be deemed to be incorporated in, and made part
      of, the Indenture; and the Indenture, as amended and supplemented by this
      First Supplemental Indenture, shall be read, taken and construed as one
      and the same instrument.</FONT></td>
  </tr></table>


<p>&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;S<font size="1">ECTION</font>
      4.08.<I> Acceptance.</I> The Trustee accepts the Indenture, as supplemented
      by this First Supplemental Indenture, and agrees to perform the same upon
      the terms and conditions set forth therein as so supplemented.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.09.<I> Severability.</I> If any provision in this First Supplemental Indenture
      shall be invalid, illegal or unenforceable, the validity, legality and enforceability
      of the remaining provisions shall not in any way be affected or impaired
      thereby.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.10.<I> Headings, Etc.</I> The headings of the Articles and Sections of
      this First Supplemental Indenture have been inserted for convenience of
      reference only, are not to be considered part of this First Supplemental
      Indenture, and shall in no way modify or restrict any of the terms or provisions
      of this First Supplemental Indenture.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      4.11. <I> The Trustee.</I> The Trustee shall not be responsible in any manner
      whatsoever for or in respect of the validity or sufficiency of this First
      Supplemental Indenture or for or in respect of the recitals contained herein,
      all of which are solely made by the Company and the Parent Guarantor.</FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties have caused this First Supplemental Indenture to be executed as of
the date and year first written.</font></td></tr></table>




<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr align="left">
    <td valign="TOP" width="297"> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="TOP" colspan="2"> <font size="2"> CORPORACI&Oacute;N INTERAMERICANA
      DE BEBIDAS, <br>
      S.A. de C.V.</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" width="47">&nbsp;</td>
    <td valign="TOP" width="256">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> By: /s/</font></td>
    <td valign="TOP" width="256"> <font size="2"> H<font size="1">&#201;CTOR</font>
      T<font size="1">REVI&#209;O</font> GUTI&#201;RREZ</font>
      <hr size="1" noshade align="left" width="250">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Name:</font></td>
    <td valign="TOP" width="256"> <font size="2"> H&#233;ctor Trevi&#241;o
      Gutierrez</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Title:</font></td>
    <td valign="TOP" width="256"> <font size="2"> Chief Financial and Administrative
      Officer</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" colspan="2">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" colspan="2"> <font size="2"> COCA-COLA FEMSA, S.A. de C.V.,
      <br>
      as Parent </font> <font size="2"> Guarantor</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" width="47">&nbsp;</td>
    <td valign="TOP" width="256">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> By: /s/</font></td>
    <td valign="TOP" width="256"> <font size="2"> H<font size="1">&#201;CTOR</font>
      T<font size="1">REVI&#209;O</font> GUTI&#201;RREZ</font>
      <hr size="1" noshade align="left" width="250">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Name:</font></td>
    <td valign="TOP" width="256"> <font size="2"> H&#233;ctor Trevi&#241;o
      Gutierrez</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Title:</font></td>
    <td valign="TOP" width="256"> <font size="2"> Chief Financial and Administrative
      Officer</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" colspan="2">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" colspan="2"> <font size="2"> JPMORGAN CHASE BANK, as Trustee</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" width="47">&nbsp;</td>
    <td valign="TOP" width="256">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> By: /s/</font></td>
    <td valign="TOP" width="256"> <font size="2"> G<font size="1">LENN</font>
      W. A<font size="1">NDERSEN</font></font>
      <hr size="1" noshade align="left" width="250">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Name:</font></td>
    <td valign="TOP" width="256"><font size="2"> Glenn W. Andersen</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Title: </font></td>
    <td valign="TOP" width="256"><font size="2">Vice President</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>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.6
<SEQUENCE>6
<FILENAME>e17118ex2-6.htm
<DESCRIPTION>SECOND SUPPLEMENT INDENTURE
<TEXT>
<html>
<head>
<title>Exhibit 2.6 </title>
</head>
<body>






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



<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 align=right><font size=2><B><U>Execution Copy</U></B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=4><B>Second Supplemental Indenture</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>Dated as of November 19, 2003</B></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  align=center><font size=5><B>CORPORACI&#211;N INTERAMERICANA
DE  <BR>BEBIDAS, S.A. de C.V.</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=4><B>AS ISSUER</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>AND</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. <BR><FONT SIZE="4">AS GUARANTOR</FONT></B></FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>AND</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><FONT SIZE="5"><B>JPMORGAN CHASE BANK <BR><FONT SIZE="4">AS TRUSTEE</FONT></B></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  align=center><font size=2><B>$300,000,000</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>7&#188;% SENIOR NOTES DUE 2009</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">
</font></td><td width=60 align=right><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;<B>THIS SECOND
SUPPLEMENTAL INDENTURE</B>, dated as of November 19, 2003, is among CORPORACI&#211;N
INTERAMERICANA DE BEBIDAS, S.A. de C.V., a Mexican corporation (formerly Panamerican
Beverages, Inc.) (the &#147;Company&#148;), COCA-COLA FEMSA, S.A. de C.V., a Mexican
Corporation (the &#147;Parent Guarantor&#148;), and JPMORGAN CHASE BANK, a New York
banking corporation, as trustee (the &#147;Trustee&#148;).</FONT></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>RECITALS OF THE COMPANY AND THE
PARENT GUARANTOR</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the
Company has issued an aggregate principal amount of $300,000,000 of its 7&#188;% Senior
Notes  due 2009 (the &#147;Notes&#148;) pursuant to an indenture dated as of July 11,
1997, between the Company and the Trustee,  as supplemented by the First Supplemental
Indenture (the &#147;First Supplemental Indenture&#148;), dated as of October 15,  2003
among the Company, the Trustee and the Parent Guarantor (as supplemented, the &#147;Indenture&#148;);</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant
to Section 9.02 of the Indenture, the Company and the Trustee may, with the written
consent of the Holders of at least a majority in aggregate principal amount of
outstanding Notes, enter into a  supplemental indenture to amend or supplement the
Indenture;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as of the
date hereof, an aggregate principal amount of $290,000,000 remains outstanding;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as of
November 18, 2003, the Holders of at least a majority in aggregate principal amount of
outstanding Notes gave their written consent to the Proposed Amendment to the Indenture
set forth in the  Company&#146;s Consent Solicitation Statement dated as of October 31,
2003, and</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all
things necessary for the execution of this Second Supplemental Indenture and to make this
Second Supplemental Indenture a valid and binding agreement of the Company and the Parent
Guarantor have been  done.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE,
for and in consideration of the premises and the mutual covenants and agreements
hereinafter set forth, the parties hereto agree, for the equal and proportionate benefit
of all Holders of the  Notes, as follows:</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>ARTICLE 1</B></font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2><B>R<font size="1">ATIFICATION</font></B></font></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      1.01.<I> Second Supplemental Indenture</I>. This Second Supplemental Indenture
      is supplemental to, and is entered into in accordance with Section 9.02
      of, the Indenture, and except as modified, amended and supplemented by this
      Second Supplemental Indenture, the provisions of the Indenture are in all
      respects ratified and confirmed and shall remain in full force and effect.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      1.02.<I> Definitions.</I> Unless the context shall otherwise require, all
      terms which are defined in Sections 1.01 and 1.02 of the Indenture and in
      Section 1.02 of the First Supplemental Indenture shall have the same meanings,
      respectively, in this Second Supplemental Indenture as set forth therein.
      In addition, for purposes of this Second Supplemental Indenture the following
      terms shall have the respective meanings assigned them below:</FONT></td>
  </tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Company</I>&#148; shall
have the meaning set forth in the preamble.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>First
Supplemental Indenture</I>&#148; shall have the meaning set forth in the recitals.</FONT></td></tr></table>


<p>&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: 10; page: 10" -->



<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; shall
have the meaning set forth in the recitals.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Notes</I>&#148; shall
have the meaning set forth in the recitals.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Parent
Guarantor</I>&#148; shall have the meaning set forth in the preamble.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; shall
have the meaning set forth in the preamble.</FONT></td></tr></table>


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

<p><table width=600><tr>
    <td  align=center><font size=2><B>C<font size="1">OVENANT</font></B></font></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      2.01.<I> Reports.</I> Section 4.02 of the Indenture is hereby replaced in
      its entirety with the following:</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;S<font size="1">ECTION</font>
      4.02.<I> Reports.</I> The Parent Guarantor shall:</FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  file with the
Trustee, within 15 days after the Parent Guarantor files or furnishes the same  with or
to the SEC, copies of the annual reports and of the information, documents and other
reports (or copies  of such portions of any of the foregoing as the SEC may from time to
time by rules and regulations prescribe),  which the Parent Guarantor is required to file
with or furnish to the SEC pursuant to Section 13 or Section 15(d)  of the Exchange Act;
or, if the Parent Guarantor is not required to file or furnish information, documents or
reports pursuant to either of said sections, then it will file with or furnish to the
Trustee and the SEC, in  accordance with rules and regulations prescribed from time to
time by the SEC, such of the supplementary and  periodic information, documents and
reports which may be required pursuant to Section 13 of the Exchange Act in  respect of a
security of a &#147;foreign private issuer&#148; (as defined in Rule 3b-4 under the
Exchange Act) listed and  registered on a national securities exchange as may be
prescribed from time to time in such rules and  regulations; and</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  upon the
written request of any Holder, promptly supply copies of such annual reports,
information, documents and other reports to any such Person.&#148;</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>ARTICLE 3</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>M<font size="1">ISCELLANEOUS</font></B></font></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.01. <I> No Recourse Against Others.</I> No past, present or future director,
      officer employee, direct or indirect shareholder or incorporator or Affiliate
      of the Parent Guarantor, as such, shall have any liability for any obligation
      of the Parent Guarantor under this Second Supplemental Indenture or for
      any claim based on, in respect of, or by reason of, any such obligation
      or the creation of any such obligation. Each Holder waives and releases
      such Persons from all such liability.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>n
      3.02.<I> Successors.</I> Except as set forth in Section 3.02 of the First
      Supplemental Indenture, all agreements of the Parent Guarantor in this Second
      Supplemental Indenture shall bind any successors of the Parent Guarantor.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.03.<I> Governing Law.</I> The internal laws of the State of New York shall
      govern this Second Supplemental Indenture, without regard to the conflict
      of laws provisions thereof.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.04.<I> Counterparts.</I> This Second Supplemental Indenture may be executed
      in any number of counterparts and by the parties hereto in separate counterparts,
      each of which when 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">
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: 11; page: 11" -->



<p><table width=600><tr><td><font size=2>executed shall be deemed  to be an original and
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;S<font size="1">ECTION</font>
      3.05.<I>Incorporation into Indenture</I>. All provisions of this Second
      Supplemental Indenture shall be deemed to be incorporated in, and made part
      of, the Indenture; and the Indenture, as amended and supplemented by this
      Second Supplemental Indenture, shall be read, taken and construed as one
      and the same instrument.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.06.<I> Acceptance.</I> The Trustee accepts the Indenture, as supplemented
      by this Second Supplemental Indenture, and agrees to perform the same upon
      the terms and conditions set forth therein as so supplemented.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.07.<I> Severability.</I> If any provision in this Second Supplemental
      Indenture shall be invalid, illegal or unenforceable, the validity, legality
      and enforceability of the remaining provisions shall not in any way be affected
      or impaired thereby.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.08.<I> Headings, Etc.</I> The headings of the Articles and Sections of
      this Second Supplemental Indenture have been inserted for convenience of
      reference only, are not to be considered part of this Second Supplemental
      Indenture, and shall in no way modify or restrict any of the terms or provisions
      of this Second Supplemental Indenture.</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<font size="1">ECTION</font>
      3.09. <I> The Trustee.</I> The Trustee shall not be responsible in any manner
      whatsoever for or in respect of the validity or sufficiency of this Second
      Supplemental Indenture or for or in respect of the recitals contained herein,
      all of which are solely made by the Company and the Parent Guarantor.</FONT></td>
  </tr></table>

<p>&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: 12; page: 12" -->




<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties have caused this Second Supplemental Indenture to be executed as of
the  date and year first written.</font></td></tr></table>




<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr align="left">
    <td valign="TOP" width="297"> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="TOP" colspan="2"> <font size="2"> CORPORACI&Oacute;N INTERAMERICANA
      DE BEBIDAS, <br>
      S.A. de C.V.</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" width="47">&nbsp;</td>
    <td valign="TOP" width="256">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> By: /s/</font></td>
    <td valign="TOP" width="256"> <font size="2"> H<font size="1">&#201;CTOR</font>
      T<font size="1">REVI&#209;O</font> G<font size="1">UTI&#201;RREZ</font></font>
      <hr size="1" noshade align="left" width="250">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Name:</font></td>
    <td valign="TOP" width="256"> <font size="2"> H&#233;ctor Trevi&#241;o
      Gutierrez</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Title:</font></td>
    <td valign="TOP" width="256"> <font size="2"> Chief Financial and Administrative
      Officer</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" colspan="2">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" colspan="2"> <font size="2"> COCA-COLA FEMSA, S.A. de C.V.,
      <br>
      as Parent </font> <font size="2"> Guarantor</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" width="47">&nbsp;</td>
    <td valign="TOP" width="256">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> By: /s/</font></td>
    <td valign="TOP" width="256"> <font size="2"> H<font size="1">&#201;CTOR</font>
      T<font size="1">REVI&#209;O</font> G<font size="1">UTI&#201;RREZ</font></font>
      <hr size="1" noshade align="left" width="250">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Name:</font></td>
    <td valign="TOP" width="256"> <font size="2"> H&#233;ctor Trevi&#241;o
      Gutierrez</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Title:</font></td>
    <td valign="TOP" width="256"> <font size="2"> Chief Financial and Administrative
      Officer</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" colspan="2">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" colspan="2"> <font size="2"> JPMORGAN CHASE BANK, as Trustee</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297">&nbsp;</td>
    <td valign="TOP" width="47">&nbsp;</td>
    <td valign="TOP" width="256">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> By: /s/</font></td>
    <td valign="TOP" width="256"> <font size="2"> G<font size="1">LENN</font>
      W. A<font size="1">NDERSEN</font></font>
      <hr size="1" noshade align="left" width="250">
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Name:</font></td>
    <td valign="TOP" width="256"><font size="2"> Glenn W. Andersen</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP" width="297"><font size="2"></font></td>
    <td valign="TOP" width="47"> <font size="2"> Title: </font></td>
    <td valign="TOP" width="256"><font size="2">Vice President</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;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>7
<FILENAME>e17118_ex4-3.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.3 </title>
</head>
<body>





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<p><table width=600><tr><td align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<p><table width=600><tr><td align=right><font size=2><B>valley of Mexico</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>(English translation agreed
upon by the parties)</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>THIS BOTTLER&#146;S AGREEMENT (the
&#147;Agreement&#148;) entered into with effect from June  21, 2003, 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 COCA-COLA FEMSA  S.A. DE C.V., a corporation organized and
existing under the laws of Mexico,  with principal offices at Guillermo Gonzalez Camarena
No 600, Colonia Centro de  Ciudad Santa Fe, with Postal Code 01210 Mexico D.F., Mexico,
(hereinafter  referred to as the &#147;Bottler&#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=10% valign=top><font size=2>
A. </FONT></TD><TD width=90% 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><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 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><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 to prepare, package and sell the  Beverages and the
exclusive right to manufacture and sell the Beverage  Bases and the Syrups in Mexico.</font></TD></TR></TABLE>

<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 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><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 a license from the Company to use the Trade  Marks in connection
with the preparation and packaging of the Beverages  and in </font></TD></TR></TABLE>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;1</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=right><font size=2>Exhibit 4.3 </font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">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><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 the requested license to the Bottler  under the terms and
conditions set forth in this Agreement.</font></TD></TR></TABLE>

<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=10% valign=top><FONT SIZE="2"><B>I.</B></FONT> </TD><TD width=90% valign=top><FONT SIZE="2"><B> AUTHORIZATION</B></FONT></TD></TR></TABLE>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>II.</B></FONT> </td>
    <td width=90%><font size="2"> <b>OBLIGATIONS OF THE COMPANY</b></font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;2</font>
</td></tr></table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><P>&nbsp;





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<!-- MARKER PAGE="sheet: 3; page: 3" -->

<p><table width=600><tr><td align=right><font size=2>Exhibit 4.3 </font></td></tr></table>



<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td><td width=80%><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. The Company, in  accordance to the territorial principle set
forth in Clause 1  above, shall have the exclusive right to import and export the
Beverages to and from Mexico.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>III.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE BOTTLER RELATIVE TO MARKETING OF THE BEVERAGES, FINANCIAL CAPACITY AND PLANNING</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 therefore;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;3</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=70%><font size="2">methods of
distribution  shall be subject to the prior written approval of the Company;  and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">8. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">9. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">10. </font></td><td width=80%><font size="2"> The
Bottler covenants and agrees:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 at such other intervals as the </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;4</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Company
may  request in connection with the implementation of the Annual  Program.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">11. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">12.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler further agrees to maintain and to replace  such equipment at such intervals as
are reasonably  necessary and to use such equipment to distribute or  sell only the
Beverages and the beverage products  listed in Appendix V; provided that the use of such
equipment with the beverage products listed in  Appendix V does not affect the ability of
the Bottler  to perform under the Agreement.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">13.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;5</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">distribution
in any manner  whatsoever of any of the Beverages outside the  Territory.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></TD>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></TD>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> The
Bottler shall immediately inform the Company if  at any time any solicitation or offer to
purchase  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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>IV.</B></FONT> </td><td width=90%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">14. </font></td><td width=80%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;6</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">15. </font></td><td width=80%><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  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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">16. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">17. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Not
to manufacture, prepare, package, distribute,  sell, deal in or otherwise be concerned
with any  other beverage products other than those prepared,  packaged, distributed or
sold by the Bottler under  authority of the Company, other than the Bottler&#146;s  beverage
products and flavors that were in the market  in the Territory as of March 13, 1992, as
shown in  Appendix V. Any changes or additions to Appendix V  must be expressly approved
in writing by the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;7</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 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><FONT SIZE="2">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<U>passed</U> off as such trade dress or container;</FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 &#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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">18. </font></td><td width=80%><font size="2"> This
Agreement reflects the mutual interest of both  parties and in the event that either:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;8</font>
</td></tr></table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><P>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" -->



<p><table width=600><tr><td align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">19. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 canceling
the recordation.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>V.</B></FONT> </td><td width=90%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">20.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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
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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;9</font>
</td></tr></table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><P>&nbsp;





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



<p><table width=600><tr><td align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  or  Authorized
Containers from the market. Additionally,  the Company may cancel its authorization
regarding the Authorized  Container(s) that have presented quality or other technical
problems,  or for other reasons in the interest  of the Coca-Cola  System in Mexico,
thus withdrawing the Authorized  Container(s)  from Appendix IV of this  Agreement.  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 or Authorized  Containers  from the market or to cancel
any such Authorized  Container(s)  and the  Bottler  shall,  upon receipt of such
notice,  immediately  cease  distribution  of such  Beverages or such  Authorized
Container(s) and take such other action as may be required by the Company in connection
with the  withdrawal of such Beverages from the market or the cancellation of such
Authorized Container(s).</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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, (3) any other  relevant data
including data that will assist in  tracing such Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">21. </font></td><td width=80%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;10</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">22. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> In
the event the Bottler uses returnable 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  returnable Authorized Containers. In
order to ensure  the continuing quality and appearance of the said  inventory of
returnable Authorized Containers, the  Bottler further agrees to replace all or part 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=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;11</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">said
inventory of returnable Authorized Containers as  may be reasonably necessary and in
accordance with  the obligations of the Bottler hereunder.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler agrees not to refill or otherwise reuse  any non-returnable Authorized Containers
that have  been previously used.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">24. </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VI.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> CONDITIONS
OF PURCHASE AND SALE</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">25. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company and the Bottler acknowledge and agree  that the maximum prices of the Beverages
to the  retailers should be accessible and competitive, with  the purpose of always
maintaining an adequate balance  among the ratios &#147;volume,&#148; &#147;market
share&#148; and  &#147;profits,&#148; so as to ensure the long-term continuance  of the
business.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;12</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 its 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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><font size="2"> The
Bottler undertakes to collect from or charge to  retail outlets for each returnable
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
returnable Authorized  Containers and cases and, upon recovery, to refund or  to credit
the deposits for said returnable Authorized  Containers and cases returned undamaged and
in good  condition.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> DURATION
AND TERMINATION OF AGREEMENT</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">27. </font></td><td width=80%><font size="2"> This
Agreement  shall be  effective  from June 21,  2003,  and the initial ten (10) year term
shall  expire on June 20, 2013,  unless it has been earlier </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;13</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">terminated
as provided  herein.  This  Agreement may be extended for  successive ten (10)  year
terms subject to the following  conditions and  procedures:  Eighteen (18) months prior
to the expiration of any  ten (10) year period,  either party may elect for any reason,
with or without cause,  to give notice to the other of  its preliminary intention not to
renew this Agreement.  Said notice,  however, will not be firm until final notice of
non-renewal is given six (6) months thereafter by either party.  During the six (6) month
period between  preliminary  notice and possible  final notice of  non-renewal,  the
parties may  reconsider  and  nonetheless  mutually  agree in  writing to renew the
Agreement  for a further ten (10) year period.  In the event that the decision is not to
renew,  this agreement will definitely terminate and expire for any of the parties at the
end of any such ten (10) year term.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">28. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> This
Agreement may be terminated forthwith by the  Company without liability for damages:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><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 </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;14</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">&nbsp;</font></td>
    <td width=60%><font size="2">its creditors
or concludes any similar  arrangements with them or makes an assignment for the  benefit
of creditors; or</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">30. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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
materials or advertising  material used or which are intended for use by the  Bottler in
connection with the preparation,  packaging, distribution and sale of the Beverages;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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,</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;15</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">digital
or other promotional or advertising materials  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 right 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">31. </font></td><td width=80%><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</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;16</font>
</td></tr></table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><P>&nbsp;





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



<p><table width=600><tr><td align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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,  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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VIII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> GENERAL
PROVISIONS</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">32. </font></td><td width=80%><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,  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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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, </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;17</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">consent
to or acquiesce  in any such change without the prior written consent  of the Company; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
addition to the foregoing provisions of this Clause, 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 trademarks 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">33. </font></td><td width=80%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;18</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">34. </font></td><td width=80%><font size="2"> The
Company may assign any of it 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 it  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">35. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Strike,
blacklisting, boycott or sanctions, however  incurred;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Any
other cause whatsoever beyond their control.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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, 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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">36. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;19</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 interest of the
Company in the  Beverages, the Authorized Containers or the goodwill  associated with the
Trade Marks.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 cost, expenses,
damages,  claims, obligations and liabilities whatsoever arising from  fact or
circumstances not attributable to the Company  including, but not limited to, all cost
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 act or default, whether
negligent or  not, of the Bottler, the Bottler&#146;s distributors, suppliers and  wholesalers.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;20</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">37. </font></td><td width=80%><font size="2"> The
Bottler covenants and agrees with the Company:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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, 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;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">38. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">39.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">All prior agreement 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Any
waiver or modification of, or alteration or addition to,  this Agreement or any of it
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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;21</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">40. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">41. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">42. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">43.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">Any dispute, controversy or claim arising out of or  relating to this agreement or the
breach thereof, either  directly or indirectly, shall be finally decided by  arbitration.
The arbitration shall be in accordance with the  Rules of Conciliation and Arbitration of
the International  Chamber of Commerce (&#147;ICC&#148;), existing at the date thereof.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> There
shall be three arbitrators, one arbitrator being  selected by each of the parties and the
third arbitrator being  selected by the two arbitrators so selected by said parties.  If
a third party fails to nominate an arbitrator within thirty  (30) days from the date of
notification made to it of the  other party&#146;s request for arbitration, or if the two
arbitrators fail, within thirty (30) days from the date of  their appointment, to reach
an agreement on the third  arbitrator, then the Court of Arbitration of the ICC shall
appoint the arbitrator that was not nominated by the failing  party, or shall appoint the
third arbitrator, as the case may  be, in accordance with said Rules.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
place of arbitration shall be New York, New York, United  States of America.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> The
substantive national laws applicable to the arbitration  shall be those of the The
Mexican United States.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> The
procedural law of the forum for the arbitration will be  applied in all which is not
provided for in the Rules.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;22</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><font size="2"> The
language of the arbitration proceedings shall be English.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><font size="2"> The
award issued under this Clause shall be final for the  parties.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(h) </font></td>
    <td width=70%><font size="2"> In
the event the losing party does not voluntarily comply with  the award within the next
thirty (30) days following the date  on which notice of such award is served, the other
party may  apply for its enforcement before any court of competent  jurisdiction.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">44. </font></td><td width=80%><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><table width=600><tr><td><font size=2>IN WITNESS WHEREOF, the Company at Atlanta,
Georgia, USA, and the Bottler at  Mexico, D.F., Mexico, 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>
<TABLE CELLPADDING="0" CELLSPACING="0" width="600">
  <TR VALIGN="TOP">
    <TD colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></TD>
    <TD width="37"><font size="2"></font></TD>
    <TD colspan="2"><font size="2">THE COCA-COLA COMPANY</font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD colspan="2"></TD>
    <TD width="37"><font size="2"></font></TD>
    <TD width="40">&nbsp;</TD>
    <TD width="265">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD width="27"><font size="2">By: </font></TD>
    <TD width="229">&nbsp; </TD>
    <TD width="37">&nbsp;</TD>
    <TD width="40"><font size="2">By:</font></TD>
    <TD width="265">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD width="27"><font size="2">&nbsp;&nbsp;</font></TD>
    <TD width="229">
      <hr size="1" noshade>
      <font size="2">Hector Trevi&#241;o Gutierrez and <br>
      Carlos Salazar Lomelin</font></TD>
    <TD width="37"><font size="2">&nbsp;&nbsp;</font></TD>
    <TD width="40"><font size="2">&nbsp;&nbsp;</font></TD>
    <TD width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></TD>
  </TR>
</TABLE>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Bottler&#146;s Agreement Page&nbsp;23</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>




<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><B>BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Location: VALLE DE MEXICO  <BR>Date:
June 21, 2003</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 June 21,
2003, the  Beverages referred to in recital paragraph A thereof are:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>BEVERAGES:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=54% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=36%><font size="2"> LIFT</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=54% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=36%><font size="2">LIGHT DELAWARE PUNCH</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=54% valign="top"><font size="2">FANTA </font></td>
    <td width=36%><font size="2"> FRUTOPIA</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=54% valign="top"><font size="2">SPRITE </font></td>
    <td width=36%><font size="2"> CIEL</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=54% valign="top"><font size="2">SPRITE </font></td>
    <td width=36%><font size="2">LIGHT SENZAO</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=54% valign="top"><font size="2">FRESCA </font></td>
    <td width=36%><font size="2"> BEAT</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>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix I Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Appendix II</font></td></tr></table>

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

<p><table width=600><tr><td  align=center><font size=2>Location: VALLE DE MEXICO  <BR>Date:
June 21, 2003</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 June 21, 2003, 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>Registered Trademarks</font></td></tr></table>

<P><table width=600><tr>
    <td width=66% valign=top><font size="2">&nbsp;COCA-COLA </font></td>
    <td width=34%><font size="2"> LIFT</font></td>
  </tr></table>

<table width=600><tr>
    <td width=66% valign=top><font size="2">&nbsp;COCA-COLA LIGHT </font></td>
    <td width=34%><font size="2">DELAWARE PUNCH</font></td>
  </tr></table>

<table width=600><tr>
    <td width=66% valign=top><font size="2">&nbsp;FANTA </font></td>
    <td width=34%><font size="2"> FRUITOPIA</font></td>
  </tr></table>

<table width=600><tr>
    <td width=66% valign=top><font size="2">&nbsp;SPRITE </font></td>
    <td width=34%><font size="2"> CIEL</font></td>
  </tr></table>

<table width=600><tr>
    <td width=66% valign=top><font size="2">&nbsp;SPRITE LIGHT </font></td>
    <td width=34%><font size="2">SENZAO</font></td>
  </tr></table>

<table width=600><tr>
    <td width=66% valign=top><font size="2">&nbsp;FRESCA </font></td>
    <td width=34%><font size="2"> BEAT</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Including all translations, registration
requests, registrations and  intellectual property of the trade names related to these
Trade Marks. </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>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade width="450">
    </td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix II Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>




<p><table width=600><tr><td  align=center><font size=2>Appendix III</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: VALLE DE MEXICO <BR>Date:
June 21, 2003</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 June 21,
2003, the  Territory referred to in Clause 1 thereof is:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In the Mexican United States in the states of
Mexico, Hidalgo, Puebla and the  Federal District the area within an imaginary line
beginning in the northmost  point Canada, then to the southeast to Tepeji del Rio; then
following the border  of the states of Mexico and Hidalgo first to the east and then to
the north to a  point in the border to the northwest of Apaxco; then to the southeast to
Apaxco;  then to the southeast through Hueypoxtla and Xilotzingo again to the border of
the states of Mexico and Hidalgo; following said border first to the southwest  and then
to the east-northeast to a point to the northwest of Temascalapa; then  to the southeast
through Temascalapa to Otumba de Gomez Farias; then to the  south to Rio Frio; then to
the southwest to Atlautla; then to Tecomaxusco; then  to the northwest through
Tlacotitlan, Atlapango, Tlacualera and Ocotecatl to  Estacion Ajusco; then to Cerro
Teponaxtle in the border of the Federal District  and the state of Mexico; then following
said border to the north through  Monumento a Hidalgo to Huixquilucan de Degollado; then
to the northwest through  Mimiapan, San Pedro and San Bartolo to La Tinaja; then to the
northeast through  Chapa de Mota to the starting point in Canada.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All the towns mentioned above are included in
the Territory except Tecomaxusco,  Tlacotitlan, Atlapango, Tlacualua, Ocotecatl,
Huixquilucan de Degollado,  Monumento Hidalgo, Mimiapan, San Pedro, San Bartolo, La
Tinaja, Tepeji del Rio  Chapa de Mote y Ca&#241;ada.</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>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade width="450">
    </td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix III Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>




<p><table width=600><tr><td  align=center><font size=2>Appendix IV</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: VALLE DE MEXICO  <BR>Date:
June 21, 2003</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 June 21, 2003,
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">
RETURNABLE GLASS BOTTLES</FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=45%><font size="2"> 192, 355, 500, 769, 1250 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA LIGHT </font></td>
    <td width=45%><font size="2">192, 355</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FANTA </font></td>
    <td width=45%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SPRITE </font></td>
    <td width=45%><font size="2"> 355, 769 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FRESCA </font></td>
    <td width=45%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">LIFT </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">DELAWARE PUNCH </font></td>
    <td width=45%><font size="2">355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">CIEL MINERALIZADA </font></td>
    <td width=45%><font size="2">355 c.c.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">
RETURNABLE PET BOTTLES</FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=45%><font size="2"> 1000, 1500, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FANTA</font></td>
    <td width=45%><font size="2"> 1500, 2000 c.c.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FRESCA </font></td>
    <td width=45%><font size="2"> 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">LIFT </font></td>
    <td width=45%><font size="2"> 2000 c.c.</font></td>
  </tr>
</table>
<p><table width=600><tr><td><FONT SIZE="2">
NONRETURNABLE <BR>GLASSBOTTLES</FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=45%><font size="2"> 355, 500, 1000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA LIGHT </font></td>
    <td width=45%><font size="2">500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FANTA </font></td>
    <td width=45%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SPRITE </font></td>
    <td width=45%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FRESCA </font></td>
    <td width=45%><font size="2"> 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">LIFT </font></td>
    <td width=45%><font size="2"> 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">DELAWARE PUNCH </font></td>
    <td width=45%><font size="2">500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FRUITOPIA </font></td>
    <td width=45%><font size="2"> 350 c.c.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix IV Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>





<p><table width=600><tr><td><FONT SIZE="2">
NONRETURNABLE PET <BR>BOTTLES</FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=45%><font size="2"> 500, 600,1000,2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA LIGHT </font></td>
    <td width=45%><font size="2">600, 1000, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FANTA </font></td>
    <td width=45%><font size="2"> 600, 1000, 1750, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SPRITE </font></td>
    <td width=45%><font size="2"> 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FRESCA </font></td>
    <td width=45%><font size="2"> 500, 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">LIFT </font></td>
    <td width=45%><font size="2"> 250, 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">DELAWARE PUNCH </font></td>
    <td width=45%><font size="2">250, 600, 1000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">CIEL </font></td>
    <td width=45%><font size="2"> 500, 1500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">CIEL MINERALIZADA </font></td>
    <td width=45%><font size="2">600, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SENZAO </font></td>
    <td width=45%><font size="2"> 600, 1000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">BEAT </font></td>
    <td width=45%><font size="2"> 250, 600 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">POWERADE </font></td>
    <td width=45%><font size="2"> 400, 600 c.c.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">
CANS (Production, distribution and <BR>sales)</FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">COCA-COLA LIGHT </font></td>
    <td width=45%><font size="2">355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FANTA </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SPRITE </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SPRITE LIGHT </font></td>
    <td width=45%><font size="2">355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">FRESCA </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">LIFT </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">DELAWARE PUNCH </font></td>
    <td width=45%><font size="2">355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">CIEL MINERALIZADA </font></td>
    <td width=45%><font size="2">355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">SENZAO </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=45% valign="top"><font size="2">BEAT </font></td>
    <td width=45%><font size="2"> 355 c.c.</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>It is agreed upon the parties hereby mentioned,
that the term and validity of  this authorization to produce, distribute and sell the
Authorized Containers  described in this Appendix as Cans will be the same as to the
Bottler Agreement.  Furthermore, it is agreed upon the parties that the removal option
described in  the Bottler Agreement, pursuant to Clause 27(b) is not applicable to this
authorization.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix IV Page 2</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 align=right><font size=2>Exhibit 4.3 </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.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade width="450">
    </td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix I Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Appendix V</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>BOTTLER&#146;S BEVERAGE PRODUCTS</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size="2">Location: VALLE DE MEXICO <BR>
      Date: June 21, 2003</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions of 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 June 21,
2003, the Bottler may  manufacture, prepare, package, distribute and sell the following
Bottler&#146;s  beverage products, in the following flavors:</font></td></tr></table>

<P><table width=600><tr>
    <td width=53% valign=top><font size="2">&nbsp;BOTTLER&#146;S BEVERAGE PRODUCTS
      </font></td>
    <td width=47%><font size="2">FLAVORS</font></td>
  </tr></table>

<P>
<table width=600>
  <tr>
    <td width=23% valign=top><font size="2">&nbsp;Etiqueta Azul </font></td>
    <td width=30%><font size="2">(NR y R) </font></td>
    <td width=47%><font size="2">Agua Mineral</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=23% valign=top><font size="2">&nbsp;Extra Poma </font></td>
    <td width=30%><font size="2">(R) </font></td>
    <td width=47%><font size="2">Manzana</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>The description of the Bottler&#146;s Beverage
Products in this Appendix V supersedes  all prior descriptions and Appendices relating to
the Bottler&#146;s Beverage  Products for purposes of Clause 17(a) of said Bottler&#146;s Agreement.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade width="450">
    </td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Appendix V Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Schedule A</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: VALLE DE MEXICO  <BR>Date:
June 21, 2003</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 June 21, 2003,
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=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">COCA-COLA <BR>
COCA-COLA LIGHT  <BR>FANTA  <BR>SPRITE  <BR>FRESCA  <BR>DELAWARE PUNCH </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=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><font size="2">there
is available an adequate source of safe, potable water:</font></td></tr></table>

<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=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><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 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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Schedule A Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>




<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;3. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;4. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;5. </font></td><td width=90%><font size="2"> The
Bottler agrees:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><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 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 authorizations
entered into between the  Company and the Bottler in connection with the subject matter
of this Schedule  A.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade width="450">
    </td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</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=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Schedule A Page 2</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>ANNEX G</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: VALLE DE MEXICO  <BR>Date:
June 21, 2003</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 June 21, 2003,
the Company hereby grants a  supplemental 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 width=51% valign=top><font size="2">&nbsp;BEVERAGES </font></td>
    <td width=49%><font size="2"> AUTHORIZED CONTAINERS</font></td>
  </tr></table>

<P><table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;COCA-COLA </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;COCA-COLA LIGHT </font></td>
    <td width=49%><font size="2">LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;FANTA </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;SPRITE </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;SPRITE LIGHT </font></td>
    <td width=49%><font size="2">LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;FRESCA </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;LIFT </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;DELAWARE PUNCH </font></td>
    <td width=49%><font size="2">LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;CIEL MINERALIZADA </font></td>
    <td width=49%><font size="2">LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;SENZAO </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=51% valign=top><font size="2">&nbsp;BEAT </font></td>
    <td width=49%><font size="2"> LATAS 355 c.c.</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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><font size="2"> This
authorization 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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><font size="2"> Upon
the termination or cancellation of this authorization,  the Bottler shall immediately
discontinue such sale and/or  distribution of the Beverages in the Authorized Containers
in  the Territory.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> 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><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 Annex G.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade width="450">
    </td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
<td width=240 align=right><font size="2">Annex G Page 1</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 align=right><font size=2>Exhibit 4.3 </font></td></tr></table>




<br>
<table cellpadding="0" cellspacing="0" width="600">
  <tr valign="TOP">
    <td colspan="2"><font size="2">COCA-COLA FEMSA S.A. DE C.V.</font></td>
    <td width="37"><font size="2"></font></td>
    <td colspan="2"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr valign="TOP">
    <td colspan="2"></td>
    <td width="37"><font size="2"></font></td>
    <td width="40">&nbsp;</td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">By: </font></td>
    <td width="229">&nbsp; </td>
    <td width="37">&nbsp;</td>
    <td width="40"><font size="2">By:</font></td>
    <td width="265">&nbsp;</td>
  </tr>
  <tr valign="TOP">
    <td width="27"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="229">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
    <td width="37"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="40"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="265">
      <hr size="1" noshade>
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
<td width=300 align=center>
<font size="1"></font>
</td>
    <td width=240 align=right><font size="2">Annex G Page 2</font> </td>
  </tr></table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><P>&nbsp;

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>8
<FILENAME>e17118_ex4-5.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.5 </title>
</head>
<body>








<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->






<p><table width=600><tr>
    <td align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>



<p><table width=600><tr>
    <td align=right><font size=2><B>southeast Mexico</B></font></td>
  </tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>(English translation agreed
upon by the parties)</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>THIS BOTTLER&#146;S AGREEMENT (the
&#147;Agreement&#148;) entered into with effect from June  21, 2003, 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, NW.,
in the City of Atlanta, State of  Georgia, U.S.A. (hereinafter referred to as the
&#147;Company&#148;), and COCA-COLA FEMSA  S.A. DE CV., a corporation organized and
existing under the laws of Mexico, with  principal offices at Guillermo Gonzalez Camarena
No 600, Colonia Centro de  Ciudad Santa Fe, with Postal Code 01210, D.F., Mexico,
(hereinafter referred to  as the &#147;Bottler&#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=10% valign=top><font size="2">&nbsp;A. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;B. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;C </font></td><td width=90%><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 Mexico.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;D. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;E. </font></td><td width=90%><font size="2"> The
Bottler has requested a license from the Company to use the Trade  Marks </font></td></tr></table>


<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      1</font></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=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>



<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;F. </font></td><td width=90%><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><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=10% valign=top><b><font size="2">&nbsp;I. </font></b></td>
    <td width=90%><b><font size="2"> AUTHORIZATION</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><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 `Territory&#148;).</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><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>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;II. </font></b></td>
    <td width=90%><b><font size="2"> OBLIGATIONS OF THE COMPANY</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 2</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td><td width=80%><font size="2"> The
Company, for the term of this Agreement, except as  provided in Clause II will refrain
from selling or  distributing or from authorizing third parties to sell or  distribute
the Beverages throughout the Territory in  Authorized Containers resenting 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. The Company, in  accordance to the territorial principle set
forth in Clause I  above, shall have the exclusive right to import and export the
Beverages to and from Mexico.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;III. </font></b></td>
    <td width=90%><b><font size="2"> OBLIGATIONS OF THE BOTTLER RELATIVE TO MARKETING
      OF THE BEVERAGES, FINANCIAL CAPACITY AND PLANNING</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 therefore;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      3</font></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 align=right height="15"><font size=2>Exhibit 4.5</font></td>
  </tr></table>







<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">8. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">9. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">10. </font></td><td width=80%><font size="2"> The
Bottler covenants and agrees:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 at such other intervals as the Company may
request in connection with the implementation of the Annual  Program.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">11. </font></td><td width=80%><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 </font></td></tr></table>



<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 4</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>





<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">12. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler further agrees to maintain and to replace  such equipment at such intervals as
are reasonably  necessary and to use such equipment to distribute or  sell only the
Beverages and the beverage products  listed in Appendix V; provided that the use of such
equipment with the beverage products listed in  Appendix V does not affect the ability of
the Bottler  to perform under the Agreement.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">13. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=60%><font size="2"> the
Company may purchase any of the Beverages  prepared, packaged, distributed or sold by the
Bottler which are found in the </font></td></tr></table>



<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 5</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>






<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> The
Bottler shall immediately inform the Company if  at any time any solicitation or offer to
purchase  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>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;IV. </font></b></td>
    <td width=90%><b><font size="2"> OBLIGATIONS OF THE BOTTLER RELATIVE TO THE
      TRADE MARKS</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">14. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">15. </font></td><td width=80%><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  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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">16. </font></td><td width=80%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 6</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">17. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Not
to manufacture, prepare, package, distribute,  sell, deal in or otherwise be concerned
with any  other beverage products other than those prepared,  packaged, distributed or
sold by the Bottler under  authority of the Company, other than the Bottler&#146;s  beverage
products and flavors that were in the market  in the Territory as of March 13, 1992, as
shown in  Appendix V. Any changes or additions to Appendix V  must be expressly approved
in writing by the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 &#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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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.</font></td></tr></table>





<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 7</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>







<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">18. </font></td><td width=80%><font size="2"> This
Agreement reflects the mutual interest of both  parties and in the event that either:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">19.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 canceling the recordation.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 8</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>







<P>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;V. </font></b></td>
    <td width=90%><b><font size="2"> OBLIGATIONS OF THE BOTTLER RELATIVE TO THE
      PREPARATION AND PACKAGING OF THE BEVERAGES</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">20.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  or  Authorized
Containers from the market. Additionally,  the Company may cancel its authorization
regarding the Authorized  Container(s) that have presented quality or other technical
problems,  or for other reasons in the interest  of the Coca-Cola  System in Mexico,
thus withdrawing the Authorized  Container(s)  from Appendix IV of this  Agreement.  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 or Authorized  Containers  from the market or to cancel
any such Authorized  Container(s)  and the  Bottler  shall,  upon receipt of such
notice,  immediately  cease  distribution  of such  Beverages or such  Authorized
Container(s) and take such other action as may be required by the Company in connection
with the  withdrawal of such Beverages from the market or the cancellation of such
Authorized Container(s).</font></td></tr></table>






<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 9</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>










<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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, (3) any other  relevant data
including data that will assist in  tracing such Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">21. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">22.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">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</font></td>
  </tr></table>



<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 10</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>



<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=70%><font size="2">develop, stimulate and satisfy fully every demand
      for each of the Beverages in the Territory.</font></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> In
the event the Bottler uses returnable 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  returnable Authorized Containers. In
order to ensure  the continuing quality and appearance of the said  inventory of
returnable Authorized Containers, the  Bottler further agrees to replace all or part of
the  said inventory of returnable Authorized Containers as  may be reasonably necessary
and in accordance with  the obligations of the Bottler hereunder:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler agrees not to refill or otherwise reuse  any non-returnable Authorized Containers
that have  been previously used.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">24. </font></td><td width=80%><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>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;VI. </font></b></td>
    <td width=90%><b><font size="2"> CONDITIONS OF PURCHASE AND SALE</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">25. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">26.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company and the Bottler acknowledge and agree  that the maximum prices of the Beverages
to the  retailers should be accessible and competitive, with  the purpose of always
maintaining an adequate balance  among the ratios &#147;volume &#147;market share&#148;
and  &#147;profits,&#148; so as to ensure the long-term continuance  of the business.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 11</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>






<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> If
the Bottler is unwilling to pay the revised price  in respect of the Beverage Base for
the Beverage  Coca-Cola, 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> Except
as provided in subclause  (d) hereof in respect of the  Beverage  Base for the  Beverage
Coca-Cola,  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 event of the  cancellation  of an  authorization  of a Beverage or
Beverages pursuant to this subclause,  the provisions of Cause 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><font size="2"> The
Bottler undertakes to collect from or charge to  retail outlets for each returnable
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
returnable Authorized  Containers and cases and, upon recovery, to refund or  to credit
the deposits for said returnable Authorized  Containers and cases returned undamaged and
in good  condition.</font></td></tr></table>





<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 12</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>









<P>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;VII. </font></b></td>
    <td width=90%><b><font size="2"> DURATION AND TERMINATION OF AGREEMENT</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">27. </font></td><td width=80%><font size="2"> This
Agreement  shall be  effective  from June 21,  2003,  and the initial ten (10) year term
shall  expire on June 20, 2013,  unless it has been earlier  terminated as provided
herein.  This  Agreement may be extended for  successive ten (10)  year terms subject to
the following  conditions and  procedures:  Eighteen (18) months prior to the expiration
of any  ten (10) year period,  either party may elect for any reason,  with or without
cause,  to give notice to the other of  its preliminary intention not to renew this
Agreement.  Said notice,  however, will not be firm until final notice of  non-renewal is
given six (6) months thereafter by either party.  During the six (6) month period between
preliminary  notice and possible  final notice of  non-renewal,  the parties may
reconsider  and  nonetheless  mutually  agree in  writing to renew the  Agreement  for a
further ten (10) year period.  In the event that the decision is not to renew,  this
agreement  will  definitely  terminate  and expire for any of the  parties at the end of
any such ten (10) year  term.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">28.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=10% align="left" valign="top"><font size="2">(1)</font></td>
    <td width=60% align="left" 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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(2) </font></td>
    <td width=60% align="left" 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70% valign="top"><font size="2"> This
Agreement may be terminated forthwith by the  Company without liability for damages:</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(1) </font></td>
    <td width=60% align="left" 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 </font></td>
  </tr>
</table>



<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      13</font></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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>





<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=60%><font size="2">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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">29. </font></td><td width=80%><font size="2"> (a)
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
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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">30. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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
materials or advertising  material used or which are intended for use by the  Bottler in
connection with the preparation,  packaging, distribution and sale of the Beverages;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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 materials used or maintained
      by the Bottler, and the Bottler shall not thereafter hold forth in any manner
      whatsoever </font></td>
  </tr></table>


<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      14</font></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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>



<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=70%><font size="2">that the Bottler has any connection with the
      Company, the Beverages or the Trade Marks;</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  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 Cause 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 Causes  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">31. </font></td><td width=80%><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,  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 </font></td></tr></table>




<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      15</font></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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>









<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=80%><font size="2"> 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>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">&nbsp;VIII. </font></b></td>
    <td width=90%><b><font size="2"> GENERAL PROVISIONS</font></b></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">32. </font></td><td width=80%><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,  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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
addition to the foregoing provisions of this Clause, 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 </font></td></tr></table>




<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      16</font></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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>






<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=80%><font size="2">otherwise deal in any beverage products and/or
      any trademarks 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">33. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">34. </font></td><td width=80%><font size="2"> The
Company may assign any of it 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 it  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 </font></td></tr></table>



<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 17</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>





<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">35. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Strike,
blacklisting, boycott or sanctions, however  incurred;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Any
other cause whatsoever beyond their control.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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, 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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">36.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 18</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>






<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 interest of the
Company in the  Beverages, the Authorized Containers or the goodwill  associated with the
Trade Marks.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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  facts or
circumstances not attributable to the Company  including, but not limited to, all cost
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 act or default, whether
negligent or  not, of the Bottler, the Bottler&#146;s distributors, suppliers and  wholesalers.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">37. </font></td><td width=80%><font size="2"> The
Bottler covenant and agrees with the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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, 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;</font></td></tr></table>




<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 19</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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>







<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">38. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">39. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2"> 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Any
waiver or modification of, or alteration or addition to,  this Agreement or any of it
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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">40. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">41. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">42. </font></td><td width=80%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      20</font></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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>









<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">43. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2"> Any dispute, controversy or claim
      arising out of or relating to this agreement or the breach thereof, either
      directly or indirectly, shall be finally decided by arbitration. The arbitration
      shall be in accordance with the Rules of Conciliation and Arbitration of
      the International Chamber of Commerce (&#147;CC&#148;), existing at the
      date thereof.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> There
shall be three arbitrators, one arbitrator being  selected by each of the parties and the
third arbitrator being  selected by the two arbitrators so selected by said parties.  If
a third party fails to nominate an arbitrator within thirty  (30) days from the date of
notification made to it of the  other party&#146;s request for arbitration, or if the two
arbitrators fail, within thirty (30) days from the date of  their appointment, to reach
an agreement on the third  arbitrator, then the Court of Arbitration of the ICC shall
appoint the arbitrator that was not nominated by the failing  party, or shall appoint the
third arbitrator, as the case may  be, in accordance with said Rules.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
place of arbitration shall be New York, New York, United  States of America.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> The
substantive national laws applicable to the arbitration  shall be those of the The
Mexican United States.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> The
procedural law of the forum for the arbitration will be  applied in all which is not
provided for in the Rules.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><font size="2"> The
language of the arbitration proceedings shall be English.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><font size="2"> The
award issued under this Clause shall be final for the  parties.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(h) </font></td>
    <td width=70%><font size="2"> In
the event the losing party does not voluntarily comply with  the award within the next
thirty (30) days following the date  on which notice of such award is served, the other
party may  apply for its enforcement before any court of competent  jurisdiction.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">44. </font></td><td width=80%><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>&nbsp;</p><table width=600><tr>
    <td align=right><font size=1><font size="2">Bottler&#146;s Agreement Page
      21</font></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 align=right><font size=2>Exhibit 4.5</font></td>
  </tr></table>




<br>
<table width=600>
  <tr>
    <td><font size="2">IN WITNESS WHEREOF, the Company at Atlanta, Georgia, USA,
      and the Bottler at, Mexico, D.F., Mexico, 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>
<p>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hector Trevi&#241;o Gutierrez
      and <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlos Salazar Lomelin</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>

<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Bottler&#146;s Agreement Page 22</font></td>
  </tr></table>


<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->


<p>
<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><B>BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Location: TERRITORIO DEL SURESTE <BR>
Date: June 21, 2003</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 June 21,
2003, the  Beverages referred to in recital paragraph A thereof are:</font></td></tr></table>

<p>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td width="83">&nbsp;</td>
    <td colspan="3" align="center"><font size=2>BEVERAGES:</font></td>
  </tr>
  <tr>
    <td width="83">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="211"><font size=2>COCA-COLA </font></td>
    <td width="103">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="203"><font size=2>LIFT</font></td>
  </tr>
  <tr>
    <td width="83">&nbsp;</td>
    <td width="211"><font size=2>COCA-COLA LIGHT</font></td>
    <td width="103">&nbsp;</td>
    <td width="203"><font size=2>DELAWARE PUNCH</font></td>
  </tr>
  <tr>
    <td width="83">&nbsp;</td>
    <td width="211"><font size=2>FANTA</font></td>
    <td width="103">&nbsp;</td>
    <td width="203"><font size=2>FRUTOPIA</font></td>
  </tr>
  <tr>
    <td width="83">&nbsp;</td>
    <td width="211"><font size=2>SPRITE</font></td>
    <td width="103">&nbsp;</td>
    <td width="203"><font size=2>CIEL</font></td>
  </tr>
  <tr>
    <td width="83">&nbsp;</td>
    <td width="211"><font size=2>SPRITE LIGHT</font></td>
    <td width="103">&nbsp;</td>
    <td width="203"><font size=2>SENZAO</font></td>
  </tr>
  <tr>
    <td width="83">&nbsp;</td>
    <td width="211"><font size=2>FRESCA</font></td>
    <td width="103">&nbsp;</td>
    <td width="203"><font size=2>BEAT</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>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Appendix I Page 1</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  align=center><font size=2>Appendix II</font></td></tr></table>

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

<p><table width=600><tr><td  align=center><font size=2>Location: TERRITORIO DEL SURESTE <BR>
Date: June 21, 2003</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 June 21, 2003, the Trade Marks of the
Company referred to in  recital paragraph B thereof are:</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td colspan="3" align="center"><font size=2>Registered Trademarks</font></td>
  </tr>
  <tr>
    <td width="211"><font size=2>COCA-COLA </font></td>
    <td width="117">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="189"><font size=2>LIFT</font></td>
  </tr>
  <tr>
    <td width="211"><font size=2>COCA-COLA LIGHT</font></td>
    <td width="117">&nbsp;</td>
    <td width="189"><font size=2>DELAWARE PUNCH</font></td>
  </tr>
  <tr>
    <td width="211"><font size=2>FANTA</font></td>
    <td width="117">&nbsp;</td>
    <td width="189"><font size=2>FRUTOPIA</font></td>
  </tr>
  <tr>
    <td width="211"><font size=2>SPRITE</font></td>
    <td width="117">&nbsp;</td>
    <td width="189"><font size=2>CIEL</font></td>
  </tr>
  <tr>
    <td width="211"><font size=2>SPRITE LIGHT</font></td>
    <td width="117">&nbsp;</td>
    <td width="189"><font size=2>SENZAO</font></td>
  </tr>
  <tr>
    <td width="211"><font size=2>FRESCA</font></td>
    <td width="117">&nbsp;</td>
    <td width="189"><font size=2>BEAT</font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>Including all translations, registration
requests, registrations and  intellectual property of the trade names related to these
Trade Marks.</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>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><p><table width=600><tr>
    <td align=right><font size="2">Appendix II Page 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  align=center><font size=2>Appendix III</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: TERRITORIO DEL SURESTE <BR>
Date: June 21, 2003</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 June 21,
2003, the  Territory referred to in Clause 1 thereof is:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In the United Mexican States, the area included
within an imaginary line,  beginning in P.S. JUAN on the coast of the Gulf of Mexico, in
the State of  Veracruz; continuing towards the southeast along said coast, passing by B.
TONALA and following the coast to AGUADA; from there towards the northeast  following the
coast of Tabasco in the Gulf of Mexico to RIO SAN PEDRO; from  there towards the
southeast, following the bank of RIO SAN PEDRO in the State of  Tabasco to the point of
the boundaries of the States of Tabasco and Campeche;  from there, it goes along said
boundary southeast, to the junction point of the  boundaries of Tabasco, Campeche and the
border with Guatemala; from there,  following said border, first towards the south and
then towards the west, to the  junction point of the border of Guatemala and the
boundaries of the States of  Tabasco and Chiapas; from there towards the northwest
continuing along the  boundary of the States of Tabasco and Chiapas to a point on said
boundary called  LA REFORMA; from there towards the southwest to AMATAN; from there,
towards the  southwest to IXHUATAN and to MALPASO; from there towards the northeast to
the  junction point of the boundaries of the States of TABASCO, CHIAPAS and VERACRUZ,
from there following the border between the States of VERACRUZ and TABASCO to  SAN JOSE
DEL CARMEN; from there towards the southwest to the town of TOLEDO;  continuing towards
the northwest to SUCHILAPAN; from there to the northwest to  REYES; from there towards
the south to INFIERNILLO, then towards the southeast  through CHIMALPA to TAPANATEPEC;
continuing towards the southeast to LAS VARAS;  from there towards the south to the coast
of the Pacific Ocean; from there  following the coast passing by MORRO AYUTLA and PUERTO
ANGEL to CACALOTE; from  there to the north to JUQUILA on the south shore of RIO VERDE;
from there to the  northwest to CHULA and from there to IXTAYUTLA; from there to
ZACATEPEC and from  there to the northwest through TRES ARROYOS and PERAS to
AHUEHUETITLAN; from  there to the northeast to CHILA (Puebla) and from there to the east
to  TEPELMEME, from there to the east to PAPALO; from there towards the southeast
through YETLA to CACALOTEPEC-II and from there to the east to SOCHIAPAN; from  there to
the northeast passing by SANTIAGO to CHIPILI; from there towards the  east to SANTANA
RODRIGUEZ and from there to the north to CORRAL NUEVO;  continuing to the southwest to
POTRERO DE RODA; from there towards the northwest  to S. SIMON; from there to the
northeast to TALOCAPAN; from there to the east to  the coast of the Gulf of Mexico and
from there to the Southeast, following said  coast to the starting point P.S. JUAN in the
State of VERACRUZ.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In addition, also in the United Mexican States,
the area included within an  imaginary line, beginning in YAJALON north of the State of
CHIAPAS; from there  towards the southeast, </font></td></tr></table>



<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Appendix III Page 1</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>through OCOCINGO to INDEPENDENCIA to SUCHANA;
from there  towards the south following the border between the State of CHIAPAS and
GUATEMALA; to AMATENANGO; from there towards the northwest to LA CONCORDIA; from  there
towards the southwest to SANTA RITA; from there to the southwest to VILLA  CORZO and from
there to TONALA; from there towards the northwest through ARRIAGA  to SAN BARTOLO; from
there towards the northeast through CINTALAPA to  OCOZOCOAUTLA, and VILLA DE ALLENDE to
CANDLARIA; from there towards the  northwest through COPAINALA to OCOTEPEC; from there
towards the northwest  through TAPILULA and HUITIUPAN to the starting point YAJALON.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Furthermore, in the United Mexican States, in
the State of Chiapas, the City of  Tapachula and area that surrounds it, included within
an imaginary line  beginning in Mazat&#225;n; continuing to the northeast towards
Cacahoatan; from  there to the south following the international border between Mexico
and  Guatemala, to the Pacific Ocean, following the coast of the Pacific Ocean to the
mouth of the Coatan River to the town of La Victoria; continuing along said  Coatan River
to the northeast to the starting point in Mazat&#225;n. All the  towns mentioned in the
previous description with the exception of La Victoria  are part of the Territory.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In the State of Chiapas, Mexico, the towns of
Huixtla and Huehuetan and the area  that surrounds them, included within an imaginary
line beginning in Huixtla,  continuing east to Union Juarez; from there to the south
following the  international border between Mexico and Guatemala to Cacahoatan; from
there to  the southwest to Mazat&#225;n and from there to the north, returning to the
starting point in Huixtla.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In the State of Chiapas, Mexico, the towns of
Pueblo Nuevo, Acapetagua and  Pijijiapan and the area that surrounds them, included
within an imaginary line  starting in Pijijiapan, continuing to the northeast through
Motozintla de  Mendoza and Niquibil to Union Juarez; from there to the west to Huiztla;
then to  the south to Mazat&#225;n and from there to the southwest to La Victoria; then
towards the northwest, following the coast of the Pacific Ocean southwest of  Pijijiapan
and from there to the northeast, to the starting point in Pijijiapan.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All said towns, villages and settlements
mentioned above are part of the  territory, with the exception of SOCHIAPAN, SANTIAGO and
CHIPILI, which belong  to the VERACRUZ territory.</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>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><p><table width=600><tr>
    <td align=right><font size=1><font size="2">Appendix III Page 2</font></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  align=center><font size=2>Appendix IV</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: TERRITORIO DEL SURESTE <BR>
Date June 21, 2003</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 June 21, 2003,
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>RETURNABLE GLASS BOTTLES</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=48%><font size="2"> 192, 355, 500, 769, 1250 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA LIGHT</font></td>
    <td width=48%><font size="2"> 192, 355</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FANTA </font></td>
    <td width=48%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SPRITE </font></td>
    <td width=48%><font size="2"> 355, 769 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FRESCA </font></td>
    <td width=48%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">LIFT </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=43% valign="top"><font size="2">DELAWARE PUNCH </font></td>
    <td width=48%><font size="2">355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">CIEL MINERALIZADA </font></td>
    <td width=48%><font size="2">355 c.c.</font></td>
  </tr></table>

<br>
<table width=600><tr><td><font size=2>RETURNABLE PET BOTTLES</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=48%><font size="2"> 1000, 1500, 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FANTA </font></td>
    <td width=48%><font size="2"> 1500, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FRESCA </font></td>
    <td width=48%><font size="2"> 2000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">LIFT </font></td>
    <td width=48%><font size="2"> 2000 c.c.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>NONRETURNABLE <br>
      GLASSBOTTLES</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=48%><font size="2"> 355, 500, 1000 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA LIGHT</font></td>
    <td width=48%><font size="2"> 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FANTA </font></td>
    <td width=48%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SPRITE </font></td>
    <td width=48%><font size="2"> 355, 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FRESCA </font></td>
    <td width=48%><font size="2"> 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">LIFT </font></td>
    <td width=48%><font size="2"> 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=43% valign="top"><font size="2">DELAWARE PUNCH</font></td>
    <td width=48%><font size="2"> 500 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=43% valign="top"><font size="2">FRUITOPIA </font></td>
    <td width=48%><font size="2"> 350 c.c.</font></td>
  </tr></table>






<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Appendix IV Page 1</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>NONRETURNABLE PET <br>
      BOTTLES</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=48%><font size="2"> 500, 600,1000,2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA LIGHT</font></td>
    <td width=48%><font size="2"> 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FANTA </font></td>
    <td width=48%><font size="2"> 600, 1000, 1750, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SPRITE </font></td>
    <td width=48%><font size="2"> 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FRESCA </font></td>
    <td width=48%><font size="2"> 500, 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">LIFT </font></td>
    <td width=48%><font size="2"> 250, 600, 1000, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=43% valign="top"><font size="2">DELAWARE PUNCH</font></td>
    <td width=48%><font size="2"> 250, 600, 1000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">CIEL </font></td>
    <td width=48%><font size="2"> 500, 1500 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">CIEL MINERALIZADA</font></td>
    <td width=48%><font size="2"> 600, 2000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SENZAO </font></td>
    <td width=48%><font size="2"> 600, 1000 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">BEAT </font></td>
    <td width=48%><font size="2"> 250, 600 c.c.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=43% valign="top"><font size="2">POWERADE </font></td>
    <td width=48%><font size="2"> 400, 600 c.c.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>CANS (Production, distribution and <br>
      sales)</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">COCA-COLA LIGHT</font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FANTA </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SPRITE </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SPRITE LIGHT</font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">FRESCA </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">LIFT </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">DELAWARE PUNCH</font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">CIEL MINERALIZADA</font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">SENZAO </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=42% valign="top"><font size="2">BEAT </font></td>
    <td width=48%><font size="2"> 355 c.c.</font></td>
  </tr></table>






<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Appendix IV Page 2</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>It is agreed upon the parties hereby mentioned,
that the term and validity of  this authorization to produce, distribute and sell the
Authorized Containers  described in this Appendix as Cans will be the same as to the
Bottler Agreement.  Furthermore, it is agreed upon the parties that the removal option
described in  the Bottler Agreement, pursuant to Clause 27(b) is not applicable to this
authorization.</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.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><p><table width=600><tr>
    <td align=right><font size="2">Appendix IV Page 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  align=center><font size=2>Appendix V</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>BOTTLER&#146;S BEVERAGE PRODUCTS</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Location: TERRITORIO DEL SURESTE <BR>
Date: June 21, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions of 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 June 21,
2003, the Bottler may  manufacture, prepare, package, distribute and sell the following
Bottler&#146;s  beverage products, in the following flavors:</font></td></tr></table>

<p>
<table width=600>
  <tr align="left" valign="bottom">
    <td width="163"><font size=2>BOTTLER&#146;S BEVERAGE <br>
      PRODUCTS</font></td>
    <td width="182">&nbsp;</td>
    <td width="239"><font size=2>FLAVORS</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="163">&nbsp;</td>
    <td width="182">&nbsp;</td>
    <td width="239">&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="163"><font size=2>Etiqueta Azul</font></td>
    <td width="182"><font size=2>(NR y R)</font></td>
    <td width="239"><font size=2>Agua Mineral</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="163"><font size=2>Extra Poma</font></td>
    <td width="182"><font size=2>(R) </font></td>
    <td width="239"><font size=2> Manzana</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2>The description of the Bottler&#146;s Beverage
Products in this Appendix V supersedes  all prior descriptions and Appendices relating to
the Bottler&#146;s Beverage  Products for purposes of Clause 17(a) of said Bottler&#146;s Agreement.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Appendix V Page 1</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  align=center><font size=2>Schedule A</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: TERRITORIO DEL SURESTE <BR>
Date: June 21, 2003</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 June 21, 2003,
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=60>&nbsp;</td><td width=540><font size=2>COCA-COLA <BR>
COCA-COLA LIGHT  <BR>FANTA  <BR>SPRITE  <BR>FRESCA  <BR>DELAWARE PUNCH</font></td></tr></table><p></P>

<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=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><font size="2">there
Is available an adequate source of safe, potable water;</font></td></tr></table>

<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=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 horn time to time by the  Company.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><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
art operated by the Bottler, in  accordance with such instructions and at such intervals
as may be  notified by the Company in writing and shall submit said sampler at  the
Bottler&#146;s expense to the Company for inspection.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">3.</font></td>
    <td width=90% valign="top" colspan="2"><font size="2"> </font><font size="2">
      The Bottler shall on its own initiative and responsibility, discontinue
      immediately the </font></td>
  </tr>
</table>





<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Schedule A Page 1</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 width=10% valign=top>&nbsp;</td>
    <td width=90% valign="top" colspan="2"><font size="2">sale </font><font size="2">of
      Post-Mix Syrups to any retail outlet which fails to comply with the standards
      prescribed by 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" colspan="2"><font size="2"> The Bottler shall discontinue
      the ale 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>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">5. </font></td>
    <td width=90% valign="top" colspan="2"><font size="2"> The Bottler agrees:</font></td>
  </tr>
</table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(a)</font></td>
    <td width=80% valign="top" colspan="2" align="left"><font size="2"> </font><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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(b) </font></td>
    <td width=80% valign="top" colspan="2" align="left"><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 unitary
      container.</font></td>
  </tr>
</table>

<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 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 authorizations
entered into between the  Company and the Bottler in connection with the subject matter
of this Schedule  A.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Schedule A Page 2</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  align=center><font size=2>Annex G</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: TERRITORIO DEL SURESTE <BR>
Date: June 21, 2003</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 June 21, 2003,
the Company hereby grants a  supplemental 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 width=37% valign=top><font size="2">&nbsp;BEVERAGES </font></td>
    <td width=63%><font size="2"> AUTHORIZED CONTAINERS</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;COCA-COLA </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;COCA-COLA LIGHT</font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;FANTA </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;SPRITE </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;SPRITE LIGHT</font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;FRESCA </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;LIFT </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;DELAWARE PUNCH</font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;CIEL MINERALIZADA</font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;SENZAO </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=37% valign=top><font size="2">&nbsp;BEAT </font></td>
    <td width=63%><font size="2"> LATAS 355 c.c.</font></td>
  </tr></table>







<br>
<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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><font size="2"> This
authorization 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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><font size="2"> Upon
the termination or cancellation of this authorization,  the Bottler shall immediately
discontinue such sale and/or  distribution of the Beverages in the Authorized Containers
in  the Territory.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> 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>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Annex G Page 1</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>This authorization supersedes any prior
authorizations entered into between the  Company and the Bottler in connection with the
subject matter of this Annex G.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td colspan="2">
      <hr size="1" noshade width="500">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>COCA-COLA FEMSA SA. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>By </font> _____________________________</td>
    <td><font size=2>By </font> _____________________________</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr>
    <td align=right><font size="2">Annex G Page 2</font></td>
  </tr></table>


<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>9
<FILENAME>e17118_ex4-9.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.9 </title>
</head>
<body>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" --> <br>
  <br>
<table width=600>
  <tr align="right">
    <td><font size=2>Exhibit 4.9</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><img src="e17118cocacolalogo.gif" width="253" height="35"><br>
      <font size="1">COCA-COLA PLAZA <br>
      ATLANTA, GEORGIA</font></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=296>&nbsp;</td>
    <td width=292><font size=2>March 18, 2000</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>EMBOTELLADORA Central, s. a. <br>
      Gentlemen:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Reference is made to the Bottler&#146;s Agreement between
      The Coca-Cola Company (hereinafter referred to as &#147;the Company&#148;)
      and Embotelladora Central, S. A. (hereinafter referred to as &#147;the Bottler&#148;)
      effective as of March 18, 2000 (hereinafter referred to as the &#147;Agreement&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>In the course of our recent conversations, you requested
      the clarification of Clause 26 (b) of the Agreement, which the Company agreed
      to do as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>With regard to maximum retail prices for the Beverages
      in Authorized Containers that may be established and revised by the Company,
      the Bottler will be under no obligation to enforce compliance by retailers
      with such maximum retail prices, but will suggest that retailers comply
      with those maximum retail prices.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>The Company will not seek to exercise the rights to establish
      maximum prices for the Beverages in Authorized Containers as provided for
      in Clause 26 (b) of the Agreement in a manner which would constrain Embotelladora
      Central, S. A. from fulfilling its long term obligations to its shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Company and Bottler agree that all remaining clauses, terms
      and conditions of the Agreement shall remain unchanged and in full force
      and effect.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=300 height="76">&nbsp;</td>
    <td width=300 height="76"><font size="2">Very truly yours <br>
      <br>
      <b>THE COCA-COLA COMPANY<br>
      <br>
      </b>By:</font>
      <hr noshade size="1" align="right" width="94%">
    </td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->
<p>
<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>THIS BOTTLER AGREEMENT (hereinafter referred to as the &#147;Agreement&#148;)
      valid as of <b>MARCH 18, 2000</b>, 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 the &#147;Company&#148;) , and <b>EMBOTELLADORA
      CENTRAL, S.A.</b> a corporation duly incorporated and regulated under the
      Laws applicable in the Republic of Guatemala, with main headquarters in
      the City of Guatemala (hereinafter referred to as &#147;The Bottler&#148;)</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>WHEREAS,</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">A. </font></td><td width=90%><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>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">B. </font></td><td width=90%><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>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">C. </font></td><td width=90%><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
GUATEMALA.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">D. </font></td><td width=90%><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>&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: 1; page: 1" -->
<p>&nbsp;
<table width=600><tr><td width=10% valign=top><font size="2">E. </font></td><td width=90%><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>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">F. </font></td><td width=90%><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><table width=600><tr><td><font size=2>THEREFORE, the parties agree as follows:</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">I. </font></td><td width=90%><font size="2"> APPROVAL</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td>
    <td width=80%><font size="2"> By
means of this Agreement, the Company autorices 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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">2.</font></td>
    <td width=80%><font size="2"> (a)
The Company will approve during the validity period of  this Agreement and at its own
discretion, the types of  container, 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 coming into force of this  Agreement 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, distribution
and sale of one or more types of  Beverages.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2"></font></td><td width=10%><font size="2"></font></td><td width=80%><font size="2"> (b) Pursuant
to the stated in  sub-paragraph  (c) in this Section 2, the Company  keeps the right to
cancel its  authorization  in  connection with any Authorized Package for any of the
Beverages by means of written  notification,  sent with 6 (six)  months notice to the
Bottler.  The parties  acknowledge and accept that the Company will exercise its right to
cancel  its  approval in such a way that it will allow the  Bottler to prepare,  bottle,
distribute  and sell the  Beverages  pursuant  to the terms  herein in at least one of
the  Authorized  Packages.  In the event  such  cancellation  takes  place,  provisions
in Clause 30 (c) will be applied  to the  packages  regarding  which the  authorization
has been  cancelled.  Pursuant  to  sub-paragraph  (c) in this  Section 2, the  Company
will not cancel the  authorization  in  connection with an Authorized Package with the
sole purpose of granting preparation, </font></td></tr></table>


<p>&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: 2; page: 2" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">bottling, distribution and sale rights to a third
      party in connection with Beverages in such Authorized Packages within the
      Territory.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> (c) It is hereby acknowledged and accepted by
      the parties that the preparation, bottling, distribution and sale system
      of Canned Beverages have unique characteristics when compared to the preparation,
      bottling, distribution and sale system of Beverages distributed in other
      packages. Likewise, it is also acknowledge and accepted by the parties that
      the Company has a legitimate interest in maintaining and promoting the commercial
      and economic feasibility of the preparation, bottling, distribution and
      sale system of the Canned Beverages at world wide level. Therefore, the
      parties hereby agree that when the Bottler get authorization so as to prepare,
      bottle, distribute and sell the Canned Beverages, the Company may cancel
      at its entirely sole discretion and at any time within the validity period
      of this Agreement, its approval in connection with Cans as an Authorized
      Package by means of a written notice sent to the Bottler. The company may
      determine that the Bottler has a continuous relationship with the preparation
      and/or bottling and/or distribution and sale of the Canned Beverages. In
      such event, the Company may enter into future agreements with the Bottler
      in connection with the outsourcing of manufaturing or bottling of the Canned
      Beverages, including the possibility of distribution and sale rights for
      the Canned Beverages. It is hereby acknowledged and accepted by the Bottler
      that the maintenance of authorizations or agreements with the Bottler in
      connection with the preparation, bottling, distribution and/or sale of the
      Canned Bottles will be at the sole discretion of the Company.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> (d) For the pursposes of this Agreement, the
      term &#147;Cans&#148; means and include the following:</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><font size="2"> any
container for beverage partially or totally metal made; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><font size="2"> any
beverage container sealed after filled in with a  non-removable cap; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=70% valign="top"><font size="2"> any beverage package generally
      known as can by the soda industry, the wholesale market, the retail market
      or the consumers.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2">3. </font></td>
    <td width=80%><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 </font></td></tr></table>

<p>&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: 3; page: 3" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">Bottler pursuant to the terms stated herein and
      regulate the specifi rights and obligations of the parties in connection
      with the complementary authorizations.</font></td>
  </tr></table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">II. </font></b></td>
    <td width=90%><b><font size="2"> OBLIGATIONS OF THE COMPANY</font></b></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td>
    <td width=80%><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 and as long  as:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 in
the enough amount in order to  comply with this Agreement; and</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">The Company will keep the exclusive and unique
      right so as to determine the formulas, composition or ingredients for the
      Beverages and Beverages Bases at any moment.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td>
    <td width=80%><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>
<table width=600>
  <tr>
    <td valign="top" width="55"><font size=2><b>III. </b></font></td>
    <td width="533"><font size=2><B>OBLIGATIONS OF THE BOTTLER IN CONNECTION WITH
      THE COMMERCIALIZATION OF BEVERAGES, FIANCIAL CAPACITY AND PLANNING.</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">
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: 4; page: 4" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
make all efforts and use 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  satisfyingy in all aspects, the current demand;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> To
invest all capital and incurr into all expenses  that may be needed for the organization,
installation, operation, maintenance and replacement  of all manufacturing, storing,
marketing,  distribution, 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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d)</font></td>
    <td width=70%><font size="2"> To
sell and distribute the Beverages in Authorized  Packages only to final retailers or
consumers 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td>
    <td width=80%><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 </font></td></tr></table>


<p>&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: 5; page: 5" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2">8. </font></td>
    <td width=80%><font size="2"> The
Bottler will submit to the Company, for its previous  approval, all advertising and
promotions related to the  Trademarks ad the 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2">9. </font></td>
    <td width=80%><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 to Company determine the Bottler&#146;s  compliance
of its obligations pursuant to this Agreement.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2">10. </font></td>
    <td width=80%><font size="2"> The
Bottler convenes and agrees as follows:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 both, 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>&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: 6; page: 6" -->


<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">11. </font></td>
    <td width=80%><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  development of its business
according to the terms herein.  Likewise, the Bottler agrees to develop 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><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 rigths or obligations within reasonable
      limits without affecting the essence of this Agreement.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">12. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><font size="2"> a) 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Likewise,
the Bottler is bound to maintain and  replace such equipment within the periods fo time
that may be reasonably necessary and not to use such  equipment neither to distribute nor
sale any other  products that may not be identified under the  Trademarks without the
Company&#146;s written consent.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">13. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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>&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: 7; page: 7" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>

<br>
<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=9%><font size="2"></font></td>
    <td width=12%><font size="2"></font></td>
    <td width=6% valign="top"><font size="2">1) </font></td>
    <td width=64%><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>

<br>
<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=9%><font size="2"></font></td>
    <td width=12%><font size="2"></font></td>
    <td width=6% valign="top"><font size="2">2) </font></td>
    <td width=64%><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>

<br>
<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=9%><font size="2"></font></td>
    <td width=12%><font size="2"></font></td>
    <td width=6% valign="top"><font size="2">3) </font></td>
    <td width=64%><font size="2"> The Company may buy any of the prepared, bottled,
      distributed or sold Beverages 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 purchase, transportation and or destruction of
      such Beverages.</font></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 documents related to 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 would lead to the  commercialization, sale, resale, distribution or
redistribution of Beverages outside the Territory  infringing the stated herein.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>IV.  BOTTLER&#146;S OBLIGATIONS IN CONNECTION
WITH THE TRADEMARKS</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">
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: 8; page: 8" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">14.</font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">15. </font></td>
    <td width=80%><font size="2"> There
is nothing  within this  Agreement  that may give the  Bottler  neither  benefit not
right over the  Trademarks  whatsoever,  nor  the  goodwill  inherent  to  them  or  over
the  labels,  design,  bottling  or any  other  visual  representation  thereof 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 with no  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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">16. </font></td>
    <td width=80%><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  other that could be mistaken for or considered
as similar to  any graphic or visual representation of the Trademarks or any  other brand
or industrial property of the Company, without  previous written consent of the Company.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">17. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Not
to manufacture, prepare, bottle, distribute,  sell, negotiate or in any other manner
establish a  relationship with any other products of non-alcoholic  beverages besides
those prepared, bottled,  distributed or sold by the Bottler under the  Company&#146;s
approval except in the event of obtaining  the Company&#146;s written consent in advance.</font></td></tr></table>



<p>&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: 9; page: 9" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b)</font></td>
    <td width=70%><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 any of the Beverages Bases ,  Syrups
or Beverages.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(e)</font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">The stipulated herein applies 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">Likewise, in connection with the alcoholic beverages
      with which the Bottler may establish any relationship within the validity
      term of this 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">
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: 10; page: 10" -->


<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">the Bottler agrees to conduct such business or
      any area within it, that may include the manufacturing, preparation, bottling,
      distribution or sale or any other activity related to alcoholic beverages
      by means of a different company in such a way that it seems to be a business
      activity different from the Bottler&#146;s Beverages business pursuant to
      the stated herein. By means of the foregoing, the Bottler agrees to conduct
      any business related to alcoholic beverages by means of a different commercial
      entity, including: (i) legal identity;(ii) plant or physical infrastructure;
      (iii) sales force; (iv) machinery and vehicles; and (v) other characteristics
      of the business, unless the Company approves otherwise in written.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2">18.</font></td>
    <td width=80%><font size="2">This
agreement reflects mutual interest of the parties and in the  event:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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 manufacturing, 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; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> any
person or legal entity that having majority  ownership or control whether directly or
indirectly  over the Bottler or that may be controlled in a  direct or indirect manner by
the Bottler or any third  party that may have control or any direct or indirect
influence over the Bottler&#146;s management activities,  pursuant to the Company&#146;s
opinion takes part in the  preparation, bottling, distribution or sale of any of  the
products specified in Section 17 stated above.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">In such event, the Company may be entitled to
      terminate this Agreement immediately unless the third party conducting the
      purchase pursuant to the stated in sub-paragraph (a) above or the person,
      entity, firm or company referred to in sub-paragraph (b) mentioned above,
      upon receiving written notice of the Company stating its intention of terminating
      the Agreement as stated before, agrees to discontinue and actually discontinues
      the manufacturing, preparation, bottling, distribution or sale of such products
      within a reasonable period of time not exeeding six (6) months as of the
      notification date.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">19. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><font size="2"> If the Company, for the purposes of this Agreement,
      requires, pursuant to the applicable laws regulating the registration and
      </font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><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">
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: 11; page: 11" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2"> 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 be necessary so as to establish, modify or cancel
      the registration. </font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">V. </font></b></td>
    <td width=90%><b><font size="2"> OBLIGATIONS OF THE BOTTLER IN CONNECTION
      WITH THE PREPARATION AND BOTTLING OF THE BEVERAGES</font></b></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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 agrees with the Company that upon preparing, bottling and distributing
      the Beverages will at all times be subjected 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, equipments 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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b)</font></td>
    <td width=70%><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 </font></td></tr></table>


<p>&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: 12; page: 12" -->





<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 from the
market.  The Company will notify the Bottler  whether by telephone,  cable,  telex,
telefax or any other means of immediate  communication  its decision of  requesting  the
Bottler to withdraw  such  Beverages  from the market.  Upon  reception of such notice,
the Bottler  will  immediately  stop the  distribution  of such  Beverages  and will take
any other  action  that may be  requested  by the Company in  connection with the
withdrawal of such Beverages from the market.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">21.</font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">22. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 </font></td>
  </tr></table>



<p>&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: 13; page: 13" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2"> 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 materials complying with such  rules.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler will maintain on an permanent basis,  enough inventory of Authorized Packages,
lids,  labels, cardboard and other bottling materials so as  to fulfill, in full, the
demand of each one of the  Beverages within the Territory.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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 manufacturing, 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 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 non-disposable Authorized
      Packages. The Bottler, moreover, agrees to replace all or part of such inventory
      of non-disposable Authorized</font></td>
  </tr></table>




<p>&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: 14; page: 14" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2"> Packages as reasonably necessary and pursuant
      to the obligations of the Bottler stated herein.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">24. </font></td>
    <td width=80%><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>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">VI. </font></b></td>
    <td width=90%><b><font size="2"> CONDITIONS FOR PURCHASE AND SALE</font></b></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">25. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> The Company, by means of communication to the
      Bottler, keeps the right to establish at its own discretion, prices of the
      Beverages Bases, including the shipment and payment conditions, the currency
      or currencies acceptable by the Company for payment purposes and to appoint
      one or more Authorized Suppliers, the place for procurement and/or alternative
      procurement places for each one of the Beverages Bases.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company keeps the right,  up to the extent  permitted by the  applicable  law within the
Territory,  to  establish and review, bu means of written  notification to the Bottler,
the maximum sale prices of each one  of the Beverages in the  Authorized  Packages to be
sold by the Bottler to retaliers and the maximum  retail  price for each one of the
Beverages.  In this connection,  it is acknowledged  that the Bottler may sell the
Beverages to the  retailers  and authorize the retail sale of the Beverages at lower
prices than the maximum  sale  prices that may be  established  or reviewed  by the
Company  pursuant  to this  sub-parragraph.  The  Bottler may neither increase,  however,
the maximum sale prices  established or reviewed by the Company for  the  Beverages  sold
in the  Authorized  Packages to  retailers  nor </font></td></tr></table>


<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 15; page: 15" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">approve an increase in the maximum sale prices
      of the Beverages without written approval issued by the Company.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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
to the Company or  its Authorized Suppliers.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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.  Should 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 to the Company in  written 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 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  reception 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 </font></td></tr></table>





<p>&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: 16; page: 16" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2"> 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><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-disposable  Authorized Packages and each one of the  non-disposable
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>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">VII. </font></b></td>
    <td width=90%><b><font size="2"> DURATION AND TERMINATION OF THE AGREEMENT</font></b></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2"><b>27. </b></font></td>
    <td width=80%><font size="2"> This Agreement will be effective as of <b>MARCH
      18, 2000</b> and will be due, with no previous notification, on <b>MARCH
      17, 2005</b> unless 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">28. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><font size="2"> If
the Company, the Authorized Suppliers or  the Bottler can not obtain in a legal manner
the foreign currency necessary so as to make  payments related to imports of the
Beverages  Bases or the ingredients or materials  necessary so as to </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"> 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: 16; page: 16" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">manufacture the Beverages Bases, the Syrups or
      the Beverages; or</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><font size="2"> If
any of the parties to this Agreement  stops acting pursuant to the laws or  applicable
regulations in the country where  the Territory is located and, as a result,  or deriving
from any other law that may  affect this Agreement, any of the main  stipulations herein
can not be legally  complied with or in the event the Syrups, or  Beverages can not be
prepared or sold  pursuant to the directions issued by the  Company pursuant to Section
20 mentioned  above or if any of the Beverages Bases can  not be manufactured or sold
pursuant to the  Company&#146;s formulas or the rules stated by  it.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> This Agreement
      may be immediately terminated by the Company, without incurring into liability
      for losses and damages:</font></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><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 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">29. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 18; page: 18" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">30. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 and, digital  material or promotional articles, or
advertisements  used or kept by the Bottler and as of that 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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c)</font></td>
    <td width=70%><font size="2"> The
Bottler will immediately  deliver to the Company or to a third party pursuant to the
directions that the  Company may issue in such connection,  all the Beverages Bases in
Authorized  Packages, </font></td></tr></table>


<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 19; page: 19" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Authorized Packages to be used with the Trademarks
      or any of them, cases, lids, labels, packaging materials and advertising
      materials for the Beverages still under the Bottler&#146;s possession or
      control. The Company, upon receiving the material pursuant to such directions,
      will pay the Bottler an amount equal to the reasonable market price of such
      inputs or materials in the understanding that the Company will only accept
      and pay such inputs and materials that may be usable and first-class quality.
      All Authorized Packages, lids, labels, packaging material and advertising
      material holding the name of the Bottler and inputs or materials that may
      not be appropriate for usage pursuant to the Company&#146;s rules, will
      be destroyed by the Bottler at its own cost and expense. In the event this
      Agreement is terminated pursuant to the provisions in Sections 18 or 28
      (a) and deriving from any of the circumstances detailed in Section 35 (including
      the termination by legal provision) or if the Agreement is terminated by
      the Bottler by any other different reason pursuant to or resulting from
      the enforcement of Sections 26 or 29, or upon cancelling the 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, of purchasing
      the inputs and materials referred to above from the Bottler; and</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> All
rights and obligations stated herein, whether  expressly defined or that may have been
aquired 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) , 0.30, 36 (a) , (b) , (c)
and (d)  and 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>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">31. </font></td>
    <td width=80%><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 cancell 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</font></td></tr></table>


<p>&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: 20; page: 20" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">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,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>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><b><font size="2">VIII. </font></b></td>
    <td width=90%><b><font size="2">GENERAL PROVISIONS</font></b></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">32. </font></td>
    <td width=80%><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 sale of the
Company&#146;s  products.  Likewise,  the parties  acknowledge  and accept that this
Agreement  has been  drafted by the Company  intuitu  personae,  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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 favor of a third party or  third parties
without previous written consent of the  Company.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 21; page: 21" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e)</font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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  Company&#146;s previous written consent.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><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 trade 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 parties,
      acknowledging and admitting the legitimate interest of the Company to maintain,
      promote and protect the globality, efficiency and integrity of the Company&#146;s
      products&#146; bottling, distribution and sale international system, expressly
      accepts that the Company is empowered, if so deciding, to consider all factors
      that may deem necessary and to apply the relevant criteria.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><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 of or control over the Bottler, eventhough 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>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 22; page: 22" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">33. </font></td>
    <td width=80%><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 of the foregoing, 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. 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">34. </font></td>
    <td width=80%><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.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">35. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2">Strike,
inclusion in the black list, boycott or commercial  sanctions no matter their origin.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Fortuitous
circumstance, force majeure, public  enemies, legal provisions or administrative actions
(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 risk; 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">
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: 23; page: 23" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10%><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Any
other circumstance that may go beyond control of  the parties</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80% colspan="2"><font size="2"></font><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 persists, the Company and the 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">36. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c)</font></td>
    <td width=70%><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>&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: 24; page: 24" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d)</font></td>
    <td width=70%><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 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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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  indemnization 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 neither limit nor waive the
Bottler from its obligations under Section 36 (d)  stated herein.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">37.</font></td>
    <td width=80%><font size="2">The
Bottler convenes and agrees with the Company:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> That
it will make no statements or disclosures  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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> That
at all times, both during the validity period of  this Agreement and after its maturity
date, will  maintanin 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 Agrement 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>&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: 25; page: 25" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">38. </font></td>
    <td width=80%><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) (2) will
not be affected by this Section.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">39. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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 between the parties related to the same
      matters are cancelled by this Agreement except for the agreements entered
      pursuant to Section 19 herein. It is understood however that any statement
      in written issued by the Bottler that the Company took into consideration
      to enter into this Agreement will remain valid, therefore binding the Bottler.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">40.</font></td>
    <td width=80%><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 </font></td></tr></table>



<p>&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: 26; page: 26" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">to demand the subsequent compliance of each and
      every obligation assumed by the Bottler pursuant to this Agreement.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">41. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">42.</font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">43.</font></td>
    <td width=80%><font size="2"> This
Agreement will be interpreted pursuant to the applicable  Law in the Republic of
Guatemala.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">44. </font></td>
    <td width=80%><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><table width=600><tr><td><font size=2>IN WITNESS THEREOF, the Company located in
Atlanta, Georgia, U.S.A. and the  Bottler in the City of Guatemala, Guatemala have agreed
on entering this  Agreement in triplicate by means of their authorized representatives.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>

<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>

<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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;





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



<p><table width=600><tr><td><font size=2><B>Appendix</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 width=409>&nbsp;</td>
    <td width=179><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</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 <b>MARCH 18, 2000</b>, the Beverages referred to in
      Whereas A herein are as follows:</font></td>
  </tr></table>



<p><table width=600><tr><td  align=center><font size=2><B>COCA-COLA <BR>COCA-COLA LIGHT<BR>
FANTA<BR>SPRITE<BR>LIFT</B></font></td></tr></table>



<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>



<br>
<table width=600>
  <tr>
    <td><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<p>&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: 28; page: 28" -->




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

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


<p><table width=600><tr>
    <td width=417>&nbsp;</td>
    <td width=171><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</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 <b>MARCH
      18, 2000</b>, 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><td  align=center><font size=2><B>COCA-COLA<BR>COKE<BR>COCA-COLA
LIGERA<BR>COKE LIGHT<BR>FANTA<BR>SPRITE<BR>LIFT<BR>HI-C</B></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.</font></td></tr></table>

<p><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><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<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: 29; page: 29" -->



<p><table width=600><tr><td><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 width=386>&nbsp;</td>
    <td width=202><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</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 <b>MARCH 18, 2000</b>, the Territory referred to in
      Section 1 of such Agreement is as follows:</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B>IN THE REPUBLIC OF GUATEMALA, THE CITY OF
GUATEMALA AND ALL THE TERRITORY SURROUNDING IT, STARTING AN IMAGINARY LINE FROM
GRANADOS, DEPARTAMENT OF BAJA VERAPAZ, TOWARDS THE SOUTHEAST UP TO THE INTERSECTION OF
BAJA VERAPAZ, EL PROGRESO AND GUATEMALA DEPARTMENTS. UP TO THE NORTHEAST FOLLOWING
BETWEEN THE DIVISION LINE OF BAJA VERAPAZ AND EL PROGRESO DEPARTMENTS TOWARDS THE
DIVISION LINE BETWEEN ALTA VERAPAZ AND EL PROGRESO DEPARTMENTS, UP TO THE INTERSECTION
OF ALTA VERAPAZ, ZACAPA AND EL PROGRESO DEPARTMENTS. SOUTHWARDS, FOLLOWING THE DIVISION
LINE BETWEEN ZACAPA AND EL PROGRESO DEPARTMENT UNTIL REACHING THE INTERSECTION OF
ZACAPA, EL PROGRESO AND JALAPA DEPARTMENTS, FOLLOWING THE DIVISION LINE BETWEEN ZACAPA
AND JALAPA DEPARTMENTS UP TO THE INTERSECTION OF ZACAPA, JALAPA, AND CHIQUIMULILLA
DEPARTMENTS. GOING SOUTHEASTWARDS, FOLLOWING THE DIVISION LINE BETWEEN JALAPA AND
CHIQUIMULA DEPARTMENTS UP TO THE DIVISION LINE BETWEEN CHIQUIMULA AND JUTIAPA, UP TO THE
BORDER LINE WITH EL SALVADOR. GOING SOUTHEAST, FOLLOWING THE BORDER LINE BETWEEN
GUATEMALA AND EL SALVADOR, UP TO THE PACIFIC OCEAN REACHING GARITA CHAPINA TOWN,
DEPARTAMENT OF JUTIAPA, FOLLOWING THE PACIFIC COAST LINE, TOWARDS THE WEST, UP TO IXTAPA
TOWN, DEPARTAMENT OF ESCUINTLA, AT THE MARIA LINDA OUTLET. GOING NORTH UP TO EL SALTO
TOWN, DEPARTAMENT OF ESCUINTLA, TO THE NORTHEAST UP TO CHIMALTENANGO TOWN, DEPARTAMENT
OF CHIMALTENANGO, AND TOWARDS THE NORTHEAST, UP TO GRANADOS.</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">
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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<!-- MARKER PAGE="sheet: 30; page: 30" -->






<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><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">
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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<!-- MARKER PAGE="sheet: 31; page: 31" -->




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

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


<p><table width=600><tr>
    <td width=415>&nbsp;</td>
    <td width=173><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</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 <b>MARCH 18, 2000</b>, the Company authorizes the
      Bottler to prepare, distribute and sell the Beverages in the following packages
      that, for the purposes of the Bottler Agreement herein are considered as
      Authorized Packages.</font></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td> <b><font size="2">Beverage</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">Authorized Package</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">Net Content</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">COCA-COLA </font></b></td>
    <td>&nbsp; </td>
    <td> <b><font size="2">RETORNABLE GLASS BOTTLE</font></b></td>
    <td>&nbsp; </td>
    <td align="left"> <b><font size="2">CAPACITY 6.5 OZ, 12 OZ, &#189; LT, 1 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">FANTA</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">RETORNABLE GLASS BOTTLE </font></b></td>
    <td> <b><font size="2"> </font></b></td>
    <td align="left"> <b><font size="2">CAPACITY 6.5 OZ, 12 OZ, &#189; LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">SPRITE</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">RETORNABLE GLASS BOTTLE </font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td align="left"> <b><font size="2">CAPACITY. 12 OZ</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">LIFT</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">RETORNABLE GLASS BOTTLE </font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td align="left"> <b><font size="2">CAPACITY. 12 OZ</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">COCA-COLA </font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">NON-RETORNABLE PET</font></b></td>
    <td> <b><font size="2"> </font></b></td>
    <td align="left"> <b><font size="2">CAPACITY 600 ML, 1 &#189; LT,  2 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">FANTA</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">NON-RETORNABLE PET</font></b></td>
    <td> <b><font size="2"> </font></b></td>
    <td align="left"> <b><font size="2">CAPACITY 600 ML, 1 &#189; LT,  2 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">SPRITE</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">NON-RETORNABLE PET</font></b></td>
    <td> <b><font size="2"> </font></b></td>
    <td align="left"> <b><font size="2">CAPACITY 600 ML, 1 &#189; LT,  2 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">LIFT</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td> <b><font size="2">NON-RETORNABLE PET</font></b></td>
    <td> <b><font size="2"> </font></b></td>
    <td align="left"> <b><font size="2">CAPACITY 600 ML, 1 &#189; LT</font></b></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><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></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"> 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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 32; page: 32" -->
<p>&nbsp;</p>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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"> 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><B>Appendix V</B></font></td></tr></table>

<p><table width=600><tr>
    <td width=368>&nbsp;</td>
    <td width=220><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>Pursuant to the stated in the Bottler Agreement entered by
      an between The Coca-Cola Company (hereinafter referred to as &#147;The Company&#148;)
      and the &#147;Bottler&#148; whose authorized representative signs this Appendix,
      valid as of <b>MARCH 18, 2000</b>, &#147;The Company&#148; authorizes the
      &#147;Bottler&#148; to prepare, bottle, distribute, sell or market only
      the non-alcoholic beverages and the packages different from the licensed
      by this Agreement described as follows:</font></td>
  </tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width="157"> <b><font size="2"><b>SHANGRI-LA </b> </font></b></td>
    <td valign=top width="5">&nbsp; </td>
    <td valign=top width="302"> <b><font size="2"><b>RETORNABLE GLASS BOTTLE</b></font></b></td>
    <td valign=top width="10">&nbsp; </td>
    <td valign=top align="left" width="126"> <b><font size="2"><b>12 OZ </b></font></b></td>
  </tr>
  <tr>
    <td valign=top width="157"> <b><font size="2"><b>SHANGRI-LA</b></font></b></td>
    <td valign=top width="5"> <b><font size="2">&nbsp;</font></b></td>
    <td valign=top width="302"> <b><font size="2"><b>PET</b> </font></b></td>
    <td valign=top width="10"> <b><font size="2"> </font></b></td>
    <td valign=top align="left" width="126"> <b><font size="2"><b>2 LT</b></font></b></td>
  </tr>
  <tr>
    <td valign=top width="157"> <b><font size="2"><b>AGUA PURA </b></font></b></td>
    <td valign=top width="5"> <b><font size="2">&nbsp;</font></b></td>
    <td valign=top width="302"> <b><font size="2"><b>PLASTIC NON-RETURNABLE</b></font></b></td>
    <td valign=top width="10"> <b><font size="2">&nbsp;</font></b></td>
    <td valign=top align="left" width="126"> <b><font size="2"><b>1/2 LT</b></font></b></td>
  </tr>
</table>
<br>
<font size="2"><b> </b></font>
<p><table width=600><tr><td><font size=2>It is acknowledged and agreed by the parties
that the description of the  non-alcoholic beverages and/or their packages in this
Appendix V sustitutes and  replaces any description made before and relevant appendixes
referred to in  Section 17 in the Bottler Agreement.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<p>&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><font size=2><B>EXHIBIT A</B></font></td></tr></table>

<p><table width=600><tr>
    <td width=400>&nbsp;</td>
    <td width=188><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION IN CONNECTION
WITH SYRUPS FOR POST-MIX BEVERAGES</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  MARCH 18, 2000, 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  align=center><font size=2><B>COCA-COLA<BR>COCA-COLA LIGHT<BR>
FANTA<BR>SPRITE<BR>LIFT</B></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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">a. </font></td>
    <td width=80%><font size="2"> The
Bottler may not sell Post-Mix Beverages to retailes within  the Territory for their use
in any Post-Mix vending machine or  operate any Post-Mix vending machine unless:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=70%><font size="2">There
is an adequate source of fresh water,</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=70%><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>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 34; page: 34" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(iii) </font></td>
    <td width=70%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">b. </font></td>
    <td width=80%><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 written, and will  submit such samples to the Company for
their inspection, at  its own cost and expense.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">c. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">d. </font></td>
    <td width=80%><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>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">e. </font></td>
    <td width=80%><font size="2"> The
Bottler agrees to:</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=70%><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>
<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=70%><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>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><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 </font></td>
  </tr></table>


<p>&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: 35; page: 35" -->




<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">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>


<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">This authorization may be terminated by any of
      the parties upon ninety (90) days of reception of the relevant anticipated
      notice. Moreover, 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></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 width="317"><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td width="271"><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">
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: 36; page: 36" -->





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

<p><table width=600><tr>
    <td width=410>&nbsp;</td>
    <td width=178><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">
AUTHORIZATION IN CONNECTION WITH CARBONATED
FROZEN BEVERAGES</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 <b>MARCH 18, 2000</b>, the Company hereby
      grants a non-exclusive authorization to the Bottler so as to distribute
      and sell Syrups for the following Beverages:</font></td>
  </tr></table>


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


<p><table width=600><tr><td><font size=2>(such Beverages will hereinafter be referred to
as &#147;Carbonated Frozen Beverages&#148; to retailers within the Territory (as defined
in the Bottler Agreement)to be  used in the preparation of Carbonated Frozen Beverages
supplied by means of  mechanic equipments (hereinafter referred to as &#147;Machines for
Carbonated Frozen  Beverages&#148; at or joined to the retailer&#146;s establishments and
also to operate  such Machines for Carbonated Frozen Beverages and sell the Carbonated
Frozen  Beverages supplied directly to the consumers subject to the following  conditions:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td>
    <td width=80%><font size="2"> The
Bottler acknowledges that the Machines for the  Carbonated Frozen Beverages are those
mixing the  Syrups with carbonated water in specific proportions,  freeze the mix to a
specific consistence and supply  the Carbonated Frozen Beverages in glasses, cups or
similar containers for immediate consumption by the  consumer at the sales point.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td>
    <td width=80%><font size="2"> The
Bottler will follow, upon preparing the Syrups  and Carbonated Frozen Beverages, the
specifications  and directions established from time to time by the  Company in
connection with the Bottler Agreement  including any complementary direction estated by
the  Company related to the Carbonated Frozen Beverages.</font></td></tr></table>


<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 37; page: 37" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td>
    <td width=80%><font size="2"> The
Bottler may neither sell the Syrups to retailers  to be used in any of the Machines for
Carbonated  Frozen Beverages nor operate any Machine for  Carbonated Frozen Beverages
unless:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2">There
is an adequate source of fresh water;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Machine for Carbonated Frozen Beverages  is appropriate pursuant to the type approved  by
the Company and in connection with all  hygiene measures and others stated by the
Company in written related to the  preparation, bottling and sale of the  Carbonated
Frozen Beverages; and</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Carbonated Frozen Beverages supplied by  means of the Machines for Carbonated Frozen
Beverages are prepared using a proportion of  water/syrup just as determined by the
Company, in strict compliance of the  directions issued for the purpose of  preparing the
Carbonated Frozen Beverages as  stated in written by the Bottler from time  to time by
the Company.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td>
    <td width=80%><font size="2"> The
Bottler will take samples of the Carbonated  Frozen Beverages suplied by means of the
Machines for  Carbonated Frozen Beverages operated by retailers to  whom the Bottler has
supplied the Syrups or those  operated by the Bottler pursuant to such direction  and in
such intervals as it may be notified in  written by the Company and will submit such
samples  to the Company for their inspection, at the Bottler&#146;s  cost and expense.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td>
    <td width=80%><font size="2"> The
Bottler will maintain adequate personnel properly  trained to conduct periodical
inspections at  reasonable intervals to the Machines for Carbonated  Frozen Beverages
operated by the retailers to whom  the Bottler has supplied the Syrups. In connection
with such Machines for Carbonated Frozen Beverages  for which the Bottler has conducted
the relevant  maintenance activities, the Bottler will make sure  that:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2">the
directions issued by the Company are fully  observed; and</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2">the
Carbonated Frozen Beverage strictly complies  with the standards established 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">
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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 38; page: 38" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td>
    <td width=80%><font size="2"> The
Bottler, at its own initiative and  responsibility, will immediately discontinue the sale
of Syrups to any retailer that would use them in a  Machine for Carbonated Frozem
Beverages that the  Bottler may find out complies not with the standards  issued by the
Company.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td>
    <td width=80%><font size="2"> The
Bottler will discontinue the sale of Syrups for  the Carbonated Frozen Beverages to any
retailer upon  being notified by the Company that the Carbonated  Frozen Beverage
supplied by means of a Machine for  Carbonated Frozen Beverages located or attached to
the retailer&#146;s facilities comply not with the  standards issued by the Company for
the Carbonated  Frozen Beverage or that the Machine for Carbonated  Frozen Beverage is
not the one approved by the  Company.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">8. </font></td>
    <td width=80%><font size="2"> The
Bottler agrees to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Sell
and distribute the Syrups for the  Carbonated Frozen Beverages only in the  packages and
labelling that may be approved  by the Company from time to time.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
influence the retailer so as to persuade  it to use a regular glass cup, paper cup or
any other package approved by the Company  bearing the trademark approved by the  Company
aiming at having the Carbonated  Frozen Beverages served to the client  adequately
identified as a frozen beverage  served in an attractive and hygienic  package.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="3"><font size="2">Except </font><font size="2"></font><font size="2">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 Syrups and Carbonated
      Frozen 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 &#147;Carbonated Frozen Beverages&#148; for the purposes of this
      complementary authorization granted to the Bottler.</font></td>
  </tr>
</table>

<br>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="3"><font size="2">This </font><font size="2"></font><font size="2">authorization
      may be terminated by any of the parties upon ninety (90) days after reception
      of written notification. Likewise, it will also terminate in 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">
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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 39; page: 39" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=100% valign=top colspan="3"><font size="2">automatic </font><font size="2"></font><font size="2">manner
      upon expiration 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 E.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width="317"><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td width="271"><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">
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;





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




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


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


<p><table width=600><tr>
    <td width=415>&nbsp;</td>
    <td width=173><font size=2>Location: GUATEMALA<BR>
      Date:  MARCH 18, 2000</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 of MARCH 18, 2000, 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;) for
their sale  and distribution within the Territory described in the Bottler Agreement:</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width="157"><font size="2"><b>BEVERAGES NET</b></font>
      <hr size="1" noshade>
    </td>
    <td valign=top width="39">&nbsp;</td>
    <td valign=top width="209"> <font size="2"><b> AUTHORIZED PACKAGES</b></font>
      <hr size="1" align="left" noshade width="80%">
    </td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top align="left" width="184"><font size="2"><b>AGREEMENT</b></font>
      <hr size="1" align="left" noshade width="50%">
    </td>
  </tr>
  <tr>
    <td valign=top width="157"><font size="2"><b>COCA-COLA</b></font></td>
    <td valign=top width="39">&nbsp;</td>
    <td valign=top width="209"><font size="2"><b>CAN</b></font></td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top align="left" width="184"><font size="2"><b>12 OZ, 2 LT</b></font></td>
  </tr>
  <tr>
    <td valign=top width="157"><font size="2"><b>COCA-COLA LIGHT</b></font></td>
    <td valign=top width="39">&nbsp;</td>
    <td valign=top width="209"><font size="2"><b>CAN</b></font></td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top align="left" width="184"><font size="2"><b>12 OZ, 2 LT</b></font></td>
  </tr>
  <tr>
    <td valign=top width="157"><font size="2"><b>FANTA</b></font></td>
    <td valign=top width="39">&nbsp;</td>
    <td valign=top width="209"><font size="2"><b>CAN</b></font></td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top align="left" width="184"><font size="2"><b>12 OZ, 2 LT</b></font></td>
  </tr>
  <tr>
    <td valign=top width="157"><font size="2"><b>SPRITE</b></font></td>
    <td valign=top width="39">&nbsp;</td>
    <td valign=top width="209"><font size="2"><b>CAN</b></font></td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top align="left" width="184"><font size="2"><b>12 OZ, 2 LT</b></font></td>
  </tr>
  <tr>
    <td valign=top width="157"><font size="2"><b> HI-C</b></font></td>
    <td valign=top width="39">&nbsp;</td>
    <td valign=top width="209"><font size="2"><b>TETRA BRIK</b></font></td>
    <td valign=top width="11">&nbsp;</td>
    <td valign=top align="left" width="184"><font size="2"><b> 250 ML </b></font></td>
  </tr>
</table>
<br>
<font size="2"><b> </b></font>
<table width=600><tr><td><font size=2>Subject to the following conditions:</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">a) </font></td>
    <td width=80%><font size="2"> This
authorization may be terminated by any of the parties by  means of written notification
provided with ninety (90) days  notice and will automatically end, with no need for
summons or  notification of expiration or anticipated termination of the  Bottler
Agreement whatsoever.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">b) </font></td>
    <td width=80%><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>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 41; page: 41" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">c) </font></td>
    <td width=80%><font size="2"> Except
for the amended in this Exhibit, 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 width="317"><b><font size=2>EMBOTELLADORA CENTRAL, S.A. </font></b></td>
    <td width="271"><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">
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>

</body>
</html>

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<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>e17118cocacolalogo.gif
<DESCRIPTION>GRAPHIC
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<DOCUMENT>
<TYPE>EX-4.10
<SEQUENCE>11
<FILENAME>e17118_ex4-10.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.10 </title>
</head>
<body>
<p>
<p>
<p><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" --> <br>
  <br>
<table width=600>
  <tr align="right">
    <td><font size=2>Exhibit 4.10</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size="1"><img src="e17118cocacolalogo.gif" width="253" height="35" name="c"><br>
      COCA-COLA PLAZA <br>
      ATLANTA, GEORGIA</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=321>&nbsp;</td>
    <td width=267><font size=2>May 13, 2001</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b>PANAMCO DE NICARAGUA, S. A., <br>
      </b>Nicaragua</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Gentlemen:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Reference is made to the Bottler&#146;s Agreement between
      The Coca-Cola Company (hereinafter referred to as &#147;the Company&#148;)
      and Panamco de Nicaragua, S. A. (hereinafter referred to as &#147;the Bottler&#148;)
      effective as of May 13, 2001 (hereinafter referred to as the &#147;Agreement&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>In the course of our recent conversations, you requested
      the clarification of Clause 26 (b), which the Company agreed to do as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>With regard to maximum retail prices that may be
      specified by the Company for the Territory, the Bottler will be under no
      obligation to enforce compliance by retailers with such maximum prices,
      but will suggest that retailers comply with those maximum prices.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>The Company will not seek to exercise the rights
      to set maximum prices set forth in Clause 26 (b) of the Agreement in a manner
      which would constrain Panamco de Nicaragua, S.A., from fulfilling its long
      term obligations to its shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Company and Bottler agree that all remaining clause, terms
      and conditions of the Agreement remain unchanged and in full force and effect.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=300>&nbsp;</td>
    <td width=300><font size=2>Very truly yours, <br>
      <br>
      THE COCA-COLA COMPANY <br>
      <br>
      By:</font>
      <hr noshade size="1" align="right" width="94%">
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>ACCEPTED: <br>
      PANAMCO DE NICARAGUA, S. A.</font></td>
  </tr>
</table>
<p>
<table width=300>
  <tr>
    <td> <font size=2>By: </font>
      <hr noshade size="1" align="right" width="94%">
    </td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" --> <br>
<p>&nbsp;
<br>
<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>THIS BOTTLER AGREEMENT (hereinafter referred to as the &#147;Agreement&#148;)
      valid as of <b>MAY 13, 2001,</b> 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 the &#147;Company&#148;) , and <b>PANAMCO DE NICARAGUA, S.A.</b> a
      corporation duly incorporated and regulated under the Laws applicable in
      the Republic of Nicaragua, with main headquarters in the City of Managua,
      Nicaragua (hereinafter referred to as &#147;The Bottler&#148;)</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>WHEREAS,</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;A. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;B. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;C. </font></td><td width=90%><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 Nicaragua.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;D. </font></td><td width=90%><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>&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="2">&nbsp;</font></td></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">&nbsp;E. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;F. </font></td><td width=90%><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><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">&nbsp;I. </font></td><td width=90%><font size="2"> APPROVAL</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><font size="2"> By
means of this  Agreement,  the Company  autorices  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td><td width=80%><font size="2"> (a)&nbsp;&nbsp;
The  Company  will  approve  during  the  validity  period  of  this  Agreement  and at
its  own  discretion, the types of container,  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 coming into force of
this  Agreement 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,  distribution and sale of one  or more types of Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">(b)&nbsp;&nbsp;
Pursuant  to the  stated in  sub-paragraph  (c) in this  Section  2, the  Company  keeps
the right to cancel  its  authorization  in  connection  with any  Authorized  Package
for any of the Beverages by means of written  notification,  sent with 6 (six) months
notice to the Bottler.  The parties  acknowledge  and accept that  the Company  will
exercise its right to cancel its approval in such a way that it will allow the Bottler
to prepare,  bottle,  distribute  and sell the Beverages  pursuant to the terms herein in
at least one of  the Authorized  Packages.  In the event such cancellation  takes place,
provisions in Clause 30 (c) will  be  applied  to  the  packages  regarding  which  the
authorization  has  been  cancelled.  Pursuant  to  sub-paragraph  (c) in this Section 2,
the Company will not cancel the authorization 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">
2</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">an
Authorized Package  with the sole purpose of granting preparation,  bottling,
distribution and sale rights  to a third party in connection with Beverages in such
Authorized Packages within the  Territory.</font></td></tr></table>



<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">(c)&nbsp;&nbsp;
It  is hereby  acknowledged  and  accepted by the parties that the  preparation,
bottling,  distribution  and sale  system of Canned  Beverages  have unique
characteristics  when  compared to the  preparation,  bottling,  distribution  and  sale
system  of  Beverages  distributed  in  other  packages.  Likewise,  it is  also
acknowledge  and accepted by  the parties that the Company has a legitimate  interest in
maintaining  and  promoting  the commercial and economic  feasibility of the
preparation,  bottling,  distribution  and sale  system of the Canned  Beverages at world
wide level.  Therefore,  the parties  hereby agree that when the  Bottler get
authorization  so as to  prepare,  bottle,  distribute  and sell the Canned  Beverages,
the  Company may cancel at its entirely  sole  discretion  and at any time within the
validity  period of this  Agreement,  its  approval in connection  with Cans as an
Authorized  Package by means of a written  notice  sent to the  Bottler.  The company may
determine  that the Bottler has a  continuous  relationship  with  the preparation
and/or bottling and/or  distribution  and sale of  the Canned  Beverages.  In such event,
the Company may enter into future  agreements  with the Bottler in  connection  with the
outsourcing  of  manufaturing or bottling of  the Canned  Beverages,  including the
possibility of  distribution  and sale  rights  for the  Canned  Beverages.  It is hereby
acknowledged  and  accepted  by the  Bottler  that the  maintenance  of  authorizations
or  agreements  with the  Bottler in  connection  with the  preparation,  bottling,
distribution and/or sale of the Canned  Bottles will be at the sole discretion of the
Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">(d)&nbsp;&nbsp;
For  the pursposes of this Agreement, the term &#147;Cans&#148; means and include the
following:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><font size="2"> any
container for beverage partially or totally metal made; or</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><font size="2"> any
beverage container sealed after filled in with a non-removable cap; or</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=70%><font size="2"> any
beverage package generally known as can by the soda industry,  the wholesale market,  the
retail market or the  consumers.</font></td></tr></table>


<p>&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="2">&nbsp;</font></td></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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><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 specifi rights and obligations of the parties in
connection with the complementary authorizations.</font></td></tr></table>


<P>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp;II. </font></td>
    <td width=90%><font size="2"> OBLIGATIONS OF THE COMPANY</font></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><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 and as long as:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 in the enough  amount in order to comply with this Agreement; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">The
Company will keep the  exclusive and unique right so as to determine  the  formulas,
composition  or  ingredients for the Beverages and Beverages Bases at any moment.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td><td width=80%><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><table width=600><tr>
    <td width=10% valign=top><font size="2">&nbsp;III. </font></td>
    <td width=90%><font size="2"> OBLIGATIONS
OF THE BOTTLER IN  CONNECTION WITH THE COMMERCIALIZATION OF BEVERAGES, FINANCIAL CAPACITY
AND PLANNING.</font></td></tr></table>

<p>&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="2">&nbsp;</font></td></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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
make all  efforts  and use 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  satisfyingy in all aspects, the current
demand;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> To
invest all  capital and incurr into all  expenses  that may be needed for the
organization,  installation,  operation, maintenance and replacement of all
manufacturing,  storing, marketing,  distribution,  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> To
sell  and  distribute  the  Beverages  in  Authorized  Packages  only to final  retailers
or  consumers  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td><td width=80%><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 </font></td></tr></table>


<p>&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="2">&nbsp;</font></td></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>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">8. </font></td><td width=80%><font size="2"> The
Bottler will submit to the  Company,  for its  previous  approval,  all  advertising  and
promotions  related to the  Trademarks ad the  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">9. </font></td><td width=80%><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 to Company  determine the Bottler&#146;s
compliance of its obligations pursuant to this Agreement.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">10. </font></td><td width=80%><font size="2"> The
Bottler convenes and agrees as follows:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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  both,  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 </font></td></tr></table>

<p>&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="2">&nbsp;</font></td></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>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">one
of the Beverages in a detailed  manner  and with the  data the Company may request.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">11. </font></td><td width=80%><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  development of its
business  according to the terms herein.  Likewise,  the  Bottler  agrees to develop 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">12.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><font size="2"> a) 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Likewise,
the Bottler is bound to maintain  and replace  such  equipment  within the periods fo
time that may be reasonably  necessary and not to use such  equipment  neither to
distribute nor  sale any other products that may not be identified  under the  Trademarks
without the Company&#146;s  written consent.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">13. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
7</font></td><td width=60 align=right><font size="2">&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>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">1) </td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">2) </td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">3) </td>
    <td width=60%><font size="2">The Company may buy any of the prepared, bottled, distributed
      or sold Beverages 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 purchase, transportation and or destruction of such Beverages.</font></td>
    </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  documents  related to 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 would lead to the  commercialization,  sale,  resale,  distribution
or redistribution of  Beverages outside the Territory infringing the stated herein.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;IV. </font></td><td width=90%><font size="2"> BOTTLER&#146;S
OBLIGATIONS IN CONNECTION WITH THE TRADEMARKS</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
8</font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">14. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">15. </font></td><td width=80%><font size="2"> There
is nothing  within  this  Agreement  that may give the Bottler  neither  benefit not
right over the  Trademarks  whatsoever,  nor the goodwill  inherent to them or over the
labels,  design,  bottling or any  other visual  representation  thereof 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 with no  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">16. </font></td><td width=80%><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 other that could be  mistaken
for or considered as similar to any graphic or visual  representation  of the  Trademarks
or any  other brand or industrial property of the Company, without previous written
consent of the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">17. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Not
to  manufacture,  prepare,  bottle,  distribute,  sell,  negotiate  or in any  other
manner  establish a  relationship  with any other  products of  non-alcoholic  beverages
besides  those  prepared,  bottled,  distributed or sold by the Bottler under the Company&#146;s
approval  except in  the event of obtaining the Company&#146;s written consent in advance.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
9</font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 any of the Beverages Bases,
Syrups or Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">The
stipulated  herein applies 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">Likewise,
in  connection  with the  alcoholic  beverages  with  which  the  Bottler  may  establish
any  relationship  within the validity term of this 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">&nbsp;
10</font></td><td width=60 align=right><font size="2">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 20; page: 20" -->


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">the
Bottler agrees to  conduct such business or  any area within it, that may include the
manufacturing,  preparation,  bottling,  distribution or sale or  any other activity
related to alcoholic  beverages by means of a different  company in such a way that it
seems to be a business  activity  different from the Bottler&#146;s  Beverages  business
pursuant to the stated  herein.  By means of the  foregoing,  the Bottler  agrees to
conduct any  business  related to  alcoholic  beverages  by means of a  different
commercial  entity,  including:  (i)  legal  identity;(ii)  plant or  physical
infrastructure;  (iii) sales  force; (iv) machinery and vehicles;  and (v) other
characteristics  of the business,  unless the Company approves otherwise in written.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">18. </font></td><td width=80%><font size="2"> This
agreement reflects mutual interest of the parties and in the event:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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  manufacturing,  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; or</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> any
person or legal  entity  that  having  majority  ownership  or control  whether  directly
or  indirectly  over the Bottler or that may be  controlled  in a direct or  indirect
manner by the  Bottler or any third party that may have  control or any direct or
indirect  influence  over the  Bottler&#146;s  management  activities,  pursuant  to  the
Company&#146;s  opinion  takes  part  in  the  preparation,  bottling,  distribution  or
sale of any of the  products  specified  in Section 17  stated above.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
such event,  the Company may be entitled to  terminate  this  Agreement  immediately
unless the third  party conducting the purchase  pursuant to the stated in sub-paragraph
(a) above or the person,  entity,  firm or company referred to in sub-paragraph  (b)
mentioned above,  upon receiving  written notice of the  Company  stating its intention
of terminating  the Agreement as stated before,  agrees to discontinue and  actually
discontinues the manufacturing,  preparation,  bottling,  distribution or sale of such
products  within a reasonable period of time not exeeding six (6) months as of the
notification date.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">19.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2">If
the Company,  for the purposes of this Agreement,  requires,  pursuant to the  applicable
laws  regulating  the  registration  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">&nbsp;
11</font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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 be necessary so as to establish,  modify or
cancel the registration.</font></td></tr></table>







<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">20.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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 agrees with the Company  that upon preparing,
bottling and  distributing the Beverages will at all times be subjected 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,  equipments  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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
</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
12</font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  from the
market.  The Company will notify the Bottler  whether by telephone,  cable, telex,
telefax or any other means of immediate  communication its  decision of requesting the
Bottler to withdraw such  Beverages  from the market.  Upon reception  of such notice,
the Bottler will  immediately  stop the distribution of such Beverages and will  take any
other action that may be requested by the Company in connection  with the withdrawal of
such Beverages from the market.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 trading of such Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">21. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">22.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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  authorized by the Company so as to
manufacture  such items to be used in  connection  with the Trade </font></td></tr></table>


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





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<!-- MARKER PAGE="sheet: 23; page: 23" -->




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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  materials complying with such rules.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler will maintain on an permanent basis, enough inventory of Authorized Packages,
lids,  labels,  cardboard and other  bottling  materials so as to fulfill,  in full, the
demand of each  one of the Beverages within the Territory.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">23.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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  manufacturing,  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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b)</font></td>
    <td width=70%><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 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 non-disposable Authorized
      Packages. The Bottler, moreover, agrees to replace all or part of such inventory
      of non-disposable Authorized </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
14</font></td><td width=60 align=right><font size="2">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 24; page: 24" -->


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Packages
as  reasonably  necessary and pursuant to the obligations of the Bottler stated herein.</font></td></tr></table>





<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c)</font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">24. </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">25. </font></td><td width=80%><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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> The Company, by means of communication to the
      Bottler, keeps the right to establish at its own discretion, prices of the
      Beverages Bases, including the shipment and payment conditions, the currency
      or currencies acceptable by the Company for payment purposes and to appoint
      one or more Authorized Suppliers, the place for procurement and/or alternative
      procurement places for each one of the Beverages Bases.</font></td>
  </tr>
</table>
<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company  keeps the  right,  up to the extent  permitted  by the  applicable  law within
the  Territory,  to  establish  and review,  bu means of written  notification  to the
Bottler,  the  maximum sale prices of each one of the  Beverages in the  Authorized
Packages to be sold by the  Bottler  to  retailers  and the  maximum  retail  price for
each one of the  Beverages.  In this  connection,  it is  acknowledged  that the Bottler
may sell the  Beverages to the  retailers and  authorize  the retail sale of the
Beverages  at lower  prices than the maximum sale prices that  may be established or
reviewed by the Company  pursuant to this  sub-paragraph.  The Bottler may  neither
increase,  however,  the maximum sale prices  established or reviewed by the Company for
the  Beverages  sold in the  Authorized  Packages  to  retailers  nor </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
15</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">approve
an increase  in the  maximum sale prices of the Beverages without written approval issued
by the  Company.</font></td></tr></table>




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 to the Company or its  Authorized Suppliers.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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.  Should 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 to the Company in written  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 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  reception  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
</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
16</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><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-disposable  Authorized Packages and each one of the non-disposable
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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">27. </font></td>
    <td width=80%><font size="2"> This Agreement will be effective as of <b>May
      13, 2001</b> and will expire on <b>May 12, 2006</b>, 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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">28.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">(1) </td>
    <td width=60%><font size="2">If the Company, the Authorized Suppliers or the Bottler can
      not obtain in a legal manner the foreign currency necessary so as to make
      payments related to imports of the Beverages Bases or the ingredients or
      materials necessary so as 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">&nbsp;
17</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp; </td>
    <td width=10% valign="top">&nbsp; </td>
    <td width=60%><font size="2">manufacture the Beverages Bases, the Syrups or the Beverages;
      or </font></td>
    </tr>
</table>
<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">(2) </td>
    <td width=60%><font size="2">If any of the parties to this Agreement stops acting pursuant
      to the laws or applicable regulations in the country where the Territory
      is located and, as a result, or deriving from any other law that may affect
      this Agreement, any of the main stipulations herein can not be legally complied
      with or in the event the Syrups, or Beverages can not be prepared or sold
      pursuant to the directions issued by the Company pursuant to Section 20
      mentioned above or if any of the Beverages Bases can not be manufactured
      or sold pursuant to the Company&#146;s formulas or the rules stated by it. </font></td>
    </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">(1) </td>
    <td width=60%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"> </td>
    <td width=10% valign="top">(2) </td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">29.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
18</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">30. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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  and, digital material or promotional  articles,
or advertisements used or kept  by the Bottler and as of that 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler  will  immediately  deliver to the  Company  or to a third  party  pursuant  to
the  directions that the Company may issue in such connection,  all the Beverages Bases
in Authorized  Packages, </font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
19</font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Authorized
Packages  to be used with the  Trademarks  or any  of them,  cases,  lids,  labels,
packaging  materials  and  advertising  materials  for  the  Beverages  still  under the
Bottler&#146;s  possession or control.  The Company,  upon  receiving  the material
pursuant to such  directions,  will pay the Bottler an  amount equal to the reasonable
market price of such inputs  or  materials  in the  understanding  that the Company  will
only accept and pay such inputs and  materials that  may be usable and first-class
quality.  All Authorized  Packages,  lids, labels,  packaging  material  and  advertising
material  holding  the name of the  Bottler and  inputs or  materials  that may not be
appropriate  for usage  pursuant  to the  Company&#146;s  rules,  will be  destroyed  by
the  Bottler  at its  own  cost  and  expense.  In the  event  this  Agreement  is
terminated  pursuant to the  provisions  in Sections 18 or 28  (a) and  deriving  from
any of the  circumstances  detailed in Section 35 (including the  termination by legal
provision) or if the  Agreement is terminated by the Bottler by any  other  different
reason  pursuant to or resulting  from the  enforcement  of Sections 26  or 29, or upon
canceling  the  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,  of
purchasing  the inputs and  materials  referred  to above from the  Bottler; and</font></td></tr></table>







<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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) ,
0.30,  36 (a) , (b) , (c) and (d) and 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">31. </font></td><td width=80%><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  </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
20</font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=80% valign="top" colspan="2"><font size="2">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, 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;VIII. </font></td><td width=90%><font size="2">GENERAL
PROVISIONS</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">32. </font></td><td width=80%><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 sale of the
Company&#146;s products.  Likewise, the parties acknowledge and accept  that this
Agreement has been drafted by the Company  intuitu  personae,  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 favor of a third party or third  parties
without  previous written consent of the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
21</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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 Company&acute;s previous written consent.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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 trade 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  parties,  acknowledging
and admitting the  legitimate  interest of the Company to maintain,  promote and  protect
the globality,  efficiency and integrity of the Company&#146;s  products&#146; bottling,
distribution and  sale international system,  expressly accepts that the Company is
empowered,  if so deciding, to consider  all factors that may deem necessary and to apply
the relevant criteria.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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  of or control over the Bottler,
eventhough  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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
22 </font></td><td width=60 align=right><font size="2">&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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">33. </font></td><td width=80%><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 of the foregoing,  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.  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">34. </font></td><td width=80%><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.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=80%><font size="2"> 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">35. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Strike,
inclusion in the black list, boycott or commercial sanctions no matter their origin.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Fortuitous
circumstance,  force majeure,  public enemies,  legal  provisions or  administrative
actions  (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 risk; 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">&nbsp;
23</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Any
other circumstance that may go beyond control of the parties</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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 persists,  the Company and  the 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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">36.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
24</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 indemnization  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  neither  limit nor waive the
Bottler  from its  obligations  under  Section 36 (d) stated  herein.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">37. </font></td><td width=80%><font size="2"> The
Bottler convenes and agrees with the Company:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> That
it will  make  no  statements  or  disclosures  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> That
at all times,  both during the  validity  period of this  Agreement  and after its
maturity  date,  will  maintanin  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  Agrement  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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
25</font></td><td width=60 align=right><font size="2">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 35; page: 35" -->

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">38. </font></td><td width=80%><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) (2) will not be affected by this Section.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">39.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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  between the
parties  related to  the same matters are cancelled by this Agreement  except for the
agreements  entered pursuant to  Section 19 herein. It is understood  however that any
statement in written issued by the Bottler  that the  Company  took into  consideration
to enter into this  Agreement  will  remain  valid,  therefore binding the Bottler.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">40. </font></td><td width=80%><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 </font></td></tr></table>


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






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<!-- MARKER PAGE="sheet: 36; page: 36" -->



<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=80% valign="top" colspan="2"><font size="2">to demand the subsequent
      compliance of each and every obligation assumed by the Bottler pursuant
      to this Agreement.</font></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">41. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">42. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">43. </font></td><td width=80%><font size="2"> This
Agreement will be interpreted pursuant to the applicable Law in the Republic of Nicaragua.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">44. </font></td><td width=80%><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><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 Managua,  Nicaragua have  agreed on
entering this Agreement in triplicate by means of their authorized representatives.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td> <font size="2"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">
37</font></td><td width=60 align=right><font size="2">&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><font size=2><B>Appendix</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><B>Location: MANAGUA, NICARAGUA <br>
      Date: MAY 13, 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 may 13, 2001, the Beverages referred to in Whereas A herein are as
follows:</font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2><B>COCA-COLA <br>
      COCA-COLA LIGHT <br>
      FANTA <br>
      SPRITE <br>
      FRESCA <br>
      KINLEY <br>
      HI-C <br>
      KAPO</B></font></td>
  </tr></table>


<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>




<br>
<table width=600>
  <tr>
    <td> <font size="2"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
28</font></td><td width=60 align=right><font size="2">&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><font size=2><B>Appendix II</B></font></td></tr></table>

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


<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: MANAGUA, NICARAGUA <br>
      Date: MAY 13, 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 may 13, 2001, 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>
    <td  align=center><font size=2><B>COCA-COLA <br>
      COKE <br>
      COCA-COLA LIGHT <br>
      COKE-LIGHT <br>
      FANTA <br>
      SPRITE <br>
      FRESCA <br>
      KINLEY <br>
      HI-C <br>
      KAPO</B></font></td>
  </tr></table>


<p><table width=600><tr><td  align=center><font size=2>including all transliterations,
requests,  records and copyright of all commercial presentations related to these
Trademarks.</font></td></tr></table>


<p><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"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
29</font></td><td width=60 align=right><font size="2">&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><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><B>Location: MANAGUA, NICARAGUA <br>
      Date: MAY 13, 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 may 13, 2001, the Territory referred to in Section 1 of such
Agreement is as follows:</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2><B>THE REPUBLIC OF NICARAGUA</B></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"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
30</font></td><td width=60 align=right><font size="2">&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><B>Appendix IV</B></font></td></tr></table>

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


<p><table width=600><tr><td  align=center><font size=2><B>Location: MANAGUA, NICARAGUA
Date: MAY 13, 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 may 13, 2001,  the Company  authorizes the Bottler to prepare,
distribute and sell the Beverages in the following  packages that, for the  purposes of
the Bottler Agreement herein are considered as Authorized Packages.</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td><font size="2"><b>Beverage</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Authorized Package</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Net Content</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">COCA-COLA</font></b></td>
    <td> <b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="2">&nbsp;RETURNABLE GLASS BOTTLE </font></b></td>
    <td> <b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td> <b><font size="2">6.5 OZ, 12 OZ, &#189; LT, 1 LT&nbsp;</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">FANTA</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">RETURNABLE GLASS BOTTLE</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">6.5 OZ, 12 OZ, &#189; LT, 1 LT </font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">SPRITE</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">RETURNABLE GLASS BOTTLE</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">6.5 OZ, 12 OZ</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">FRESCA</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">RETURNABLE GLASS BOTTLE </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">6.5 OZ, 12 OZ, 1 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">KINLEY</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">RETURNABLE GLASS BOTTLE </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">12 OZ</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">COCA-COLA</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">NON-RETURNABLE PET </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">1.5 LT, 2 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">COCA-COLA LIGHT</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">NON-RETURNABLE PET </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">1.5 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">FANTA</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">NON-RETURNABLE PET </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">1.5 LT, 2 LT</font></b></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">KINLEY</font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">NON-RETURNABLE PET </font></b></td>
    <td>&nbsp;</td>
    <td><b><font size="2">1.5 LT </font></b></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 IV.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td> <font size="2"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
31</font></td><td width=60 align=right><font size="2">&nbsp;</font></td></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>Appendix V</B></font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: MANAGUA, NICARAGUA <br>
      Date: MAY 13, 2001</B></font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>Pursuant to the stated in the Bottler  Agreement
entered by an between The Coca-Cola  Company  (hereinafter  referred to as  &#147;The
Company&#148;) and the &#147;Bottler&#148; whose  authorized  representative  signs this
Appendix,  valid as of may 13, 2001,  &#147;The  Company&#148; authorizes the &#147;Bottler&#148; to
prepare, bottle,  distribute,  sell or market only the non-alcoholic beverages and the
packages different from the licensed by this Agreement described as follows:</font></td></tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td><font size="2"><b>Beverage</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Authorized Package</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Net Content</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2"><b>AGUA ALPINA</b></font></td>
    <td> <font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td> <font size="2"><b>NON-RETURNABLE PET</b></font></td>
    <td> <font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td> <font size="2"><b>&#189; LT, 1 LT, 1 &#189; LT</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>CANADA DRY </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>RETURNABLE GLASS BOTTLE</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>12 OZ </b></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>It is acknowledged and agreed by the parties
that the description of the  non-alcoholic  beverages and/or their packages in  this
Appendix V sustitutes and replaces any description  made before and relevant  appendixes
referred to in Section 17 in  the Bottler Agreement.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td> <font size="2"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
32</font></td><td width=60 align=right><font size="2">&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><font size=2><B>Exhibit A</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: MANAGUA, NICARAGUA <br>
      Date: MAY 13, 2001</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 BEVERAGES</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 may 13, 2001,  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  align=center><font size=2><B>COCA-COLA <br>
      COCA-COLA LIGHT <br>
      FANTA <br>
      SPRITE <br>
      FRESCA</B></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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">a. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=70%><font size="2"> There
is an adequate source of fresh water,</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(iii) </font></td>
    <td width=70%><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 </font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
33</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%>&nbsp;</td>
  </tr></table>

<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2"> 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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">b. </font></td><td width=80%><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 written,  and will submit  such samples to the Company
for their inspection, at its own cost and expense.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">c. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">d. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">e. </font></td><td width=80%><font size="2"> The
Bottler agrees to:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
34</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">This
authorization  may be  terminated  by any of the parties  upon ninety (90) days of
reception of the  relevant  anticipated  notice.  Moreover,  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></table>

<br>
<table width=600>
  <tr>
    <td> <font size="2"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
35</font></td><td width=60 align=right><font size="2">&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><B>Exhibit B</B></font></td></tr></table>


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


<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: MANAGUA, NICARAGUA <br>
      Date: MAY 13, 2001</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 of may 13, 2001,  the Company is hereby  granting a complementary
non-exclusive  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;)  for their sale and distribution within the Territory
described in the Bottler Agreement:</font></td></tr></table>


<p>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td><font size="2"><b>BEVERAGES</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>AUTHORIZED PACKAGES</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>AGREEMENT NET</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="2">COCA-COLA</font></b></td>
    <td> <b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td> <font size="2"><b>CAN</b></font></td>
    <td> <b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td> <font size="2"><b>12 OZ</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">COCA-COLA</font></b></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>NON-RETURNABLE PET</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b> 1 &#189; LT, 2 LT </b></font></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">COCA-COLA LIGHT</font></b></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>CAN</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>12 OZ</b></font></td>
  </tr>
  <tr valign="bottom">
    <td height="16"><b><font size="2">FANTA</font></b></td>
    <td height="16">&nbsp;</td>
    <td height="16"><font size="2"><b>CAN</b></font></td>
    <td height="16">&nbsp;</td>
    <td height="16"><font size="2"><b>12 OZ</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">FANTA</font></b></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>NON-RETURNABLE PET</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>1 &#189; LT, 2 LT</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size="2">KINLEY</font></b></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>NON-RETURNABLE PET </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>1 &#189; LT </b></font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>HI-C</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>TETRA-BRICK </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>250 ML</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"><b>KAPO</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>PUNCH-PACK </b></font></td>
    <td>&nbsp;</td>
    <td><b><font size="2">200 ML </font></b></td>
  </tr>
</table>
<br>
<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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">a) </font></td><td width=80%><font size="2"> This
authorization  may be  terminated by any of the parties by means of written  notification
provided  with ninety (90) days notice and will  </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">&nbsp;
36</font></td><td width=60 align=right><font size="2">&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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">automatically
end,  with no need for  summons or  notification  of  expiration or anticipated
termination of the Bottler  Agreement whatsoever.</font></td></tr></table>

<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=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">c) </font></td><td width=80%><font size="2"> Except
for the amended in this Exhibit, 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 B.</font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td> <font size="2"><b>PANAMCO DE NICARAGUA, S.A</b></font><b>.</b></td>
    <td><b><font size=2>THE COCA-COLA COMPANY</font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="26"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="286">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="28"><font size=2>By:<br>
      <br>
      </font></td>
    <td width="240">
      <hr size="1" width="75%" noshade align="left">
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width="320"><font size=2>Authorized Representative</font></td>
    <td width="268"><font size=2> Authorized Representative</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="33"><font size=2>Date:<br>
      <br>
      </font></td>
    <td width="278">
      <hr size="1" width="75%" noshade align="left">
    </td>
    <td width="33"><font size=2>Date: <br>
      <br>
      </font></td>
    <td width="236">
      <hr size="1" width="75%" noshade align="left">
    </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">&nbsp;
37</font></td><td width=60 align=right><font size="2">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>12
<FILENAME>e17118_ex4-11.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.11 </title>
</head>
<body>
<p> <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 3; page: 3" --> <br>
  <br>
<table width=600>
  <tr align="right">
    <td><font size=2>Exhibit 4.11</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size="1"><img src="e17118cocacolalogo.gif" width="253" height="35"><br>
      COCA-COLA PLAZA <br>
      ATLANTA, GEORGIA</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=330>&nbsp;</td>
    <td width=258><font size=2>October 1<font size="1"><sup>st</sup></font>, 2002</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b>EMBOTELLADORA PANAMCO TICA, S. A.</b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td><font size=2>Gentlemen:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Reference is made to the Bottler&#146;s Agreement between
      The Coca-Cola Company (hereinafter referred to as &#147;the Company&#148;)
      and EMBOTELLADORA PANAMCO TICA, S. A. (hereinafter referred to as &#147;the
      Bottler&#148;) effective as of October 1<font size="1"><sup>st</sup></font>,
      2002 (hereinafter referred to as the &#147;Agreement&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>As agreed on August 28, 1997, the procedure in connection
      with the implementation of Clause 26 (b) of the Bottler&#146;s Agreement
      is as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>With regard to maximum retail prices that may be
      specified by the Company for the Territory, the Bottler will be under no
      obligation to enforce compliance by retailers with such maximum prices,
      but will suggest that retailers comply with those maximum prices.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>The Company will not seek to exercise the rights
      to set maximum prices set forth in Clause 26 (b) of the Agreement in a manner
      which would constrain the Bottler from fulfilling its long term obligations
      to its shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Company and Bottler agree that all remaining clauses, terms
      and conditions of the Agreement remain unchanged and in full force and effect.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=298>&nbsp;</td>
    <td width=290><font size="2">Very truly yours <br>
      <br>
      <b>THE COCA-COLA COMPANY </b><br>
      <br>
      By: </font>
      <hr noshade size="1" align="right" width="94%">
    </td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
<p>&nbsp;
<br>
<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">THIS BOTTLER AGREEMENT (hereinafter referred to
as the &#147;Agreement&#148;) valid as of <B>OCTOBER 1, 2002,</B> 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 the
&#147;Company&#148;) , and <B>EMBOTELLADORA PANAMCO TICA, S.A.</B> a corporation duly
incorporated and regulated under the Laws applicable in the Republic of Costa Rica, with
main headquarters in the City of San Jos&#233;, Republic of Costa Rica (hereinafter
referred to as &#147;The Bottler&#148;)</FONT></td></tr></table>

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

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;A. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;B. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;C. </font></td><td width=90%><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
Costa Rica.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;D. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;E. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;F. </font></td><td width=90%><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>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;1</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>THEREFORE, the parties agree as follows:</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>I.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> APPROVAL</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><font size="2"> By
means of this Agreement, the Company autorices 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td><td width=80%><font size="2"> The
Company  will  approve  during the validity  period of this  Agreement  and at its own
discretion,  the types of container,  sizes, shapes and other distinctive
characteristics  (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 coming into  force of this  Agreement  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,
distribution and sale of one or more types of Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">The
Company keeps the right to cancel its authorization in  connection with any Authorized
Package for any of the  Beverages by means of written notification, sent with 6 (six)
months notice to the Bottler. The parties acknowledge and  accept that the Company will
exercise its right to cancel its  approval in such a way that it will allow the Bottler
to  prepare, bottle, distribute and sell the Beverages pursuant to  the terms herein in
at least one of the Authorized Packages.  In the event such cancellation takes place,
provisions in  Clause 30 (c) will be applied to the packages regarding which  the
authorization has been cancelled. The Company will not  cancel the authorization in
connection with an Authorized  Package with the sole purpose of granting preparation,
bottling, distribution and sale rights to a third party in  connection with Beverages in
such Authorized Package within  the Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><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 specifi rights and obligations of the  parties in
connection with the complementary authorizations.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>II.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE COMPANY</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><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, </font></td></tr></table>


<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;2</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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">in
the understanding that and as long  as:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 in
the enough amount in order to  comply with this Agreement; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">The
Company will keep the exclusive and unique right  so as to determine the formulas,
composition or  ingredients for the Beverages and Beverages Bases at  any moment.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>III.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE BOTTLER IN CONNECTION WITH THE COMMERCIALIZATION OF BEVERAGES, FIANCIAL CAPACITY
AND PLANNING.</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
make all efforts and use 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  satisfyingy in all aspects, the current demand;</font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;3</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> To
invest all capital and incurr into all expenses  that may be needed for the organization,
installation, operation, maintenance and replacement  of all manufacturing, storing,
marketing,  distribution, 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> To
sell and distribute the Beverages in Authorized  Packages only to final retailers or
consumers 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">8. </font></td><td width=80%><font size="2"> The
Bottler will submit to the Company, for its previous  approval, all advertising and
promotions related to the  Trademarks ad the 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">9. </font></td><td width=80%><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 to Company determine the Bottler&#146;s  compliance
of its obligations pursuant to this Agreement.</font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;4</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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">10. </font></td><td width=80%><font size="2"> The
Bottler convenes and agrees as follows:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 both, 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">11. </font></td><td width=80%><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  development of its business
according to the terms herein.  Likewise, the Bottler agrees to develop 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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 rigths or obligations  within reasonable limits without
affecting the essence of this  Agreement.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">12.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2">
a) 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>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;5</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Likewise,
the Bottler is bound to maintain and  replace such equipment within the periods fo time
that may be reasonably necessary and not to use such  equipment neither to distribute nor
sale any other  products that may not be identified under the  Trademarks without the
Company&#146;s written consent.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">13.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">2) </font></td>
    <td width=60%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">3) </font></td>
    <td width=60%><font size="2"> The
Company may buy any of the prepared,  bottled, distributed or sold Beverages 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 purchase, transportation and or
destruction of such Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 documents related to 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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 would lead to the  commercialization, sale, resale, distribution or
redistribution of Beverages outside the Territory  infringing the stated herein.</font></td></tr></table>


<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;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 width=10% valign=top><FONT SIZE="2">&nbsp;<B>IV.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> BOTTLER&#146;S
OBLIGATIONS IN CONNECTION WITH THE TRADEMARKS</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">14. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">15. </font></td><td width=80%><font size="2"> No
provision  within this  Agreement  may grant the Bottler  benefit or right of any kind
neither over the  Trademarks or over the goodwill  inherent to them,  nor over the
labels,  designs,  packages  or  any  other  visual  representation  thereof,  used  in
connection  thereto.  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 with no 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">16. </font></td><td width=80%><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  other that could be mistaken for or considered
as similar to  any graphic or visual representation of the Trademarks or any  other brand
or industrial property of the Company, without  previous written consent of the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">17. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Not
to manufacture, prepare, bottle, distribute,  sell, negotiate or in any other manner
establish a  relationship with any other products of non-alcoholic  beverages besides
those prepared, bottled,  distributed or sold by the Bottler under the  Company&#146;s
approval except in the event of obtaining  the Company&#146;s written consent in advance.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 any of the Beverages Bases ,  Syrups
or Beverages.</font></td></tr></table>


<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">The
stipulated herein applies 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">Likewise,
in connection with the alcoholic beverages with  which the Bottler may establish any
relationship within the  validity term of this Agreement, the Bottler agrees to conduct
such business or any area within it, that may include the  manufacturing, preparation,
bottling, distribution or sale or  any other activity related to alcoholic beverages by
means of  a different company in such a way that it seems to be a  business activity
different from the Bottler&#146;s Beverages  business pursuant to the stated herein. By
means of the  foregoing, the Bottler agrees to conduct any business related  to alcoholic
beverages by means of a different commercial  entity, including: (i) legal identity;(ii)
plant or physical  infrastructure; (iii) sales force; (iv) machinery and  vehicles; and
(v) other characteristics of the business,  unless the Company approves otherwise in
written.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">18. </font></td><td width=80%><font size="2">This
agreement reflects mutual interest of the parties and in the  event:</font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;8</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 manufacturing, 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; or</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> any
person or legal entity that having majority  ownership or control whether directly or
indirectly  over the Bottler or that may be controlled in a  direct or indirect manner by
the Bottler or any third  party that may have control or any direct or indirect
influence over the Bottler&#146;s management activities,  pursuant to the Company&#146;s
opinion takes part in the  preparation, bottling, distribution or sale of any of  the
products specified in Section 17 stated above.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
such event, the Company may be entitled to terminate this  Agreement immediately unless
the third party conducting the  purchase pursuant to the stated in sub-paragraph (a)
above or  the person, entity, firm or company referred to in  sub-paragraph (b) mentioned
above, upon receiving written  notice of the Company stating its intention of terminating
the  Agreement as stated before, agrees to discontinue and actually  discontinues the
manufacturing, preparation, bottling,  distribution or sale of such products within a
reasonable  period of time not exeeding six (6) months as of the  notification date.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">19.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 be necessary
      so as to establish, modify or cancel the registration.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>V.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE BOTTLER IN CONNECTION WITH THE PREPARATION AND BOTTLING OF THE BEVERAGES</B></FONT></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70% 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 </font></td>
  </tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;9</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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 agrees with the Company that upon
preparing,  bottling  and  distributing  the  Beverages  will  at  all  times  be
subjected  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,
equipments  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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  from the market.  The Company  will notify the Bottler  whether by  telephone,
cable,  telex,  telefax or any other  means of  immediate  communication  its decision of
requesting  the Bottler to withdraw such Beverages  from the market.  Upon  reception  of
such notice,  the Bottler will  immediately  stop the  distribution  of such Beverages
and will take any other action that may  be requested by the Company in connection  with
the  withdrawal of such Beverages  from the market.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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,</font></td></tr></table>


<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;10</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 11; page: 11" -->








<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(3)
any other  relevant  means  including  information  helping in the tracing of  such
Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">21. </font></td><td width=80%><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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">22.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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 materials complying with such  rules.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler will maintain on an permanent basis,  enough inventory of Authorized Packages,
lids,  labels, cardboard and other bottling materials so as  to fulfill, in full, the
demand of each one of the  Beverages within the Territory.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">23.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 manufacturing, 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> In
the  event the  Bottler  uses  non-returnable  Authorized  Containers </font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;11</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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 Returnable  Authorized  Containers.
Aiming at assuring  the  permanent  quality and  appearance  of such  inventory of
non-disposable  Authorized Packages. The Bottler,  moreover,  agrees  to replace all or
part of such inventory of  non-disposable  Authorized  Packages  as reasonably  necessary
and pursuant to the  obligations  of the Bottler  stated  herein.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">24. </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VI.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> CONDITIONS
FOR PURCHASE AND SALE</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">25. </font></td><td width=80%><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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70%><font size="2"> The Company, by means of communication to the
      Bottler, keeps the right to establish at its own discretion, prices of the
      Beverages Bases, including the shipment and payment conditions, the currency
      or currencies acceptable by the Company for payment purposes and to appoint
      one or more Authorized Suppliers, the place for procurement and/or alternative
      procurement places for each one of the Beverages Bases.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company keeps the right,  up to the extent  permitted by the  applicable  law  within the
Territory,  to establish and review, bu means of written  notification  to the  Bottler,
the  maximum  sale prices of each one of the  Beverages  in the  Authorized  Packages  to
be sold by the  Bottler  to  retaliers  and the  maximum  retail  price  for  each  one
of  the  Beverages.  In  this  connection,  it  is  acknowledged  that the  Bottler  may
sell the  Beverages  to the  retailers  and  authorize  the retail  sale of the
Beverages  at lower  prices  than the maximum  sale prices that may be established  or
reviewed by the Company  pursuant to this  sub-parragraph.  The Bottler  may neither
increase,  however,  the maximum  sale  prices  established  or reviewed by the  Company
for the  Beverages  sold in the  Authorized  Packages to  retailers  nor  approve an
increase in the maximum  sale  prices of the Beverages </font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;12</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">without
written approval issued by the Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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
to the Company or  its Authorized Suppliers.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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.  Should 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 to the  Company  in  written  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 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 reception 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><font size="2"> The
omission committed by the Bottler regarding  notification to the </font></td></tr></table>


<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;13</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><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-disposable  Authorized Packages and each one of the  non-disposable
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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> DURATION
AND TERMINATION OF THE AGREEMENT</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">27. </font></td>
    <td width=80%><font size="2"> (a) This Agreement will be effective as of <b>OCTOBER
      1, 2002</b> and will be due, with no previous notification, on<b> SEPTEMBER
      30, 2007</b> unless 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">(b)
If  the Bottler has complied in full with all terms,  covenants, conditions and
stipulations  herein within its  validity period and the Bottler is capable of constantly
promoting,  developing and exploiting the total potential of  the business in the
preparation,  bottling, distribution and  sale of each one of the beverages, the Bottler
may request  for  an extension of this Agreement for an additional five (5) year  term.
The Bottler  may request such extension by means of a  written notification to the
Company with at  least six (6) but  not more than twelve (12) months notice before the
expiration  date of  this Agreement. The Bottler&#146;s extension request should  be
supported by the  documentation the Company may request for,  including the documentation
related to the  Bottler&#146;s  compliance of the obligations stated herein and including
documents  verifying the Bottler&#146;s constant capacity to  develop, stimulate and
satisfy in full  the demand for each one  of the beverages within the territory. In the
event the  Bottler  has satisfied pursuant to the Company&#146;s opinion the  conditions
for the extension of  this Agreement, the Company  may, by means of written notification,
agree to extend this  Agreement for the additional term.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">(c)
Upon expiration of any of such additional terms, this  Agreement will finally expire with
no need for additional  notification and the Bottler will have no right to claim for a
tacit renewal of this Agreement.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">28.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> This Agreement may be terminated by the Company
      or by the Bottler immediately and incurring in no liability whatsoever by
      </font></td>
  </tr></table>


<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;14</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>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">means
of written notification  between the parties holding the right to terminate  the other
party:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><font size="2"> If
the Company, the Authorized Suppliers or  the Bottler can not obtain in a legal manner
the foreign currency necessary so as to make  payments related to imports of the
Beverages  Bases or the ingredients or materials  necessary so as to manufacture the
Beverages  Bases, the Syrups or the Beverages; or</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><font size="2"> If
any of the parties to this Agreement  stops acting pursuant to the laws or  applicable
regulations in the country where  the Territory is located and, as a result,  or deriving
from any other law that may  affect this Agreement, any of the main  stipulations herein
can not be legally  complied with or in the event the Syrups, or  Beverages can not be
prepared or sold  pursuant to the directions issued by the  Company pursuant to Section
20 mentioned  above or if any of the Beverages Bases can  not be manufactured or sold
pursuant to the  Company&#146;s formulas or the rules stated by  it.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><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>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">29.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;15</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">30. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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  and,  digital  material or promotional
articles,  or advertisements used or kept by the Bottler  and as of that 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler  will  immediately  deliver  to  the  Company  or to a  third  party  pursuant to
the  directions  that the Company may issue in such  connection,  all  the Beverages
Bases in Authorized  Packages,  Authorized Packages to be used with  the  Trademarks or
any of them,  cases,  lids,  labels,  packaging  materials and  advertising  materials
for the Beverages still under the Bottler&#146;s  possession or  control.  The Company,
upon receiving the material  pursuant to such directions,  will pay the  Bottler  an
amount  equal to the  reasonable  market  price of such  inputs or  materials in the
understanding  that the Company will only accept and  pay such inputs and materials  that </font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;16</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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






<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">may
be usable and  first-class  quality.  All  Authorized  Packages,  lids, labels,
packaging material and advertising material  holding  the  name  of the  Bottler  and
inputs  or  materials  that  may not be  appropriate for usage pursuant to the Company&#146;s
rules,  will be destroyed by the  Bottler at its own cost and expense.  In the event this
Agreement is  terminated  pursuant to the  provisions  in Sections  18 or 28 (a) and
deriving  from any of  the  circumstances  detailed in Section 35 (including  the
termination  by legal  provision)  or if the  Agreement  is  terminated  by  the  Bottler
by any  other  different  reason  pursuant to or resulting  from the  enforcement of
Sections 26  or 29,  or upon  cancelling  the  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,  of purchasing  the inputs and  materials  referred to above  from
the Bottler; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> All
rights and obligations  stated herein,  whether expressly defined or that may  have been
aquired 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) , 0.30,  36 (a)
, (b) , (c) and (d) and 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">31. </font></td><td width=80%><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  cancell  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,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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VIII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B>GENERAL
PROVISIONS</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">32. </font></td><td width=80%><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  sale  of
the  Company&#146;s  products.  Likewise,  the  parties  acknowledge  and </font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;17</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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><FONT SIZE="2">accept
that this Agreement has been drafted by the Company  <I>intuitu personae</I>, 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 favor of a third party or  third parties
without previous written consent of the  Company.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><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  Company&#146;s previous written consent.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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 trade 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 parties,  acknowledging and admitting the
legitimate interest of the  Company to maintain, promote and protect the globality,
efficiency and integrity of the </font></td></tr></table>



<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;18</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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">Company&#146;s
products&#146; bottling,  distribution and sale international system, expressly accepts
that the Company is empowered, if so deciding, to consider all  factors that may deem
necessary and to apply the relevant  criteria.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><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 of or control over the Bottler, eventhough 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>&nbsp;</td>
    <td width=10% valign="top"><font size="2">33. </font></td><td width=80%><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 of the  foregoing,  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.  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">34. </font></td><td width=80%><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.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;19</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 20; page: 20" -->




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">35. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Strike,
inclusion in the black list, boycott or  commercial sanctions no matter their origin.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Fortuitous
circumstance, force majeure, public  enemies, legal provisions or administrative actions
(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 risk; or</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Any
other circumstance that may go beyond control of  the parties</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80% valign="top" colspan="2"><font size="2"> </font><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 persists, the Company and the 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>
<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">36.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler agrees to ask for the Company&#146;s advise in  connection </font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;20</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><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  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><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 indemnization
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  neither
limit  nor  waive  the  Bottler  from  its  obligations under Section 36 (d) stated
herein.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">37. </font></td><td width=80%><font size="2">The
Bottler convenes and agrees with the Company:</font></td></tr></table>
<P>
<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> That
it will make no statements or disclosures  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> That
at all times,  both during the validity  period of this  Agreement and after  its
maturity date, will maintanin  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  Agrement  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> That
upon maturity or anticipated termination of this  Agreement, the </font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;21</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">38. </font></td><td width=80%><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) (2) will
not be affected by this Section.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">39.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><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 between the parties related to the same
      matters are cancelled by this Agreement except for the agreements entered
      pursuant to Section 19 herein. It is understood however that any statement
      in written issued by the Bottler that the Company took into consideration
      to enter into this Agreement will remain valid, therefore binding the Bottler.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">40. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">41. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">42. </font></td><td width=80%><font size="2"> The
heading lines stated herein are only for the convenience  of the parties </font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;22</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<!-- MARKER PAGE="sheet: 23; page: 23" -->






<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">and
will not affect the interpretation of this  Agreement.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">43. </font></td><td width=80%><font size="2"> This
Agreement will be interpreted pursuant to the applicable  Law in the Republic of Costa
Rica.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">44. </font></td><td width=80%><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>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;23</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"><B>IN WITNESS THEREOF</B>, the Company located in
Atlanta, Georgia, U.S.A. and the Bottler in the City of San Jos&#233;, Costa Rica have
agreed on entering this Agreement in triplicate by means of their authorized
representatives.</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
  <tr>
    <td width="283">&nbsp;</td>
    <td width="305">&nbsp;</td>
  </tr>
  <tr>
    <td width="283"><font size=2>Date:________________________</font></td>
    <td width="305"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
      _________________</font></td>
  </tr>
</table>




<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;24</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 24; page: 24" -->
<br>
<table width=600><tr><td><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><B>Location: COSTA RICA  <BR>Date:
OCTOBER 1, 2002</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 <B>OCTOBER 1, 2002,</B> the Beverages referred to in Whereas A herein are
as follows:</FONT></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>COCA-COLA  <BR>COCA-COLA LIGHT <BR>
FANTA  <BR>SPRITE  <BR>FRESCA  <BR>LIFT  <BR>SUNFILL  <BR>FRUITOPIA  <BR>POWERADE</B></font></td></tr></table>


<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 width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
  <tr>
    <td width="283">&nbsp;</td>
    <td width="305">&nbsp;</td>
  </tr>
  <tr>
    <td width="283"><font size=2>Date:________________________</font></td>
    <td width="305"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
      _________________</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;25</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><B>Appendix II</B></font></td></tr></table>


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


<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: COSTA RICA<br>
      Date: OCTOBER 1, 2002</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 <B>OCTOBER 1, 2002,</B> 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><td  align=center><font size=2><B>COCA-COLA  <BR>COKE  <BR>DIET COKE/COKE
LIGHT  <BR>FANTA  <BR>SPRITE  <BR>FRESCA  <BR>LIFT  <BR>SUNFILL  <BR>FRUITOPIA  <BR>POWERADE</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>INCLUDING  ALL TRANSLITERATIONS,
REQUESTS,  RECORDS AND <BR>COPYRIGHT OF ALL  COMMERCIAL PRESENTATIONS RELATED TO  THESE <BR>
TRADEMARKS.</font></td></tr></table>


<p><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>


<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
  <tr>
    <td width="283">&nbsp;</td>
    <td width="305">&nbsp;</td>
  </tr>
  <tr>
    <td width="283"><font size=2>Date:________________________</font></td>
    <td width="305"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
      _________________</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;26</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 26; page: 26" -->



<p><table width=600><tr><td><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><B>Location: COSTA RICA <br>
      Date: OCTOBER 1, 2002</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 <B>OCTOBER 1, 2002</B>, the Territory referred to in Section 1 of such
Agreement is as follows:</FONT></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2><B>REPUBLIC OF COSTA RICA</B></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>


<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
  <tr>
    <td width="283">&nbsp;</td>
    <td width="305">&nbsp;</td>
  </tr>
  <tr>
    <td width="283"><font size=2>Date:________________________</font></td>
    <td width="305"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
      _________________</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;27</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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




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


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


<p><table width=600><tr><td  align=center><font size=2><B>Location: COSTA RICA  <BR>Date:
OCTOBER 1, 2002</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 <B>OCTOBER 1, 2002,</B> the Company authorizes the
      Bottler to prepare, distribute and sell the Beverages in the following packages
      that, for the purposes of the Bottler Agreement herein are considered as
      Authorized Packages.</FONT></td>
  </tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr align="left">
    <td valign="TOP"> <font size="2"> COCA-COLA</font></td>
    <td valign="TOP">&nbsp;&nbsp; </td>
    <td valign="TOP"> <font size="2"> RETURNABLE GLASS BOTTLE</font></td>
    <td valign="TOP"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="TOP"><font size="2">6.5 OZ, 12 OZ, 500 ML</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> COCA-COLA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">600 ML, 500 ML, 1500 ML, 2000 ML</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> COCA-COLA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE PET</font></td>
    <td valign="TOP">&nbsp; </td>
    <td valign="TOP"><font size="2">2000 ML</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> COCA-COLA LIGHT </font></td>
    <td valign="TOP">&nbsp; </td>
    <td valign="TOP"><font size="2">RETURNABLE GLASS BOTTLE</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">12 OZ</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> COCA-COLA LIGHT </font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET </font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">600 ML, 500 ML, 1500 ML, 2000 ML</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> FANTA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE GLASS BOTTLE</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 12 OZ, 500 ML </font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> FANTA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 250 ML, 500 ML, 2000 ML </font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> FANTA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 1500 ML </font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> SPRITE</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE GLASS BOTTLE</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 12 OZ </font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> SPRITE</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 500 ML, 2000 ML </font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> FRESCA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE GLASS BOTTLE6.5 OZ</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> FRESCA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">500 ML, 2000 ML</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> FRESCA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE PET</font></td>
    <td valign="TOP">&nbsp; </td>
    <td valign="TOP"><font size="2">1500 ML</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> LIFT</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> RETURNABLE GLASS BOTTLE </font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 12 OZ</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> LIFT</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET </font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 500 ML</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
  </tr>
  <tr align="left">
    <td valign="TOP"> <font size="2"> FRUITOPIA</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 500 ML</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> SUNFILL</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 250 ML, 1000 ML, 1892 ML</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP"> <font size="2"> POWERADE</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> NON-RETURNABLE PET</font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"> <font size="2"> 591 ML</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;28</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>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>


<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
  <tr>
    <td width="283">&nbsp;</td>
    <td width="305">&nbsp;</td>
  </tr>
  <tr>
    <td width="283"><font size=2>Date:________________________</font></td>
    <td width="305"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
      _________________</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;29</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>Appendix V</B></font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: COSTA RICA <br>
      Date: OCTOBER 1, 2002</B></font></td>
  </tr></table>


<p><table width=600><tr><td><FONT SIZE="2">Pursuant to the stated in the Bottler Agreement
entered by an between The Coca-Cola Company (hereinafter referred to as &#147;The Company&#148;)
and the &#147;Bottler&#148; whose authorized representative signs this Appendix, valid as
of <B>OCTOBER 1, 2002,</B> &#147;The Company&#148; authorizes the &#147;Bottler&#148; to
prepare, bottle, distribute, sell or market only the non-alcoholic beverages and the
packages different from the licensed by this Agreement described as follows:</FONT></td></tr></table>


<br>
<table  cellspacing=0 cellpadding=0 width=600>
  <tr align="left">
    <td valign="TOP"><font size="2">SUPER 12</font></td>
    <td valign="TOP"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">RETURNABLE GLASS BOTTLE</font>
    </td>
    <td valign="TOP"><font size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">12 OZ</font>
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">SUPER 12</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">NON-RETURNABLE PET</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">500 ML</font>
    </td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP">
      <p><font size="2">AGUA ALPINA</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p><font size="2">NON-RETURNABLE PET </font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p><font size="2">1/2 LT, 600 ML,1.5 LT </font>
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">AGUA ALPINA</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">NON-RETURNABLE P.C. </font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">5 LT </font>
    </td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"><u>CANADA DRY</u></font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2"></font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">GINGER ALE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">RETURNABLE GLASS BOTTLE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">6.5 OZ, 12 OZ</font>
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">GINGER ALE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">NON-RETURNABLE PET</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">500 ML, 1000 ML, 2000 ML</font>
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">GINGER ALE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2"> RETURNABLE PET</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">1500 ML</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p><font size="2">GINGER ALE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p><font size="2">POST-MIX</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">2.5 GLS, 5 GLS</font></td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p><font size="2">GINGER ALE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p><font size="2">CAN</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP"><font size="2">12 OZ</font></td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">QUINADA</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">RETURNABLE GLASS BOTTLE</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">12 OZ</font>
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">QUINADA</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">NON-RETURNABLE PET</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">500 ML, 1000 ML</font>
    </td>
  </tr>
  <tr align="left">
    <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 align="left">
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">SODA</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">RETURNABLE GLASS BOTTLE </font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p align="JUSTIFY"><font size="2">12 OZ </font>
    </td>
  </tr>
  <tr align="left">
    <td valign="TOP">
      <p><font size="2">SODA</font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p><font size="2">NON-RETURNABLE PET </font>
    </td>
    <td valign="TOP"><font size="2"></font></td>
    <td valign="TOP">
      <p><font size="2">500 ML, 1000 ML, 2000 ML </font>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>It is acknowledged and agreed by the parties
that the description of the  non-alcoholic beverages and/or their packages in this
Appendix V sustitutes and  replaces any description made before and relevant appendixes
referred to in  Section 17 in the Bottler Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
  <tr>
    <td width="283">&nbsp;</td>
    <td width="305">&nbsp;</td>
  </tr>
  <tr>
    <td width="283"><font size=2>Date:________________________</font></td>
    <td width="305"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
      _________________</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;30</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 30; page: 30" -->





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

<p><table width=600><tr><td  align=center><font size=2><B>Location: COSTA RICA  <BR>Date:
OCTOBER 1, 2002</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION IN CONNECTION
WITH SYRUPS FOR <BR>POST-MIX BEVERAGES</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  <B>OCTOBER 1, 2002,</B> 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  align=center><font size=2><B>COCA-COLA  <BR>COCA-COLA LIGHT <BR>
FANTA  <BR>SPRITE  <BR>FRESCA  <BR>SUNFILL</B></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><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Bottler may
not sell Post-Mix Syrups to retailers in the  Territory to be used in any Post-Mix
vending machine, or operate any,Post-Mix  vending machine unless:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There is an
adequate source of fresh water,</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Bottler
will take samples of the Beverages served by means of  the</font></td></tr></table>





<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;31</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 31; page: 31" -->







<p><table width=600><tr><td><font size=2>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><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 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><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Bottler
agrees to:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sell and
distribute the Post-Mix Syrups only in packages  approved by the Company and to use on
such packages, the labels approved by the  Company; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To influence
the retailer so as to persuade it to use a  regular glass cup, 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><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Syrups 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><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This authorization
may be terminated by any of the parties upon ninety  (90) days of reception of the
relevant anticipated notice. Moreover, 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></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>


<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>




<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;32</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><B>Exhibit B</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Location: COSTA RICA  <BR>Date:
OCTOBER 1, 2002</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>COMPLEMENTARY DISTRIBUTION
AUTHORIZATION</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 of <B>OCTOBER 1, 2002,</B> 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 for their sale and distribution within the Territory.</FONT></td></tr></table>


<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH width="55%"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="40%" ALIGN="LEFT"><b><font size="2">COCA-COLA</font></b></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><b><font size="2">&nbsp;&nbsp;</font></b></TD>
    <TD WIDTH="55%" ALIGN="LEFT"><b><font size="2">12 OZ CAN</font></b></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="5%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="55%">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%"><b><font size="2">COCA-COLA LIGHT</font></b></TD>
    <TD ALIGN="LEFT" width="5%"><b></b></TD>
    <TD ALIGN="LEFT" width="55%"><b><font size="2">12 OZ CAN</font></b></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="5%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="55%">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%"><b><font size="2">FANTA</font></b></TD>
    <TD ALIGN="LEFT" width="5%"><b></b></TD>
    <TD ALIGN="LEFT" width="55%"><b><font size="2">12 OZ CAN</font></b></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="5%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="55%">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%"><b><font size="2">SPRITE</font></b></TD>
    <TD ALIGN="LEFT" width="5%"><b></b></TD>
    <TD ALIGN="LEFT" width="55%"><b><font size="2">12 OZ CAN</font></b></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="5%">&nbsp;</TD>
    <TD ALIGN="LEFT" width="55%">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="40%"><b><font size="2">FRESCA</font></b></TD>
    <TD ALIGN="LEFT" width="5%"><b></b></TD>
    <TD ALIGN="LEFT" width="55%"><b><font size="2">12 OZ CAN</font></b></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><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
authorization may be withdrawn by the Company at any time by  means of a ninety (90) days
written notice and will automatically terminate with  no need for requirement or notice
of any sort upon maturity or anticipated  termination of the Bottler Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon
termination or cancellation of this authorization, the Bottler  will immediately stop the
purchase of beverages and will discontinue the sell  and/or distribution thereof within
the Territory.</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;33</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><B>Exhibit C</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>Location: COSTA RICA  <BR>Date:
OCTOBER 1, 2002</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>SALE SPECIAL AUTHORIZATION FOR
DISTRIBUTORS  <BR>OUTSIDE THE TERRITORY</B></font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">Pursuant to the provisions 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 <B>OCTOBER
      1, 2002,</B> the Bottler has agreed not to prepare, distribute or sale the
      Syrups and/or the Beverages outside the Territory without the Company&#146;s
      previous written consent. Upon the Bottler&#146;s request, the Company hereby
      grants a non-exclusive authoritazion to the Bottler so as for him to sale
      and deliver the following Syrups and/or Beverages in the Authorized Packages
      specified as follows:</FONT></td>
  </tr></table>





<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="top" align="center">
    <TH width="167"><b><font size="2">Beverages</font></b></TH>
    <TH width="152"><b></b></TH>
    <TH width="281"><b><font size="2">Authorized Packages</font></b></TH>
  </TR>
  <TR VALIGN="top" align="left">
    <TD WIDTH="167">&nbsp;</TD>
    <TD WIDTH="152">&nbsp;</TD>
    <TD WIDTH="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD WIDTH="167"><b><font size="2">COCA-COLA</font></b></TD>
    <TD WIDTH="152"><b><font size="2">&nbsp;&nbsp;</font></b></TD>
    <TD WIDTH="281"><b><font size="2">FOUNTAIN</font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><b><font size="2">COCA-COLA LIGHT</font></b></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><b><font size="2">FOUNTAIN</font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><b><font size="2">FANTA</font></b></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><b><font size="2">1/2 LT, 2 LT NON-RETURNABLE PET </font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><b><font size="2">FANTA</font></b></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><b><font size="2">FOUNTAIN</font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><b><font size="2">SPRITE</font></b></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><b><font size="2">FOUNTAIN</font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><b><font size="2">FRESCA</font></b></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><b><font size="2">2 LT NON-RETURNABLE PET</font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><b><font size="2">POWERADE</font></b></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><b><font size="2">591 ML NON-RETURNABLE PET</font></b></TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167">&nbsp;</TD>
    <TD width="152">&nbsp;</TD>
    <TD width="281">&nbsp;</TD>
  </TR>
  <TR VALIGN="top" align="left">
    <TD width="167"><font size="2">SUNFILL</font></TD>
    <TD width="152"><b></b></TD>
    <TD width="281"><font size="2">250 ML, 1000 NON-RETURNABLE PET <br>
      1000 ML</font></TD>
  </TR>
</TABLE>


<p><table width=600><tr><td><font size=2>In connection with such distributors outside the
Territory as it may be notified  in written by the Bottler from time to time by the
Company (the &#147;Appointed  Distributors&#148;), the sale and delivery thereof must be
in compliance with the  following terms and conditions:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Bottler
will prepare and sell the Syrups and/or Beverages in  Authorized Packages to the
Appointed Distributors in such amounts as it may be  requested by the latter and will
submit to the Company a monthly statement of  account regarding the sales of Syrups
and/or Beverages manufactured by the  Bottler to the Appointed Distributors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Bottler
will charge the Appointed Distributor for each  returnable </font></td></tr></table>






<p>&nbsp;
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;34</font></td>
  </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>Authorized Package and returnable case or
Authorized Packages  delivered to such Appointed Distributors with a deposit in legal
currency and  will reimburse such deposit per each one of the returnable Authorized
Packages  and per returnable case of Authorized Packages returned with no damages and in
good condition to the Bottler by the Appointed Distributors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Except for the
complemented and modified herein, the stipulations,  covenants and conditions of such
Bottler Agreement will remain with full force  and effect.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization may be terminated at any time
by the Company or the Bottler  upon ninety (90) days of written notification as long as
it finishes  automatically upon maturity or anticipated termination of the Bottler
Agreement  and as long as the Company remains able to cancel the authorization granted
herein in connection with one or more of the Appointed Distributors, the Syrups  and/or
Beverages in the Authorized Packages.</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 C.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>EMBOTELLADORA PANAMCO TICA, S. A.  THE
COCA-COLA COMPANY</B></font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td width="283"><font size=2>By: ___________________</font></td>
    <td width="305"><font size=2>By: __________________</font></td>
  </tr>
  <tr>
    <td width="283"><font size=2>Authorized Representative</font></td>
    <td width="305"><font size=2>Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600>
  <tr align="center">
    <td width=600 colspan="3"><font size=1>&nbsp;</font><font size="2"> </font><font size="2">&nbsp;35</font></td>
  </tr>
</table>
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.12
<SEQUENCE>13
<FILENAME>e17118ex4-12.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.12</title>
</head>
<body>
<p><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" -->
<p>&nbsp;
<table width=600>
  <tr align="right">
    <td><font size=2>Exhibit 4.12</font></td>
  </tr>
</table>
<br>
<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>THIS  BOTTLER&#146;S  AGREEMENT  (the  &#147;Agreement&#148;)
effective as of July 1, 1999, is entered into by and between  THE COCA-COLA  COMPANY,  a
company  organized and existing  under the laws of the State of Delaware,  United  States
of  America,  with  main  office 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 PANAMCO-COLOMBIA,  S.A. a company organized  and existing  under the laws of the
Republic of Colombia with main office at Carrera 94 No.  42-94,  Santaf&#233; de Bogot&#225;,
D.C.,  Departament  of  Cundinamarca,  Republic  of  Colombia  (hereinafter  referred  to
as the  &#147;Bottler&#148;).</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 width=10% valign=top><font size="2">&nbsp;A. </font></td><td width=90%><font size="2"> Whereas
the Company is devoted to the  manufacture  and sale of certain  concentrates  and
beverage  bases (hereinafter  referred to as &#147;Beverage Bases&#148;) which formulae
are Company&#146;s trade secrets,  and  upon which syrups for  non-alcoholic  beverages
are prepared  (hereinafter  referred to as &#147;Syrups&#148;),  and  it is  also
devoted  to  the  manufacture  and  sale  of  Syrups  used  for  preparing  certain
non-alcoholic  beverages set forth in Appendix I (hereinafter  referred to as  &#147;Beverages&#148;),
offered  for sale in bottles and other containers and other shapes or forms.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;B. </font></td><td width=90%><font size="2"> Whereas
the  Company is the owner of such  registered  trademarks  mentioned  in Appendix II
which  cover  such  Beverage  Bases,  Syrups  and  Beverages,  and is also the owner of
several  registered  trademarks  consisting of  Distinctive  Containers  in various sizes
wherein the Beverages  have been  commercialized for many years, as well as the owner of
registered  trademarks consisting of a Dynamic  Ribbon,  used in  publicity  and
marketing  of  some  beverages  (all  such  registered  trademarks,  collectively or
individually, shall be hereinafter referred to as &#147;Registered Trademarks&#148;)</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;C. </font></td><td width=90%><font size="2"> Whereas
the Company has the  exclusive  right to prepare,  bottle and sell the Beverages as well
as  the exclusive right to manufacture and sell Beverage Bases and Syrups in the Republic
of Colombia.</font></td></tr></table>


<p>&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">&nbsp;D. </font></td><td width=90%><font size="2"> Whereas
the Company  has  designated  and  authorized  certain  third  parties to  manufacture
the  Beverage Basis for their sale to duly appointed bottlers (such third parties
hereinafter  referred to  as &#147;Authorized Suppliers&#148;)</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;E. </font></td><td width=90%><font size="2"> Whereas
the Bottler has  requested a license from the Company to use the  Registered  Trademarks
as  regards to the preparation and bottling of Beverages and for the  distribution  and
sale of Beverages  in the territory defined and described hereunder.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;F. </font></td><td width=90%><font size="2"> The
Company is willing to grant Bottler the requested  license under the terms and
conditions  set  forth herein.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>THEREFORE, the herein-mentioned parties agree as
follows:</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>I.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> AUTHORIZATION</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><font size="2"> The
Company hereby authorizes Bottler,  and Bottler,  subject to the terms and conditions
contained  herein,  undertakes  to prepare  and bottle the  Beverages  in  Authorized
Containers  as  defined below,  to distribute and sell the same under the  Registered
Trademarks,  in and  within,  but only in and within the  territory  defined  and
described  in  Appendix  III  (hereinafter referred to as the &#147;Territory&#148;).</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2"> The  company  shall  approve  for  each  Beverage,  throughout  the  term  of this
Agreement, at its discretion,  the type of container,  its sizes, shapes and other
distinctive features  (hereinafter  referred to as &#147;Authorized  Containers&#148;)
which  Bottler is  authorized  to use  hereunder  as  container  for each  Beverage.  The
listing of  Authorized  Containers  regarding  each  Beverage as of the  effective  date
of this  Agreement,  is  provided  below in  Appendix  IV.  The  company,  by  written
notice to Bottler,  may authorize the same to use  additional  Authorized  Containers in
the preparation, distribution and sale of one or more Beverages.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Pursuant
to  subsection  (c) of this Section 2, the Company  reserves the right to  cancel  its
authorization  regarding  any  Authorized </font></td></tr></table>

<p>&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="2">&nbsp;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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Container
for  any of the  Beverages  through  written  notice,  sent  with  six (6)  months  in
advance  to  Bottler.  It is  acknowledged  and  accepted  by parties  hereto  that the
Company  shall  exercise  the  right to cancel its  authorization  in such  manner that
will  enable Bottler to prepare,  bottle,  distribute and sell the Beverages pursuant to
this  Agreement  in at least  one  of the  Authorized  Containers.  In case of such
cancellation,  the  provisions of  Section 30(c) shall apply to containers  respect  to
which the  authorization  has been  cancelled.  Pursuant to  subsection  (c) of  this
Section  2, the  Company  shall not  cancel any  authorization  regarding  an  Authorized
Container  with the sole  purpose  of  granting  to a third  party the  rights to
prepare,  bottle,  distribute  and sell  Beverages  in such  Authorized  Container within
the Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%> <FONT SIZE="2">It
is hereby acknowledged and accepted among parties that the preparation,
bottling, distribution and sale system of the Can Beverages contains certain
unique characteristics when compared with the preparation, bottling, distribution
and sale system of Beverages in other containers. In addition, it is acknowledged
and accepted among parties that the Company has a legitimate interest on keeping and
promoting the commercial and economic feasibility of the preparation, bottling,
distribution and sale system of Can Beverages worldwide. Therefore, parties hereto
agree that upon authorization to Bottler to prepare, bottle, distribute and sell
Can Beverages, the Company may cancel, at its absolute discretion and at any
time during the term of this Agreement, its authorization regarding Cans as an
Authorized Container by written notice to Bottler. The Company may decide that the
Bottler has an ongoing relation with the preparation and/or bottling and/or
distribution and sales of Can Beverages. In such event, the Company may enter into
future agreements with Bottler with respect to cross-border manufacturing
(<I>maquila</I>) or bottling for Can Beverages by Bottler,</FONT> </td></tr></table>

<p>&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="2">&nbsp;3</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">including
the  eventual  rights  of  distribution  and  sale  of  Can  Beverages.  It  is
acknowledged  and  accepted  by  Bottler  that  continuity  of  authorizations  or
agreements  with  the  Bottler  regarding  the  preparation,  bottling,  distribution
and/or sales of Can Beverages  shall be at Company&#146;s sole  discretion.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> For
the purposes hereof, the term &#147;Can&#148; means and includes:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><font size="2"> any
beverage container made totally or partially from metal; or</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><font size="2"> any
beverage  container  sealed  after being filled with a  non-removable  top; or</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=60%><font size="2"> any
beverage  container  generally  known  as  can  by  the  soft  drink  industry, wholesale
trade, retail trade and by consumers.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><font size="2"> The
Schedules  attached  hereto,  if  any,  identify  the  nature  of  supplementary
authorizations  that  might be  granted  from  time to time to  Bottler  pursuant  to
this  Agreement  and  rule  parties&#146; particular  rights  and  obligations  as to
supplementary  authorizations.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>II.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> COMPANY&#146;S
OBLIGATIONS</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><font size="2"> The
Company or the Authorized Suppliers shall sell and deliver to the Bottler such amounts of
Beverage Bases periodically requested by Bottler, to the extent and provided that:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> The
Bottler shall  request,  and the Company or the  Authorized  Supplier shall sell and
deliver to  Bottler  only  those  amounts  of  Beverage  Bases  required  and  sufficient
to  implement this Agreement; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler  shall use the  Beverage  Bases  exclusively  for the  preparation  of beverages
in the  manner  prescribed by the Company from time to time,  and the Bottler  undertakes
to abstain  from 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">
</font></td><td width=60 align=right><font size="2">&nbsp;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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Beverage
Bases or Syrups or from  allowing  them to be  held by third parties without Company&#146;s
prior written consent.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">The
Company  shall retain the  exclusive and sole right at any moment to determine  the
formulae, composition or ingredients for Beverages and Beverage Bases.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>5.  The Company,  throughout the term hereof,
except for the proviso in Section 11, shall abstain from  selling or distributing or
authorizing  third parties to sell or distribute  Beverages  within the Territory  in
Authorized  Containers,  however it reserves the rights to prepare and bottle the
Beverages in Authorized  Containers in the Territory for sale outside the Territory and
to prepare,  bottle,  distribute  and sell or  authorize third parties to prepare,
bottle,  distribute or sell the Beverages in the Territory in any other  manner or form
whatsoever. (NO ES CONTRADICTORIO??)</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>III.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> BOTTLER&#146;S
OBLIGATIONS CONCERNING THE BEVERAGE COMMERCIALIZATION, FINANCIAL CAPACITY AND PLANNING</B></FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">6. </font></td><td width=80%><font size="2"> Bottler
shall have an ongoing  obligation  to develop,  stimulate  and fully  satisfy the  demand
of each  Beverage  within the  Territory.  Therefore,  Bottler  accepts  and agrees  with
the Company:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> To
prepare,  bottle,  distribute and sell those amounts required for each Beverage  to
satisfy  fully and in all  respects  any  demand of each  Beverage  within the  Territory;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
make all  efforts  and employ  all  proven,  practical  and  approved  means to  develop
and  thoroughly  exploit  the  business  potential  to  prepare,  bottle,  commercialize
and  distribute  each  Beverage  throughout  the  Territory  by the  creation,
stimulation  and  continuous  enlargement  of  future  demand  of  each  Beverage and
satisfy fully and in all respects the existing demand;</font></td></tr></table>


<p>&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="2">&nbsp;5</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> To
invest all capital and  undertake all expenses  required for the  organization,
installation,  operation,  maintenance  and  replacement  within the  Territory of  those
manufacture,  storage,  commercialization,  distribution,  delivery,  transportation
facilities  and any other  facilities  and  equipment  required to  implement this
Agreement;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> To
sell and  distribute  Beverages in Authorized  Containers  only to retailers or  final
consumers in the  Territory;  however,  Bottler is authorized to distribute  and sell
Beverages in Authorized  Containers to wholesalers in the Territory that  sell only to
retailers in the Territory.  Any other  distribution  method shall be  subject to the
Company&#146;s prior and written approval; and</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> To
rely on a competent and duly qualified  managerial team and to recruit,  train,  keep and
direct all  personnel  required  and  sufficient  in all respect so as to  comply with
Bottler&#146;s obligations pursuant to this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">7. </font></td><td width=80%><font size="2"> Parties
hereto agree that,  in order to develop and  stimulate  demand of each  Beverage,
advertising  and other marketing  activities are required.  Bottler,  therefore  agrees
to  expend any  amounts  for  Beverage  advertising  and  marketing  as  required  to
keep and  increase demand of each Beverage in the Territory.  The Company,  at its full
discretion,  may contribute with such advertising and marketing expenses.  The Company
may also use its  own resources for any  advertising or promotional  activity the Company
deems  appropriate  to conduct in the Territory;  however,  this will not affect in any
manner  whatsoever the  obligations  held by Bottler to invest amounts  necessary for
advertising and marketing of  each  Beverage  so as to  stimulate  and  develop  the
demand  of  each  Beverage  in the  Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">8. </font></td><td width=80%><font size="2"> The
Bottler  shall  submit to the  Company for its prior  approval,  all  advertising  and
promotion related to Registered  Trademarks and Beverages </font></td></tr></table>


<p>&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="2">&nbsp;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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">and
shall use, publish, keep and  distribute  only  such  advertising  and  promotional
material  related  to  Registered  Trademarks or Beverages, as approved and authorized by
the Company.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">9. </font></td><td width=80%><font size="2"> The
Bottler shall keep consolidated  financial capacity reasonably required to assure that
Bottler is able to comply with its  obligations  hereunder.  The Bottler shall
accurately  keep books,  accounts and records and shall provide the Company, at request
thereof,  with  financial  and  accounting  information  required  to enable  the
Company  determine  the  Bottler&#146;s compliance with its obligations hereunder.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">10. </font></td><td width=80%><font size="2"> The
Bottler agrees:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> To
deliver,  once each calendar  year, a program  (hereinafter  called the &#147;Annual
Program&#148;) in  acceptable  form and contents  for the Company.  The Annual  Program
shall  include,  but not be limited  to,  Bottler&#146;s  plans for  commercialization,
administration  and management,  finances,  promotion and advertising,  disclosing  in
detail  the  activities  set forth for the  following  12-month  period or any  other
period the Company may establish.  The Bottler shall diligently  perform the  Annual
Program  and shall  inform on a  quarterly  basis or such other  intervals  indicated by
the Company as to the Annual Program implementation.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
inform  the  Company  monthly,  or at any  other  intervals  set  forth by the  Company,
the  sales  of each  Beverage  on a  detailed  basis  and  with the data  required by the
Company.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">11. </font></td><td width=80%><font size="2"> The
Bottler  acknowledges that the Company has entered or may enter into contracts similar
to this  Agreement  with third parties  outside the Territory and accepts the
limitations  that such  contracts  may  reasonably  impose to Bottler in the  business
development  in  accordance  hereto.  In  addition,  the Bottler  aggress to develop  its
business in such  manner to avoid  conflicts 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">
</font></td><td width=60 align=right><font size="2">&nbsp;7</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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">such
third parties and, in case of conflicts that although  may arise,  it  undertakes  to
make all  reasonable  efforts to solve them on an  friendly  basis.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">The
Bottler shall not object without valid reason to any additional  measure considered by
the Company as  necessary  and  justified  to protect and improve the  Beverage  sales
and  distribution  systems,  for example,  those that could be adopted concerning the
attention  of big or  special  accounts  which  activity  field  exceeds  the  Territory
boundaries,  inclusive  if such  measures  involve a  restriction  of Bottler&#146;s
rights or  obligations  within the reasonable limits without affecting the essence of
this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">12. </font></td>
    <td width=10% valign="top"><font size="2">&nbsp;(a)</font></td>
    <td width=70% valign="top"><font size="2"> The Bottler, upon acknowledgement
      of the significant benefit for itself and for all third parties referred
      to in above Section 11 arising from the uniform external appearance of the
      distribution equipment and other equipment and material used pursuant hereof,
      agrees to accept and apply the rules adopted and issued from time to time
      by the Company for the design and decoration of trucks and other distribution
      vehicles, boxes, cartons, cooling boxes, vending machines and other materials
      and equipment used in the Beverage distribution and sale hereunder.</font></td>
  </tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler  further  undertakes to keep and replace such  equipment at reasonably  required
intervals  and to abstain  from using such  equipment to  distribute  or  sell any other
products not identified  with the  Registered  Trademarks,  without  the Company&#146;s
prior written consent.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">13.</font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70% valign="top"><font size="2"> The Bottler may not in any way
      whatsoever, prepare, sell or distribute or cause the sale or distribution
      of Beverages outside the Territory, without the Company&#146;s prior consent.</font></td>
  </tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> In
case any of the Beverages  prepared,  bottled,  distributed  or sold by Bottler  were
found  in the  Territory  of other  Company&#146;s  products </font></td></tr></table>


<p>&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="2">&nbsp;8</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">authorized
Bottler  (hereinafter  referred  to  as  &#147;Impaired  Bottler&#148;),  then  in
addition  to  all  remaining remedies available:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=60%><font size="2"> The
Company,  at its full discretion,  may immediately  cancel to Bottler  the  authorization
of the Authorized  Bottle(s) of the type found in the  Impaired Bottler&#146;s Territory;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">2) </font></td>
    <td width=60%><font size="2"> The
Company  may  charge to  Bottler a  compensatory  amount  for those  Beverages found in
the Impaired Bottler&#146;s  Territory to relieve the loss  of profit,  expenses  and
other  costs  endured by the  Company  and the  Impaired Bottler; and</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">3) </font></td>
    <td width=60%><font size="2"> The
Company may purchase any Beverages  prepared,  bottled,  distributed  or sold by Bottler
found in the Impaired  Bottler&#146;s  Territory,  and the  Bottler,  in addition to any
other  obligation it might have  hereunder,  shall  reimburse the Company the cost it has
undertaken in the purchase,  transportation and/or destruction of such Beverages.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> In
the event that  Beverages  prepared,  bottled,  distributed or sold by Bottlers  were
found in the Impaired Bottler&#146;s  Territory,  the Bottler shall make available  to
the  Company&#146;s  representatives  all  sales  agreements  and  other  documents
related to such  Beverages  and shall assist the Company  with all  investigations
regarding the sale and distribution of such Beverages outside the Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> The
Bottler shall  immediately  inform the Company in case of receipt from a third  party any
purchase  offer or order,  respect to which Bottler may be aware or have  reasons  to
believe  it would  result  in the  commercialization,  sale,  resale,  distribution  or
redistribution  of Beverages  outside the Territory in violation  of this 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="2">&nbsp;9</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=10% valign=top><FONT SIZE="2">&nbsp;<B>IV.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> BOTTLER&#146;S
OBLIGATIONS CONCERNING REGISTERED TRADEMARKS</B></FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">14. </font></td><td width=80%><font size="2"> Bottler
shall  acknowledge  at any time the  validity of  Registered  Trademarks  and the  Company&#146;s
ownership thereof and shall not challenge at any time the validity or ownership  of
Registered Trademarks.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">15. </font></td><td width=80%><font size="2"> Nothing
contained  herein  shall  grant  Bottler  the  benefit or right  whatsoever  over
Registered  Trademarks or the commercial  reputation  (goodwill)  inherent thereto or
over  labels,  designs,  containers or other visual  representation  thereof, used in
connection  therewith  and Bottler  acknowledges  and agrees that all rights and interest
created for  the use of Trademarks,  labels,  designs,  containers or any other visual
representations  shall  inure to the  benefit  and  ownership  of the  Company.  Parties
hereto  agree and  understand  that  it is a  mere  temporary  permission  extended  to
Bottler  under  this  Agreement,  without this giving rise to any right or interest,  and
without payment of any  right or royalty whatsoever,  for the use of such Registered
Trademarks,  labels, designs,  containers or any other visual  representation  thereof
solely  regarding the preparation,  bottling,  distribution and sale of Beverages in
Authorized Containers; such use should be  made in such  manner and form that all
commercial  reputation  (goodwill)  in  connection  therewith  benefits  the Company as
source and origin of such  Beverages,  and the Company  shall  have  absolute  rights to
decide at all  instances  the  presentation  form of the  Registered  Trademarks  and
such  other  steps  required  or  convenient  to  assure  the  compliance of this Section
15.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">16. </font></td><td width=80%><font size="2"> The
Bottler shall not adopt or use any name,  corporate  name,  commercial  name,  name of
establishment  or any other  commercial  denomination  including  the  words  &#147;Coca-Cola&#148;,
&#147;Coca&#148;,  &#147;Cola&#148;,  &#147;Coke&#148; or any of them or any other name
that might cause confusion or be  likely similar to any graphic or visual  representation
of the  Registered  Trademarks 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">
</font></td><td width=60 align=right><font size="2">&nbsp;10</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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">registered
trademark  or  industrial  property  of the  Company,  without  the  Company&#146;s prior
written consent.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">17. </font></td><td width=80%><font size="2"> The
Bottler  agrees with the Company  during the term of this  Agreement and pursuant with
applicable legislation:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Not
to  manufacture,  prepare,  bottle,  distribute,  sell,  deal or relate in any  other
manner with any other  non-alcoholic  beverage  products,  other than those  prepared,
bottled,  distributed  or  sold  by  Bottler  under  the  Company&#146;s  authorization,
unless prior written consent is procured from the Company;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Not
to  manufacture,  prepare,  bottle,  distribute,  sell,  deal or relate in any  other
manner with any other  concentrate,  beverage  base,  syrup or beverage that  might be
easily  confusing with or be deemed as any of the Beverage Bases,  Syrups  or Beverages;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Not
to  manufacture,  prepare,  bottle,  distribute,  sell,  deal or relate in any  other
manner with any other beverage  product under any  commercial  design or any  other
container  reproducing  a commercial  design or container  respect to which  the Company
claims a property  right or asset that might be subject to  confusion  or that might
cause  confusion or that is  perceived  similar by consumers or that  might be
substituted by such commercial design or container;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> Not
to  manufacture,  prepare,  bottle,  distribute,  sell,  deal or relate in any  other
manner  with  any  product  under  any  registered  trademark  or  other  denomination
being a  reproduction,  copy,  violation of, or confusingly  similar  to, any of the
Registered Trademarks; and</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> During
the term of this  Agreement  and for a period of two (2) years  thereafter,  and  upon
acknowledgement  of the  valuable  rights  granted  by the  Company  to  Bottler
pursuant  to  this  Agreement,  not  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="2">&nbsp;11</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 11; page: 11" -->




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">manufacture,
prepare,  bottle,  distribute,  sell,  deal  with or relate in any  other  manner  with
any  beverage  under the &#147;Cola&#148; name (either  individually  or jointly with any
other word(s)) or  any phonetic interpretation thereof.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">The
provisions  contained  herein apply not only to the operations  wherein Bottler may be
directly  related,  but also to operations  wherein the Bottler may be indirectly
related  through its  property,  control,  management,  company,  agreement,  covenant or
any other  form,  either  within or outside the  Territory.  The Bottler  undertakes  to
abstain from  acquiring or directly or indirectly  retaining any property  interest in,
or being part of  any  agreement or contract  related to the direction or control of any
person or corporate  entity,  within or outside the Territory that  participates  in any
activities  prohibited  under this Section.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">Likewise,
regarding  alcoholic beverages with respect to which Bottler may involve during  the term
of this  Agreement,  Bottler  agrees to  conduct  such  business,  or any  aspect
thereof,  that might include to manufacture,  prepare,  bottle,  distribute or sell or
any  other activity related with alcoholic  beverages,  though a different  company and
in such  manner  that it  appears  to public  as an  activity  other  than the  Bottler&#146;s
Beverage  business  as  authorized  herein.  This way,  the Bottler  agrees to conduct
any  business  related with alcoholic  beverages through a different  commercial entity,
including:  (i)  corporate  entity;  (ii) plant or other  physical  structure;  (iii)
sales team (equipo de  personas  o  de  cosas??);  (iv)  machinery  and  vehicles;  and
(v)  other  business  characteristics, unless the Company otherwise authorizes in writing.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">18. </font></td><td width=80%><font size="2"> This
agreement reflects both parties&#146; mutual interest in the event that:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> a
third party,  that in opinion of the Company,  is related directly or indirectly  through
a property  title,  to  exercise  control  or in any other  way,  with the  manufacture,
preparation,  bottling,  distribution  or  sale </font></td></tr></table>


<p>&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="2">&nbsp;12</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">of
any  product  mentioned in above  Section 17, would  acquire or in any way would obtain
control  or any direct or indirect influence in the Bottler&#146;s direction; or</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> any
natural or  corporate  person that having  majority of  ownership or direct or  indirect
control on Bottler  or  directly  or  indirectly  controlled,  either by  Bottler or any
third party having  control or any direct or indirect  influence on  Bottler&#146;s
management,  gets involved, in Company&#146;s opinion, with the preparation,  bottling,
distribution or sale of any product mentioned in above Section 17.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2"> </font></td>
    <td width=80%><font size="2"> Then, the Company shall have the right to immediately
      terminate this Agreement unless such third party is conducting such acquisition
      pursuant to subsection (a) mentioned above or the person, entity, firm or
      company referred to in subsection (b) mentioned above, upon written notice
      of the Company of its intention of ending the Agreement as mentioned, agrees
      to discontinue, and effectively proceeds to discontinue, the manufacture,
      preparation, bottling, distribution or sale of such products within a reasonable
      period not exceeding six (6) months as from the date of notice.</font></td>
  </tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">19. </font></td>
    <td width=10% valign="top"><font size="2">&nbsp; </font></td>
    <td width=70% valign="top"><font size="2"> (a)
If the  Company,  for the  purposes of this  Agreement,  requires  pursuant to the
applicable  laws  ruling  industrial  property  registration  and  license,  that
Bottler be recorded as  registered  user or  licensee  of  Registered  Trademarks,  then,
at Company&#146;s  request,  Bottler shall enter into any and all  agreements and  all
such other  documents  required  in order to  establish,  vary or cancel  said
registration.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> If
the  public  authority  having  jurisdiction  rejects  the  Company&#146;s  and  the
Bottler&#146;s  application to record Bottler as registered  user or licensee of any of
the Registered  Trademarks  regarding any of the Beverages prepared and bottled by
Bottler  hereunder,  then  the  Company  shall  be  entitled  to  terminate  this
Agreement  or  immediately  cancel  the  authorization  with  respect  to  such
Beverages.</font></td></tr></table>


<p>&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="2">&nbsp;13</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=10% valign=top><FONT SIZE="2">&nbsp;<B>V.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> BOTTLER&#146;S
OBLIGATIONS CONCERNING BEVERAGE PREPARATION AND BOTTLING</B></FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70% valign="top"><font size="2"> Bottler agrees with Company to
      use, in the preparation of Syrups for each Beverage, only the Beverage Bases
      acquired from the Company or Authorized Suppliers and to use the Syrups
      only for the preparation and bottling of the Beverages under strict observance
      and compliance with the written instructions periodically communicated to
      the Bottler by the Company. The Bottler further agrees with the Company
      that the Beverage preparation, bottling and distribution shall at all times
      be subject to the manufacturing, hygiene and other rules set forth by the
      Company from time to time and to comply with all applicable legal requirements
      and, in addition, Bottler shall at all times allow the Company, its directors,
      agents, representatives or employees any access and inspection of the plant,
      facilities, equipment and methods used by Bottler in the preparation, bottling,
      storage and handling of Beverages to determine whether the Bottler is complying
      with the terms hereof.</font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler,  upon  acknowledgment  about the  importance of identifying  the Beverage
manufacture  source  in  the  market,  agrees  to use  identification  codes  in all
bottling  materials for Beverages,  including the Authorized  Containers and
non-returnable  boxes.  The  Bottler  further  agrees  to  install,  keep and use
machinery  and  equipment required for the application of such identification  codes. The
Company  shall provide from time to time the Bottler with necessary  written
instructions  concerning the forms of  identification  codes that should be used by the
Bottler  and production and sale records that should be kept by the Bottler.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> In
the event that the Company  determines  or is aware of any quality or technical  problem
related to any  Beverages or  Authorized </font></td></tr></table>


<p>&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="2">&nbsp;14</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Containers
with respect to any  Beverage,  the Company may  require the Bottler to make all
necessary  actions to  immediately  withdraw  such  Beverages  from the market.  The
Company  shall give  notice  to  Bottler  by  phone,  cable,  telex,  telefax  or any
other  immediate  communication  means about its  decision  of  requiring  Bottler to
withdraw  such  Beverages  from the market and the Bottler,  upon  receipt of such
notice,  shall  immediately  suspend the  distribution  of said Beverages and shall take
any other  action that might be requested by the Company in  connection  with the
withdrawal  of said Beverages from the Market.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> In
the event that the Bottler  determines or is aware of any quality or technical  problem
related  to any Beverages or Authorized  Containers  with respect to any  Beverages,
then  the Bottler  shall give  immediate  notice to the Company  phone,  cable,  telex,
telefax or any other immediate  communication  means.  Such notice shall include:  (1)
identity  and  quantity of  Beverages  involved,  including  the  Authorized  Containers,
(2) codifying  data,  (3) any other relevant  information  including  such that will help
tracking such Beverages.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">21. </font></td><td width=80%><font size="2"> The
Bottler  must,  at its own  expense,  submit to the  Company  the  samples of Syrups,
Beverages and materials used in the  preparation of Syrups and Beverages,  pursuant to
the  instructions communicated in writing by the Company from time to time.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">22. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=70% valign="top"><font size="2">In the Beverage  bottling,  distribution  and sale, the Bottler will only use such
Authorized Containers,  caps, boxes, cartons,  labels and other bottling materials
approved  from time to time by the  Company,  and the Bottler  shall  acquire such  items
only from the  suppliers  authorized  by the  Company to  manufacture  said  items for
use in connection  with the Registered  Trademarks  and  Beverages.  The  Company  shall
make its best  efforts to approve  two or more  suppliers </font></td></tr></table>


<p>&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="2">&nbsp;15</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>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">for
such  items,  being  understood that such authorized  suppliers may be located within or
outside the Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler  shall  inspect  the  Authorized  Containers,  caps,  boxes,  cartons,  labels
and other  bottling  materials and shall use only those items that meet the  provisions
set forth by the laws  applicable in the Territory,  in addition to the  provisions  and
specifications  provided  by  the  Company.  The  Bottler  shall  independently
undertake  any  liability  regarding  the  use of  such  Authorized  Containers,  caps,
boxes,  cartons,  labels and other bottling  materials to meet  such provisions.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler  shall  permanently  keep  sufficient  inventory  of  Authorized  Containers,
caps,  labels,  cartons and other bottling materials to fully satisfy  demand of each
Beverage in the Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">The Bottler  acknowledges  that increases of Beverage  demand,  as well as changes  in
the  listing  of  Authorized  Containers,  may  from  time  to  time  require
modifications or other changes with respect to existing  manufacturing,  bottling,
distribution  or direct sale  equipment or may require the purchase of  additional
manufacturing,  bottling,  distribution  or direct  sale  equipment.  The  Bottler
therefore  agrees to make such  modifications  to existing  equipment  and acquire  and
install additional  equipment required with enough  anticipation to enable the
introduction  of new  Authorized  Containers and the  preparation  and bottling of
Beverages pursuant to the Bottler&#146;s  permanent  obligations to develop,  stimulate
and fully satisfy demand for each Beverage in the  Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> In
case the Bottler uses returnable  Authorized  Containers in the preparation and  bottling
of  Beverages,  the Bottler  agrees to invest the  necessary  capital and  invest  the
amounts  required  from  time to  time  to  create  and  keep  proper  inventory of
returnable Authorized  Containers.  So as to assure permanent quality  and appearance 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">
</font></td><td width=60 align=right><font size="2">&nbsp;16</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>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">returnable
Authorized  Container  inventory,  the Bottler  further agrees to replace all or part of
such  inventory of returnable  Authorized  Containers,  to  the  extent  it  is
reasonable  required  and  pursuant  to  the  Bottler&#146;s obligations established
herein.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler  agrees not to rebottle or otherwise  reuse any of the  non-returnable
Authorized Containers that were previously used.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">24. </font></td><td width=80%><font size="2"> The
Bottler is the only  responsible  for the compliance of  obligations  hereunder in the
terms set forth by laws and regulations  applicable in the Territory and must
immediately  inform the  Company of any  provision  preventing  or  limiting  in any way
the  Bottler&#146;s  strict compliance with its obligations provided herein.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VI.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> PURCHASE
&#150; SALE CONDITIONS</B></FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">25. </font></td><td width=80%><font size="2"> The
Bottler,  shall acquire  Beverage Bases required for the  preparation  and bottling of
Beverages  only from the Company or Authorized  Suppliers,  pursuant to the provisions
set  forth in this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">The Company,  by communication to Bottler,  reserves the right to establish at its  full
discretion,  the prices for the Beverage  Bases,  including the dispatch and  payment
conditions,  the currency or  currencies  acceptable  for the Company and  its
Authorized  Suppliers  for  payment  and to  appoint  one  or two  Authorized  Suppliers,
the supply  site,  and/or  alternate  supply  sites for each  Beverage  Base.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company  reserves  the right,  to the  fullest  extent  permitted  by the law  applicable
in the  Territory,  to  establish  and  revise,  by written  notice to  Bottler,  the
maximum prices in which each Beverage in the  Authorized  Containers  may be sold by
Bottler  to  retailers  and the  maximum  retail  prices  for each  Beverage.  It is
hereby  acknowledged,  in this  sense,  that  Bottler  may  sell  Beverages to retailers
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="2">&nbsp;17</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>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">authorize
Beverage  retail sales at prices below the  maximum  prices  established  or  revised  by
the  Company  pursuant  to  this  subsection.  The  Bottler  shall  not  increase,
however,  the  maximum  prices  established  and revised by the Company at which the
Beverages in the  Authorized  Containers  may be sold to  retailers  nor  authorize  an
increase in the Beverage  maximum prices without the Company&#146;s prior written
approval.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Company  reserves the right,  by written notice to the Bottler,  to change the
Authorized  Suppliers  and to revise from time to time and at any time at its full
discretion,  the prices of any Beverage Bases, the dispatch conditions  (including
supply sites) and the currency or  currencies  acceptable to the Company or to its
Authorized Suppliers.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> If
the  Bottler  is not  willing  to pay the price  revised  with  respect  to the  Beverage
Base for the &#147;Coca-Cola&#148; Beverage,  then the Bottler shall given written
notice to the Company  within  thirty (30) days as from  receipt of the  Company&#146;s
notice informing on the revision of the  aforementioned  price. In this case, this
Agreement  shall  terminate  automatically  within three (3) calendar months after
receipt of the Bottler&#146;s notice.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> Except
for the proviso in above  subsection  (d) with respect to the Beverage Base  for &#147;Coca-Cola&#148; Beverage,
if the Bottler is not willing to pay the revised price  with  respect  to the  Beverage
Base(s)  for one or more of any other  Beverages,  then the  Bottler  shall so give
notice in writing to the  Company  within  thirty  (30) days at receipt of the  Company&#146;s
written  notice  informing of the revision  of the  mentioned  price  or  prices.  In
this  case,  the  Company,  at its  sole  discretion  and taking  into  account  present
and future  market  circumstances,  shall take any of the  following  actions:  (i) give
notice in writing to Bottler  as to the  termination  of this  Agreement,  in which event
this </font></td></tr></table>


<p>&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="2">&nbsp;18</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">Agreement
shall  terminate in three (3) calendar  months after the  termination  notice made by the
Company  to  Bottler,  or  (ii)  give  written  notice  to  Bottler  as  to  the
cancellation  of  the  authorization  for  Bottler  regarding  such  Beverage  or
Beverages  respect to which Bottler is not willing to pay the revised price;  such
cancellation  shall be effective  three (3) calendar  months as from the notice of
cancellation  of  authorization(s)  made by  Company  to  Bottler.  In the case of
cancellation  of  authorization  of a  Beverage  or  Beverages  pursuant  to  this
subsection,  the  conditions  of  Section  30 shall  apply  with  respect  to such
Beverage or Beverages  and,  notwithstanding  any  provision  hereof,  the Company  shall
have no additional  obligations  respect to the Bottler in  connection  with  such
Beverage or Beverages for which such  authorizations  have been cancelled and  the
Company  shall have the right to  prepare,  bottle,  distribute  or sell,  or  grant
authorizations  to a third party to prepare,  bottle,  distribute  or sell,  such
Beverage or Beverages in the Territory.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><font size="2"> The
Bottler&#146;s  failure to give notice to the Company  regarding the revised price  of
any or more Beverage Bases pursuant to above  subsections  (d) and (e) shall be  deemed
as the Bottler&#146;s acceptance of the revised price.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=70%><font size="2"> The
Bottler  undertakes  to collect  and charge to retail  distributors  for each  returnable
Authorized  Container  and each  returnable  boxes  delivered  to such  retailer
distributors,  the deposits that the Company may determine  from time to  time through
written  notice to the Bottler and make all  reasonable and diligent  efforts to recover
empty  returnable  Authorized  Containers  and boxes and, once  they are  recovered,  to
reimburse  or credit  the  deposits  of such  returnable  Authorized  Containers  and
returnable  boxes  having no  damages  and under good  conditions.</font></td></tr></table>


<p>&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="2">&nbsp;19</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=10% valign=top><FONT SIZE="2">&nbsp;<B>VII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> TERM
AND TERMINATION OF THE AGREEMENT</B></FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">27. </font></td><td width=80%><font size="2"> This
Agreement  shall be effective as from July 1<sup><font size=1>st</font></sup>, 1999 and shall expire without notice,  on
June 30, 2004, unless early  termination  occurs as provided herein. It is acknowledged
and  agreed  amongst  parties  hereto  that the  Bottler  shall have no right to claim
any  implicit renewal of this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">If
the Bottler has fully  complied with the terms,  covenants,  conditions  and provisions
hereof  during  the  term,  and  the  Bottler  is  capable  for  the  constant
promotion,  development  and  exploitation  of the full potential of the business to
prepare,  bottle,  distribute  and sell 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 written  notice to the Company with at least
six (6) months but not more than  twelve (12) months in advance at the  expiration  date
of this  Agreement.  The  Bottler&#146;s  request for such  extension  shall be supported
with the  documentation  the Company might  require,  including  that related to the
Bottler&#146;s  compliance  with the  obligations  set  forth in this Agreement and
including the documentation  confirming the Bottler&#146;s constant  capacity to develop,
stimulate and fully satisfy the demand for each Beverage  within the  Territory. If
Bottler has satisfied, at the Company&#146;s full discretion,  the conditions for  the
extension of this Agreement,  then the Company may agree,  by written  notice,  on the
extension of this Agreement for said additional term.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">At
the expiration of any of such additional terms,  this Agreement shall  definitively end
without any additional  notice,  and the Bottler shall have no right to claim any
implicit  renewal of this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">28.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">This  Agreement  may be  terminated  by the Company or by the Bottler  immediately  and
without any  liability  whatsoever  by written  notice  given by either  party  entitled
to the termination to the other party:</font></td></tr></table>


<p>&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="2">&nbsp;20</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 20; page: 20" -->




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><font size="2"> If
the Company,  the  Authorized  Suppliers or the Bottler cannot legally  obtain the
foreign  currency  for  remittance  abroad of the  payment of  importations of Beverage
Bases or ingredients or materials  necessary for  the preparation of the Beverage Bases,
Syrups or Beverages; or</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><font size="2"> If
either  party  hereto is no  longer  in  conformity  with the laws or  regulations
applicable  in the country  where the  Territory  is located  and,  as a  result,  or
resulting  from any  other  law  affecting  this  Agreement,  any of the  material
provisions  provided  herein  cannot be  legally  complied  with or the Syrups cannot be
prepared or the Beverages  cannot be prepared or sold  pursuant  to the  instructions
issued by the  Company in accordance with above  mentioned  Section 20, or if any of the
Beverage  Bases  cannot be  prepared or sold  pursuant  to the  Company&#146;s  formulae
or the rules provided by the latter.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company may  terminate  this  Agreement  immediately  without  any  liability  whatsoever
for damages:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=60%><font size="2"> If
Bottler  becomes  insolvent or is declared in cessation of payments or  a  bankruptcy
petition  is filed  against it or on behalf of the Bottler  without it being  suspended
or rejected  within one hundred  twenty (120)  days following the submission  thereof, or
if the Bottler files a request  to liquidate or close its business,  or if its winding up
is requested or  a  judicial  order in this way is issued  against  the  Bottler,  or if
a  receiver,  attachment  officer or judicial  administrator is appointed to  handle the
Bottler&#146;s business,  or if the Bottler enters into judicial or  voluntary
agreements  with  its  creditors,  or  completes  any  similar  arrangement  with them or
a voluntary  assignment of assets in benefit of  creditors 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">
</font></td><td width=60 align=right><font size="2">&nbsp;21</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=60%><font size="2"> In
the event of winding up,  nationalization  or expropriation of Bottler  or in event of
seizure of Bottler&#146;s productive or distribution assets.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">29. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">This  Agreement  may be  terminated  by the  Company or by the  Bottler if either  party
fails to comply with any of the terms,  provisions  or  conditions  hereof  and fails to
remedy such  failure(s)  within sixty (60) days after said party has  received written
notice  about such failure(s).</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> In
addition to any other  remedies  the Company may be entitled in virtue  hereof,  if at
any time the  Bottler  no  longer  follows  or  complies  with  instructions  prescribed
by the Company or required by  applicable  laws in the  Territory  for  the  preparation
of  Syrups  or  Beverages,  the  Company  shall be  entitled  to  prohibit the
production  of Syrups or Beverages  until failure to comply has been  remedied at Company&#146;s
satisfaction,  and the Company may require  withdrawal from  the market,  at Bottler&#146;s
expense,  of those  Beverages  not being in  conformity  with or not prepared  pursuant
to such  instructions,  provisions or requirements,  and Bottler,  without delay,  will
comply with such  prohibition  or  requirement.  During the period of such  production
prohibition,  the Company shall be entitled  to suspend  deliveries of Beverage  Bases to
Bottler and shall also have the right  to  provide  or  cause  or  permit  others  to
provide  Beverages  in  Authorized  Containers  in the  Territory.  No  prohibition  or
requirement  may be deemed as  waiver of the  Company&#146;s  rights to  terminate  this
Agreement  pursuant  to this  Section.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">30. </font></td><td width=80%><font size="2"> At
expiration or early  termination of this Agreement or cancellation of the authorization
for one(some) Beverage(s) and then only and with respect to such Beverage(s),  as the
case  may 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">
</font></td><td width=60 align=right><font size="2">&nbsp;22</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> The
Bottler  thereafter  shall no  longer  prepare,  bottle,  distribute  or sell  Beverages
or  make  any  use  whatsoever  of  Registered  Trademarks,  Authorized  Containers,
boxes, caps, labels,  bottling material or advertising  material used  or devoted for use
by Bottler  regarding the preparation,  bottling,  distribution  and sale of Beverages;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Bottler shall immediately  delete any reference to the Company,  the Beverages  and the
Registered  Trademarks  from the  facilities,  delivery  vehicles,  direct  sales
equipment  and  other  equipment  owned  by the  Bottler  and all  business  stationery
and  all  written,  graphic,  electromagnetic,  digital  or  other  promotional  or
advertising  material  used  or  retained  by  the  Bottler,  and  thereafter,  the
Bottler  shall  not  assert  in any way  whatsoever  it hold any  relationship with the
Company, the Beverages or the Registered Trademarks;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler  shall  immediately  deliver to the Company or a third party  pursuant  to the
Company&#146;s  instructions,  all  Beverage  Bases,  Beverages  in  Authorized
Containers,  Authorized  Containers  usable with  Registered  Trademarks or any of  them,
boxes,  caps,  labels,  bottling  materials  and  advertising  material for  Beverages
yet being  possessed  by the  Bottler  or under  control  thereof.  The  Company,  upon
receipt of material according to such  instructions,  shall pay the  Bottler an amount
equal to the market&#146;s  reasonable  value of such  consumables or  materials,
provided that the Company shall only accept and pay those  consumables  and materials
under usable and first class condition.  All Authorized  Containers,  caps,  labels,
container  material and advertising  material  holding the name of  the  Bottler  and
consumables  or  materials  not proper for use  pursuant to the  Company&#146;s
provisions,  shall be destroyed by the Bottler without any cost for the  Company.  In
case  this  Agreement  is  terminated  pursuant  to the  proviso  of  Sections  18 or
28(a)  or as a result  of any of the  circumstances  set  forth in  Section 35 (including
the  termination </font></td></tr></table>


<p>&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="2">&nbsp;23</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 23; page: 23" -->




<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">by
operation of law), or if the Agreement  is  terminated  by the Bottler due to any other
reason  pursuant to or  resulting  from the  application  of  Sections  26 or 29, or by
effect of the  authorization  cancellation for one (some)  Beverage(s)  pursuant to
Section 26(e) or Section 31,  the  Company  shall have the option,  but not the
obligation,  to  purchase  from  Bottler the consumables and materials mentioned above;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> All
herein-mentioned  rights  and  obligations,  either  expressly  provided  or  acquired
or being  acquired  by the  use,  custom,  or any  other  manner,  shall  expire,  cease
and  terminate,  with the  exception of the  Bottler&#146;s  obligations  contained in
Sections  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  will  continue  in full  force  and  effect.  It is always
understood  that this provision shall not affect any of the  rights  the  Company  may
have  against  the  Bottler  with  respect to claims for  non-payment  of any debt or
obligation  of Bottler with the Company or authorized  suppliers.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">31. </font></td><td width=80%><font size="2"> In
addition to all other  remedies  for Company with respect to any failure by the Bottler
to comply with the terms,  obligations and conditions hereof, if such default only
relates  to the  preparation,  bottling,  distribution  and sale by the Bottler of one or
more, but  not all,  Beverages  then the Company may choose to cancel the  authorizations
granted to  Bottler with respect to such  Beverage or Beverages  pursuant to this
Agreement.  In case  the Company  cancels  authorizations  to Bottler based on this
Section,  the provisions of  Section 30 shall apply with respect to such Beverage or
Beverages,  and the Company shall  have no additional  obligations with the Bottler with
respect to the Beverage or Beverages  which authorizations have been canceled,  and the
Company shall have the right to prepare,  bottle,  distribute  or  sell,  or  grant
authorizations  to a  third  party  as  to  the  preparation,  bottling,  distribution
and  sale  of such  Beverage  or  Beverages  in the  Territory.</font></td></tr></table>


<p>&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="2">&nbsp;24</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 24; page: 24" -->



<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VIII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> GENERAL
PROVISIONS</B></FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">32. </font></td><td width=80%> <FONT SIZE="2">It
is acknowledged and accepted between parties hereto that the Company has a legitimate
interest to keep, promote and protect the global performance, efficiency and integrity
of the Company&#146;s products international bottling, distribution and sale
system. It is further acknowledged and accepted between parties hereto that this
Agreement has been entered into by the Company <I>intuitu personae</I> in consideration to the
identity, character and integrity of the owners, controlling parties, and directives
of the Bottler and the Bottler, on its part, guarantees that, prior to the execution
of this Agreement, it has fully revealed to the Company the names of the owners and
third parties holding rights or exercising an effective power, control or direction
on the Bottler. Therefore, the Bottler hereby accepts and undertakes with the Company:</FONT></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> To
abstain from  assigning,  transferring,  pledging or in any way encumbering all  or  part
of  this  Agreement  or any  interest  thereon,  in  favor  of any  third  party(ies),
without the Company&#146;s prior written consent;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> To
abstain from  delegating the  performance of this  Agreement,  in whole or in part, to
any third  party(ies), without the Company&#146;s prior written consent;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> To
given  prompt  notice to the  Company in the event of or when being  aware of a  third
party&#146;s  action that might result or results in any change of the Bottler&#146;s
property or control;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> To
make  available  to the  Company  on a  periodical  basis and at the  Company&#146;s
request,  full records of Bottler&#146;s ownership with precise information  concerning
to any third party(ies) directly or indirectly controlling the same;</font></td></tr></table>


<p>&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="2">&nbsp;25</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> Insofar
as the Bottler has any legal control over any changes on Bottler&#146;s property or
control,  to  abstain from giving rise, conducting,  consenting, accepting changes,
without the  Company&#146;s prior written consent; and</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=70%><font size="2"> If
the  Bottler is  organized  as a  partnership,  to abstain  from  changing  the
composition  of such  company by the  admission  of new  partners or  departure of
existing partners, without the Company&#146;s prior written consent.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
addition to the  aforementioned in this Section,  if a change proposed in the Bottler&#146;s
property or control  fully or partially  involves a direct or indirect  transfer to or
the  acquisition  of property or control of Bottler,  by a person or entity  authorized
by the  Company to  manufacture,  sell,  distribute  or in any other way  negotiate  in
any of the  beverages  and/or any  Company&#146;s  registered  trademark  (the  &#147;Acquiring
Bottler&#148;),  the  Company  may  request  all  information  deemed  relevant  of  both
the  Bottler  and the  Acquiring  Bottler  so as to decide  whether  it  accepts  or not
such  change.  In either  circumstance,  parties being acknowledged and admitting the
Company&#146;s  legitimate interest  to keep,  promote and protect the global
performance,  efficiency  and  integrity  of the  Company&#146;s products international
bottling,  distribution and sale system, expressly accept  that the Company is entitled,
when making such  decision,  to consider all factors deemed  pertinent and to apply the
criteria it considers relevant.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
addition,  it is hereby  acknowledged  and agreed amongst parties that the Company,  at
its full  discretion,  may withhold its consent to any change  proposed in the property
or  other  transaction  set forth in this  Section  32, or may  subject  its  consent to
those  conditions it may determine,  at its full  discretion.  Parties  expressly  agree
that any  violation  by Bottler of the  preceding  provision  contained  in this  Section
32,  shall  entitle the Company to  immediately  terminate  this  Agreement;  and, due to
the personal  nature 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="2">&nbsp;26</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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">this
Agreement,  they  agree that the  Company  shall be  entitled  to end this  Agreement  if
any other  third  party(ies)  obtain a direct or  indirect  interest  in the  property or
control of Bottler,  although Bottler has no means to prevent such change, if,  at
Company&#146;s  opinion  such  change may enable  such third  party(ies)  to  exercise
any  influence on the Bottler&#146;s  direction or may substantially  affect the Bottler&#146;s
capacity  to duly perform the terms, obligations and conditions hereof.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">33. </font></td><td width=80%><font size="2"> The
Bottler, prior to the issuance,  offer, sale, transfer,  commercialization or exchange
of its share certificates or any other ownership certificates,  bonds,  obligations or
any  other debt certificate,  or the promotion of the  aforementioned  activities,  must
obtain  written  consent from the Company,  provided that the Bottler uses the name of
the Company  or the  Registered  Trademarks  or any  reference  of its  commercial
relations  with the  Company is made in prospectus,  promotional  material, or other
sales efforts. The Bottler  may not use the Company&#146;s name or the Registered
Trademarks or any other reference to the  relationship  with the Company in prospectus or
advertising  or promotional  material used  with respect to the Bottler&#146;s
acquisition of shares or other  ownership  certificates  in  other company without the
Company&#146;s prior written approval.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">34. </font></td><td width=80%><font size="2"> The
Company  may  assign  any of its  rights  and  delegate  all or part of its duties or
obligations  arising  hereunder to one or more of its subsidiaries or affiliate
companies  by written  notice to Bottler;  provided,  however,  that any delegation of
this sort does  not release the Company from any of its obligations undertaken in virtue
hereof.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
addition,  the Company,  at its full  discretion  and by written notice to the Bottler,
may appoint a third party as  representative  to assure that Bottler shall comply with
its  obligations  pursuant to this  Agreement,  with full  powers to  supervise  the
Bottler&#146;s  performance  and request it the compliance </font></td></tr></table>


<p>&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="2">&nbsp;27</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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">with
all the terms and conditions  hereof.  The  Company may change or revoke such
appointment  at any time by sending  written  notice to  Bottler.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">35. </font></td><td width=80%><font size="2"> Neither
the  Company nor the Bottler  shall be liable for the failure to comply any of its
herein-mentioned obligations whenever such default is caused or resulting from:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> Strike,
black list inclusion,  &#147;boycott&#148;,  or trade sanctions arising upon in way
whatsoever.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Act
of God, force majeure,  public  enemies,  legal  provisions or  administrative  acts
(including  withdrawal of any  government  authorization  required by either  party to
comply with the terms hereof),  embargo,  quarantine,  riot, insurrection  or declared or
undeclared war, state of ware or belligerence or risk; or</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> Any
other circumstance beyond parties&#146; control.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">In
case the  Bottler  is  unable  to  perform  its  obligations  as a result of any of the
aforementioned  circumstances  set forth in this  Section and while so  incapacity
status  remains,  the Company and the Authorized Supplies shall be released from their
obligations  set forth  under  Sections 4 and 5. In case such  failure  remains for a
period of six (6)  months or more, either party may terminate this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">36. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">the  Company  reserves  the  sole  and  exclusive  right  to  begin  any  civil,
administrative  or  criminal  proceeding  or action and in general  take or search  any
legal  remedy  available  it  deems  appropriate  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  such  issues.  At the
Company&#146;s  request,  the Bottler  shall  assist any of such  actions.  The Bottler
may not bring any claim against the Company  resulting  from</font></td></tr></table>


<p>&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="2">&nbsp;28</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">such
procedures or actions or for any failure to begin or defend such  procedures  or
actions.  The  Bottler  shall  give  immediate  notice to the  Company  of any
litigation  or proceeding  initiated or  threatening  to affect such matters.  The
Bottler shall not bring any legal or  administrative  procedure  against any third  party
that might affect the  Company&#146;s  interest  without  prior  written  consent
thereof.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> The
Company has the exclusive  right and  responsibility  of raising and defending  all
procedures and actions  related with the  Registered  Trademarks.  The Company  may raise
or defend  any of such  procedures  or  actions on its behalf or require  the Bottler to
raise or defend  such  procedures  or actions  either on its behalf  or jointly on behalf
of the Bottler and the Company.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> The
Bottler  agrees to consult  with the Company  all  product  liability  claims,
procedures  or  actions  raised  against  the  Bottler  in  connection  with  the
Beverages or Authorized  Containers to conduct the defense and actions  reasonable
instructed  by  the  Company  so as to  protect  the  Company&#146;s  interest  in  the
Beverages,  Authorized  Containers or commercial  reputation (goodwill) associated  to
the Registered Trademarks.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=70%><font size="2"> The
Bottler  shall  indemnify  and  compensate  from  all loss or  liability  the  Company,
its affiliates and associates,  and its respective  directors,  managers  and  employees
from and  against  all costs,  damages,  claims,  obligations  and  liabilities  arising
from facts and  circumstances not attributable to the Company  including,  but not
limited to, costs and expenses  incurred in the  settlement or  any transaction  thereof
resulting from the preparation,  bottling,  distribution,  sale or promotion of the
Beverages by the Bottler,  including but not limited to,  the costs  arising upon acts or
omissions, </font></td></tr></table>


<p>&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="2">&nbsp;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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">either
negligent or not, by Bottler,  Bottler&#146;s distributors, its suppliers and wholesalers.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=70%><font size="2"> The
Bottler  shall obtain and keep in force an insurance  policy from an insurance  company
acceptable  for the Company  providing  full and extended  coverage as to  both the
amount  and risk  covered  with  respect to the  matters  referred  to in  subsection
(d)  above  (including  indemnity  contained  therein)  and  at  the  Company&#146;s
request,  it  shall  submit  proof  of  existence  of  such  insurance.  Compliance  of
Section  36(e)  shall  not  limit  or  release  Bottler  from  its  obligations under
Section 36(d) set forth herein.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">37. </font></td><td width=80%><font size="2"> The
Bottler agrees with the Company that:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70%><font size="2"> It
shall not make any  statements  or  disclosures  to the  public  or  government
authorities  or any other third party  related to the Beverage  Bases,  the Syrups  or
the Beverages, without the Company&#146;s prior written consent;</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> At
all times,  both during the term and after the  termination of this  Agreement,  it
shall  keep  strict  secrecy  of  any  confidential  information  or  secret  including,
but not  limited  to, the  instructions  and  techniques  for  mixing,  sales,  marketing
and  distribution,  projects and plans  related with the matter  subject to this
Agreement  that the  Bottler  might  receive  from the Company or  otherwise,  and shall
assure that such information  shall be known only and to the  extent it is required by
such  directors,  manager and employees  signing  legally  required  documents wherein
they undertake to keep  confidentiality of the matters  set forth in the Section.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> At
the expiration or early  termination of this Agreement,  the Bottler shall make
necessary  arrangements  to  deliver  the  Company  pursuant  to the  instructions
provided by the latter of all  written,  graphic, </font></td></tr></table>


<p>&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="2">&nbsp;30</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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">electromagnetic,
computerized,  digital  or  any  other  materials  containing  any  information  subject
to  the  confidentiality obligation contained herein.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">38. </font></td><td width=80%><font size="2"> In
case any of the  provisions  of this  Agreement is or becomes  legally  ineffective  or
invalid,  the validity or effect of the remaining provisions hereof shall not be
affected;  provided that the  invalidity or  ineffectiveness  of such  provisions  does
not burden or  unduly  prevent the  performance  of this Agreement or impairs the
property or validity of  the Registered  Trademarks.  The right to terminate the
Agreement pursuant to this Section  28(a)(2) shall not be hereby affected.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">39.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=70% valign="top"><font size="2">In connection with all matters  mentioned herein,  this Agreement  constitutes the  only
understanding  between the Company and the Bottler.  Any preceding agreements  between
parties  related to like  subjects are hereby  cancelled,  except for the  covenants
entered  into  pursuant  to  Section  19  of  this  Agreement.  It  is  understood,
however,  that any  written  statement  made by the Bottler and taken  into  account by
the Company to enter into this  Agreement  shall remain in force,  thereby binding the
Bottler.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=70%><font size="2"> Any
waiver or  amendment,  or  alteration  or  addition to this  Agreement  or any  provision
thereof,  shall not bind the  Company  or the  Bottler  unless  such is  respectively
executed  by  the  Company&#146;s  and  the  Bottler&#146;s  duly  authorized
representatives.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=70%><font size="2"> All
written  notices  made for the  purposes of this  Agreement  shall be made by  cable,
telegram,  telex,  personal delivery or certified mail and shall be deemed  delivered at
the date such notice is dispatched,  such certified  letter is placed  on mail,  or the
personal  delivery is effected.  Such  written  notices  shall be  addressed  to the last
known  address  of the  interested  party.  The  change of  address by either party must
be promptly informed in writing to the other party.</font></td></tr></table>


<p>&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="2">&nbsp;31</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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">40. </font></td><td width=80%><font size="2"> The
Company&#146;s  failure to promptly  exercise any of the rights  granted  hereunder,  or
to  require  strict  compliance  of any  obligation  undertaken  by the Bottler,  shall
not be  deemed as a waiver of such right or the right to demand  subsequent  compliance
of all and  each obligation undertaken by the Bottler under this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">41. </font></td><td width=80%><font size="2"> The
Bottler is an independent  contractor and not a Company&#146;s  agent.  The Bottler
accepts  that it shall  neither  declare it is a  Company&#146;s  agent nor it be deemed
as such for any  purpose whatsoever.  Consequently,  it releases the Company from any
claim or compensation  related to the rights set forth in Article  1324 of the Code of
Commerce.  Likewise,  the  Bottler  waives  to  any  right  of  retention  it  could
have  regarding  the  Company&#146;s  procedures, including the proviso in Article 1326
of the mentioned Code.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">42. </font></td><td width=80%><font size="2"> The
headings  contained  herein are only for parties&#146; convenience  purposes and shall
not  affect the construction of this Agreement.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">43. </font></td><td width=80%><font size="2"> This
Agreement  shall be  interpreted  and construed in  accordance  with the laws of the
Republic of Colombia.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">44. </font></td><td width=80%><font size="2"> The
Appendices and Schedules  attached hereto are incorporated into this Agreement for all
purposes  and  must  be  signed  by  the  Company&#146;s  and  the  Bottler&#146;s
authorized  representatives.</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><B>IN WITNESS WHEREOF,</B> the Company, in
Atlanta, Georgia, U.S.A. and the Bottler in Santaf&#233; de Bogot&#225;, Colombia,
have agreed to the execution of this Agreement in three counterparts, through their
authorized representatives.</FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
      <td valign=top> <b><font size="2">&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIA S.A.</font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="3"><b><font size="2">By:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b><u><font size="2">Signed&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></u></font></td>
      <td valign=top> <font size="2">&nbsp;&nbsp;&nbsp;</font></td>
      <td valign=top> <font size="3"><b><font size="2">By:</font></b><font size="2"> </font><font size="3"><b><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b><u><font size="2">Signed&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></u></font></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="3"><b><font size="2">Date:  </font></b></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="3"><b><font size="2">Date:    </font></b><font size="2"> </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">
</font></td><td width=60 align=right><font size="2">&nbsp;32</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  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 REGARDING SYRUPS<BR>
FOR POST-MIX BEVERAGES</B></font></td></tr></table>
<p><table width=600><tr><td  align=center><font size=2>Place: Santaf&#233; de Bogot&#225; <BR>Date:
August 7, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the  provisions  of Section 3 of the
Bottler&#146;s  Agreement  entered into  between The  Coca-Cola  Company  (hereinafter
referred to as the  &#147;Company&#148;)  and the Bottler  signing at the end of this
writing,  effective as from July 1st,  1999,  the Company  hereby grants  non-exclusive
authorization  to the Bottler  to prepare, bottle, distribute and sell syrups for the
following Beverages:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">COCA-COLA<BR>
COCA-COLA LIGHT  <BR>LIFT  <BR>QUATRO  <BR>SPRITE</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(the  mentioned  syrups  shall be  hereinafter
referred  to in this  Schedule A as  &#147;Post-Mix  Syrups&#148;)  to  retailers in the
Territory to serve  Beverages  through  Post-Mix  vending  machines in or beside
retailer  premises  and also to operate  Post-Mix  vending  machines and sell  Beverages
served  therein  directly to  consumers, subject to the following conditions:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">a) </font></td><td width=80%><font size="2"> The
Bottler  shall not sell  Post-Mix  Syrups to retailers in the Territory for 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=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">i. </font></td>
    <td width=70%><font size="2"> There
is a proper drinking water source;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">ii. </font></td>
    <td width=70%><font size="2"> All
Post-Mix  vending  machines are the type  approved by the Company and adjust in all
respects to  hygiene and other sort of  provisions  communicated  by the Company in
writing to  the Bottler concerning the preparation, bottling and sale of Post-Mix Syrups;
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="2">&nbsp;33</font></td>
  </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>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">iii. </font></td>
    <td width=70%><font size="2"> The
Beverages  served  through  Post-Mix  vending  machines  are in  strict  conformity  with
the  instructions  for the  preparation of Beverages from Post-Mix  Syrups as provided
in writing by the Company to the Bottler from time to time.</font></td></tr></table>


<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=80%><font size="2"> The
Bottler  shall take samples of Beverages  served  through  Post-Mix  vending  machines
operated  by  retailers  to which  Bottler  has  provided  Post-Mix  Syrups or from
those  operated by the Bottler,  pursuant to the instructions  and intervals  informed in
writing  by the  Company  and shall  submit such  samples to the  Company  for
inspection,  at its  expense.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">c) </font></td><td width=80%><font size="2"> The
Bottler, at its own initiative and responsibility,  shall immediately  discontinue the
sale of Post-Mix  Syrups to any  retailers not  complying  with the rules  provided by
the  Company.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">d) </font></td><td width=80%><font size="2"> The
Bottler shall  discontinue  the sale of Post-Mix Syrups to any retailers when informed
by the Company that any of the Beverages  served through Post-Mix vending machines
located  in or beside the  retailer  premises do not comply with the rules  provided by
the Company  for  Beverages or that the  Post-Mix  vending  machines  are not the type
approved by the  Company.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">e) </font></td><td width=80%><font size="2"> The
Bottler agrees:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">i. </font></td>
    <td width=70%><font size="2"> To
sell and distribute  Post-Mix Syrups only in containers  previously approved by  the
Company  and to use in such  containers  only those  labels  approved  by the  Company;
and</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">ii. </font></td>
    <td width=70%><font size="2"> To
exercise all  influence  to persuade  retailer to use a common  crystal  glass,  paper
cup or other  container,  approved  by the  Company and with the legends and  graphic
designs  approved  by the  Company  in order  that  Beverages  served  to  customer  are
properly  identified  and  served  in an  attractive  and  hygienic  container.</font></td></tr></table>


<p>&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="2">&nbsp;34</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>Except as  amended in this  Schedule,  all
terms,  covenants  and  conditions  contained  in such  Bottler&#146;s  Agreement shall
apply to this supplementary  authorization for the preparation,  bottling,  distribution
and  sale of Post-Mix  Syrups  and, in this  regard,  it is  expressly  agreed  between
parties  that the terms,  conditions and  obligations  for Bottler,  as provided in such
Bottler&#146;s  Agreement,  shall be  incorporated  hereto by reference and, unless the
context provides  otherwise,  the term  &#147;Beverages&#148; shall also refer to  the
term Post-Mix Syrups for the purposes of this supplementary authorization granted to
Bottler.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Either party upon a ninety (90) day advance
written  notice may terminate this  authorization.  Also, it is  understood  and
accepted  that  this  supplementary  authorization  shall  terminate  automatically  upon
expiration or early termination of such Bottler&#146;s Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>This authorization  replaces all preceding
authorizations between the Company and the Bottler in connection  with the matter subject
to this Schedule A.</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIA S.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>Date:  </b>Illegible</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2"><b>Date: </b>OCT - 8 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">
</font></td><td width=60 align=right><font size="2">&nbsp;35</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 35; page: 35" -->




<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 REGARDING PRE-MIX
BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Place: Santaf&#233; de Bogot&#225; <BR>Date:
August 7, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the  provisions  of Section 3 of the
Bottler&#146;s  Agreement  entered into  between The  Coca-Cola  Company  (hereinafter
referred to as the  &#147;Company&#148;)  and the Bottler  signing at the end of this
writing,  effective  as from July 1st,  1999,  the  Company  hereby  authorizes  the
Bottler to prepare and bottle the  following Beverages:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">COCA-COLA<BR>
COCA-COLA LIGHT  <BR>LIFT  <BR>QUATRO  <BR>SPRITE</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(the mentioned Beverages shall be hereinafter
referred to as &#147;Pre-Mix  Beverages&#148;) for the distribution and  sale in
stainless steel containers or such other pressure  containers  (hereinafter  referred to
as &#147;Pre-Mix  Containers&#148;)  as approved by the Company,  to  retailers in the
Territory  operating  mechanical  equipment  (hereinafter  referred to as &#147;Pre-Mix
Vending  Machines&#148;)  of certain type approved by the Company and also  to operate
such Pre-Mix vending  machines and sell Pre-Mix  Beverages  served therein directly to
consumers,  subject to the following conditions:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">a) </font></td><td width=80%><font size="2"> The
Bottler  shall keep  enough  equipment  in all  respects  to fully  satisfy  demand of
Pre-Mix  Beverages in the Territory and to prepare under hygiene and other  provisions
established  by the Company and shall comply with all legal requirements;  and shall
enable the Company  and its officers  access and  inspection  at all times to the
facilities,  equipment  and  methods  used by the  Bottler in the  Pre-Mix  Beverage
preparation  and the  filling and  storage of Pre-Mix  Containers,  to confirm if Bottler
is complying with the conditions </font></td></tr></table>


<p>&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="2">&nbsp;36</font></td></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>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">of
this  authorization  and the Bottler&#146;s  Agreement,  specially to confirm if the
Bottler is  strictly complying with the provisions set forth by the Company for Pre-Mix
Beverages.</font></td></tr></table>


<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=80%><font size="2"> The
Bottler shall use in Pre-Mix  Containers  only those labels approved from time to time
by the Company.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">c) </font></td><td width=80%><font size="2"> The
Bottler  shall  assure that when  keeping and  operating  Pre-Mix  Vending  Machines,
retailers  follow the hygiene and other sort of  regulations  set forth by the Company
and  that they comply with the legal requirement.  With this purpose, the Bottler shall
conduct  periodical  inspections  to confirm  that  retailers  comply  with them and
shall  require  retailers to allow the Company to make like  inspections.  The
provisions of this literal  shall apply to Bottler in the maintenance  and operation of
Pre-Mix  Vending  Machines and  the sale of Pre-Mix Beverages served by such equipment
directly to consumers.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><font size="2"> The
Bottler  shall not sell  Pre-Mix  Beverages to any  retailer  not  complying  with the
regulations  provided by the Company in the  maintenance  and operation of Pre-Mix
Vending  Machines.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Except as  amended in this  Schedule,  all
terms,  covenants  and  conditions  contained  in such  Bottler&#146;s  Agreement shall
apply to this supplementary  authorization for the preparation,  bottling,  distribution
and  sale of Pre-Mix  Beverages  and, in this regard,  it is  expressly  agreed  between
parties that the terms,  conditions and obligations  for Bottler,  as provided in such
agreement,  shall be  incorporated  hereto by  reference and, unless the context
provides  otherwise,  the term  &#147;Beverages&#148; shall also refer to the term
Pre-Mix Beverages for the purposes of this supplementary authorization.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Either party upon a ninety (90) -day advance
written notice may terminate this  authorization.  Also, it is  understood  and  accepted
that  this  supplementary  authorization  shall  terminate  automatically  upon
expiration or early termination of such Bottler&#146;s 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="2">&nbsp;37</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 37; page: 37" -->




<p><table width=600><tr><td><font size=2>This authorization  replaces all preceding
authorizations between the Company and the Bottler in connection  with the matter subject
to this Schedule B.</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top width=292> <b><font size="2">PANAMCO-COLOMBIAS.A.</font></b></td>
      <td valign=top width=14> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top width=294> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top width=292> <font size="2"><b>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top width=14> <font size="2">&nbsp;</font></td>
      <td valign=top width=294> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><b>_
        </b></font></td>
    </tr>
    <tr>
      <td valign=top width=292> <font size="2">Authorized Representative</font></td>
      <td valign=top width=14> <font size="2">&nbsp;</font></td>
      <td valign=top width=294> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top width=292> <font size="2"><b>Date:  </b>Illegible</font></td>
      <td valign=top width=14> <font size="2">&nbsp;</font></td>

    <td valign=top width=294> <font size="2"><b>Date: </b>OCT - 8 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">
</font></td><td width=60 align=right><font size="2">&nbsp;38</font></td></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>Schedule C</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>Authorization to sell to
Cruises and International Airlines</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Place: Santaf&#233; de Bogot&#225; <BR>Date:
August 7, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the  provisions  of Section 3 of the
Bottler&#146;s  Agreement  entered into  between The  Coca-Cola  Company  (hereinafter
referred to as the  &#147;Company&#148;)  and the Bottler  signing at the end of this
writing,  effective  as from July  1st,  1999,  the  Company  hereby  authorizes  the
Bottler  to sell the  Beverages  identified  below to  international  cruises  and(or)
international  airlines in the  following  containers  (hereinafter  and for the
purposes of this  document  the  &#147;Authorized  Containers&#148;)  within the
Territory  (pursuant to the Bottler&#146;s Agreement for its resale in the ships and(or)
in aircrafts:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>

    <td valign=top width=182> <font size="2">COCA-COLA</font></td>

    <td valign=top width=25> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

    <td valign=top width=303> <font size="2">NON-RETURNABLE PET BOTTLE </font></td>

    <td valign=top width=19> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

    <td valign=top width=71> <font size="2">2.500 ml</font></td>
    </tr>
    <tr>

    <td valign=top width=182> <font size="2">COCA-COLA LIGHT</font></td>

    <td valign=top width=25>&nbsp; </td>

    <td valign=top width=303> <font size="2">NON-RETURNABLE PET BOTTLE </font></td>

    <td valign=top width=19>&nbsp; </td>

    <td valign=top width=71> <font size="2">2.500 ml</font></td>
    </tr>
  </table>

<p><table width=600><tr><td><font size=2>In accordance with the following terms and
conditions:</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><font size="2"> This
authorization may be revoked at any time, and can be further terminated  automatically in
case  of termination upon expiration of the term or other reasons set forth in the Bottler&#146;s
Agreement.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><font size="2"> Upon
termination or cancellation  of this  authorization,  the Bottler must suspend  forthwith
the  sale and(or) distribution to the aforementioned international cruises or
international airlines.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;3. </font></td><td width=90%><font size="2"> Except
for the matter amended in this Schedule,  all  provisions of the Bottler&#146;s
Agreement  shall  remain fully in force and effect.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>This authorization  replaces all former
authorizations  entered into between the Company and the Bottler as  to the matter
subject to this Schedule 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">
</font></td><td width=60 align=right><font size="2">&nbsp;39</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 39; page: 39" -->





<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIAS.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By: </b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><b>
        </b></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>Date:  </b>Illegible</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2"><b>Date: </b>OCT - 8 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">
</font></td><td width=60 align=right><font size="2">&nbsp;40</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  align=center><font size=2><B>COMPLEMENTARY AGREEMENT TO THE
BOTTLER&#146;S AGREEMENT</B></font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>

    <td valign=top width=379>
      <p>&nbsp;</p>
      </td>

    <td valign=top width=221> <font size="2">Place: Santaf&#233; de Bogot&#225;</font></td>
    </tr>
    <tr>

    <td valign=top width=379>
      <p><font size="3">&nbsp;</font></p>
      </td>

    <td valign=top width=221> <font size="2">Date: November 18, 1999</font></td>
    </tr>
  </table>

<p><table width=600><tr><td><font size=2>Reference  is made to the  Bottler&#146;s
Agreement  entered  into between The  Coca-Cola  Company  (hereinafter  referred to as
the &#147;Company&#148;) and the Bottler signing at the end of this writing,  for a
specific  territory  in Colombia  (hereinafter  the  &#147;Territory&#148;),  effective
as from July 1<sup><font size=1>st</font></sup>, 1999  (hereinafter the &#147;Bottler&#146;s  Agreement&#148;).  The
terms used in this  Complementary  Agreement and defined in the Bottler&#146;s  Agreement
shall  have the meaning allocated thereto in the Bottler&#146;s Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to Section 32(b) of the Bottler&#146;s
Agreement,  the Bottler undertook to abstain from delegating the  performance  of the
Bottler&#146;s  Agreement,  in whole or in part, to a third party or third  parties,
without  the Company&#146;s prior written consent.  The Company hereby authorizes the
Bottler to delegate,  in whole or in  part, to its  subsidiaries  mentioned below
(hereinafter the &#147;Bottler  Companies&#148;),  the performance of the  obligations
undertaken  under  the  Bottler  Agreement,  provided  that the  performance  of the
Bottler&#146;s  obligations  by the  Bottler  Companies  is  subject  to the  terms  and
conditions  of this  Complementary  Agreement and the Bottler&#146;s Agreement.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top width=184> <font size="3"><b><font size="2">Bottler Company</font></b></font></td>
      <td valign=top width=194> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
      <td valign=top width=222> <font size="3"><b><font size="2">Panamco-Industrial
        de Gaseosas S.A. </font></b></font></td>
    </tr>
  </table>

<p><table width=600><tr><td><font size=2>Plants:</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><font size="2"> Bogot&#225; Norte.
Domicile: Carrera 94 No. 42-94.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><font size="2"> Bogot&#225; Sur.
Domicile: Autopista Sur No. 77-20.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;3. </font></td><td width=90%><font size="2"> Duitama.
Domicile: Calle 20 No. 35-72.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;4. </font></td><td width=90%><font size="2"> Cali.
Domicile: Carrera 98 No. 16-95</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;5. </font></td><td width=90%><font size="2"> Medell&#237;n.
Domicile: Diagonal  64A No. 67-180.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;6. </font></td><td width=90%><font size="2"> Pereira.
Domicile: Kil&#243;metro 11 V&#237;a a Cerritos.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;7. </font></td><td width=90%><font size="2"> Villavicencio.
Domicile: V&#237;a Puerto L&#243;pez Kil&#243;metro 1.5.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;8. </font></td><td width=90%><font size="2"> Ibagu&#233;.
Domicile: Avda. Mirolindo V&#237;a Parque Deportivo.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;9. </font></td><td width=90%><font size="2"> Pasto.
Domicile: Carrera 26, Calle 12 Sur; Avenida Mijitayo</font></td></tr></table>


<p>&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="2">&nbsp;41</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top width=202> <font size="3"><b><font size="2">Bottler Company</font></b></font></td>
      <td valign=top width=176> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
      <td valign=top width=222> <font size="3"><b><font size="2">Embotelladora
        de Santander S.A.</font></b></font></td>
    </tr>
  </table>


<p><table width=600><tr><td><font size=2>Plants:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Bucaramanga. Domicile: Kil&#243;metro 2 V&#237;a
a Gir&#243;n  <BR>C&#250;cuta. Domicile: Avenida El P&#243;rtico No. 44-130 El Resumen <BR>
Barrancabermeja. Domicile: Carretera Circunvalaci&#243;n No. 3-34 </font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0>
    <tr>

    <td width=201 valign=top> <font size="3"><b><font size="2">Bottler Company</font></b></font></td>

    <td width=176 valign=top> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>

    <td width=226 valign=top> <font size="3"><b><font size="2">Embotelladora Rom&#225;n
      S.A.</font></b></font></td>
    </tr>
  </table>


<p><table width=600><tr><td><font size=2>Plants:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Cartagena. Domicile: Bosque Diagonal 21
Carretera Principal  <BR>Barranquilla. Domicile: Calle 30 No. 20-10  <BR>Monter&#237;a. Domicile:
Carrera 3a. No. 18-11  <BR>Valledupar. Domicile: Carrera 9a. No. 7-139 </font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>

    <td width=200 valign=top>
      <p><font size="3"><b><font size="2">Bottler Company</font></b></font></p>
      </td>

    <td width=178 valign=top>
      <p><font size="3"><b><font size="2">&nbsp;</font></b></font></p>
      </td>

    <td width=222 valign=top>
      <p><font size="3"><b><font size="2">Bottling</font></b><font size="2">
          <b>of  Huila S.A</b> </font></font></p>
      </td>
    </tr>
  </table>

<p><table width=600><tr><td><font size=2>Plant:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Neiva. Domicile: Carrera 1a. No. 45-05</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Delegation  of  Bottler&#146;s  obligations  to
the  Bottler  Companies  shall  not  release  Bottler  from  its  contractual obligations
undertaken under the Bottler Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>For the purposes of this  authorization,  the
Company shall specify at its sole  discretion  and through the  relevant  documents,
those  Beverages  that the  Bottler  Companies  are  authorized  to  prepare,  bottle,
distribute  and  sell  in the  Territory,  as  well  as  the  Authorized  Containers  and
other  additional  authorizations in connection to the preparation,  bottling, sale and
distribution of Beverages.  The Bottler  Companies shall not prepare,  bottle, sell or
distribute the Beverages,  nor shall use any of the Authorized  Containers or other forms
or modes not previously approved in writing by the Company.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The  Bottler  Companies  represent  and  warrant
to the  Company  that they know,  and in the  preparation,  bottling,  sale and
distribution  of Beverages  shall strictly  comply with all 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="2">&nbsp;42</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>terms and conditions of  the Bottler&#146;s
Agreement applicable to the preparation,  bottling,  sale and distribution of Beverages.
It is  expressly agreed between parties to this  Complementary  Agreement that the Bottler&#146;s
terms,  conditions and  obligations,  as provided in the Bottler&#146;s  Agreement,
shall be incorporated  hereto by reference and shall  apply to the Bottler Companies.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The Bottler  represents and warrants to the
Company that the Bottler Companies are Bottler&#146;s  majority-owned  subsidiary
companies or companies,  directly or indirectly,  controlled by the Bottler. In this
regard, any  change  proposed in the  ownership  or control of the Bottler  Companies
shall be subject to the  Company&#146;s  prior approval.  For the purposes of this
Complementary  Agreement,  control of the Bottler Companies shall  mean the direct or
indirect  position  of the  controlling  power or  influence  in the  Bottler  Companies&#146; management
and policies through ownership of voting securities, contract or other relation.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Without  prejudice  to the  commitment  acquired
in this  instrument  by the Bottler  Companies,  due to the  Bottler&#146;s  control
relationship  and share  interest  over such Bottler  Companies,  which element has been
essential to enter into this Complementary  Agreement,  the Bottler undertakes to hold
the Company harmless,  at all times,  from any action or claim of any nature  whatsoever
that might be raised or intended by any of  the Bottler Companies against the Company.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The Complementary  Agreement shall terminate
automatically,  without  requirement or notice whatsoever upon  expiration or early
termination of the Bottler  Agreement.  It is  specifically  agreed between  parties to
this  Complementary  Agreement that the Company,  at its sole discretion,  through
written notice given with  thirty  (30)  calendar  days in  advance,  shall have the
right to  withdraw  its  authorization  granted to  Bottler so as to delegate to the
Bottler  Companies the  performance  of obligations  undertaken  under this  Bottler
Agreement.  This  Complementary  Agreement shall be construed and interpreted in
accordance with the  laws of the Republic of Colombia.</font></td></tr></table>


<p>&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="2">&nbsp;43</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"><B>IN WITNESS WHEREOF,</B> the Company, in
Atlanta, Georgia, U.S.A. and the Bottler in Santaf&#233; de Bogot&#225;, Colombia,
have agreed to the execution of this Agreement in three counterparts, through their
authorized representatives.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>THE COCA-COLA COMPANY</B> <BR>
      <b>By:</b> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
      Authorized Representative</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2"><B>PANAMCO-COLOMBIA S.A.</B> <BR>
      <b>By:</b> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Authorized Representative</FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2"><B>EMBOTELLADORAS DE SANTANDER S.A.</B> <BR>
      <b>By:</b> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Authorized Representative</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>EMBOTELLADORA ROMAN S.A.</B> <BR>
      <b>By:</b> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Authorized Representative</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B>EMBOTELLADORA DEL HUILA S.A.</B> <BR>
      <b>By:</b> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Authorized 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="2">&nbsp;44</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>July 1<sup><font size=1>st</font></sup>, 1999</font></td></tr></table>




<p><table width=600><tr><td><font size=2>Messrs.  <BR>PANAMCO-COLOMBIA S.A  <BR>Santaf&#233; de
Bogot&#225; D.C.  <BR>Colombia </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>Reference is made to the Bottler&#146;s
Agreement between The Coca-Cola Company  (hereinafter  referred to as the  &#147;Company&#148;)
and  Panamco-Colombia  S.A.  (hereinafter  referred to as the &#147;Bottler&#148;),
effective as from July  1st,  1999 (hereinafter the &#147;Agreement&#148;):</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><font size="2"> In
the course of our recent conversations,  you requested the clarification of section
26(b), which  the Company agreed to do as follows:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">The
Company  shall not intent to exercise  the rights set forth in Section  26(b) of the
Agreement  concerning  maximum  prices in such manner it might force the Bottler to no
longer  comply with its  long-term obligations with its stockholders.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><font size="2"> As
to Section 32(b) of the Agreement,  the Company  acknowledges and accepts that the
Bottler shall  perform its  obligation  under the Agreement  through the following
wholly-owned  branch  offices,  which shall cover the specific territories, as described
in the attached schedules:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">Embotelladoras
de Santander S.A.  <BR>Embotelladora Rom&#225;n S.A.  <BR>Embotelladora del Huila S.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">
</font></td><td width=60 align=right><font size="2">&nbsp;45</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 width=10% valign=top><font size="2">&nbsp;3. </font></td><td width=90%><font size="2"> Pursuant
to Section 29 of the  Agreement,  the Company shall be entitled to terminate the
Agreement  with  respect  to any  specific  portion  of the  territory  served by the
above-mentioned  branch  offices,  whenever such branch offices, at the Company&#146;s
exclusive judgment,  do not satisfy one or  more substantial conditions of the Agreement.</font></td></tr></table>


<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;4. </font></td><td width=90%><font size="2"> The
Company  and the  Bottler  agree  that all  remaining  clauses,  terms and  conditions
of the  agreement shall remain unchanged and in full force and effect.</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><B>THE COCA-COLA COMPANY</B></font></td></tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>Authorized 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="2">&nbsp;46</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><font size=2>Letter dated July 1, 1999 IN ENGLISH</font></td></tr></table>


<p>&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="2">&nbsp;47</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><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>Place: Santaf&#233; of Bogot&#225; <BR>Date:
August 7, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>For the purposes of the  Bottler&#146;s  Agreement
entered into  between The  Coca-Cola  Company and the Bottler  signing  at the end of
this  writing,  effective  as from July  1st,  1999,  the  Beverages  referred  to in
Recital A of such Agreement are:</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">COCA-COLA <BR>
COCA-COLA LIGHT  <BR>FANTA DURAZNO  <BR>FANTA NARANJA  <BR>FANTA SALPIC&#211;N  <BR>LIFT  <BR>LIFT MANZANA
VERDE  <BR>POWERADE FRUTAS TROPICALES  <BR>POWERADE GREEN SQUALL  <BR>POWERADE LIMA LIM&#211;N <BR>
POWERADE MANDARINA NARANJA  <BR>POWERADE MOUNTAIN BLAST  <BR>QUATRO  <BR>QUATRO LIM&#211;N  <BR>SPRITE <BR>
SPRITE LIGHT </font></td></tr></table>

<p><table width=600><tr><td><font size=2>The  description  of the  Beverages in this
Appendix I replaces all  descriptions  and previous  Appendices  related with the
Beverages for the purposes of Recital A of said Bottler&#146;s 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="2">&nbsp;48</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



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<!-- MARKER PAGE="sheet: 48; page: 48" -->




<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIA S.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>Date:  </b>Illegible</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2"><b>Date: </b>OCT - 8 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">
</font></td><td width=60 align=right><font size="2">&nbsp;49</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 49; page: 49" -->




<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>REGISTERED TRADEMARKS</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Place: Santaf&#233; of Bogot&#225; <BR>Date:
August 7, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>For the  purposes of the  Bottler&#146;s
Agreement  entered  into  between The  Coca-Cola  Company  (hereinafter  referred to as
the  &#147;Company&#148;)  and the Bottler  signing at the end of this writing,
effective as from July  1st,  1999, the Registered Trademarks of the Company referred to
in Recital B of such Agreement are:</font></td></tr></table>


<p><table width=600><tr><td><font size=2>COCA-COLA,  COCA-COLA LIGHT,  COKE, COKE LIGHT,
COCA-COLA DESIGN BOTTLE,  FANTA DESIGN BOTTLE,  LIFT DESIGN  BOTTLE,  QUATRO DESIGN
BOTTLE, SPRITE DESIGN BOTTLE, FANTA, LIFT, POWERADE,  QUATRO,  SPRITE,  including all
transliterations,  applications,  registrations, and copyright of the commercial
presentations, related with  these marks.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The  description of the  Registered  Trademarks
of this Appendix II replaces all  descriptions  and previous  Appendices related with the
Registered Trademarks for the purposes of Recital B of said Bottler Agreement.</font></td></tr></table>






<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIA S.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>Date:  </b>Illegible</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2"><b>Date: </b>OCT - 8 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">
</font></td><td width=60 align=right><font size="2">&nbsp;50</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 50; page: 50" -->




<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>




<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2" width="28%"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1"> &nbsp;</FONT></TD>
    <TD WIDTH="70%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="28%" ALIGN="LEFT" colspan="2"><FONT SIZE="-1">Place: Santaf&#233;
      of Bogot&#225;</FONT><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="2%"><FONT SIZE="-1"> &nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="70%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" colspan="2" width="28%"><FONT SIZE="-1">Date: July 1, 1999</FONT><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>

<p><table width=600><tr><td><font size=2>For the purposes of the  Bottler&#146;s
Agreement  entered into  between The  Coca-Cola  Company and the Bottler  signing  at the
end of this  writing,  effective  as from July  1st,  1999,  the  Territory  referred  to
in  Section 1 of such Agreement are:</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The  Republic  of  Colombia,  in  accordance
with  the  attached  map,  with  exclusion  of  the  following  territories:</font></td></tr></table>


<p><table width=600><tr><td><font size=2>-  The city of Florencia and the territory
covered by the Department of Caquet&#225;.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>-  The Department of Amazonas.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>- The  population  of Apartad&#243; (Antioquia)
and those  portions of the  Departments  of Antioquia and Choc&#243; encompassed  by an
imaginary  line  starting  at the point  where the  border  line of the  Departments  of
Antioquia and C&#243;rdoba  intercepts the Caribbean Sea and continues,  following said
line, to a Northern point  of  La  Granja  (Antioquia);  thereafter  in  straight  line
and  toward  south,  passing  through  Ituando  (Antioquia)  to  Sabanalarga
(Antioquia);  from such point in straight line and toward  south-west  passing  through
Buritic&#225; (Antioquia)  to  Giraldo  (Antioquia);  from such  point  toward
north-west  Ca&#241;asgordas  (Antioquia)  in  straight  line  toward  west until
finding  the  Pacific  Ocean.  From such  point  toward  north-west,  to the Panama
border line. From such point toward  north-east,  following the border line until  such
line crosses with the Caribbean Sea.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The  description  of the Territory in this
Appendix III replaces all  descriptions  and previous  Appendices  related with the
Territory for the purposes of Section 1 of said Bottler 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="2">&nbsp;51</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIA S.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>Date:  </b>August 12/99</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>Date:    </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">
</font></td>
    <td width=60 align=right><font size="2">&nbsp;52</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 52; page: 52" -->




<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>Place: Santaf&#233; of Bogot&#225; <BR>Date:
August 7, 2003</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the  provisions  of Section 2 of the
Bottler&#146;s  Agreement  entered into  between The  Coca-Cola  Company  (hereinafter
referred to as the  &#147;Company&#148;)  and the Bottler  signing at the end of this
writing,  effective  as from July 1st,  1999,  the Company  authorizes  the Bottler to
prepare,  distribute  and sell  Beverages  in the  following  containers,  which  for the
purposes  of said  Bottler&#146;s  Agreement  shall be  regarded as Authorized Containers.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width=640>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">1.000 ml. </font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">STRAIGHT WALL NON-RETURNABLE PET
        BOTTLE </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CONTOUR NON-RETURNABLE  PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CONTOUR NON-RETURNABLE  PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CONTOUR NON-RETURNABLE  PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CAN</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">355 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">&nbsp;</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>

    <td valign=top width=299> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">192 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CONTOUR NON-RETURNABLE  PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CONTOUR NON-RETURNABLE  PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CONTOUR NON-RETURNABLE  PET BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">2.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">COCA-COLA LIGHT</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">CAN</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">355 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2"> </font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>

    <td valign=top width=299> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width=209> <font size="2">FANTA DURAZNO</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=299> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width=10> <font size="2">&nbsp;</font></td>
      <td valign=top width=112> <font size="2">192 ml.</font></td>
    </tr>
  </table>


<p>&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="2">&nbsp;53</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<br>
<table border=0 cellspacing=0 cellpadding=0 width=640>
    <tr>
      <td valign=top width="209"> <font size="2">FANTA DURAZNO</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">FANTA DURAZNO</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">FANTA DURAZNO</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">&nbsp;</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">FANTA NARANJA</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2"> </font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">FANTA SALPIC&#211;N</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2"> </font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">192 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">CAN</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">355 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2"> </font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">192 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">LIFT MANZANA VERDE</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">CAN</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">355 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">&nbsp;</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">POWERADE FRUTAS TROPICALES</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">473 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">POWERADE FRUTAS TROPICALES</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">473 ml. practi-cap</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">&nbsp;</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">POWERADE GREEN SQUALL</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">473 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">POWERADE GREEN SQUALL</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">473 ml.  practi-cap</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">&nbsp;</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>

    <td valign=top width="295"> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">POWERADE LIMA LIM&#211;N</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">473 ml.</font></td>
    </tr>
    <tr>
      <td valign=top width="209"> <font size="2">POWERADE LIMA LIM&#211;N</font></td>
      <td valign=top width="11"> <font size="2">&nbsp;</font></td>
      <td valign=top width="295"> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top width="12"> <font size="2">&nbsp;</font></td>
      <td valign=top width="113"> <font size="2">473 ml. practi-cap</font></td>
    </tr>
  </table>


<p>&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="2">&nbsp;54</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 54; page: 54" -->



<br>
<table border=0 cellspacing=0 cellpadding=0 width=640>
    <tr>
      <td valign=top> <font size="2">POWERADE MANDARINA NARANJA</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">473 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">POWERADE MANDARINA NARANJA</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">473 ml. practi-cap</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">POWERADE MOUNTAIN BLAST </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">473 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">POWERADE MOUNTAIN BLAST</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">473 ml. practi-cap</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"> </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">192 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">CAN</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">355 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">192 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.650 ml. </font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">QUATRO LIM&#211;N </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">CAN</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">355 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2">&nbsp;&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">192 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">350 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.500 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">STRAIGHT WALL NON-RETURNABLE PET BOTTLE </font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.000 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">CAN</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">355 ml.</font></td>
    </tr>
  </table>


<p>&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="2">&nbsp;55</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 55; page: 55" -->




<br>
<table border=0 cellspacing=0 cellpadding=0 width=640>
    <tr>
      <td valign=top> <font size="2">SPRITE LIGHT</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE GLASS BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">237 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE LIGHT</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">600 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE LIGHT</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">1.650 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE LIGHT</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">NON-RETURNABLE PET BOTTLE</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">2.250 ml.</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">SPRITE LIGHT</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">CAN</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">355 ml.</font></td>
    </tr>
  </table>


<p><table width=600><tr>
    <td><font size=2>This authorization replaces all the previous authorizations
      entered into between the Company and the Bottler in connection with the
      matter subject to this Appendix.<br>
      <br>
      </font>
      <hr size="1" noshade width="80%">
    </td>
  </tr></table>




<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIAS.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized Representative</font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>Date:  </b>Illegible</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>

    <td valign=top> <font size="2"><b>Date: </b>OCT - 8 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">
</font></td>
    <td width=60 align=right><font size="2">&nbsp;56</font></td>
  </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 V</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" width="29%"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1"> &nbsp;</FONT></TD>
    <TD WIDTH="69%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="29%" ALIGN="LEFT" colspan="2"><FONT SIZE="-1">Place: Santaf&#233;
      of Bogot&#225;</FONT><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="2%"><FONT SIZE="-1"> &nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="69%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" colspan="2" width="29%"><FONT SIZE="-1">Date: July 1st, 1999</FONT><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>

<p><table width=600><tr><td><font size=2>Pursuant to the Bottler&#146;s Agreement entered
into between The Coca-Cola Company  (hereinafter  referred to as  the  &#147;Company&#148;)
and the Bottler,  whose  authorized  representative  is signing at the end of this
Appendix,  which  Agreement  is  effective  as from July 1<sup><font size=1>st</font></sup>,  1999,  the  Company
hereby  authorizes  the  Bottler to  prepare,  bottle,  distribute,  sell or
commercialize only such  non-alcoholic  beverages and such packages,  different  from the
Beverages  licensed  under the  aforementioned  Bottler&#146;s  Agreement,  set forth in
the  schedule titled &#147;Own Products&#148; attached to this Appendix and incorporated
hereto  (hereinafter  referred to  as the &#147;Bottler&#146;s Own Products&#148;)</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Except to the MANANTIAL product,  the Bottler
expressly  guarantees to the Company that the sales percentage  of the Bottler&#146;s Own
Products  shall not increase during the term of this Appendix V.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The Bottler&#146;s  Own Products may only be
sold and  distributed  in  containers  authorized by the Company and  the  territories
set forth in the schedule in this  Appendix.  The production and bottling of the Bottler&#146;s
Own  Products can be made by the Bottler at the  facilities  of any of its  subsidiaries,
provided it keeps  majority of ownership or control thereof.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>It is  acknowledged  and agreed among  Parties
that the  description  of the  Bottler&#146;s  Own  Products,  its  containers  and
territories  for sale and  distribution  in this  Appendix V  substitute  and  replace
all  descriptions  and  previous  Appendices  related to the  Bottler&#146;s  Own
Products for the purposes of Clause  17(a) of the mentioned Bottler Agreement.</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr>
      <td valign=top> <b><font size="2">PANAMCO-COLOMBIAS.A.</font></b></td>
      <td valign=top> <b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
      <td valign=top> <b><font size="2">THE COCA-COLA COMPANY </font></b></td>
    </tr>
    <tr>
      <td valign=top> <font size="2"><b>By:  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2"><b>By:</b> <b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><u>Signed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
    <tr>
      <td valign=top> <font size="2">Authorized Representative</font></td>
      <td valign=top> <font size="2">&nbsp;</font></td>
      <td valign=top> <font size="2">Authorized 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="2">&nbsp;57</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 57; page: 57" -->




<p><table width=600><tr><td><FONT SIZE="2"><I>Translator&#146;s Note:</I> Following is a schedule
of various brands. The translation of words in Spanish appearing in the columns is as
follows:</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2>Lata: Can</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Vidrio: Glass (material)</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Con gas: with gas</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Botell&#243;n: Decanter</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Vaso: glass/cup</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Bidon: Jerry can / barrel</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Bolsa: Bag</font></td></tr></table>


<p>&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="2">&nbsp;58</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>14
<FILENAME>e17118_ex4-13.htm
<DESCRIPTION>BOTTLER'S EXTENSION AGREEMENT
<TEXT>
<html>
<head>
<title> EX-4.13</title>
</head>
<body>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<p>
<table width=600>
  <tr align="right">
    <td><font size="2">Exhibit 4.13</font></td>
  </tr>
  <tr>
    <td  align=center><font size=2>February 9, 2001</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>Embotelladora Coca-Cola y Hit de Venezuela, S.A.
<BR>Torre Dresdner Bank  <BR>Calle 50, Piso 7  <BR>Panama 55-0820  <BR>Republic of Panama</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Gentlemen:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term of the
Bottler&#146;s Agreement, effective August 16, 1996 between  The Coca-Cola Company and you,
covering a Territory therein described, is hereby  extended by mutual agreement from
August 16, 2001, the date of expiration  thereof, to August 16, 2006.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as herein
modified, said Bottler&#146;s Agreement shall continue in  full force and effect, provided
that it shall finally terminate on August 16,  2006, without the right of a tacit renewal
being claimed by you.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please indicate
your agreement by signing and returning the enclosed  duplicate hereof.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=310>&nbsp;</td>
    <td colspan="2"><font size=2>Sincerely,<BR>
      <BR>
      THE COCA-COLA COMPANY <BR>
      </font></td>
  </tr>
  <tr>
    <td width=310>&nbsp;</td>
    <td width=33 valign="top"><font size=2>By:</font></td>
    <td width=241 valign="top"><font size=2> /s/ <br>
      </font>
      <hr noshade size="1" align="center" width="100%">
      <font size=2> Authorized Representative</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>Accepted:  <BR>EMBOTELLADORA COCA-COLA Y HIT DE
VENEZUELA, S.A.</font></td></tr></table>

<P><table width=600><tr>
    <td width=7% valign=top><font size="2">&nbsp;By: </font></td>
    <td width=93%><font size="2"> /s/<BR>
      </font>
      <hr noshade size="1" align="left" width="50%">
      <font size="2">Authorized Representative</font></td>
  </tr></table>

<p>&nbsp;
<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>February 17, 1997</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Embotelladora Coca-Cola y Hit de Venezuela, S.A.<BR>
Caracas, Venezuela</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Gentlemen:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Reference is made to the Bottler&#146;s Agreement
entered into between The Coca-Cola  Company and you, with effect from August 16, 1996
(the &#147;Agreement&#148;).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The initial paragraph of the Agreement is
amended to read as follows:</font></td></tr></table>

<p><table width=600><tr><td width=60>&nbsp;</td>
    <td width=540><font size=2><b>THIS BOTTLER&#146;S AGREEMENT</b> (the &#147;Agreement&#148;)
      entered into with effect from August 16, 1996 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 Embotelladora Coca-Cola y Hit
      de Venezuela, Inc., a corporation organized and existing under the laws
      of Panama, acting on behalf of each of the bottling companies listed in
      Exhibit 1 to this Agreement, which is incorporated by reference and made
      a part hereof (each of such bottling companies hereinafter referred to as
      the &#147;Bottler&#148;)</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Except as amended hereby, the entire Agreement
remains in full force and effect.</font></td></tr></table>

<p>&nbsp;
<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>Kindly indicate your acceptance of the above by
signing and returning the two  enclosed copies of this letter.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=310>&nbsp;</td>
    <td colspan="2"><font size=2>Sincerely,<br>
      <br>
      <b>THE COCA-COLA COMPANY </b><br>
      </font></td>
  </tr>
  <tr>
    <td width=310>&nbsp;</td>
    <td width=33 valign="top"><font size=2>By:</font></td>
    <td width=241 valign="top"><font size=2> /s/ <br>
      </font>
      <hr noshade size="1" align="center" width="100%">
    </td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>Accepted: <b><BR>
      EMBOTELLADORA COCA-COLA Y HIT DE VENEZUELA, S.A.</b></font></td>
  </tr></table>

<P><table width=600><tr>
    <td width=7% valign=top><font size="2">&nbsp;By: </font></td>
    <td width=93%><font size="2"> /s/ </font>
      <hr noshade size="1" align="left" width="50%">
    </td></tr></table>


<p>&nbsp;
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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



<p><table width=600><tr><td  align=center><font size=3><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 August 16, 1996, 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 Embotelladora Coca-Cola y Hit
      de Venezuela, S.A., a corporation organized and existing under the laws
      of Panama with principal offices at ___________________________________
      (hereinafter referred to as &#147;the Bottler&#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=10% valign=top><font size="2">&nbsp;A. </font></td><td width=90%><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 in other forms or  manners.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;B. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;C. </font></td><td width=90%><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 Venezuela.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;D. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;E. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;F. </font></td><td width=90%><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><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=10% valign=top><font size="2">&nbsp;<B>I. </b></font></td>
    <td width=90%><font size="2"> <b>AUTHORIZATION</b></font></td>
  </tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><font size="2"> The
Company hereby authorized 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><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 </font></td></tr></table>

<p>&nbsp;
<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 width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">&#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 the 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 sales
of one or more of the Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="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 of the provisions of Clause
30(c) shall apply to  containers in respect of which authorization has been cancelled.
Further, 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;3. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>II.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE COMPANY</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;4. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">The
Company shall retain the sole and exclusive right at any time to  determine the formulae,
composition or ingredients for the Brokerages  and the Beverage Bases.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;5. </font></td><td width=90%><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
Beverage 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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>III.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE BOTTLER RELATIVE TO MARKETING OF THE BEVERAGES, FINANCIAL CAPACITY AND PLANNING</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;6. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 2</font><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: 5; page: 5" -->
<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">future
demand for each of the Beverages and by  satisfying fully and in all respects the
existing demand therefore;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;7. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;8. </font></td><td width=90%><font size="2"> The
Bottler shall submit to the Company, for its prior approval, all  advertising and all
promotions relating to the Trade Marks of 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;9. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;10. </font></td><td width=90%><font size="2"> The
Bottler covenants and agrees:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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 at such  other
intervals as the Company may request in connection with the  implementation  of the
Annual  Program; and</font></td></tr></table>

<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=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;11. </font></td><td width=90%><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</font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 3</font><font size="1">&nbsp;</font></td>
  </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">&nbsp; </font></td>
    <td width=90%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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=10% valign=top><font size="2">12. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">13.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><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 costs incurred by
the  Company and the Injured Bottler; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><font size="2"> The
Bottler shall immediately inform the Company if at any  time any solicitation or offer to
purchase 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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 4</font><font size="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 width=10% valign=top><FONT SIZE="2">&nbsp;<B>IV.</B></FONT> </td><td width=90%><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=10% valign=top><font size="2">&nbsp;14. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;15. </font></td><td width=90%><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 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=10% valign=top><font size="2">&nbsp;16. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;17. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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 &#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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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</font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 5</font><font size="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 width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">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=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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=10% valign=top><font size="2">&nbsp;18. </font></td><td width=90%><font size="2"> This
Agreement reflects the mutual interest of both parties  and in the event that either:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600><tr><td><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">19.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>V.</B></FONT> </td><td width=90%><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=10% valign=top><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><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 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 </font></td>
  </tr></table>

<p>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 6</font><font size="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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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, (3) any other relevant data
including data that will  assist in tracing such Beverages.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;21. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">22.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 7</font><font size="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 width=10% valign=top><font size="2">23.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;24. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VI.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> CONDITIONS
OF PURCHASE AND SALE</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;25. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">26.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><font size="2"> The
Company reserves the right, to the extent  permitted by 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 shipments
(including the supply point), and the currency or currencies  acceptable to the Company
or its Authorized Suppliers.</font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 8</font><font size="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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(g) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> DURATION
AND TERMINATION OF AGREEMENT</B></FONT></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">27. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> This Agreement shall be effective from August
      16, 1996 and shall expire, without notice, on August 26, 2001 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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</font></td></tr></table>

<p>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 9</font><font size="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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">the
sole  discretion of the Company,  satisfied the 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">28. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><font size="2"> This
Agreement may be terminated forthwith by the Company  without liability for damages:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><font size="2"> if
the Bottler  becomes  insolvent,  of 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">29.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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  or  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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 10</font><font size="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 width=10% valign=top><font size="2">&nbsp;30. </font></td><td width=90%><font size="2"> Upon
the expiration or earlier termination of this Agreement  or upon the 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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
materials 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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  materials 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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  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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;31. </font></td><td width=90%><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,  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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 11</font><font size="1"></font></td>
  </tr>
</table>
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<P><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VIII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> GENERAL
PROVISIONS</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;32. </font></td><td width=90%><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,  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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> to
notify the Company promptly in the event of or upon  obtaining knowledge of any third
party which may or will  result in any change in the ownership or control of the  Bottler;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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 trademarks 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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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 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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 12</font><font size="1">&nbsp;</font></td>
  </tr>
</table>
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<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;33. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;34. </font></td><td width=90%><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 it  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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;35. </font></td><td width=90%><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 form:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><font size="2"> strike,
blacklisting, boycott or sanction, however incurred;  or</font></td></tr></table>

<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=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> any
other cause whatsoever beyond their control.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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, and  for the duration of such inability,
the Company and Authorized  Suppliers shall be relieved of their obligations under Clause
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=10% valign=top><font size="2">36.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The Company reserves the sole and exclusive
      rights 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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 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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 13</font><font size="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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 interest of the
Company in the Beverages, the Authorized Containers or the goodwill  associated with the
Trade Marks.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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 obligation  under Clause 36(d) hereof.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;37. </font></td><td width=90%><font size="2"> The
Bottler covenants and agrees with the Company:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;38. </font></td><td width=90%><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><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=80%><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 compromise agreements and other documents within the provisions
      of Clause 19 hereof; provided, however, that any written representatives
      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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 14</font><font size="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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> All
written notices given pursuant to this Agreement shall be 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 affected. 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;40. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;41. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;42. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;43. </font></td><td width=90%><font size="2"> This
Agreement shall be interpreted, construed and governed by and in  accordance with the
laws of Venezuela.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;44. </font></td><td width=90%><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>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 15</font><font size="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><b>IN WITNESS WHEREOF</b>, the Company at Atlanta, Georgia,
      U.S.A., and the Bottler at Caracas, Venezuela, 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>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=450></td></tr></table>


<p>
<p>
<table width=600>
  <tr valign="top">
    <td colspan="2"><font size=2><b>EMPOTELLADORA COCA-COLA Y HIT<br>
      DE VENEZUELA, S.A. </b><br>
      <br>
      </font> </td>
    <td width=37>&nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td colspan="2"><font size=2><b>THE COCA-COLA COMPANY </b> </font> </td>
  </tr>
  <tr valign="top">
    <td width=39><font size=2>By: </font></td>
    <td width=223> <br>
      <hr noshade size="1">
      <font size=2>Authorized Representative <br>
      </font></td>
    <td width=37>&nbsp;</td>
    <td valign="top" width=38><font size=2>By: </font></td>
    <td valign="top" width=239> <br>
      <hr noshade size="1">
      <font size=2>Authorized Representative <br>
      </font></td>
  </tr>
  <tr valign="top">
    <td width=39><font size=2>Date: </font></td>
    <td width=223> <br>
      <hr noshade size="1">
    </td>
    <td width=37>&nbsp;</td>
    <td valign="top" width=38><font size=2>Date: </font></td>
    <td valign="top" width=239> <br>
      <hr noshade size="1">
    </td>
  </tr>
</table>

<p>&nbsp;
<table width=600>
  <tr>
    <td width=58 align=left><font size=1>&nbsp;</font></td>
    <td width=335 align=center><font size="2"> </font></td>
    <td width=191 align=right><font size="2">Bottler&#146;s Agreement Page 16</font><font size="1"></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>15
<FILENAME>e17118_ex4-14.htm
<DESCRIPTION>BOTTLER'S EXTENSION AGREEMENT
<TEXT>
<html>
<head>
<title> EX-4.14</title>
</head>
<body>





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

<p><table width=600><tr><td align=right><font size=2>Exhibit 4.14 </font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>February 9, 2001</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Embotelladora Coca-Cola y Hit de Venezuela, S.A.<BR>
Torre Dresdner Bank  <BR>Calle 50, Piso 7  <BR>Panama 55-0820  <BR>Republic of Panama</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Gentlemen:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term of the
Sabores Beverages Bottler&#146;s Agreement (the  &#147;Agreement&#148;), effective August 16,
1996 between Advantage Investments, Inc. and  you, covering a Territory therein
described, is hereby extended by mutual  agreement from August 16, 2001, the date of
expiration thereof, to August 16,  2006.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as herein
modified, the Agreement shall continue in full force  and effect, provided that it shall
finally terminate on August 16, 2006, without  the right of a tacit renewal being claimed
by you.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please indicate
your agreement by signing and returning the enclosed  duplicate hereof.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=310>&nbsp;</td>
    <td colspan="2"><font size=2>Sincerely,<br>
      <br>
      ADVANTAGE INVESTMENTS, INC. <br>
      </font></td>
  </tr>
  <tr>
    <td width=310>&nbsp;</td>
    <td width=33 valign="top"><font size=2>By:</font></td>
    <td width=241 valign="top"><font size=2> /s/ <br>
      </font>
      <hr noshade size="1" align="center" width="100%">
      <font size=2> Authorized Representative</font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>Accepted:  <BR>EMBOTELLADORA COCA-COLA Y HIT DE
VENEZUELA, S.A.</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=7% valign=top><font size="2">&nbsp;By: </font></td>
    <td width=93%><font size="2"> /s/<br>
      </font>
      <hr noshade size="1" align="left" width="50%">
      <font size="2">Authorized Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 20; page: 20" -->

<p><table width=600><tr><td  align=center><font size=2>February 17, 1997</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Embotelladora Coca-Cola y Hit de Venezuela, S.A.<BR>
Caracas, Venezuela</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Gentlemen:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Reference is made to the Bottler&#146;s Agreement
entered into between Advantage  Investments, Inc. and you, with effect from August 16,
1996 (the &#147;Agreement&#148;).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The initial paragraph of the Agreement is
amended to read as follows:</font></td></tr></table>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><FONT SIZE="2"><B>THIS BOTTLER&#146;S
AGREEMENT</B> (the &#147;Agreement&#148;) entered into with effect from August 16, 1996 by
and between Advantage Investments, Inc., a corporation organized and existing under the
laws of Panama (hereinafter referred to as the &#147;Company&#148;) and Embotelladora
Coca-Cola y Hit de Venezuela, Inc., a corporation organized and existing under the laws
of Panama, acting on behalf of each of the bottling companies listed in Exhibit 1 to
this Agreement, which is incorporated by reference and made a part hereof (each of such
bottling companies hereinafter referred to as the &#147;Bottler&#148;)</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>Except as amended hereby, the entire Bottler&#146;s
Agreement remains in full force  and effect.</font></td></tr></table>

<p>&nbsp;
<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>Kindly indicate your acceptance of the above by
signing and returning the two  enclosed copies of this letter.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=310>&nbsp;</td>
    <td colspan="2"><font size=2>Sincerely,<br>
      <b><br>
      ADVANTAGE INVESTMENTS, INC. </b><br>
      </font></td>
  </tr>
  <tr>
    <td width=310>&nbsp;</td>
    <td width=33 valign="top"><font size=2>By:</font></td>
    <td width=241 valign="top"><font size=2> /s/ <br>
      </font>
      <hr noshade size="1" align="center" width="100%">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>Accepted:  <BR>
      <b>EMBOTELLADORA COCA-COLA Y HIT DE VENEZUELA, S.A.</b></font></td>
  </tr></table>

<P>
<table width=600>
  <tr>
    <td width=7% valign=top><font size="2">&nbsp;By: </font></td>
    <td width=93%><font size="2"> /s/<br>
      </font>
      <hr noshade size="1" align="left" width="50%">
    </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  align=center><font size=3><B>SABORES BEVERAGES 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 August 16, 1996, by and between ADVANTAGE
      INVESTMENTS, INC., a corporation organized and existing under the laws of
      Panama (hereinafter referred to as the &#147;Company&#148;), and EMBOTELLADORA
      COCA-COLA Y HIT DE VENEZUELA, S.A., a corporation organized and existing
      under the laws of Panama with principal offices at _____________, _________________
      (hereinafter referred to as &#147;the Bottler&#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=10% valign=top><font size="2">&nbsp;A. </font></td><td width=90%><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 in other forms or  manners.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;B. </font></td><td width=90%><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 (all of  the said trade marks being
collectively or severally referred to  hereinafter as the &#147;Trade Marks&#148;).</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;C. </font></td><td width=90%><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 Venezuela.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;D. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;E. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;F. </font></td><td width=90%><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><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=10% valign=top><FONT SIZE="2">&nbsp;<B>I.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> AUTHORIZATION</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;1. </font></td><td width=90%><font size="2"> The
Company hereby authorized 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;2. </font></td><td width=90%><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</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
&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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<!-- MARKER PAGE="sheet: 23; page: 23" -->

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">Bottler,
authorize the  Bottler to use additional Authorized Containers in the preparation,
packaging, distribution and sales of one or more of the Beverages.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="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 of the provisions of Clause
29(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 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;3. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>II.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE COMPANY</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;4. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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=10% valign=top><font size="2">&nbsp;5. </font></td><td width=90%><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
Beverage 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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>III.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> OBLIGATIONS
OF THE BOTTLER RELATIVE TO MARKETING OF THE BEVERAGES, FINANCIAL CAPACITY AND PLANNING</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;6. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=353 align=center><font size="2"> </font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 2</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 24; page: 24" -->

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">future
demand for each of the Beverages and by  satisfying fully and in all respects the
existing demand therefore;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;7. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;8. </font></td><td width=90%><font size="2"> The
Bottler shall submit to the Company, for its prior approval, all  advertising and all
promotions relating to the Trade Marks of 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;9. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;10. </font></td><td width=90%><font size="2"> The
Bottler covenants and agrees:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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 at such  other
intervals as the Company may request in connection with the  implementation  of the
Annual  Program; and</font></td></tr></table>

<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=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;11. </font></td><td width=90%><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</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">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. <br>
      <br>
      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=10% valign=top><font size="2">12.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">13.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><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 costs incurred by
the  Company and the Injured Bottler; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(3) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><font size="2"> The
Bottler shall immediately inform the Company if at any  time any solicitation or offer to
purchase 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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top><FONT SIZE="2">&nbsp;<B>IV.</B></FONT> </td><td width=90%><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=10% valign=top><font size="2">&nbsp;14. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;15. </font></td><td width=90%><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 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=10% valign=top><font size="2">&nbsp;16. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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 16.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;17. </font></td><td width=90%><font size="2"> This
Agreement reflects the mutual interest of both parties  and in the event that either:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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 16  hereof:</font></td></tr></table>

<p><table width=600><tr><td><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">18.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>V.</B></FONT> </td><td width=90%><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=10% valign=top><font size="2">19.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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
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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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, (3) any other relevant data
including data that will  assist in tracing such Beverages.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;20. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">21.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">22.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top><font size="2">&nbsp;23. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VI.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> CONDITIONS
OF PURCHASE AND SALE</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;24. </font></td><td width=90%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">25.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><font size="2"> The
Company reserves the right, to the extent  permitted by 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 shipments
(including the supply point), and the currency or currencies  acceptable to the Company
or its Authorized Suppliers.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><font size="2"> 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  event  of  the  cancellation  of an  authorization  of a
Beverage or Beverages  pursuant to this  subclause,  the  provisions  of  Clause 29
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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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) hereof shall be
deemed to be acceptance by the Bottler of the revised price.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 8</font></td>
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<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><FONT SIZE="2">&nbsp;<B>VII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> DURATION
AND TERMINATION OF AGREEMENT</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;26. </font></td><td width=90%><font size="2"> This
Agreement shall be effective from August 16, 1996 and  shall expire, without notice, on
August 26, 2001 unless it has  been earlier terminated as provided herein. It is
recognized  and agreed among the parties hereto that the Bottler shall  have no right to
claim a tacit renewal of this Agreement.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">27.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><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 19  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><font size="2"> This
Agreement may be terminated forthwith by the Company  without liability for damages:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(1) </font></td><td width=80%><font size="2"> if
the Bottler  becomes  insolvent,  of 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(2) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">28.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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  or </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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 28.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;29. </font></td><td width=90%><font size="2"> Upon
the expiration or earlier termination of this Agreement  or upon the 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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
materials 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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  materials 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 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 17 or 27(a)  or as a result  of any of the
contingencies  provided  in Clause 34  (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  25 or  28,  or  upon
the  cancellation of the  authorization  for a Beverage(s)  pursuant to Clause 25(d) or
Clause 30, 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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, 17, 18(a), 29,  35(a), (b), (c) and (d), and 36, 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;30. </font></td><td width=90%><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 30, the  provisions  of
Clause 29 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,  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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top><FONT SIZE="2">&nbsp;<B>VIII.</B></FONT> </td><td width=90%><FONT SIZE="2"><B> GENERAL
PROVISIONS</B></FONT></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;31. </font></td><td width=90%><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,  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=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> to
notify the Company promptly in the event of or upon  obtaining knowledge of any third
party which may or will  result in any change in the ownership or control of the  Bottler;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">In
addition to the foregoing provisions of this Clause 31, 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 trademarks 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><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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  31, 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 31 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 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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><font size="2">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=10% valign=top><font size="2">&nbsp;32. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;33. </font></td><td width=90%><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 it  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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;34. </font></td><td width=90%><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 form:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><font size="2"> strike,
blacklisting, boycott or sanction, however incurred;  or</font></td></tr></table>

<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=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><font size="2"> any
other cause whatsoever beyond their control.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">&nbsp; </font></td>
    <td width=90%><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, and  for the duration of such inability,
the Company and Authorized  Suppliers shall be relieved of their obligations under Clause
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=10% valign=top><font size="2">35.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The
Company  reserves the sole and  exclusive  rights 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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 </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 12</font></td>
  </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>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 interest of the
Company in the Beverages, the Authorized Containers or the goodwill  associated with the
Trade Marks.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td><td width=80%><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 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td><td width=80%><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 35(e) shall not
limit or relieve the Bottler from its obligation  under Clause 35(d) hereof.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;36. </font></td><td width=90%><font size="2"> The
Bottler covenants and agrees with the Company:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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 36: and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;37. </font></td><td width=90%><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 27(a)(2)
is not affected hereby.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top><font size="2">38.</font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><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 compromise agreements and other documents within the  provisions of
Clause 18 hereof; provided,</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 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 width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%><font size="2">however,
that any written  representatives 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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td><td width=80%><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 affected. 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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;39. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;40. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;41. </font></td><td width=90%><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><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;42. </font></td><td width=90%><font size="2"> This
Agreement shall be interpreted, construed and governed by and in  accordance with the
laws of Venezuela.</font></td></tr></table>

<P><table width=600><tr><td width=10% valign=top><font size="2">&nbsp;43. </font></td><td width=90%><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>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 14</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 36; page: 36" -->

<p><table width=600><tr><td><font size=2>IN WITNESS WHEREOF, the Company at Atlanta,
Georgia, U.S.A., and the Bottler at  Atlanta, GA, 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>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=450></td></tr></table>


<br>
<table width=600>
  <tr valign="top">
    <td colspan="2"><font size=2><b>EMPOTELLADORA COCA-COLA Y HIT<br>
      DE VENEZUELA, S.A. </b><br>
      <br>
      </font> </td>
    <td width=37>&nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td colspan="2"><font size=2><b>ADVANTAGE INVESTMENTS, INC. </b></font> </td>
  </tr>
  <tr valign="top">
    <td width=39><font size=2>By: </font></td>
    <td width=223> <br>
      <hr noshade size="1">
      <font size=2>Authorized Representative <br>
      </font></td>
    <td width=37>&nbsp;</td>
    <td valign="top" width=38><font size=2>By: </font></td>
    <td valign="top" width=239> <br>
      <hr noshade size="1">
      <font size=2>Authorized Representative <br>
      </font></td>
  </tr>
  <tr valign="top">
    <td width=39><font size=2>Date: </font></td>
    <td width=223> <br>
      <hr noshade size="1">
    </td>
    <td width=37>&nbsp;</td>
    <td valign="top" width=38><font size=2>Date: </font></td>
    <td valign="top" width=239> <br>
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=420 align=center><font size="2">
</font></td>
    <td width=171 align=right><font size="2">Bottler&#146;s Agreement Page 15</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>16
<FILENAME>e17118_ex4-15.htm
<DESCRIPTION>MANUFACTURING AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.15 </title>
</head>
<body>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->



<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.15</B></font></td></tr></table>

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

<p><table width=600><tr><td><FONT SIZE="2">By this Agreement, that becomes effective as
from <B>April 16th, 1999</B>, on one side, <B>COCA-COLA IND&#218;STRIAS LTDA.</B>, a private limited
liability company, organized according to the country laws, enrolled with the Legal
Persons National Registry of the Ministry of Finance under number 45.997.418/0001-53,
with headquarters at Praia do Botafogo, 374 - 12o. andar, parte, Rio de Janeiro, State
of Rio de Janeiro (hereinafter referred to as &#147;PARTNERSHIP&#148;) and, on the other
side, <B>SPAL - INDUSTRIA BRASILEIRA DE BEBIDAS S.A.</B>, enrolled with the Legal Persons
National Registry of the Ministry of Finance under number <B>61.186.888/0001-93</B>, with
headquarters at Av. Engenheiro Alberto de Zagottis, 352, Jurubatuba, Sao Paulo, State of
Sao Paulo (hereinafter referred to as &#147;MANUFACTURER&#148;); and as Intervening
Party, <B>THE COCA-COLA COMPANY</B>, an American Corporation, organized and operating under the
laws of the State of Delaware, United States of America (hereinafter referred to as
&#147;COMPANY&#148;);</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><B>WHEREAS</B></FONT></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">A) </font></td><td width=90%><font size="2"> the
Company is dedicated to the manufacture and sale of certain  concentrates and beverage
bases (hereinafter referred to as &#147;BEVERAGE  BASES&#148;), formulas of which are
industrial secrets of the Company, from  which the syrups are prepared (hereinafter
referred to as &#147;SYRUPS&#148;) for the  production of non-alcoholic soft drink
beverages; that the Company is also  dedicated to the manufacture and sale of Syrups,
used for the preparation  of certain non-alcoholic beverages (hereinafter referred to as
&#147;BEVERAGES&#148;)  better described in the Exhibit I, which are offered to sale in
bottles and  other recipients and in further under other forms or manners;</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">B) </font></td><td width=90%><font size="2"> the
Company is the holder (i) of the trademarks listed in the Exhibit II,  which distinguish
the referred Beverage Bases, Syrups and Beverages; as  well as (ii) of several trademarks
relating to Characteristic Recipients,  in various sizes, in which the Beverages are
being commercialized for many  years and, further, is holder of (iii) figurative
trademarks consisting of  a Wave (&#147;Dynamic Ribbon Devices&#148;) used for
advertising and  commercialization of some of the Beverages (all these trademarks are
hereinafter referred, in this Agreement, jointly or severally, to as  &#147;Trademarks&#148;);</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">C) </font></td><td width=90%><font size="2"> The
Partnership, by virtue of a license granted thereto by the Company,  registered at the
Industrial Property National Institute, is authorized to  use the Trademarks in the
manufacture, preparation, promotion, advertising,  and sale of products protected by the
Trademarks, as well as upon the  agreement of the Company, enter into manufacturing
agreements with physical  or legal persons, in Brazil, to prepare and bottle the
Beverages protected  by the referred Trademarks and use these Trademarks in connection
with the  Beverage;</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">D) </font></td><td width=90%><font size="2"> the
Manufacturer requested the authorization of the Partnership to use the  Registered
Trademarks in connection with preparation, packaging,  distribution and sale operations
of the Beverages in certain geographic  area of Brazil, following delimited and described
(hereinafter referred to  as &#147;TERRITORY&#148;):</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td>
    <td width=80%> <FONT SIZE="2">&#147;An area in the State of <B>S&#195;O
      PAULO</B>, limited by a line that begins in and includes the City of <B>PIRAPORA
      DO BOM JESUS</B> and from this point in straight line, towards the Northeast,
      until but EXCLUDING the City of <B>CAMPO LIMPO</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"> -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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<!-- MARKER PAGE="sheet: 1; page: 1" -->




<table width=600><tr>
    <td width=10% valign=top>&nbsp; </td>
    <td width=10%><font size="2"></font></td>
    <td width=80%> <FONT SIZE="2"><b>PAULISTA</b>; from this point, in straight
      line, towards the Northeast, until but EXCLUDING the City of<B>ATIBAIA</B>;
      from this point, in straight line, towards the Southeast, until and including
      the City of <B>BOM JESUS DOS PERD&#213;ES</B>; from this point, in straight
      line, towards the Southeast, until and including the City of <B>IGARAT&#193;</B>;
      from this point, in straight line, towards the Southeast, until and including
      the locality of <B>GRAMA</B>; but EXCLUDING the City of <B>SALES&#211;POLIS</B>;
      from this point, in straight line, towards the Northeast, towards the City
      of <B>PARATI</B>, in the State of <B>RIO DE JANEIRO</B>, but finishing in
      the frontier of the States of <B>S&#195;O PAULO</B> and <B>RIO DE JANEIRO</B>;
      from this point, in straight line, towards the Southeast, following this
      frontier up to the coast; from this point, in straight line, towards the
      Southeast following the coast up to the frontier with the State of <B>PARANA</B>;
      from this point, in straight line, towards the Northeast, following the
      frontier line with the State of <B>PARAN&#193;</B>, until and including
      the city of <B>BARRA DO TURVO</B>; from this point, in straight line, towards
      the Northeast, following the frontier line with the State of <B>PARAN&#193;</B>,
      until but EXCLUDING the locality of <B>PAV&#195;O</B>; from this point,
      in straight line, towards the Northeast, until but EXCLUDING the City of
      <B>IPORANGA</B>; from this point, in straight line, towards the Northeast,
      until but EXCLUDING the City of <B>TAPIRAI</B>; from this point, in straight
      line, towards the Northeast, until but EXCLUDING the City of <B>IBI&#218;NA</B>;
      from this point, in straight line, towards the Northeast, until and EXCLUDING
      the City of <B>S&#195;O ROQUE</B>; from this point, in straight line, towards
      the Northeast, until the City of <B>PIRAPORA DO BOM JESUS</B>, initial point
      of this Official Territory&#148;.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>2.  &#147;All coast islands of Sao Paulo are
included in this Official Territory&#148;.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">E) </font></td><td width=90%><font size="2"> the
Partnership is inclined to grant to the Manufacturer the authorization  requested, under
the terms and conditions determined herein.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The Parties hereto have agreed and contracted
the following:</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>I - AUTHORIZATION</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>1. The Partnership, with the approval of the
Company, grants the authorization  to the Manufacturer, which is obligated thereto, under
the terms and conditions  of this Agreement, to prepare and pack the Beverages into
Authorized Recipients,  as following defined, and distribute and sell them under the
Trademarks,  exclusively into the TERRITORY.</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>2. The Partnership will have the right, during the duration
      of this Agreement, at its discretion, to approve, for each Beverage, the
      types, sizes, forms, and other special characteristics of the recipients
      (hereinafter referred to as &#147;AUTHORIZED RECIPIENTS&#148;), which the
      Manufacturer authorized to use under the terms of this Agreement for the
      packing of each of the Beverages. The list of Authorized Recipients for
      each of the Beverages, in force in the date of this Agreement, is mentioned
      in the <b>Exhibit III</b>. The Partnership can, upon written notice forwarded
      to the Manufacturer, allow the use of other Authorized Recipients for the
      preparation, distribution, and sale of Beverages. Except for the provisions
      of the <b>Exhibit IV,</b> the Partnership reserves the right to cancel its
      authorization for each of the Authorized Recipients, in relation to any
      of the Beverages, upon written notice forwarded to the Manufacturer with
      six months in advance. It is understood among the Parties that the Partnership,
      in good faith, will make use of its right of canceling any authorization
      previously granted, concerning the use of any of the Authorized Recipients,
      in order to qualify the Manufacturer to prepare, pack, distribute, and sell
      the Beverages under the terms of this Contract. In the event 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"> -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><font size=2>such cancellation, the  provisions of item 30
(c) will be applied to the recipients, approval of which  had been cancelled.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>3. The lists, if any, attached hereto, identify
the nature of additional  authorizations that may come to be granted to the Manufacturer,
pursuant to the  terms of this Agreement, and rule the specific rights and obligations of
each  Party, concerning such additional authorizations.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>II - OBLIGATIONS OF THE PARTNERSHIP</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>4.  The Partnership is obligated to sell and
deliver to the  Manufacturer, by itself or through third parties indicated  thereby, the
quantities of Beverage Bases that come to be  periodically ordered by the Manufacturer,
in conformity with a  delivery schedule to be elaborated by the Partnership, but under
the following conditions:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will order, and the Partnership will sell and  deliver to the Manufacturer,
only the quantities of the Beverage  Bases that are necessary and sufficient to implement
this  Agreement;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will use the Beverage Bases exclusively for the  preparation of beverages
according to instructions periodically  received by the Partnership, being the
Manufacturer obligated not  to sell either the Beverage Bases or the Syrup, nor allow
that  both go to third parties hands without the previous approval of  the Partnership in
writing;</font></td></tr></table>

<br>
<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=80%><font size="2"> The
Partnership reserves the absolute and exclusive right of, at  any time, determining which
should be the formulas, composition or  ingredients of the Beverages or Beverage Bases.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>5.  The Partnership, during the duration of this
Agreement, is  obligated not to sell or distribute Beverages, as well as not to
authorize third parties to sell or distribute them, in the  Territory, into Authorized
Recipients, reserving the Partnership,  however, the right to prepare, pack, distribute
and sell the  Beverages in the Territory, or authorize third parties to do it,  under
other manners or form.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>III - MANUFACTURER&#146;S OBLIGATIONS
CONCERNING THE COMMERCIALIZATION OF BEVERAGES, FINANCIAL CAPACITY AND PLANNING</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>6.  The Manufacturer undertakes, in a permanent
way, to develop, stimulate  and fully satisfy the demand of each Beverage, within the
Territory.  The Manufacturer, therefore, undertakes with the Partnership to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> prepare,
pack, distribute and sell, the quantities of each of the  Beverages that are necessary
under any aspect to fully satisfy the  demand of each Beverage into the Territory.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> employ
its best efforts and use all adequate, practiced and approved  means to integrally
develop and take advantage of the maximum potential  of the packing, commercializing and
distributing business of Beverages  in the Territory, through the creation, stimulation
and continuous  expansion of the future demand and upon complete satisfaction, under  all
aspects, of the demand existing in relation to each of the  Beverages;</font></td></tr></table>

<p>&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: 3; page: 3" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> invest
the entire capital and spend all resources necessary for the  organization,
implementation, operation, and maintenance into the  Territory of installations and
equipment destined to the manufacturing,  storage, commercialization, distribution,
delivery, transportation, and  other installations and equipment, as it comes necessary
for the full  compliance of obligations assumed herein by the Manufacturer;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> sell
and distribute the Beverages into Authorized Recipients, only to  retail sellers or final
consumers, in the Territory, but being however  authorized the sale and distribution of
Beverages into Authorized  Recipients, to wholesale sellers in the Territory, which sell
exclusively to wholesalers in the Territory. Any other distribution  methods are subject
to the Partnership&#146;s previous approval, in writing;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> have
at its disposal, in a permanent way, competent and well-trained  administrators, and
select, train, maintain and manage all personnel  necessary and sufficient, under all
aspects, for the full performance  of obligations assumed by the Manufacturer in this
Agreement, keeping  exclusive labor responsibility on the labor contracted.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>7.  The Parties agree that, for the development
and stimulation of the  demand in relation to each of the beverages, it is necessary the
use of  advertising and other forms of marketing activities. The Manufacturer  is
consequently obligated to assume the advertising and marketing  expenses, necessary
either to keep or to increase the Beverages demand  into the Territory. The Partnership
can, at its exclusive discretion,  contribute for such advertising and marketing
expenses. In addition,  the Partnership can also be in charge of any promotional or
advertising  activity that it deems appropriate into the Territory, at its own  expenses.
This, however, will not affect, in any way, the  Manufacturer&#146;s obligations of
providing expenses for advertising and  marketing in relation to each of the Beverages,
in order to stimulate  and develop the demand of each of the Beverages in the Territory.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>8.  The Manufacturer undertakes to submit to the
Partnership, for its  previous approval, all advertising and promotion projects related
to  Trademarks and Beverages, as well as to only use, publish, keep or  distribute
advertising and promotion materials authorized and approved  thereby</font></td></tr></table>


<p><table width=600><tr><td><font size=2>9.  The Manufacturer undertakes to maintain the
consolidated financial  capacity that may be reasonably necessary to guaranty its
performance  of the obligations assumed through this instrument. The Manufacturer  must
keep records, books and accounts, in good order and accurate,  undertaking to provide the
Partnership, whenever requested to do so,  any financial and accounting information
enabling the Partnership to  assess whether the Manufacturer is fulfilling its
obligations  stipulated in this agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>10.  The Manufacturer undertakes to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> deliver
to the Partnership, once every calendar year, a schedule  (hereinafter referred to as
&#147;ANNUAL SCHEDULE&#148;) with contents and form  acceptable for the Partnership. The
Annual Schedule will contain at  least the Manufacturer&#146;s management, financial,
marketing, promotional  and advertising plans, detailedly explaining the activities
projected  for the following twelve-month period, or for another period, as  determined </font></td></tr></table>


<p>&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: 4; page: 4" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">by the Partnership. The Manufacturer must diligently
      follow the Annual Schedule, whose implementation will provide the Partnership
      with quarterly reports, or reports with other periodicity, as requested
      by the Partnership;</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> supply
monthly reports to the Partnership referring to the sales of  each Beverage, containing
any data and information which the  Partnership may request.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>11.  The Manufacturer recognizes that the
Partnership has entered into or  may enter into agreements similar to this Agreement with
other parties  outside the Territory, and undertakes to operate its businesses so as  to
avoid conflicts with such other parties, as well as, should any  litigations arise with
any of such third parties, to employ all its  efforts to settle them amicably.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">12. </font></td>
    <td width=10% align="left" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Manufacturer, recognizing the resulting
      advantages for it and for the other parties referred to in item 11 above
      in keeping a uniform external appearance as to distribution equipment and
      other equipment and materials used for the activities contemplated by this
      Agreement, undertakes to accept and use the standards periodically adopted
      and published by the Partnership, related to models and decorations of trucks
      and other delivery vehicles, boxes, refrigerators, vending machines and
      other materials and equipment used in the Beverages distribution and sales,
      pursuant to this Agreement.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="left"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer further undertakes, moreover, to preserve and  replace such equipment at
reasonable intervals, and to refrain  from suing this equipment to distribute or sell any
products  not identified by the Trademarks without the Partnership&#146;s  previous
written consent.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">13. </font></td>
    <td width=10% align="left" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Manufacturer is prohibited, without the
      Partnership&#146;s previous written consent, of preparing, selling or distributing,
      or give cause to other parties do sell or distribute, any of the Beverages
      outside the Territory, howsoever it might be done.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% align="left" valign="top"><font size="2">(b)</font></td>
    <td width=80%><font size="2"> If
any of the Beverages prepared, packaged, distributed or  sold by the Manufacturer be
found in the territory of another  authorized manufacturer of the Partnership&#146;s
beverages  (hereinafter referred to as &#147;IMPAIRED MANUFACTURER&#148;), besides  the
other measures which the Partnership be entitled to  enforce:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=70%><font size="2"> The
Partnership can, at its sole discretion,  immediately cancel the authorization for the
Authorized Recipients of the types found in the  Impaired Manufacturer&#146;s territory;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">2) </font></td>
    <td width=70%><font size="2"> The
Partnership can require the Manufacturer to pay a  cash compensation for the Beverages
found in the  Impaired Manufacturer&#146;s territory, as recovery of all  expenses and
other costs incurred by the Partnership  and by the Impaired Manufacturer;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">3)</font></td>
    <td width=70%><font size="2"> The
Partnership will be entitled to purchase the  Beverages prepared, packaged, distributed
or sold by  the Manufacturer that be found in the Impaired  Manufacturer&#146;s
territory, 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"> -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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<!-- MARKER PAGE="sheet: 5; page: 5" -->




<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Manufacturer will be obligated to, without prejudice
      of other obligations contemplated by this Agreement, reimburse the Partnership
      the amount of the costs incurred with the purchase, transport and/or destruction
      of such Beverages.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="left"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> In
case, in the Impaired Manufacturer&#146;s territory, Beverages  prepared, packaged,
distributed or sold by the Manufacturer  are found, the latter will be obligated to make
all sale  agreements and other records or documents related to such  Beverage available
for Partnership&#146;s representatives, and must  help the Partnership in all
investigations related to the sale  and distribution of these Beverages outside the
Territory;</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top" align="left"><font size="2">(d)</font></td>
    <td width=80%><font size="2"> The
Manufacturer must immediately inform the Partnership if,  at any time, it receives from
third parties any proposals or  offers for the purchase of Beverages which the
Manufacturer  knows or has reasons to believe that will result in the  occurrence of
commercialization, sale, resale, distribution or  redistribution of Beverages outside the
Territory, infringing  this Agreement.</font></td></tr></table>





<p><table width=600><tr><td><font size=2><B>IV - MANUFACTURER&#146;S OBLIGATIONS
CONCERNING THE TRADEMARKS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>14.  The Manufacturer recognizes that the
Company, as the  legitimate owner, has registered at the Industrial Property  National
Institute the trademarks indicated in Exhibit II of  this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>15.  Nothing contemplated by this Agreement will
give to the  Manufacturer any rights over the Trademarks or the goodwill  inherent to
them, nor over any labels, drawings, recipients or  other visual representations of them,
used in connection with  such Trademarks. It is hereby agreed and understood by the
parties that, through this Agreement, the Manufacturer is  granted a temporary permission
unconnected with any rights or  interests, free of payment of any royalties or fees, to
use  the referred Trademarks, labels, drawings, recipients or other  of their visual
representations, only in connection with the  preparation, packaging, distribution and
sale of the Beverages  in Authorized Recipients, it being understood that such use  will
be in such a way as to result in attributing all goodwill  derived therefrom to the
Company, as source and origin of such  Beverages, and the Company will be absolutely
entitled, under  any circumstances, to determine the presentation way and other
necessary or convenient measures to assure the full  enforcement of this item 15.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>16.  The Manufacturer is prohibited of using or
adopting any names,  trade names, commercial names, a.k.a. trade names or other
commercial designations including the words &#147;Coca-Cola&#148;,  &#147;Coca&#148;,
&#147;Cola&#148;, &#147;Coke&#148; or any one of them or any other similar  name which
may cause confusion with them, or any visual or  graphic representations of the
Trademarks or any other  trademarks or industrial property rights held by the Company,
without the Company&#146;s or the Partnership&#146;s previous written  consent.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>17.  The Manufacturer undertakes with the
Partnership, pursuant to  the applicable legislation and during this Agreement validity
term, 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"> -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: 6; page: 6" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% align="left" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, distributing, selling,  commercializing or in any other way
holding interests in any  beverages other than those prepared, packaged, distributed or
sold by the Manufacturer under the Partnership&#146;s  authorization, except the
indications of Exhibit V or those  which the Partnership has previously authorized;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% align="left" valign="top"><font size="2">(b)</font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, selling, commercializing or  in any other way holding
interests in other concentrates,  beverage bases, syrups or beverages which may probably
be  confused or pass by any of the Beverage Bases, Syrups or  Beverages;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% align="left" valign="top"><font size="2">(c)</font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, distributing, selling,  commercializing or in any other way
holding interests in any  beverages, under any commercial presentation or in any
recipients imitating a commercial presentation or recipient  over which the Company
claims ownership interests or which may  probably be confused, cause confusion or be
identified by  consumers as similar or pass by such commercial presentations  or
recipients;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> during
the present agreement validity term, never manufacture,  package, sell, commercialize or
have any other type of  interests related to any Concentrates, Syrups or Beverages not
produced by the Company;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% align="left" valign="top"><font size="2">(e)</font></td>
    <td width=80%><font size="2"> refrain
from, during this Agreement validity term and for a  period of one year immediately
subsequent to this term,  recognizing the valuable rights that the Partnership grants to
the Manufacturer pursuant to this Agreement, preparing,  packaging, distributing,
selling, commercializing or in any  other way having any interests in relation to any
beverages  produced under the name &#147;Cola&#148; (either separately or jointly  with
other words) or any expressions phonetically equivalent  to such name.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
stipulations apply only to operations in which the  Manufacturer is directly involved,
but also to those in which it is indirectly  involved, through ownership, control,
administration, association, agreement or  any other means, located both inside and
outside the Territory. The Manufacturer  undertakes not to purchase or hold, either
directly or indirectly, any ownership  rights, or to enter into any agreements or other
types of commitments with other  parties concerning the administration or control of any
other legal persons,  inside or outside the Territory, which operate in any of the
activities object  of the prohibition stipulated in this item.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>18.  This Agreement reflects the parties mutual
interest, so that, if:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> a
third party which, at the Partnership&#146;s discretion, is directly or  indirectly,
through ownership, control, administration or other means,  involved in activities of
preparation, packaging, distribution or sale  of any products specified in item 17 of
this instrument, acquires or by  any other means obtains control or any direct or
indirect influence in  the Manufacturer&#146;s administration; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> a
natural or legal  person  having a majority  in the  Manufacturer&#146;s  ownership  or
direct or  indirect  control,  or that is  directly  or  indirectly  controlled  either
by the  Manufacturer  or by a third  party  having  control or direct or  indirect
influence,  at the Partnership&#146;s  discretion,  over 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"> -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: 7; page: 7" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">Manufacturer&#146;s administration, becomes involved
      in activities of preparation, packaging, distribution or sale of any products
      specified in item 17 of this instrument; then, the Partnership will be entitled
      to terminate this Agreement immediately, except if the party making such
      acquisition described in item (a) above or if the person, entity, firm or
      company referred to in item (b) above, upon reception of written notice
      from the Partnership formalizing its intention to terminate the Agreement,
      as contemplated, agrees to abandon, and effectively does abandon, the activities
      of preparation, packaging, distribution or sale of such products within
      a reasonable term, not longer than 6 (six) months, counted as from the notice
      date.</font></td>
  </tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">19. </font></td>
    <td width=10% align="center" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> If the Partnership, in order to reach this Agreement&#146;s
      objectives, in compliance with the legislation referring to industrial property
      registration and licensing, has to register the Manufacturer as a Trademarks
      registered or licensed user, the Manufacturer must, upon the Partnership&#146;s
      request, sign any and all agreements and other documents necessary with
      the purpose of making, altering this registration.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2">In
case the competent government authorities refuse any requests  from the Partnership or
from the Manufacturer to register the  Manufacturer as a registered or licensed user of
any of the Trademarks  in respect to any of the Beverages prepared and packaged by the
Manufacturer pursuant to this Agreement, the Partnership will be  entitled to immediately
terminate this Agreement or cancel the  authorization related to such Beverages.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> Additionally,
the Manufacturer undertakes to provide the  Partnership with the cooperation necessary to
obtain the  registrations related to beverages production and sale.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>V - MANUFACTURER&#146;S OBLIGATIONS
CONCERNING THE BEVERAGES PREPARATION AND PACKAGING</B></font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Manufacturer undertakes to use, in the preparation
      of the Syrup for each one of the Beverages, only the Beverage Bases purchased
      from the Partnership or from Authorized Suppliers, and to use the Syrups
      exclusively for the Beverages preparation and packaging, in strict compliance
      with the written instructions from time to time issued for the Manufacturer
      by the Partnership, which must be strictly fulfilled. Moreover, the Manufacturer
      undertakes, in the Beverages preparation, packaging and distribution operations,
      to permanently obey the manufacturing standards from time to time established
      by the Partnership, and to allow the Company and the Partnership, their
      officers, agents and proxies, any time, to access for inspection the factory,
      premises, equipment and methods used by the Manufacturer for the Beverages
      preparation, packaging, storage and handling, in order to check whether
      the Manufacturer is fulfilling this Agreement terms.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> In
case the Partnership assesses or becomes aware of any  quality problems or other
technical problems related to any of  the Beverages or Authorized Recipients, the
Partnership can  require the Manufacturer to take the appropriate steps to  immediately
remove any of the Beverages from the market. The  Partnership will notify the
Manufacturer by phone, telegram,  telex or any other form of immediate communication,
about </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"> -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: 8; page: 8" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> the Partnership&#146;s decision of requiring
      the Manufacturer to remove any Beverages from the Market, and the Manufacturer,
      upon reception of the first notice, will immediately cease the distribution
      of such Beverages and will take other steps requested by the Partnership
      in connection with the Beverages removal from the market.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> In
case the Manufacturer assesses or becomes aware of the  existence of any quality problems
or other technical problems  related to any of the Beverages or Authorized Recipients,
the  Manufacturer will immediately notify the Partnership by phone,  telegram, telex or
another form of immediate communication.  The information to be supplied by the
Manufacturer when  notifying the Company must contain: (1) the involved Beverages
identity and quantities, including the Authorized Recipients;  (2) code data; (3) any
other pertinent data, including  information that will help in the search and location of
such  Beverages.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer, recognizing the importance of identifying  the manufacture source of the
Beverages placed in the market,  undertakes to use, as soon as there is technology
available in  the country approved by the Company or by the Partnership,  identification
codes on all the Beverages packaging materials,  including Authorized Recipients and
returnable boxes. The  Manufacturer further undertakes to install, maintain and use  the
machines and equipment necessary for the application of  these identification codes. The
Partnership will from time to  time supply to the Manufacturer, in writing, the necessary
instructions related to the identification code forms to be  used by the Manufacturer and
the production and sales records  to be kept by the Manufacturer.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> The
Manufacturer also undertakes, without prejudice of the  other provisions of this
Agreement, to remove the Beverage(s)  from the market in case any of them be anyhow
impaired as to  their standards, including in respect of their edulcorating  power, both
due to the action of time, temperature or of any  other factors, as established in the
Mixing instructions  determined by the Company&#146;s or Partnership&#146;s Quality
Assurance  Department.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> Moreover,
the Manufacturer undertakes to immediately remove  from the market, after written notice
from the Company or from  the Partnership, at its sole account and costs, any and all
Beverages whose packagings are not duly coded, after the  introduction of the control
system referred to in item (d)  above.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>21. The Manufacturer, at its expenses, will
submit to the Partnership samples of  the Syrups, of the Beverages and of the materials
used to prepare the Syrups and  Beverages, following the written instructions from time
to time transmitted to  it by the Partnership.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">22. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> In the Beverages packaging, distribution and
      sale, the Manufacturer will exclusively use Authorized Recipients, locks,
      boxes, cards, labels and other packaging materials from time to time approved
      by the Partnership, which the Manufacturer will purchase exclusively from
      suppliers authorized by the Partnership to manufacture them, to be used
      in connection with Trademarks and the Beverages. The Partnership will employ
      its best efforts to approve two or more manufacturers 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"> -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: 9; page: 9" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">products, it being understood that these approved
      manufacturers can be located inside or outside the Territory.</font></td>
  </tr></table>

<br>
<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=80%><font size="2"> The
Manufacturer must inspect such Authorized Recipients,  locks, boxes, cards, labels and
other packaging materials, and  it must use only those fulfilling the standards
established by  the legislation applicable in the Territory, besides the  standards and
specifications prescribed by the Partnership.  The Manufacturer takes independent
responsibility for  consequences of the use of such Authorized Recipients, locks,  boxes,
cards, labels and other packaging materials satisfying  such standards.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer undertakes to keep, permanently, a sufficient  inventory of Authorized
Recipients, locks, labels, boxes,  cards and other packaging materials, in order to fully
meet  the demand existing in the Territory for each Beverage.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Manufacturer recognizes that Beverages demand
      increases, as well as changes in the Authorized Recipients list, may from
      time to time require various modifications in respect of its equipment in
      use for manufacture, packaging, delivery or sale, or require the purchase
      of additional equipment for manufacture, packaging, delivery or sale. The
      Manufacture undertakes, therefore, to modify the existing equipment and
      to purchase and install the additional equipment, as necessary and with
      sufficient advance, in order to allow the introduction of new Authorized
      Recipients and the Beverages preparation and packaging, in conformity with
      the Manufacturer&#146;s continuous obligations of developing, stimulating
      and fully satisfy, in the Territory, the demand of each one of the Beverages.</font></td>
  </tr></table>

<br>
<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=80%><font size="2"> In
case the Manufacturer uses returnable Authorized Recipients  in the preparation and
packaging of all or some of the  Beverages, it undertakes to invest the necessary and
appropriate capital and to make the expenses that may be  necessary from time to time in
order to create and maintain a  suitable inventory of returnable Authorized Recipients.
With  the purpose of continuously assuring the quality and  appearance of this inventory
of returnable Authorized  Recipients inventory, the Manufacture also undertakes to
replace this inventory, in whole or in part, as it becomes  reasonably necessary, and as
per the terms of the obligations  herein assumed by the Manufacturer.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer undertakes not to refill or by any other  means reuse any returnable
Authorized Recipients after their  first use.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>24. The Manufacturer will be solely responsible,
in the fulfillment of its  obligations contemplated by this Agreement, for the compliance
with all laws and  regulations applicable in the Territory, undertaking to immediately
inform the  Partnership in case there be any norms somehow preventing or limiting the
strict  fulfillment by the Manufacturer of the instructions transmitted to it by the
Partnership by force of this 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"> -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: 10; page: 10" -->



<p><table width=600><tr>
    <td><font size=2><b>VI - PURCHASE AND SALE CONDITIONS</b></font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>25.  The Manufacturer undertakes, according to
the provisions of  this Agreement, to purchase exclusively from the Partnership  or from
Authorized Suppliers the Beverage Bases necessary for  the Beverages preparation and
packaging.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Partnership reserves the right, upon simple
      notice to the Manufacturer, of establishing, at its sole discretion, the
      Beverage Bases prices, of appointing one or more Authorized Suppliers for
      each one of the Beverage Bases, as well as the shipping and payment conditions,
      as well as, if allowed by the applicable legislation, the payment currency
      or currencies acceptable by the Partnership and its Authorized Suppliers.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Partnership  reserves  the  right,  to the extent  allowed  by the  legislation  in force
in the  Territory,  of  establishing and reviewing,  upon written notice sent to the
Manufacturer,  maximum prices for which each one of the  Beverages in Authorized
Recipients can be sold by the  Manufacturer to retailers,  and the maximum retail prices
for  each one of the  Beverages.  The parties  recognize  that the  Manufacturer  can
sell the  Beverages to retailers and  authorize  the  Beverage  retail  sales for prices
lower than the  maximum  prices  established  or  modified by the  Partnership,  as
allowed by this paragraph. The Manufacturer cannot, however, increase the maximum prices
established  by the  Partnership  for which the  Beverages  in  Authorized  Recipients
can be sold to  retailers,  nor  authorize  increases in the maximum  retail prices
established  for the Beverages,  without  previous  written  approval by the  Partnership.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Partnership reserves the right of, upon simple written  notice to the Manufacturer,
change the Authorized Suppliers  and reviewing from time to time, whenever wished, at its
discretion, the price of any of the Beverage Bases and the  shipping conditions.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> Except
for the provisions of paragraph (e) of this item, if the Manufacturer  does not wish to
pay the Beverage Bases  modified price for any of the Beverages,  it must notify the
Partnership in writing within 30 days,  counted as from  reception  of the  Partnership&#146;s
written  notice  establishing  the new price or  prices.  In case of  refusal,  the
Manufacturer&#146;s  authorization  in relation to such Beverage or Beverages will
lawfully  terminate 3 (three)  calendar  months  after  the  Partnership&#146;s
reception  of  notice  from  the  Manufacturer.  In  case of  cancellation  of the
Manufacturer&#146;s  authorizations as herein  contemplated,  the Partnership will no
longer have any obligations with the  Manufacturer in relation to the Beverage or
Beverages whose  authorizations were cancelled,  and the Partnership will  be entitled to
grant authorizations to third parties in connection with the preparation,  packaging,
distribution and  sale of that given Beverage or of those given Beverages in the
Territory.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(e)</font></td>
    <td width=80%><font size="2"> If
the Manufacturer does not wish to pay the modified price in  respect to the Beverage
Bases for one or more Beverages  identified by the &#147;Coca-Cola&#148; trademark or any
derivations  thereof, as better described in Exhibit I, the Manufacturer  must notify the
Partnership in writing within the term of 30  (thirty) days counted as from reception of
the written notice  issued by the Partnership modifying the referred price or  prices. </font></td></tr></table>


<p>&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: 11; page: 11" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">In this hypothesis, this Agreement will be lawfully
      cancelled 3 (three) calendar months after reception of the Manufacturer&#146;s
      notice.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> Whenever
the Manufacturer fails to notice the Partnership as  to the modified price of one or more
Beverage Bases, as per  the terms of paragraphs (d) and (e) of this item, it is
understood that the Manufacturer accepted the modified price.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=80%><font size="2"> The
Manufacturer undertakes, in relation to each returnable  Authorized Recipient or each
returnable box delivered to  retailers, to charge from the retailers or debit them
accordingly the values that the Partnership, upon written  notice to the Manufacturer,
from time to time establish,  keeping these values in deposit; and undertakes, moreover,
to  employ the reasonable diligent efforts to recover, when empty,  all returnable
Authorized Recipients and boxes and, when  recovering them, reimburse or credit the
applicable parties  the values of the deposits corresponding to such returnable
Authorized Recipients and boxes, if returned without damages  and in good conditions.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(h) </font></td>
    <td width=80%><font size="2"> Notwithstanding
the provisions of letter (a) above, the  parties agree that during the present agreement
validity the  concentrate price will be increased always in the same  proportion and at
the same time when the Manufacturer  increases the sales price of the Beverage that it
manufactures. The parties also agree to keep, during the  present agreement validity, the
calculation methodology of the  Concentrate price currently in use and fully disclosed to
all  Coca-Cola Manufacturers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VII - AGREEMENT DURATION AND EXPIRATION</B></font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">27. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> This Agreement will lawfully expire on April
      15th, 2004, except if it be terminated before that, as herein contemplated.
      However, if the Manufacturer fully fulfilled the present Agreement clauses,
      especially, but without prejudice of the others, those concerning the market
      development and the full meeting of the Beverage demand in its territory,
      as well as the strict compliance with hygiene and quality control norms
      established by the Partnership, making it clear that the Manufacturer is
      willing and has the means to continue acting like that, then the Manufacturer
      may request, and the Partnership will accept, that it be renewed for a period
      equal to that of the present Agreement. The intention of renewing the Agreement
      and the confirmation to keep its satisfactory fulfillment must be manifested
      in writing by the Manufacturer to the Partnership, within a minimum term
      of 6 (six) months and a maximum term of 12 (twelve) months before the Agreement
      expiration, it being perfectly understood that the Partnership will assess
      the Manufacturer&#146;s performance along the agreement period, according
      to the objective criteria pursuant to which the Manufacturers&#146; agreement
      obligations fulfillment are usually assessed. Based on such assessment,
      which must be guided by objective criteria, the Partnership will exercise
      the exclusive right of deciding whether the Manufacturer&#146;s agreement
      obligations were satisfactorily fulfilled, and thus will agree or not with
      the requested renewal. It is herein duly understood that, in case of agreement
      renewal, the Partnership and the Manufacturer can, by mutual agreement,
      introduce modifications in the new Manufacture Agreement to be entered into.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> In
the cases in which the Manufacturing  Agreement is not renewed by the Partnership&#146;s
decision, the Partnership will  purchase from 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">
- -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: 12; page: 12" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> Manufacture, and the Manufacturer will sell
      to the Partnership, all its production equipment, such as, but limited to,
      the bottle washer and filler and the can filler, paying the market price
      for equipment with similar use time, use conditions and maintenance. The
      price parameters will be obtained by surveying the transactions occurred
      in the market within the latest six months involving similar equipment.
      Such transactions will be expressed in National Treasury Bonuses or any
      other economic indicator in force upon the production equipment purchase
      by the Partnership, equipment which must be free and unencumbered by any
      burdens. In case of doubt, written indications from manufacturers of such
      equipment will be accepted as parameters of price and continued use conditions.</font></td>
  </tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">28. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> This Agreement can be terminated by the Partnership
      or by the Manufacturer, immediately and without obligations of indemnifying
      for losses and damages, upon written notice sent to the other party by the
      party entitled to termination: </font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><font size="2"> If
the Partnership,  the Authorized Suppliers or the  Manufacturer become lawfully unable of
obtaining  foreign currency to remit abroad to pay for the import  of Beverage Bases,
ingredients or  materials necessary  to manufacture Beverage Bases, Syrups or Beverages;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2)</font></td>
    <td width=70%><font size="2"> If
any of this  Agreement  parties  loses the  necessary  requirements  pursuant to the laws
in force in the Country where the  Territory  is  located  and as a result  thereof,  or
if, as a result of the  application  of any other  laws  affecting the Agreement,  some
of this  instrument  stipulations  cannot be lawfully  fulfilled,  or if, as a
consequence,  the Syrups can no longer be prepared or the Beverages  cannot be prepared
or sold  according to  the  instructions  issued by the  Partnership  as per the terms of
item 20 above,  or if any of the  Beverage  Bases can no  longer be  manufactured  or
sold in  accordance  with the  Partnership&#146;s  formulas  or with the  standards
prescribed by the Partnership.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> This
Agreement can be immediately terminated by the  Partnership, without obligations to
indemnify for losses and  damages:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=70%><font size="2"> If
the Manufacturer becomes insolvent or if its bankruptcy is  requested or confessed and
the confession application is not  withdrawn within 120 (one hundred and twenty) days, if
the  Manufacturer decides for its dissolution, is a judicial  dissolution or intervention
order is issued against the  Manufacturer, if a liquidator is appointed to administrate
the  Manufacturer&#146;s businesses, or if the Manufacturer enters into  a judicial or
extra-judicial general composition process with  its creditors, such as a reorganization
process, or if it  establishes with them any similar understandings or makes any
assignments in benefit of creditors;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">2) </font></td>
    <td width=70%><font size="2"> In
case of dissolution, nationalization or expropriation of  the Manufacturer, or in case of
seizure of the Manufacturer&#146;s  assets employed in production or distribution.</font></td></tr></table>


<p>&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: 13; page: 13" -->
<p>&nbsp;
<table width=600><tr><td width=10% valign=top><font size="2">29. </font></td>
    <td width=10% valign="top"><font size="2">a)</font></td>
    <td width=80%><font size="2"> This agreement can also be terminated, by the
      Partnership or by the Manufacturer, if the other party fails to fulfill
      one or more of the terms, commitments and conditions of this Agreement,
      and does not cure this infringement within 60 (sixty) days after such party
      receives written notice of such infringement.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">b) </font></td>
    <td width=80%><font size="2"> Besides
the other reparation methods to which the Partnership  is entitled by force of this
Agreement, if at any time the  Manufacturer fails to follow the instructions or to keep
the  standards prescribed by the Partnership or required by the  laws applicable in the
Territory concerning the preparation of  Syrups or Beverages, the Partnership will be
entitled to  prohibit the Syrups or Beverages production until the  infringement
correction, at the Partnership&#146;s discretion, and  the Partnership can require the
removal from the market of any  Beverages not manufactured according to or not in
conformity  with these instructions, standards or legal requirements, and  the
Manufacturer undertakes to immediately comply with such  prohibition or requirement of
the Partnership, bearing the  corresponding expenses.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>30.  In case of occurrence of this Agreement
term expiration or  advance termination:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will immediately cease the Beverages  preparation and packaging activities,
and will cease to use,  in any way, the Trademarks, Authorized Recipients, boxes,  locks,
labels, packaging or advertising materials used by or  destined for use by the
Manufacturer in connection with the  Beverages preparation, packaging, distribution and
sale;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer must immediately remove and erase, from its  premises, delivery vehicles,
sales equipment and other  equipment, from its business stationery and advertising
material used or stored by the Manufacturer, all references to  the Partnership, the
Beverages and the Trademarks; and the  Manufacturer from then on will no longer anyhow
indicate that  it has any connections with the Company, the Partnership, the  Beverages
or the Trademarks;</font></td></tr></table>

<br>
<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=80%><font size="2"> The
Manufacturer  will  immediately  deliver  to  the  Partnership  or to a  third  party,
according  to  the  Partnership&#146;s  instructions,  all Beverage Bases,  Beverages in
Authorized  Recipients,  usable  Authorized  Recipients  bearing the  Trademarks or any
of them, boxes,  locks,  labels,  packaging and advertising  material for the Beverages
still under  the  Manufacturer&#146;s  possession  or under its  control;  and the
Partnership,  upon  delivery  of these  assets,  in  fulfillment of the referred
instructions,  must pay to the  Manufacturer  an amount equal to the  reasonable  market
value of these  supplies or materials,  it being  understood  that the  Partnership  will
only accept and pay for the  supplies and  materials in  first-class  conditions  and
perfectly  usable;  it being  further  understood  that all  Authorized  Recipients,
locks,  labels,  packaging and  advertising  materials  unsuitable  for use according to
the  Partnership&#146;s  standards  will be  destroyed  by the  Manufacturer  without any
cost for the  Partnership;  and it is  further  understood  that if the Agreement be
terminated  pursuant to items 18 or 28(a) or as a result of any of the  circumstances
contemplated  by item 35 (including  termination by force of law) or if the Agreement be
terminated by  the  Manufacturer  for any other reasons not  contemplated by items 26 or
29, the Partnership  shall have the option,  but not the obligation, 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">
- -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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<!-- MARKER PAGE="sheet: 14; page: 14" -->




<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">purchasing from the Manufacturer the aforementioned
      supplies and materials; and</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> All
rights and obligations herein stipulated shall expire,  cease and end, except the
provisions dealing with the  Manufacturer&#146;s obligations related to the Trademarks
and with  the other obligations established in items 14, 15, 16, 19(a)  and 30, all of
which will continue in full force and effect.  However, it is understood that this
provision will not affect  any rights that the Partnership may have against the
Manufacturer in respect to claims based on the non-payment of  any debts of the
Manufacturer with the Partnership or its  Authorized Suppliers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>31.  Besides the other measures available for
the Partnership, in  case of any infringement of this Agreement terms, commitments  and
conditions committed by the Manufacturer, when such  infringement is related only with
the preparation, packaging,  distribution and sale by the Manufacturer of any of the
Beverages, but not of all of them, the Partnership can opt for  canceling the
authorization granted to the Manufacturer as per  the terms of this Agreement, only in
respect to such Beverage  or Beverages. In case of cancellation of the authorization
granted to the Manufacturer as per the terms of this item, the  Partnership will no
longer have any obligations with the  Manufacturer concerning the Beverage or Beverages
whose  authorization was cancelled, and the Partnership will keep the  right of granting
authorizations to third parties in  connection with the preparation, packaging,
distribution and  sale of such Beverages in the Territory.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VIII - GENERAL PROVISIONS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>32.  It is hereby expressly understood and
recognized by the  parties that this Agreement was entered into by the Company  and by
the Partnership &#147;intuito personae&#148;, that is, with  specific fundaments on the
identity, character and integrity  of the Manufacturer&#146;s owners, controllers and
administrators,  which assures to have transmitted to the Partnership, before  the
execution of this instrument, full and complete  information about the owners and any
third parties having  rights, interests, control, direction or any other type of
influence over the Manufacturer. Therefore, the Manufacturer  undertakes and commits
itself, before the Partnership:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> not
to assign, transfer, lien or in any other way burden this  Agreement or any of its
advantages, in whole or in part, in  benefit of third parties, without the Partnership&#146;s
previous  written consent;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> not
to delegate to third parties, in whole or in part, the  performance of this Agreement,
without the Partnership&#146;s  previous written consent;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> to
immediately notify the Partnership upon the occurrence or  as soon as it becomes aware of
third-party acts that may  result in the Manufacturer&#146;s ownership or control
modification;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> from
time to time, to make available for the Partnership, upon  the latter&#146;s request,
complete records related to the  Manufacturer&#146;s ownership updated status and
complete  information about any third parties which directly or  indirectly have control
over the Manufacturer;</font></td></tr></table>

<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 15; page: 15" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(e)</font></td>
    <td width=80%><font size="2"> not
to start or implement any such changes or the  Manufacturer&#146;s ownership or control,
nor consent or authorize  their occurrence, without the Partnership&#146;s previous
written  consent, to the extent that the Manufacturer has legal control  over such
changes;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> in
case the Manufacturer is organized under the form of  partnership, not to alter the
composition of such partnership  without the Partnership&#146;s previous written consent.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contracting
parties expressly stipulate that any violation by the  Manufacturer of the obligations
inserted in this item shall entitle the  Partnership to terminate this Agreement
immediately; and, moreover, in view of  the extremely personal nature of this Agreement,
they agree that the Partnership  will be entitled to terminate it if any third parties
obtains a direct or  indirect interest in the Manufacturer&#146;s ownership or control,
even if the  Manufacturer does not have any means to prevent this change, in case the
Partnership understands, at its sole discretion, that such change would allow  such third
party to exercise influence over the Manufacturer&#146;s administration or  substantially
alter the Manufacturer&#146;s capability of exactly fulfilling this  Agreement terms,
obligations and conditions.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>33.  The Manufacturer, before issuing, offering,
selling,  transferring, commercializing or exchanging shares of its  stock or any other
ownership titles, as well as its  obligations, debentures or the purchase and sale of
such  titles, is obligated to obtain the Partnership&#146;s written  authorization,
whenever the Manufacturer uses, in this  respect, the Company&#146;s or the Partnership&#146;s
name or the  Trademarks or any description of its relationship with the  Company or with
the Partnership, in any leaflets,  advertisement or other promotion methods. The
Manufacture is  prohibited of using the Company&#146;s or the Partnership&#146;s name or
the Trademarks or any description of its commercial  relationship with the Partnership in
any leaflet or  advertisement used in connection with operations of purchase,  by the
Manufacturer, of shares or other documents belonging to  third parties, without
previously obtaining the Partnership&#146;s  written approval.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>34.  The Company or the Partnership can assign
their rights or  delegate their duties and obligations derived from this  Agreement to
one or more subsidiaries or affiliated companies,  upon written notice to the
Manufacturer. It hereby excepted,  however, that the delegation will not exempt the
Company or  the Partnership of any of their obligations stipulated in this  Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>35.  Neither the Partnership nor the
Manufacturer will be  considered in default in relation to any of their obligations
herein stipulated if such fault be caused by or derived from:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> strikes,
blacklisting, boycott or sanctions, whatever their  reasons might be;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> force
majeure or acts of God, acts of hostility, application  of law (including the
cancellation of the necessary government  authorization for any of the parties to fulfill
this Agreement  clauses and conditions), embargoes, quarantine, turmoil,  insurrection,
declared war or not, state of war or  belligerence, or risks or hazards resulting
therefrom; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> any
other causes beyond their control.</font></td></tr></table>

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




<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the
Manufacturer become unable of fulfilling its obligations as  a consequence of any of the
events mentioned in this item, and during the  duration time of such incapacity, the
Partnership will be exempt of its  obligations contemplated by items 4 and 5; however, if
one of such defaults  persists for a minimum period of six (6) months, any of the parties
can  terminate this Agreement.</font></td></tr></table>

<br>
<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=80%><font size="2"> The Partnership reserves the sole and exclusive
      right of filing any proceeding or action, civil, administrative or criminal,
      and in general of taking or requesting any legal step deemed necessary for
      the protection of its reputation and industrial property rights, as well
      as for the protection of the Beverage Bases, Syrups and Beverages, and for
      the defense of any action affecting them. Upon the Partnership&#146;s request,
      the Manufacturer will cooperate in such actions or proceedings. The Manufacturer
      will not be entitled to claim anything against the Partnership as a consequence
      of such actions or proceedings or due to any possible failures of the Partnership
      in filing such actions or proceedings or in defending against them. The
      Manufacturer will immediately notify the Partnership as to any litigation
      or proceeding filed or to be filed in relation to those matters. The Manufacturer
      will not file any judicial or administrative proceeding against third parties
      which may involve the Company&#146;s or the Partnership&#146;s interests,
      without the Partnership&#146;s previous written consent.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Company has the sole and exclusive right of filing all  proceedings and actions related
to the Trademarks, as well as  the duty of submitting defense in proceedings referring to
the  same matter. The Company can file any of these proceedings,  and submit defense
concerning them in its own name, or request  the Manufacturer to file a lawsuit or action
or submit defense  concerning them, in its own name or jointly with the  Partnership or
with the Company.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer agrees to consult with the Partnership  whenever it is called to answer
proceedings or actions based  on alleged product defects, in relation to the Beverages or
to  the Authorized Recipients, and to take reasonable steps  requested by the Partnership
in respect to the defense against  such actions or claims, in order to protect the Company&#146;s
and  the Partnership&#146;s interests as to the Beverages or Authorized  Recipients and
to the commercial reputation associated to the  Trademarks.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will indemnify and render harmless the  Company and the Partnership, their
affiliates and  subsidiaries, and their respective officers, administrators  and
employees, against any costs, expenses, damages, claims,  obligations and
responsibilities, whatever they may be, if  derived from acts not attributable to the
Company and to the  Partnership, such as, but not limited to, costs and expenses
incurred for the composition by settlement, which may result  from the Beverages
preparation, packaging, distribution, sale  or promotion by the Manufacturer, including
costs resulting  from default events, due to guilt or not, practiced by the
Manufacturer, its distributors, suppliers and wholesalers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>37. The Manufacture undertakes with the
Partnership:</font></td></tr></table>


<p>&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: 17; page: 17" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> not
to make any statements or transmit information to  government authorities or to any third
parties involving the  Beverage Bases, the Syrups or the Beverages without the
Partnership&#146;s previous written consent;</font></td></tr></table>

<br>
<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=80%><font size="2"> to
keep strictly confidential, permanently, both during this  Agreement validity and
afterwards, all secret and confidential  information, among which, but not limited to,
those referring  to techniques and instructions for mixtures, sales, marketing  and
distribution information, plans and projects related to  this Agreement object, that the
Partnership may transmit to  the Manufacturer or that be somehow taken to its knowledge,
and to take the appropriate steps to assure that such  information will only be provided
to employees also committed  to confidentiality obligations pursuant to this item.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> that,
upon the occurrence of this Agreement term expiration or  advance termination, the
Manufacturer will take the necessary  steps to deliver to the Partnership, complying with
instructions that will then be given to it, all written  materials, graphic materials or
materials of other nature  which contain or represent any information subject to the
confidentiality and secrecy norms herein stipulated.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>38.  In case any provision of this Agreement be
or become lawfully  ineffective or null, the validity and effectiveness of the  other
provisions will not be affected; however, it is  understood that the ineffectiveness or
nullity of such  provisions will not unduly prevent or impair the fulfillment  of this
Agreement or the Trademarks ownership or validity. The  termination right contemplated by
item 28(a)(2) will remain  valid, notwithstanding the contents of this provision.</font></td></tr></table>

<br>
<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=80%><font size="2"> As to the matters related mentioned in this
      instrument, this Agreement is the sole agreement between the Company, the
      Partnership and the Manufacturer, canceling any previous pacts between the
      parties, or any nature whatsoever, about the same matters, except to the
      extent in which such pacts can encompass agreements and other documents
      reached by the norms of item 19 of this instrument; however, it is understood
      that any written statements made by the Manufacturer, on which the Partnership
      based itself to enter into this Agreement, will remain obligatory for the
      Manufacturer.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2">any renunciation to rights herein contemplated,
      alterations, modifications or additions to this Agreement and to any of
      its provisions, will not be obligatory for the Partnership and for the Manufacturer,
      except when signed by the Partnership&#146;s and the Manufacturer&#146;s
      duly authorized representatives.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> the
written notices issued based on this Agreement will be  sent by cable, telegram, telex or
fac-simile, delivered in  person or by registered letter, and will be deemed as received
on the date on which such notices be sent, such registered  letter be posted or such
notice delivered in hands be  delivered. Such written notices will be addressed to the
latest known address of the addressee. Any change of address  by any of the parties must
be immediately communicated to the  other party in writing.</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">
- -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: 18; page: 18" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Partnership:</font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Praia do Botafogo, 374 - 12(0) andar, parte<BR>
      Rio de Janeiro - RJ</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Manufacturer:</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Av. Engenheiro Alberto de Zagottis, 352 <BR>
      Jurubatuba <BR>
      S&#227;o Paulo - SP</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Company:</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">P.O. Drawer 1734 <BR>
      Atlanta - GA, 30301<BR>
      USA</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>40. The Partnership failure in immediately
exercising any rights conferred upon  it by this Agreement, or in requiring strict
performance of any obligations  herein assumed by the Manufacturer, will not be deemed as
renounce to such  rights or of the right of subsequently requiring the exact fulfillment
of any  and all obligations of the Manufacturer pursuant to this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>41. The Manufacturer is an independent producer
and not an agent or  representative of the Partnership. The Manufacturer undertakes to
never claim to  be an agent of the Partnership, nor to pretend to be one.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>42. The headings used in this instrument are
only for the parties convenience,  and will not affect this Agreement interpretation.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>43. This Agreement will be governed by and
construed pursuant to the laws of the  Federative Republic of Brazil. The Central Courts
of the city of Rio de Janeiro,  State of Rio de Janeiro, are herein appointed by the
parties as the only  competent ones to analyze and settle any controversies derived from
this  Agreement, and both parties expressly renounce to all other Courts, no matter  how
privileged they might be,</font></td></tr></table>


<p><table width=600><tr><td><font size=2>44. The attached Exhibits and Tables are
considered, for all purposes, as  integral parts of this Agreement and will be signed by
the Partnership&#146;s and the  Manufacturer&#146;s authorized representatives.</font></td></tr></table>



<p>&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;





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




<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties execute the present instrument in three  counterparts of equal
tenor, jointly with the two undersigned witnesses.</font></td></tr></table>


<br>
<table width=600><TR>
    <TD width=16% valign=top><font size=2> Partnership: </FONT></TD>
    <TD width=84% valign=top><font size=2> COCA-COLA IND&#218;STRIAS LTDA.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature)</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> Manufacturer: </FONT></TD>
    <TD width=84% valign=top><font size=2> SPAL - Industria Brasileira de Bebidas
      S.A.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature) - Marco Aurelio
      Eboli - Legal Vice President</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>SPAL - Ind&#250;stria Brasileira de Bebidas
      S.A.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature) - Oswaldo Orsolin
      - Executive Vice President</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> Company: </FONT></TD>
    <TD width=84% valign=top><font size=2> THE COCA-COLA COMPANY (Intervening
      Party)</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature) - Vice President</font></TD>
  </TR></TABLE><p></P>


<p><table width=600><tr><td><font size=2>WITNESSES:</font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" width="35%" align="left">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" width="35%" align="left">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" align="left">
    </td>
  </tr>
</table>
<table width=600><tr>
    <td><font size=2>This page is an integral part of the Manufacturing Agreement
      entered into between COCA-COLA IND&#218;STRIAS LTDA. and SPAL - IND&#218;STRIA
      BRASILEIRA DE BEBIDAS S.A., on April 16th, 1999. </font></td>
  </tr></table>

<table width=600>
  <tr>
    <td>
      <hr size="1" align="left">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>(It contains, on all pages of the document
submitted, a stamp as follows: LEGAL  DEPARTMENT (illegible initials)).</font></td></tr></table>



<p>&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=right><font size=2><B>RWC:mvo<BR>SAO PAULO</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>BEVERAGES:</font></td></tr></table>

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

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

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

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

<p><table width=600><tr><td  align=center><font size=2><B>GUARAN&#193; TA&#205;</B></font></td></tr></table>

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

<p><table width=600><tr>
    <td  align=center><font size=2><B>SIMBA GUARAN&#193;</B></font></td>
  </tr></table>

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

<p><table width=600><tr><td  align=center><font size=2><B>KINLEY T&#212;NICA</B></font></td></tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr>
    <td  align=center><font size=2>SPAL - IND&#218;STRIA BRASILEIRA DE BEBIDAS
      S.A.</font></td>
  </tr></table>

<br>
<table width=600><TR>
    <TD width=32% valign=top><font size=2> </FONT></TD>
    <TD width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<BR>
      TITLE: Legal Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=32% valign=top><font size=2> </FONT></TD>
    <TD width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<BR>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><B>RWC:mvo<BR>SAO PAULO</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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



<p><table width=600><tr><td  align=center><FONT SIZE="2"><B><U>TRADEMARKS</U></B></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>In conformity with the Manufacturing Agreement
entered into between COCA-COLA  INDUSTRIAS LTDA. (hereinafter referred to as &#147;PARTNERSHIP&#148;)
and SPAL - INDUSTRIA  BRASILEIRA DE BEBIDAS S.A. (hereinafter referred to as &#147;MANUFACTURER&#148;,
with the  intervening of The Coca-Cola Company (hereinafter referred to as &#147;COMPANY&#148;),
on  April 16, 1999, the trademarks of the COMPANY mentioned in paragraph &#147;B&#148; are
the  following:</font></td></tr></table>



<p><table width=600><tr><td  align=center><FONT SIZE="2"><B><U>TRADEMARKS</U></B></FONT></td></tr></table>

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

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

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

<p><table width=600><tr>
    <td  align=center><font size=2><b>GUARAN&#193; TA&#205;</b></font></td>
  </tr></table>

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

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

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

<p><table width=600><tr><td  align=center><font size=2>And all commercial presentations
and translations concerned the referred  trademarks.</font></td></tr></table>



<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr>
    <td  align=center><font size=2>SPAL - IND&#218;STRIA BRASILEIRA DE BEBIDAS
      S.A.</font></td>
  </tr></table>

<table width=600><TR>
    <TD width=32% valign=top><font size=2> </FONT></TD>
    <TD width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<BR>
      TITLE: Legal Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=32% valign=top><font size=2> </FONT></TD>
    <TD width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<BR>
      TITLE: Executive 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">
</font></td><td width=60 align=right><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 align=right><font size=2><B>RWC:mvo<BR>SAO PAULO</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td  align=center><FONT SIZE="2"><U>LIST OF AUTHORIZED RECIPIENTS</U></FONT></td></tr></table>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> KS 10 oz-</FONT></TD>
    <TD width=81% valign=top><font size=2> Glass bottle containing 290 ml returnable,
      with ACL </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> KS 12oz</FONT></TD>
    <TD width=81% valign=top><font size=2> Glass bottle containing 355 ml returnable,
      with ACL </font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET - </FONT></TD>
    <TD width=81% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      600 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET - </FONT></TD>
    <TD width=81% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      1000 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET - </FONT></TD>
    <TD width=81% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      2000 ml, non-returnable, with plastic label.<br>
      </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> (*) BAG-IN-BOX </FONT></TD>
    <TD width=81% valign=top><font size=2>Flexible plastic bag, with characteristic
      adapters and valves, non-returnable, for beverage syrup of 5, 10 and/or
      18 liters, packed in protecting box made of adequate material.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> CAN -</FONT></TD>
    <TD width=81% valign=top><font size=2> Recipient in metallic material containing
      350 ml with characteristic enameled lithography.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td  align=center><font size=2><B>(*) AS PER THE POST-MIX
SPECIFIC AUTHORIZATION LIST</B></font></td></tr></table>

<table width=600><tr>
    <td  align=center>
      <hr size="2" noshade>
      <font size=2><B>PRODUCTS / SIZES PRODUCED BY THE FRANCHISE</B></font>
      <hr size="2" noshade>
    </td>
  </tr></table>


<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td align="left"> <font size="2"><b>PRODUCTS</b></font></td>
    <td> <font size="2">KS</font></td>
    <td> <font size="2">KS</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">CAN</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">290 ml</font></td>
    <td> <font size="2">355 ml</font></td>
    <td> <font size="2">600 ml</font></td>
    <td> <font size="2">1000 ml</font></td>
    <td> <font size="2">2000 ml</font></td>
    <td> <font size="2">5 L</font></td>
    <td> <font size="2">10 L</font></td>
    <td> <font size="2">18 L</font></td>
    <td> <font size="2">350 ml</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Coca-Cola</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Fanta Laranja</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Fanta Uva</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Sprite</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Guaran&#225; Ta&#237;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kuat</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Simba Guaran&#225;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kinley Soda</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kinley T&#244;nica</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr>
    <td  align=center><font size=2>SPAL - IND&#218;STRIA BRASILEIRA DE BEBIDAS
      S.A.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><B>RWC:mvo<BR>SAO PAULO</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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


<p><table width=600><tr><td><font size=2>The following listed recipients are exceptions
to provisions of Clause 2, in the  specific part in which it foresees the possibility of
canceling its  authorization, during the duration of the Agreement.</font></td></tr></table>



<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> KS 10 oz-</FONT></TD>
    <TD width=90% valign=top><font size=2> Glass bottle containing 290 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> KS 12oz</FONT></TD>
    <TD width=90% valign=top><font size=2> Glass bottle containing 355 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>



<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>SPAL - INDUSTRIA BRASILEIRA DE
BEBIDAS S.A.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><B>RWC:nmp<BR>SAO PAULO</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: July 26, 2001</font></td></tr></table>

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

<br>
<table width=600>
  <tr>
    <td><font size="2">According to provisions of paragraph (a) of Clause 17,
      the MANUFACTURER reserves the right of commercializing the products following
      described:</font></td>
  </tr>
</table>
<P><table width=600><TR>
    <TD width=28% valign=top><font size=2> </FONT></TD>
    <TD width=72% valign=top><font size=2>AGUA MINERAL CAMANDUCAIA</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=28% valign=top><font size=2> </FONT></TD>
    <TD width=72% valign=top><font size=2>AGUA MINERAL CRYSTAL SPAL</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=28% valign=top><font size=2> </FONT></TD>
    <TD width=72% valign=top><font size=2>FLASH POWER</font></TD>
  </TR></TABLE><p></P>



<P><table width=600><TR><TD width=10% valign=top><FONT SIZE="2"><B>Note:</B></FONT> </TD><TD width=90% valign=top><FONT SIZE="2"><B> Concerning
the FLASH POWER product, the authorization for its commercialization is conditioned to a
period of 1 (one) year, from its introduction, according to the correspondence forwarded
by CCIL to SPAL on July 26, 2001.</B></FONT></TD></TR></TABLE><p></P>




<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>SPAL - INDUSTRIA BRASILEIRA DE
BEBIDAS S.A.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><B>RWC:mvo<BR>SAO PAULO</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>POST-MIX AUTHORIZATION LIST</B></font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
PLACE: </FONT></TD><TD width=90% valign=top><font size=2> Rio
de Janeiro</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
Date: </FONT></TD><TD width=90% valign=top><font size=2> April
16, 1999</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION CONCERNING THE
SYRUPS FOR POST-MIX BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>According to provisions of item 3 of the Manufacturing Agreement
      entered into between COCA-COLA INDUSTRIA LTDA. (hereinafter referred to
      as &#147;PARTNERSHIP&#148;) and the subscribed Manufacturer, in force from
      <b>April 16, 1999,</b> the Partnership does hereby authorize the Manufacturer,
      with no exclusivity, to prepare, pack, distribute and sell syrups for the
      following Beverages:</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>COCA-COLA<BR>FANTA<BR>KUAT<BR>SPRITE</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td><font size="2">(which hereinafter are referred to as &#147;Syrups for
      Post-Mix&#148;) to retail sellers into the Territory for the supply of Beverages
      through Post-Mix Distributing Machines in retail establishments or surroundings
      and further to operate Post-Mix Distributing Machines and sell the Beverages
      supplied by such Machines directly to consumers, subject to the following
      conditions: </font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=10% valign=top><font size="2">a) </font></td><td width=90%><font size="2">The
Manufacturer  cannot sell Syrups for Post-Mix to a retailer for use in any Post-Mix
Distributing Machine, unless: </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2">it
exists the adequate and safe supply of  drinkable water; </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=80%><font size="2">all
Post-Mix Distributing Machines are approved by the  Partnership and meet, under all
aspects, the hygiene standards and  others standards stipulated by the Partnership in
writing and  indicated to the Manufacturer, concerning the preparation, package  and sale
of Post-Mix Syrups;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(iii) </font></td>
    <td width=80%><font size="2"> the
Beverages supplied through the Post-Mix Supplying Machines  strictly meet the
instructions for the preparation of Beverages from  Post-Mix Syrups periodically
dispatched by the Partnership to the  Manufacturer.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">b) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated, at its own expenses, to pick samples  of the Beverages
supplied through the Post-Mix Supplying Machines  operated by retailers, to which the
Manufacturer had supplied  Post-Mix Syrups or that are operated by the Manufacturer,
according  to the instructions and in intervals stipulated and communicated  thereto by
the Partnership, in writing, and shall submit such  samples to the Partnership for
examination.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">c) </font></td><td width=90%><font size="2"> The
Manufacturer, at its own initiative and under its  responsibility, shall immediately
interrupt the sale of Post-Mix  Syrups to any retailer that does not meet the standards
forecasted  by the Partnership.</font></td></tr></table>


<p>&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: 26; page: 26" -->
<p>&nbsp;
<table width=600><tr><td width=10% valign=top><font size="2">d) </font></td><td width=90%><font size="2"> The
Manufacturer will cease the sale of Post-Mix Syrups to any  retailer, when notified by
the Partnership that any of the Beverages  supplied through the Post-Mix Supplying
Machine installed in the  establishment of such retailer and surroundings does not meet
the  standards determined by the Partnership for Beverages or that the  Post-Mix
Supplying Machine is not the type approved by the  Partnership.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">e) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2"> sell
and distribute the Post-Mix Syrups only in recipients like the  ones approved by the
Partnership and use only labels approved by the  Partnership;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(ii)</font></td>
    <td width=80%><font size="2"> exercise
all its influence to convince the retailers to use standard  glasses, made of glass or
paper or other recipient, approved by the  Partnership, so that the Beverages served to
the consumer are  adequately identified and served in attractive and hygienic  recipient.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Except for modifications made herein, all terms,
commitments and conditions  contained in the referred Manufacturing Agreement are applied
to the  supplementary authorization granted to the Manufacturer to prepare, pack,
distribute and sell the Syrups for Post-Mix and, in this respect, it is  expressly agreed
among the Parties that all terms, conditions, duties and  obligations on the part of the
Manufacturer, pursuant to the referred  Manufacturing Agreement, are incorporated to this
instrument by reference and,  unless otherwise indicated in the context or another
interpretation is required,  any references made to the term &#147;Beverages&#148; in the
Manufacturing Agreement  should be extended to the expression &#147;Syrups for Post-Mix&#148; for
the objectives of  this supplementary authorization granted to the Manufacturer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization can be cancelled by any of
the Parties upon written notice  with 90 (ninety) days in advance, with no prejudice of
its automatic resolution  with the termination or anticipated rescission of the referred
Manufacturing  Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization cancels and substitutes any
other one existing between the  Partnership and the Manufacturer, in which refers to the
matter of this Post-Mix  List.</font></td></tr></table>

<P><table width=600><TR>
    <TD width=22% valign=top><font size=2> PARTNERSHIP: </FONT></TD>
    <TD width=78% valign=top><font size=2> COCA-COLA IND&#218;STRIAS LTDA. (signed)</font></TD>
  </TR></TABLE><p></P>



<P><table width=600><TR>
    <TD width=22% valign=top><font size=2> MANUFACTURER: </FONT></TD>
    <TD width=78% valign=top><font size=2> SPAL - IND&#218;STRIA BRASILEIRA DE
      BEBIDAS S.A.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=22% valign=top><font size=2> </FONT></TD>
    <TD width=78% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed) <br>
      TITLE: Legal Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=22% valign=top><font size=2> </FONT></TD>
    <TD width=78% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed) <br>
      TITLE: Executive Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=22% valign=top><font size=2> COMPANY: </FONT></TD>
    <TD width=78% valign=top><font size=2> THE COCA-COLA COMPANY <BR>
      (Intervening Party)<BR>Vice President (signed)</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>

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>17
<FILENAME>e17118_ex4-16.htm
<DESCRIPTION>MANUFACTURING AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.16 </title>
</head>
<body>





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<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.16</B></font></td></tr></table>

<p><table width=600><tr><td align=right><font size=2><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>


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

<p><table width=600><tr><td><FONT SIZE="2">By this Agreement, that becomes effective as
from <B>April 16th, 1999</B>, on one side, <B>COCA-COLA INDUSTRIAS LTDA</B>., a private limited
liability company, organized according to the country laws, enrolled with the Legal
Persons National Registry of the Ministry of Finance under number 45.997.418/0001-53,
with headquarters at Praia do Botafogo, 374 - 12o. andar, parte, Rio de Janeiro, State
of Rio de Janeiro (hereinafter referred to as &#147;PARTNERSHIP&#148;) and, on the other
side, <B>SPAL - INDUSTRIA BRASILEIRA DE BEBIDAS S.A.</B>, enrolled with the Legal Persons
National Registry of the Ministry of Finance under number <B>61.186.888/0001-93</B>, with
headquarters at Av. Engenheiro Alberto de Zagottis, 352, Jurubatuba, Sao Paulo, State of
Sao Paulo (hereinafter referred to as &#147;MANUFACTURER&#148;); and as Intervening
Party, <B>THE COCA-COLA COMPANY</B>, an American Corporation, organized and operating under the
laws of the State of Delaware, United States of America (hereinafter referred to as
&#147;COMPANY&#148;);</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=10% valign=top><font size=2>
A) </FONT></TD>
    <TD width=90% valign=top><font size=2> the Company is dedicated to the manufacture
      and sale of certain concentrates and beverage bases (hereinafter referred
      to as &#147;BEVERAGE BASES&#148;), formulas of which are industrial secrets
      of the Company, from which the syrups are prepared (hereinafter referred
      to as &#147;SYRUPS&#148;) for the production of non-alcoholic soft drink
      beverages; that the Company is also dedicated to the manufacture and sale
      of Syrups, used for the preparation of certain non-alcoholic beverages (hereinafter
      referred to as &#147;BEVERAGES&#148;) better described in the <b>Exhibit
      I,</b> which are offered to sale in bottles and other recipients and in
      further under 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 is the holder (i) of
      the trademarks listed in the <b>Exhibit II,</b> which distinguish the referred
      Beverage Bases, Syrups and Beverages; as well as (ii) of several trademarks
      relating to Characteristic Recipients, in various sizes, in which the Beverages
      are being commercialized for many years and, further, is holder of (iii)
      figurative trademarks consisting of a Wave (&#147;Dynamic Ribbon Devices&#148;)
      used for advertising and commercialization of some of the Beverages (all
      these trademarks are hereinafter referred, in this Agreement, jointly or
      severally, to as &#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
Partnership, by virtue of a license granted thereto by the Company,  registered at the
Industrial Property National Institute, is authorized to  use the Trademarks in the
manufacture, preparation, promotion, advertising,  and sale of products protected by the
Trademarks, as well as upon the  agreement of the Company, enter into manufacturing
agreements with physical  or legal persons, in Brazil, to prepare and bottle the
Beverages protected  by the referred Trademarks and use these Trademarks in connection
with the  Beverage;</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
Manufacturer requested the authorization of the Partnership to use the  Registered
Trademarks in connection with preparation, packaging,  distribution and sale operations
of the Beverages in certain geographic  area of Brazil, following delimited and described
(hereinafter referred to  as &#147;TERRITORY&#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">
- -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 width=30>&nbsp;</td><td width=570><FONT SIZE="2">&#147;An area
limited by a line that begins in and includes the City of <B>LEME</B>, Northeast of the City of<B>CAMPINAS</B> in the State of Sao Paulo; from this point, towards the East, until and
including the City of <B>BORDA DA MATA</B> in the State of Minas Gerais; from this point,
towards the Southeast, until and including the City of <B>CAMBUI</B>; from this point, in
straight line, towards the Southwest, until and including the City of <B>PIRACAIA</B> in the
State of Sao Paulo; from this point, in straight line, towards the Southwest, until and
including the City of <B>ATIBAIA</B>; from this point, in straight line, towards the Southwest,
until and including the City of <B>CAMPO LIMPO PAULISTA</B>; from this point, in straight line,
towards the Southwest, until but EXCLUDING the City of <B>PIRAPORA DO BOM JESUS</B>; from this
point, in straight line, towards the Southwest, until but EXCLUDING the City of <B>SAO
ROQUE</B>; from this point, in straight line, towards the Northeast, until but EXCLUDING the
City of <B>SALTO</B>; from this point, in straight line, towards the West, until but EXCLUDING
the City of <B>PORTO FELIZ</B>; from this point, in straight line, towards the Northwest, until
but EXCLUDING the City of TIETE; from this point, in straight line, towards the
Northwest, until but EXCLUDING the City of <B>LARANJAL PAULISTA</B>; from this point, in
straight line, towards the Northwest, until but EXCLUDING the City of <B>PIRAMBOIA</B>; from
this point, in straight line, towards the Southwest, until but EXCLUDING the City of<B>PARDINHO</B>; from this point, in straight line, towards the Northeast, until and including
the City of <B>SANTA MARIA DA SERRA</B>; from this point, in straight line, towards the
Northeast, until and including the City of <B>ITIRAPINA</B>; from this point, in straight line,
towards the Northeast, until and including the City of <B>ANALANDIA</B>; from this point, in
straight line, towards the East, until and including the City of <B>LEME</B>, initial point of
this Official Territory&#148;.</FONT></td></tr></table>

<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
Partnership is inclined to grant to the Manufacturer the authorization  requested, under
the terms and conditions determined herein.</font></TD></TR></TABLE><p></P>


<p><table width=600><tr><td><font size=2>The Parties hereto have agreed and contracted
the following:</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>I - AUTHORIZATION</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>1. The Partnership, with the approval of the
Company, grants the authorization  to the Manufacturer, which is obligated thereto, under
the terms and conditions  of this Agreement, to prepare and pack the Beverages into
Authorized Recipients,  as following defined, and distribute and sell them under the
Trademarks,  exclusively into the TERRITORY.</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>2. The Partnership will have the right, during the duration
      of this Agreement, at its discretion, to approve, for each Beverage, the
      types, sizes, forms, and other special characteristics of the recipients
      (hereinafter referred to as &#147;AUTHORIZED RECIPIENTS&#148;), which the
      Manufacturer authorized to use under the terms of this Agreement for the
      packing of each of the Beverages. The list of Authorized Recipients for
      each of the Beverages, in force in the date of this Agreement, is mentioned
      in the<b> Exhibit III</b>. The Partnership can, upon written notice forwarded
      to the Manufacturer, allow the use of other Authorized Recipients for the
      preparation, distribution, and sale of Beverages. Except for the provisions
      of the <b>Exhibit IV,</b> the Partnership reserves the right to cancel its
      authorization for each of the Authorized Recipients, in relation to any
      of the Beverages, upon written notice forwarded to the Manufacturer with
      six months in advance. It is understood among the Parties that the Partnership,
      in good faith, will make use of its right of canceling any authorization
      previously granted, concerning 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">
- -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>use of any of the Authorized  Recipients, in
order to  qualify the Manufacturer to prepare, pack, distribute, and sell  the Beverages
under the terms of this Contract. In the event of such cancellation, the  provisions of
item 30 (c) will be applied to the recipients, approval of which  had been  cancelled.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>3. The lists, if any, attached hereto, identify
the nature of additional  authorizations that may come to be granted to the Manufacturer,
pursuant to the  terms of this Agreement, and rule the specific rights and obligations of
each  Party, concerning such additional authorizations.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>II - OBLIGATIONS OF THE PARTNERSHIP</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>4.  The Partnership is obligated to sell and
deliver to the  Manufacturer, by itself or through third parties indicated  thereby, the
quantities of Beverage Bases that come to be  periodically ordered by the Manufacturer,
in conformity with a  delivery schedule to be elaborated by the Partnership, but under
the following conditions:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(a) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> The
Manufacturer will order, and the Partnership will sell and  deliver to the Manufacturer,
only the quantities of the Beverage  Bases that are necessary and sufficient to implement
this  Agreement;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(b) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> The
Manufacturer will use the Beverage Bases exclusively for the  preparation of beverages
according to instructions periodically  received by the Partnership, being the
Manufacturer obligated not  to sell either the Beverage Bases or the Syrup, nor allow
that  both go to third parties hands without the previous approval of  the Partnership in
writing;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(c) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> The
Partnership reserves the absolute and exclusive right of, at  any time, determining which
should be the formulas, composition or  ingredients of the Beverages or Beverage Bases.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>5.  The  Partnership, during the duration of
this Agreement, is  obligated not to sell or  distribute Beverages, as well as not to
authorize third parties to sell or distribute  them, in the  Territory, into Authorized
Recipients, reserving the Partnership,  however,  the right to prepare, pack, distribute
and sell the  Beverages in the Territory, or  authorize third parties to do it,  under
other manners or form.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>III - MANUFACTURER&#146;S OBLIGATIONS
CONCERNING THE COMMERCIALIZATION OF BEVERAGES, FINANCIAL CAPACITY AND PLANNING</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>6.  The Manufacturer undertakes, in a permanent
way, to develop,  stimulate and fully satisfy the demand of each Beverage,  within the
Territory. The Manufacturer, therefore, undertakes  with the Partnership to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(a) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> prepare,
pack, distribute and sell, the quantities of each of  the Beverages that are necessary
under any aspect to fully  satisfy the demand of each Beverage into the Territory.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(b) </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> employ its best efforts and use all adequate,
      practiced and approved means to integrally develop and take advantage of
      the maximum potential of the packing, commercializing and distributing business
      of Beverages in the Territory, through the creation, stimulation and continuous
      expansion 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">
- -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: 3; page: 3" --> <br>
  <br>
<table width=600>
  <tr>
    <td width=10% valign=top align="right">&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> future demand and upon complete satisfaction,
      under all aspects, of the demand existing in relation to each of the Beverages;</font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(c) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> invest
the entire capital and spend all resources necessary  for the organization,
implementation, operation, and  maintenance into the Territory of installations and
equipment  destined to the manufacturing, storage, commercialization,  distribution,
delivery, transportation, and other  installations and equipment, as it comes necessary
for the  full compliance of obligations assumed herein by the  Manufacturer;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(d) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> sell
and distribute the Beverages into Authorized Recipients,  only to retail sellers or final
consumers, in the Territory,  but being however authorized the sale and distribution of
Beverages into Authorized Recipients, to wholesale sellers in  the Territory, which sell
exclusively to wholesalers in the  Territory. Any other distribution methods are subject
to the  Partnership&#146;s previous approval, in writing;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(e) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> have
at its disposal, in a permanent way, competent and  well-trained administrators, and
select, train, maintain and  manage all personnel necessary and sufficient, under all
aspects, for the full performance of obligations assumed by  the Manufacturer in this
Agreement, keeping exclusive labor  responsibility on the labor contracted.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>7.  The Parties agree that, for the development
and stimulation of  the demand in relation to each of the beverages, it is  necessary the
use of advertising and other forms of marketing  activities. The Manufacturer is
consequently obligated to  assume the advertising and marketing expenses, necessary
either to keep or to increase the Beverages demand into the  Territory. The Partnership
can, at its exclusive discretion,  contribute for such advertising and marketing
expenses. In  addition, the Partnership can also be in charge of any  promotional or
advertising activity that it deems appropriate  into the Territory, at its own expenses.
This, however, will  not affect, in any way, the Manufacturer&#146;s obligations of
providing expenses for advertising and marketing in relation  to each of the Beverages,
in order to stimulate and develop  the demand of each of the Beverages in the Territory.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>8.  The Manufacturer undertakes to submit to the
Partnership, for  its previous approval, all advertising and promotion projects  related
to Trademarks and Beverages, as well as to only use,  publish, keep or distribute
advertising and promotion  materials authorized and approved thereby</font></td></tr></table>


<p><table width=600><tr><td><font size=2>9.  The Manufacturer undertakes to maintain the
consolidated  financial capacity that may be reasonably necessary to  guaranty its
performance of the obligations assumed through  this instrument. The Manufacturer must
keep records, books and  accounts, in good order and accurate, undertaking to provide
the Partnership, whenever requested to do so, any financial  and accounting information
enabling the Partnership to assess  whether the Manufacturer is fulfilling its
obligations  stipulated in this agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>10.  The Manufacturer undertakes to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(a) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> deliver
to the Partnership, once every calendar year, a  schedule (hereinafter referred to as
&#147;ANNUAL SCHEDULE&#148;) with  contents 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">
- -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: 4; page: 4" -->



<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">form acceptable for the Partnership. The Annual
      Schedule will contain at least the Manufacturer&#146;s management, financial,
      marketing, promotional and advertising plans, detailedly explaining the
      activities projected for the following twelve-month period, or for another
      period, as determined by the Partnership. The Manufacturer must diligently
      follow the Annual Schedule, whose implementation will provide the Partnership
      with quarterly reports, or reports with other periodicity, as requested
      by the Partnership;</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top align="right"><font size="2">(b) </font></td>
    <td width=10%><font size="2"></font></td><td width=80%><font size="2"> supply
monthly reports to the Partnership referring to the  sales of each Beverage, containing
any data and information  which the Partnership may request.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>11.  The Manufacturer recognizes that the
Partnership has entered  into or may enter into agreements similar to this Agreement
with other parties outside the Territory, and undertakes to  operate its businesses so as
to avoid conflicts with such  other parties, as well as, should any litigations arise
with  any of such third parties, to employ all its efforts to settle  them amicably.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">12. </font></td>
    <td width=10% valign="top" align="center"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The Manufacturer, recognizing the resulting
      advantages for it and for the other parties referred to in item 11 above
      in keeping a uniform external appearance as to distribution equipment and
      other equipment and materials used for the activities contemplated by this
      Agreement, undertakes to accept and use the standards periodically adopted
      and published by the Partnership, related to models and decorations of trucks
      and other delivery vehicles, boxes, refrigerators, vending machines and
      other materials and equipment used in the Beverages distribution and sales,
      pursuant to this Agreement.</font></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer further undertakes, moreover, to preserve and  replace such equipment at
reasonable intervals, and to refrain  from suing this equipment to distribute or sell any
products  not identified by the Trademarks without the Partnership&#146;s  previous
written consent.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">13. </font></td>
    <td width=10% valign="top" align="center"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Manufacturer is prohibited, without the
      Partnership&#146;s previous written consent, of preparing, selling or distributing,
      or give cause to other parties do sell or distribute, any of the Beverages
      outside the Territory, howsoever it might be done.</font></td>
  </tr>
</table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> If
any of the Beverages prepared, packaged, distributed or  sold by the Manufacturer be
found in the territory of another  authorized manufacturer of the Partnership&#146;s
beverages  (hereinafter referred to as &#147;IMPAIRED MANUFACTURER&#148;), besides  the
other measures which the Partnership be entitled to  enforce:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top" align="left"><font size="2">1) </font></td>
    <td width=70%><font size="2"> The
Partnership can, at its sole discretion,  immediately cancel the authorization for the
Authorized Recipients of the types found in the  Impaired Manufacturer&#146;s territory;</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% align="left" valign="top"><font size="2">2) </font></td>
    <td width=70%><font size="2"> The
Partnership can require the Manufacturer to pay a  cash compensation for the Beverages
found in the  Impaired Manufacturer&#146;s territory, as recovery of all  expenses and
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">
- -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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<!-- MARKER PAGE="sheet: 1; page: 1" -->



<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">costs incurred by the Partnership and by the
      Impaired Manufacturer;</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">3) </font></td>
    <td width=70%><font size="2"> The
Partnership will be entitled to purchase the  Beverages prepared, packaged, distributed
or sold by  the Manufacturer that be found in the Impaired  Manufacturer&#146;s
territory, and the Manufacturer will be  obligated to, without prejudice of other
obligations  contemplated by this Agreement, reimburse the  Partnership the amount of the
costs incurred with the  purchase, transport and/or destruction of such  Beverages.</font></td></tr></table>


<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> In
case, in the Impaired Manufacturer&#146;s territory, Beverages  prepared, packaged,
distributed or sold by the Manufacturer  are found, the latter will be obligated to make
all sale  agreements and other records or documents related to such  Beverage available
for Partnership&#146;s representatives, and must  help the Partnership in all
investigations related to the sale  and distribution of these Beverages outside the
Territory;</font></td></tr></table>


<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer must immediately inform the Partnership if,  at any time, it receives from
third parties any proposals or  offers for the purchase of Beverages which the
Manufacturer  knows or has reasons to believe that will result in the  occurrence of
commercialization, sale, resale, distribution or  redistribution of Beverages outside the
Territory, infringing  this Agreement.</font></td></tr></table>





<p><table width=600><tr><td><font size=2><B>IV - MANUFACTURER&#146;S OBLIGATIONS
CONCERNING THE TRADEMARKS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>14.  The Manufacturer recognizes that the
Company, as the  legitimate owner, has registered at the Industrial Property  National
Institute the trademarks indicated in Exhibit II of  this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>15.  Nothing contemplated by this Agreement will
give to the  Manufacturer any rights over the Trademarks or the goodwill  inherent to
them, nor over any labels, drawings, recipients or  other visual representations of them,
used in connection with  such Trademarks. It is hereby agreed and understood by the
parties that, through this Agreement, the Manufacturer is  granted a temporary permission
unconnected with any rights or  interests, free of payment of any royalties or fees, to
use  the referred Trademarks, labels, drawings, recipients or other  of their visual
representations, only in connection with the  preparation, packaging, distribution and
sale of the Beverages  in Authorized Recipients, it being understood that such use  will
be in such a way as to result in attributing all goodwill  derived therefrom to the
Company, as source and origin of such  Beverages, and the Company will be absolutely
entitled, under  any circumstances, to determine the presentation way and other
necessary or convenient measures to assure the full  enforcement of this item 15.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>16.  The Manufacturer is prohibited of using or
adopting any names,  trade names, commercial names, a.k.a. trade names or other
commercial designations including the words &#147;Coca-Cola&#148;,  &#147;Coca&#148;,
&#147;Cola&#148;, &#147;Coke&#148; or any one of them or any other similar  name which
may cause confusion with them, or any visual or  graphic representations </font></td></tr></table>

<p>&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: 2; page: 2" -->





<p><table width=600><tr><td><font size=2>of the Trademarks or any other  trademarks or
industrial property rights held by the Company,  without the Company&#146;s or the
Partnership&#146;s previous written  consent.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>17.  The Manufacturer undertakes with the
Partnership, pursuant to  the applicable legislation and during this Agreement validity
term, to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, distributing, selling,  commercializing or in any other way
holding interests in any  beverages other than those prepared, packaged, distributed or
sold by the Manufacturer under the Partnership&#146;s  authorization, except the
indications of Exhibit V or those  which the Partnership has previously authorized;</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, selling, commercializing or  in any other way holding
interests in other concentrates,  beverage bases, syrups or beverages which may probably
be  confused or pass by any of the Beverage Bases, Syrups or  Beverages;</font></td></tr></table>

<br>
<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=80%><font size="2"> refrain
from preparing, packaging, distributing, selling,  commercializing or in any other way
holding interests in any  beverages, under any commercial presentation or in any
recipients imitating a commercial presentation or recipient  over which the Company
claims ownership interests or which may  probably be confused, cause confusion or be
identified by  consumers as similar or pass by such commercial presentations  or
recipients;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> during
the present agreement validity term, never manufacture,  package, sell, commercialize or
have any other type of  interests related to any Concentrates, Syrups or Beverages not
produced by the Company;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(e)</font></td>
    <td width=80%><font size="2"> refrain
from, during this Agreement validity term and for a  period of one year immediately
subsequent to this term,  recognizing the valuable rights that the Partnership grants to
the Manufacturer pursuant to this Agreement, preparing,  packaging, distributing,
selling, commercializing or in any  other way having any interests in relation to any
beverages  produced under the name &#147;Cola&#148; (either separately or jointly  with
other words) or any expressions phonetically equivalent  to such name.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
stipulations apply only to operations in which the  Manufacturer is directly involved,
but also to those in which it is indirectly  involved, through ownership, control,
administration, association, agreement or  any other means, located both inside and
outside the Territory. The Manufacturer  undertakes not to purchase or hold, either
directly or indirectly, any ownership  rights, or to enter into any agreements or other
types of commitments with other  parties concerning the administration or control of any
other legal persons,  inside or outside the Territory, which operate in any of the
activities object  of the prohibition stipulated in this item.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>18.  This Agreement reflects the parties mutual
interest, so that,  if:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> a
third party which, at the Partnership&#146;s discretion, is  directly or indirectly,
through ownership, control,  administration or other means, involved in activities of
preparation, packaging, distribution or sale of any products  specified in item 17 of
this instrument, acquires or by any  other means </font></td></tr></table>


<p>&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: 3; page: 3" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%>&nbsp;</td>
    <td width=80%><font size="2">obtains control or any direct or indirect influence
      in the Manufacturer&#146;s administration; or</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> a
natural or legal  person  having a majority  in the  Manufacturer&#146;s  ownership  or
direct or  indirect  control,  or that is  directly  or  indirectly  controlled  either
by the  Manufacturer  or by a third  party  having  control or direct or  indirect
influence,  at the Partnership&#146;s  discretion,  over the Manufacturer&#146;s
administration,  becomes involved in  activities of preparation,  packaging,
distribution or sale of any products specified in item 17 of this instrument;  then,  the
Partnership  will be entitled to terminate this  Agreement  immediately,  except if the
party making such  acquisition  described  in item (a) above or if the person,  entity,
firm or company  referred to in item (b) above,  upon  reception of written  notice from
the  Partnership  formalizing  its intention to terminate the  Agreement,  as
contemplated,  agrees  to  abandon,  and  effectively  does  abandon,  the  activities
of  preparation,  packaging,  distribution or sale of such products within a reasonable
term, not longer than 6 (six) months,  counted as from the  notice date.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">19. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> If the Partnership,
      in order to reach this Agreement&#146;s objectives, in compliance with the
      legislation referring to industrial property registration and licensing,
      has to register the Manufacturer as a Trademarks registered or licensed
      user, the Manufacturer must, upon the Partnership&#146;s request, sign any
      and all agreements and other documents necessary with the purpose of making,
      altering this registration.</font></td>
  </tr>
</table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> In case the
      competent government authorities refuse any requests from the Partnership
      or from the Manufacturer to register the Manufacturer as a registered or
      licensed user of any of the Trademarks in respect to any of the Beverages
      prepared and packaged by the Manufacturer pursuant to this Agreement, the
      Partnership will be entitled to immediately terminate this Agreement or
      cancel the authorization related to such Beverages. </font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> Additionally,
      the Manufacturer undertakes to provide the Partnership with the cooperation
      necessary to obtain the registrations related to beverages production and
      sale.</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2><B>V - MANUFACTURER&#146;S OBLIGATIONS
CONCERNING THE BEVERAGES PREPARATION AND PACKAGING</B></font></td></tr></table>


<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      undertakes to use, in the preparation of the Syrup for each one of the Beverages,
      only the Beverage Bases purchased from the Partnership or from Authorized
      Suppliers, and to use the Syrups exclusively for the Beverages preparation
      and packaging, in strict compliance with the written instructions from time
      to time issued for the Manufacturer by the Partnership, which must be strictly
      fulfilled. Moreover, the Manufacturer undertakes, in the Beverages preparation,
      packaging and distribution operations, to permanently obey the manufacturing
      standards from time to time established by the Partnership, and to allow
      the Company and the Partnership, their officers, agents and proxies, any
      time, to access for inspection the factory, premises, equipment and methods
      used by the Manufacturer 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">
- -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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<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> the Beverages
      preparation, packaging, storage and handling, in order to check whether
      the Manufacturer is fulfilling this Agreement terms.</font></td>
  </tr>
</table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> In case the
      Partnership assesses or becomes aware of any quality problems or other technical
      problems related to any of the Beverages or Authorized Recipients, the Partnership
      can require the Manufacturer to take the appropriate steps to immediately
      remove any of the Beverages from the market. The Partnership will notify
      the Manufacturer by phone, telegram, telex or any other form of immediate
      communication, about the Partnership&#146;s decision of requiring the Manufacturer
      to remove any Beverages from the Market, and the Manufacturer, upon reception
      of the first notice, will immediately cease the distribution of such Beverages
      and will take other steps requested by the Partnership in connection with
      the Beverages removal from the market.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> In case the
      Manufacturer assesses or becomes aware of the existence of any quality problems
      or other technical problems related to any of the Beverages or Authorized
      Recipients, the Manufacturer will immediately notify the Partnership by
      phone, telegram, telex or another form of immediate communication. The information
      to be supplied by the Manufacturer when notifying the Company must contain:
      (1) the involved Beverages identity and quantities, including the Authorized
      Recipients; (2) code data; (3) any other pertinent data, including information
      that will help in the search and location of such Beverages.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer,
      recognizing the importance of identifying the manufacture source of the
      Beverages placed in the market, undertakes to use, as soon as there is technology
      available in the country approved by the Company or by the Partnership,
      identification codes on all the Beverages packaging materials, including
      Authorized Recipients and returnable boxes. The Manufacturer further undertakes
      to install, maintain and use the machines and equipment necessary for the
      application of these identification codes. The Partnership will from time
      to time supply to the Manufacturer, in writing, the necessary instructions
      related to the identification code forms to be used by the Manufacturer
      and the production and sales records to be kept by the Manufacturer.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      also undertakes, without prejudice of the other provisions of this Agreement,
      to remove the Beverage(s) from the market in case any of them be anyhow
      impaired as to their standards, including in respect of their edulcorating
      power, both due to the action of time, temperature or of any other factors,
      as established in the Mixing instructions determined by the Company&#146;s
      or Partnership&#146;s Quality Assurance Department.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> Moreover,
      the Manufacturer undertakes to immediately remove from the market, after
      written notice from the Company or from the Partnership, at its sole account
      and costs, any and all Beverages whose packagings are not duly coded, after
      the introduction of the control system referred to in item (d) above.</font></td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2>21. The Manufacturer, at its expenses, will
submit to the Partnership samples of  the Syrups, of the Beverages and of the materials
used to prepare the Syrups 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">
- -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>Beverages, following the written instructions
from time to time transmitted to  it by the Partnership.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">22. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> In the Beverages
      packaging, distribution and sale, the Manufacturer will exclusively use
      Authorized Recipients, locks, boxes, cards, labels and other packaging materials
      from time to time approved by the Partnership, which the Manufacturer will
      purchase exclusively from suppliers authorized by the Partnership to manufacture
      them, to be used in connection with Trademarks and the Beverages. The Partnership
      will employ its best efforts to approve two or more manufacturers of such
      products, it being understood that these approved manufacturers can be located
      inside or outside the Territory.</font></td>
  </tr>
</table>

<br>
<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=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      must inspect such Authorized Recipients, locks, boxes, cards, labels and
      other packaging materials, and it must use only those fulfilling the standards
      established by the legislation applicable in the Territory, besides the
      standards and specifications prescribed by the Partnership. The Manufacturer
      takes independent responsibility for consequences of the use of such Authorized
      Recipients, locks, boxes, cards, labels and other packaging materials satisfying
      such standards.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      undertakes to keep, permanently, a sufficient inventory of Authorized Recipients,
      locks, labels, boxes, cards and other packaging materials, in order to fully
      meet the demand existing in the Territory for each Beverage.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      recognizes that Beverages demand increases, as well as changes in the Authorized
      Recipients list, may from time to time require various modifications in
      respect of its equipment in use for manufacture, packaging, delivery or
      sale, or require the purchase of additional equipment for manufacture, packaging,
      delivery or sale. The Manufacture undertakes, therefore, to modify the existing
      equipment and to purchase and install the additional equipment, as necessary
      and with sufficient advance, in order to allow the introduction of new Authorized
      Recipients and the Beverages preparation and packaging, in conformity with
      the Manufacturer&#146;s continuous obligations of developing, stimulating
      and fully satisfy, in the Territory, the demand of each one of the Beverages.</font></td>
  </tr>
</table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> In case the
      Manufacturer uses returnable Authorized Recipients in the preparation and
      packaging of all or some of the Beverages, it undertakes to invest the necessary
      and appropriate capital and to make the expenses that may be necessary from
      time to time in order to create and maintain a suitable inventory of returnable
      Authorized Recipients. With the purpose of continuously assuring the quality
      and appearance of this inventory of returnable Authorized Recipients inventory,
      the Manufacture also undertakes to replace this inventory, in whole or in
      part, as it becomes reasonably necessary, and as per the terms of the obligations
      herein assumed by the Manufacturer.</font></td>
  </tr>
</table>


<br>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      undertakes not to refill or by any other means reuse any returnable Authorized
      Recipients after their first use.</font></td>
  </tr>
</table>

<p>&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>24. The Manufacturer will be solely responsible,
in the fulfillment of its  obligations contemplated by this Agreement, for the compliance
with all laws and  regulations applicable in the Territory, undertaking to immediately
inform the  Partnership in case there be any norms somehow preventing or limiting the
strict  fulfillment by the Manufacturer of the instructions transmitted to it by the
Partnership by force of this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VI - PURCHASE AND SALE CONDITIONS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>25.  The  Manufacturer undertakes, according to
the provisions of  this Agreement, to purchase  exclusively from the Partnership  or from
Authorized Suppliers the Beverage Bases  necessary for  the Beverages preparation and
packaging.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">26. </font></td>
    <td width=10% valign="top" align="center"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The Partnership reserves the right, upon simple
      notice to the Manufacturer, of establishing, at its sole discretion, the
      Beverage Bases prices, of appointing one or more Authorized Suppliers for
      each one of the Beverage Bases, as well as the shipping and payment conditions,
      as well as, if allowed by the applicable legislation, the payment currency
      or currencies acceptable by the Partnership and its Authorized Suppliers.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Partnership  reserves  the  right,  to the extent  allowed  by the  legislation  in force
in the  Territory,  of  establishing and reviewing,  upon written notice sent to the
Manufacturer,  maximum prices for which each one of the  Beverages in Authorized
Recipients can be sold by the  Manufacturer to retailers,  and the maximum retail prices
for  each one of the  Beverages.  The parties  recognize  that the  Manufacturer  can
sell the  Beverages to retailers and  authorize  the  Beverage  retail  sales for prices
lower than the  maximum  prices  established  or  modified by the  Partnership,  as
allowed by this paragraph. The Manufacturer cannot, however, increase the maximum prices
established  by the  Partnership  for which the  Beverages  in  Authorized  Recipients
can be sold to  retailers,  nor  authorize  increases in the maximum  retail prices
established  for the Beverages,  without  previous  written  approval by the  Partnership.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Partnership reserves the right of, upon simple written  notice to the Manufacturer,
change the Authorized Suppliers  and reviewing from time to time, whenever wished, at its
discretion, the price of any of the Beverage Bases and the  shipping conditions.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> Except
for the provisions of paragraph (e) of this item, if the Manufacturer  does not wish to
pay the Beverage Bases  modified price for any of the Beverages,  it must notify the
Partnership in writing within 30 days,  counted as from  reception  of the  Partnership&#146;s
written  notice  establishing  the new price or  prices.  In case of  refusal,  the
Manufacturer&#146;s  authorization  in relation to such Beverage or Beverages will
lawfully  terminate 3 (three)  calendar  months  after  the  Partnership&#146;s
reception  of  notice  from  the  Manufacturer.  In  case of  cancellation  of the
Manufacturer&#146;s  authorizations as herein  contemplated,  the Partnership will no
longer have any obligations with the  Manufacturer in relation to the Beverage or
Beverages whose  authorizations were cancelled,  and the Partnership will  be entitled to
grant authorizations to third parties 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">
- -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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<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">connection with the preparation, packaging, distribution
      and sale of that given Beverage or of those given Beverages in the Territory.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="center"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> If
the Manufacturer does not wish to pay the modified price in  respect to the Beverage
Bases for one or more Beverages  identified by the &#147;Coca-Cola&#148; trademark or any
derivations  thereof, as better described in Exhibit I, the Manufacturer  must notify the
Partnership in writing within the term of 30  (thirty) days counted as from reception of
the written notice  issued by the Partnership modifying the referred price or  prices. In
this hypothesis, this Agreement will be lawfully  cancelled 3 (three) calendar months
after reception of the  Manufacturer&#146;s notice.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% align="center" valign="top"><font size="2">(f)</font></td>
    <td width=80%><font size="2"> Whenever
the Manufacturer fails to notice the Partnership as  to the modified price of one or more
Beverage Bases, as per  the terms of paragraphs (d) and (e) of this item, it is
understood that the Manufacturer accepted the modified price.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(g) </font></td>
    <td width=80%><font size="2"> The
Manufacturer undertakes, in relation to each returnable  Authorized Recipient or each
returnable box delivered to  retailers, to charge from the retailers or debit them
accordingly the values that the Partnership, upon written  notice to the Manufacturer,
from time to time establish,  keeping these values in deposit; and undertakes, moreover,
to  employ the reasonable diligent efforts to recover, when empty,  all returnable
Authorized Recipients and boxes and, when  recovering them, reimburse or credit the
applicable parties  the values of the deposits corresponding to such returnable
Authorized Recipients and boxes, if returned without damages  and in good conditions.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(h) </font></td>
    <td width=80%><font size="2"> Notwithstanding
the provisions of letter (a) above, the  parties agree that during the present agreement
validity the  concentrate price will be increased always in the same  proportion and at
the same time when the Manufacturer  increases the sales price of the Beverage that it
manufactures. The parties also agree to keep, during the  present agreement validity, the
calculation methodology of the  Concentrate price currently in use and fully disclosed to
all  Coca-Cola Manufacturers.</font></td></tr></table>


<br>
<p><table width=600><tr><td><font size=2><B>VII - AGREEMENT DURATION AND EXPIRATION</B></font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">27. </font></td>
    <td width=10% align="center" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> This Agreement will lawfully expire on April
      15th, 2004, except if it be terminated before that, as herein contemplated.
      However, if the Manufacturer fully fulfilled the present Agreement clauses,
      especially, but without prejudice of the others, those concerning the market
      development and the full meeting of the Beverage demand in its territory,
      as well as the strict compliance with hygiene and quality control norms
      established by the Partnership, making it clear that the Manufacturer is
      willing and has the means to continue acting like that, then the Manufacturer
      may request, and the Partnership will accept, that it be renewed for a period
      equal to that of the present Agreement. The intention of renewing the Agreement
      and the confirmation to keep its satisfactory fulfillment must be manifested
      in writing by the Manufacturer to the Partnership, within a minimum term
      of 6 (six) months and a maximum term of 12 (twelve) months before the Agreement
      expiration, it being perfectly understood that the Partnership will assess
      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">
- -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: 8; page: 8" -->







<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">Manufacturer&#146;s performance along the agreement
      period, according to the objective criteria pursuant to which the Manufacturers&#146;
      agreement obligations fulfillment are usually assessed. Based on such assessment,
      which must be guided by objective criteria, the Partnership will exercise
      the exclusive right of deciding whether the Manufacturer&#146;s agreement
      obligations were satisfactorily fulfilled, and thus will agree or not with
      the requested renewal. It is herein duly understood that, in case of agreement
      renewal, the Partnership and the Manufacturer can, by mutual agreement,
      introduce modifications in the new Manufacture Agreement to be entered into.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top" align="center"><font size="2">(b)</font></td>
    <td width=80%><font size="2"> In
the cases in which the Manufacturing  Agreement is not renewed by the Partnership&#146;s
decision, the Partnership will  purchase from the Manufacture,  and the Manufacturer will
sell to the Partnership, all its production equipment, such  as, but  limited to, the
bottle  washer and filler and the can filler,  paying the market  price for  equipment
with  similar  use  time,  use  conditions  and  maintenance.  The price  parameters
will be  obtained  by  surveying  the  transactions occurred in the market within the
latest six months involving similar equipment.  Such transactions will  be expressed in
National  Treasury  Bonuses or any other economic  indicator in force upon the
production  equipment  purchase by the Partnership,  equipment which must be free and
unencumbered by any burdens. In case of doubt, written  indications  from  manufacturers
of such  equipment  will be  accepted  as  parameters  of price and  continued  use
conditions.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">28. </font></td>
    <td width=10% valign="top" align="center"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> This Agreement can be terminated by the Partnership
      or by the Manufacturer, immediately and without obligations of indemnifying
      for losses and damages, upon written notice sent to the other party by the
      party entitled to termination: </font></td>
  </tr></table>



<br>
<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=11%><font size="2"></font></td>
    <td width=7% valign="top"><font size="2">(1) </font></td>
    <td width=73%><font size="2"> If the Partnership, the Authorized Suppliers
      or the Manufacturer become lawfully unable of obtaining foreign currency
      to remit abroad to pay for the import of Beverage Bases, ingredients or
      materials necessary to manufacture Beverage Bases, Syrups or Beverages;</font></td>
  </tr>
</table>

<br>
<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=11%><font size="2"></font></td>
    <td width=7% valign="top"><font size="2">(2) </font></td>
    <td width=73%><font size="2"> If any of this Agreement parties loses the necessary
      requirements pursuant to the laws in force in the Country where the Territory
      is located and as a result thereof, or if, as a result of the application
      of any other laws affecting the Agreement, some of this instrument stipulations
      cannot be lawfully fulfilled, or if, as a consequence, the Syrups can no
      longer be prepared or the Beverages cannot be prepared or sold according
      to the instructions issued by the Partnership as per the terms of item 20
      above, or if any of the Beverage Bases can no longer be manufactured or
      sold in accordance with the Partnership&#146;s formulas or with the standards
      prescribed by the Partnership.</font></td>
  </tr>
</table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> This
Agreement can be immediately terminated by the  Partnership, without obligations to
indemnify for losses and  damages:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=80%><font size="2"> If
the Manufacturer becomes insolvent or if its bankruptcy is  requested or confessed and
the confession application 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">
- -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: 9; page: 9" -->
<p><br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">withdrawn within 120 (one hundred and twenty)
      days, if the Manufacturer decides for its dissolution, is a judicial dissolution
      or intervention order is issued against the Manufacturer, if a liquidator
      is appointed to administrate the Manufacturer&#146;s businesses, or if the
      Manufacturer enters into a judicial or extra-judicial general composition
      process with its creditors, such as a reorganization process, or if it establishes
      with them any similar understandings or makes any assignments in benefit
      of creditors;</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=9% valign=top>&nbsp;</td>
    <td width=11%><font size="2"></font></td>
    <td width=7% valign="top"><font size="2">2) </font></td>
    <td width=73%><font size="2"> In case of dissolution, nationalization or expropriation
      of the Manufacturer, or in case of seizure of the Manufacturer&#146;s assets
      employed in production or distribution.</font></td>
  </tr>
</table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">29. </font></td>
    <td width=10% valign="top"><font size="2">a)</font></td>
    <td width=80%><font size="2"> This agreement can also be terminated, by the
      Partnership or by the Manufacturer, if the other party fails to fulfill
      one or more of the terms, commitments and conditions of this Agreement,
      and does not cure this infringement within 60 (sixty) days after such party
      receives written notice of such infringement.</font></td>
  </tr></table>

<br>
<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=80%><font size="2"> Besides
the other reparation methods to which the Partnership  is entitled by force of this
Agreement, if at any time the  Manufacturer fails to follow the instructions or to keep
the  standards prescribed by the Partnership or required by the  laws applicable in the
Territory concerning the preparation of  Syrups or Beverages, the Partnership will be
entitled to  prohibit the Syrups or Beverages production until the  infringement
correction, at the Partnership&#146;s discretion, and  the Partnership can require the
removal from the market of any  Beverages not manufactured according to or not in
conformity  with these instructions, standards or legal requirements, and  the
Manufacturer undertakes to immediately comply with such  prohibition or requirement of
the Partnership, bearing the  corresponding expenses.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">30. </font></td>
    <td width=90% colspan="2"><font size="2"></font><font size="2"> In case of
      occurrence of this Agreement term expiration or advance termination:</font></td>
  </tr>
</table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will immediately cease the Beverages  preparation and packaging activities,
and will cease to use,  in any way, the Trademarks, Authorized Recipients, boxes,  locks,
labels, packaging or advertising materials used by or  destined for use by the
Manufacturer in connection with the  Beverages preparation, packaging, distribution and
sale;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer must immediately remove and erase, from its  premises, delivery vehicles,
sales equipment and other  equipment, from its business stationery and advertising
material used or stored by the Manufacturer, all references to  the Partnership, the
Beverages and the Trademarks; and the  Manufacturer from then on will no longer anyhow
indicate that  it has any connections with the Company, the Partnership, the  Beverages
or the Trademarks;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer  will  immediately  deliver  to  the  Partnership  or to a  third  party,
according  to  the  Partnership&#146;s  instructions,  all Beverage Bases,  Beverages in
Authorized  Recipients,  usable  Authorized  Recipients  bearing the  Trademarks or any
of them, boxes,  locks,  labels,  packaging and advertising  material for the Beverages
still under  the  Manufacturer&#146;s </font></td></tr></table>


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




<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> possession or under its control; and the Partnership,
      upon delivery of these assets, in fulfillment of the referred instructions,
      must pay to the Manufacturer an amount equal to the reasonable market value
      of these supplies or materials, it being understood that the Partnership
      will only accept and pay for the supplies and materials in first-class conditions
      and perfectly usable; it being further understood that all Authorized Recipients,
      locks, labels, packaging and advertising materials unsuitable for use according
      to the Partnership&#146;s standards will be destroyed by the Manufacturer
      without any cost for the Partnership; and it is further understood that
      if the Agreement be terminated pursuant to items 18 or 28(a) or as a result
      of any of the circumstances contemplated by item 35 (including termination
      by force of law) or if the Agreement be terminated by the Manufacturer for
      any other reasons not contemplated by items 26 or 29, the Partnership shall
      have the option, but not the obligation, of purchasing from the Manufacturer
      the aforementioned supplies and materials; and</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> All
rights and obligations herein stipulated shall expire,  cease and end, except the
provisions dealing with the  Manufacturer&#146;s obligations related to the Trademarks
and with  the other obligations established in items 14, 15, 16, 19(a)  and 30, all of
which will continue in full force and effect.  However, it is understood that this
provision will not affect  any rights that the Partnership may have against the
Manufacturer in respect to claims based on the non-payment of  any debts of the
Manufacturer with the Partnership or its  Authorized Suppliers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>31.  Besides the other measures available for
the Partnership, in  case of any infringement of this Agreement terms, commitments  and
conditions committed by the Manufacturer, when such  infringement is related only with
the preparation, packaging,  distribution and sale by the Manufacturer of any of the
Beverages, but not of all of them, the Partnership can opt for  canceling the
authorization granted to the Manufacturer as per  the terms of this Agreement, only in
respect to such Beverage  or Beverages. In case of cancellation of the authorization
granted to the Manufacturer as per the terms of this item, the  Partnership will no
longer have any obligations with the  Manufacturer concerning the Beverage or Beverages
whose  authorization was cancelled, and the Partnership will keep the  right of granting
authorizations to third parties in  connection with the preparation, packaging,
distribution and  sale of such Beverages in the Territory.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VIII - GENERAL PROVISIONS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>32.  It is hereby expressly understood and
recognized by the  parties that this Agreement was entered into by the Company  and by
the Partnership &#147;intuito personae&#148;, that is, with  specific fundaments on the
identity, character and integrity  of the Manufacturer&#146;s owners, controllers and
administrators,  which assures to have transmitted to the Partnership, before  the
execution of this instrument, full and complete  information about the owners and any
third parties having  rights, interests, control, direction or any other type of
influence over the Manufacturer. Therefore, the Manufacturer  undertakes and commits
itself, before the Partnership:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> not
to assign, transfer, lien or in any other way burden this  Agreement or any of its
advantages, in whole or in part, in  benefit of third parties, without the Partnership&#146;s
previous  written consent;</font></td></tr></table>

<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 11; page: 11" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> not
to delegate to third parties, in whole or in part, the  performance of this Agreement,
without the Partnership&#146;s  previous written consent;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> to
immediately notify the Partnership upon the occurrence or  as soon as it becomes aware of
third-party acts that may  result in the Manufacturer&#146;s ownership or control
modification;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> from
time to time, to make available for the Partnership, upon  the latter&#146;s request,
complete records related to the  Manufacturer&#146;s ownership updated status and
complete  information about any third parties which directly or  indirectly have control
over the Manufacturer;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> not
to start or implement any such changes or the  Manufacturer&#146;s ownership or control,
nor consent or authorize  their occurrence, without the Partnership&#146;s previous
written  consent, to the extent that the Manufacturer has legal control  over such
changes;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> in
case the Manufacturer is organized under the form of  partnership, not to alter the
composition of such partnership  without the Partnership&#146;s previous written consent.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contracting
parties expressly stipulate that any violation by the  Manufacturer of the obligations
inserted in this item shall entitle the  Partnership to terminate this Agreement
immediately; and, moreover, in view of  the extremely personal nature of this Agreement,
they agree that the Partnership  will be entitled to terminate it if any third parties
obtains a direct or  indirect interest in the Manufacturer&#146;s ownership or control,
even if the  Manufacturer does not have any means to prevent this change, in case the
Partnership understands, at its sole discretion, that such change would allow  such third
party to exercise influence over the Manufacturer&#146;s administration or  substantially
alter the Manufacturer&#146;s capability of exactly fulfilling this  Agreement terms,
obligations and conditions.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>33.  The Manufacturer, before issuing, offering,
selling,  transferring, commercializing or exchanging shares of its  stock or any other
ownership titles, as well as its  obligations, debentures or the purchase and sale of
such  titles, is obligated to obtain the Partnership&#146;s written  authorization,
whenever the Manufacturer uses, in this  respect, the Company&#146;s or the Partnership&#146;s
name or the  Trademarks or any description of its relationship with the  Company or with
the Partnership, in any leaflets,  advertisement or other promotion methods. The
Manufacture is  prohibited of using the Company&#146;s or the Partnership&#146;s name or
the Trademarks or any description of its commercial  relationship with the Partnership in
any leaflet or  advertisement used in connection with operations of purchase,  by the
Manufacturer, of shares or other documents belonging to  third parties, without
previously obtaining the Partnership&#146;s  written approval.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>34.  The Company or the Partnership can assign
their rights or  delegate their duties and obligations derived from this  Agreement to
one or more subsidiaries or affiliated companies,  upon written notice to the
Manufacturer. It hereby excepted,  however, that the delegation will not exempt the
Company or  the Partnership of any of their obligations stipulated in this  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">
- -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: 12; page: 12" -->




<p><table width=600><tr><td><font size=2>35.  Neither the Partnership nor the
Manufacturer will be  considered in default in relation to any of their obligations
herein stipulated if such fault be caused by or derived from:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> strikes,
blacklisting, boycott or sanctions, whatever their  reasons might be;</font></td></tr></table>

<br>
<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=80%><font size="2"> force
majeure or acts of God, acts of hostility, application  of law (including the
cancellation of the necessary government  authorization for any of the parties to fulfill
this Agreement  clauses and conditions), embargoes, quarantine, turmoil,  insurrection,
declared war or not, state of war or  belligerence, or risks or hazards resulting
therefrom; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> any
other causes beyond their control.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the
Manufacturer become unable of fulfilling its obligations as  a consequence of any of the
events mentioned in this item, and during the  duration time of such incapacity, the
Partnership will be exempt of its  obligations contemplated by items 4 and 5; however, if
one of such defaults  persists for a minimum period of six (6) months, any of the parties
can  terminate this Agreement.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">36. </font></td>
    <td width=10% align="center" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Partnership reserves the sole and exclusive
      right of filing any proceeding or action, civil, administrative or criminal,
      and in general of taking or requesting any legal step deemed necessary for
      the protection of its reputation and industrial property rights, as well
      as for the protection of the Beverage Bases, Syrups and Beverages, and for
      the defense of any action affecting them. Upon the Partnership&#146;s request,
      the Manufacturer will cooperate in such actions or proceedings. The Manufacturer
      will not be entitled to claim anything against the Partnership as a consequence
      of such actions or proceedings or due to any possible failures of the Partnership
      in filing such actions or proceedings or in defending against them. The
      Manufacturer will immediately notify the Partnership as to any litigation
      or proceeding filed or to be filed in relation to those matters. The Manufacturer
      will not file any judicial or administrative proceeding against third parties
      which may involve the Company&#146;s or the Partnership&#146;s interests,
      without the Partnership&#146;s previous written consent.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="center"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Company has the sole and exclusive right of filing all  proceedings and actions related
to the Trademarks, as well as  the duty of submitting defense in proceedings referring to
the  same matter. The Company can file any of these proceedings,  and submit defense
concerning them in its own name, or request  the Manufacturer to file a lawsuit or action
or submit defense  concerning them, in its own name or jointly with the  Partnership or
with the Company.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="center"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer agrees to consult with the Partnership  whenever it is called to answer
proceedings or actions based  on alleged product defects, in relation to the Beverages or
to  the Authorized Recipients, and to take reasonable steps  requested by the Partnership
in respect to the defense against  such actions or claims, in order to protect the Company&#146;s
and  the Partnership&#146;s interests as to the Beverages 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">
- -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: 13; page: 13" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> Authorized Recipients and to the commercial
      reputation associated to the Trademarks.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="center" valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will indemnify and render harmless the  Company and the Partnership, their
affiliates and  subsidiaries, and their respective officers, administrators  and
employees, against any costs, expenses, damages, claims,  obligations and
responsibilities, whatever they may be, if  derived from acts not attributable to the
Company and to the  Partnership, such as, but not limited to, costs and expenses
incurred for the composition by settlement, which may result  from the Beverages
preparation, packaging, distribution, sale  or promotion by the Manufacturer, including
costs resulting  from default events, due to guilt or not, practiced by the
Manufacturer, its distributors, suppliers and wholesalers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>37. The Manufacture undertakes with the
Partnership:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="center"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> not
to make any statements or transmit information to  government authorities or to any third
parties involving the  Beverage Bases, the Syrups or the Beverages without the
Partnership&#146;s previous written consent;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top" align="center"><font size="2">(b)</font></td>
    <td width=80%><font size="2"> to
keep strictly confidential, permanently, both during this  Agreement validity and
afterwards, all secret and confidential  information, among which, but not limited to,
those referring  to techniques and instructions for mixtures, sales, marketing  and
distribution information, plans and projects related to  this Agreement object, that the
Partnership may transmit to  the Manufacturer or that be somehow taken to its knowledge,
and to take the appropriate steps to assure that such  information will only be provided
to employees also committed  to confidentiality obligations pursuant to this item.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="center"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> that,
upon the occurrence of this Agreement term expiration or  advance termination, the
Manufacturer will take the necessary  steps to deliver to the Partnership, complying with
instructions that will then be given to it, all written  materials, graphic materials or
materials of other nature  which contain or represent any information subject to the
confidentiality and secrecy norms herein stipulated.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>38.  In case any provision of this Agreement be
or become lawfully  ineffective or null, the validity and effectiveness of the  other
provisions will not be affected; however, it is  understood that the ineffectiveness or
nullity of such  provisions will not unduly prevent or impair the fulfillment  of this
Agreement or the Trademarks ownership or validity. The  termination right contemplated by
item 28(a)(2) will remain  valid, notwithstanding the contents of this provision.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">39. </font></td>
    <td width=10% align="center" valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> As to the matters related mentioned in this
      instrument, this Agreement is the sole agreement between the Company, the
      Partnership and the Manufacturer, canceling any previous pacts between the
      parties, or any nature whatsoever, about the same matters, except to the
      extent in which such pacts can encompass agreements and other documents
      reached by the norms of item 19 of this instrument; however, it is understood
      that any written statements made by the Manufacturer, on </font></td>
  </tr></table>

<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 14; page: 14" -->
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">which the Partnership based itself to enter into
      this Agreement, will remain obligatory for the Manufacturer.</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">40. </font></td>
    <td width=10% valign="top" align="center"><font size="2">(b)</font></td>
    <td width=80%><font size="2"> any renunciation to rights herein contemplated,
      alterations, modifications or additions to this Agreement and to any of
      its provisions, will not be obligatory for the Partnership and for the Manufacturer,
      except when signed by the Partnership&#146;s and the Manufacturer&#146;s
      duly authorized representatives.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="center"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> the
written notices issued based on this Agreement will be  sent by cable, telegram, telex or
fac-simile, delivered in  person or by registered letter, and will be deemed as received
on the date on which such notices be sent, such registered  letter be posted or such
notice delivered in hands be  delivered. Such written notices will be addressed to the
latest known address of the addressee. Any change of address  by any of the parties must
be immediately communicated to the  other party in writing.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2">:</font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Partnership</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Praia do Botafogo, 374 - 12(0) andar, parte<BR>
      Rio de Janeiro - RJ</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2">:</font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Manufacturer</font></td>
  </tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Av. Engenheiro Alberto de Zagottis, 352<BR>
      Jurubatuba<BR>
      Sao Paulo - SP</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">Company:</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">P. O. Drawer 1734<BR>
      Atlanta - GA, 30301<BR>
      USA</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>40. The Partnership failure in immediately
exercising any rights conferred upon  it by this Agreement, or in requiring strict
performance of any obligations  herein assumed by the Manufacturer, will not be deemed as
renounce to such  rights or of the right of subsequently requiring the exact fulfillment
of any  and all obligations of the Manufacturer pursuant to this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>41. The Manufacturer is an independent producer
and not an agent or  representative of the Partnership. The Manufacturer undertakes to
never claim to  be an agent of the Partnership, nor to pretend to be one.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>42. The headings used in this instrument are
only for the parties convenience,  and will not affect this Agreement interpretation.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>43. This Agreement will be governed by and
construed pursuant to the laws of the  Federative Republic of Brazil. The Central Courts
of the city of Rio de Janeiro,  State of Rio de Janeiro, are herein appointed by the
parties as the only  competent ones 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">
- -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: 15; page: 15" -->



<p><table width=600><tr><td><font size=2>analyze and settle any controversies derived
from this  Agreement, and both parties expressly renounce to all other Courts, no matter
how privileged they might be,</font></td></tr></table>


<p><table width=600><tr><td><font size=2>44. The attached Exhibits and Tables are
considered, for all purposes, as  integral parts of this Agreement and will be signed by
the Partnership&#146;s and the  Manufacturer&#146;s authorized representatives.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties execute the present instrument in three  counterparts of equal
tenor, jointly with the two undersigned witnesses.</font></td></tr></table>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> Partnership: </FONT></TD>
    <TD width=84% valign=top><font size=2> COCA-COLA INDUSTRIAS LTDA.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature)</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> Manufacturer: </FONT></TD>
    <TD width=84% valign=top><font size=2> SPAL - Industria Brasileira de Bebidas
      S.A.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature) - Marco Aurelio
      Eboli - Legal Vice President</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> SPAL </FONT></TD>
    <TD width=84% valign=top><font size=2>- Industria Brasileira de Bebidas S.A.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature) - Oswaldo Orsolin
      - Executive Vice President</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> Company: </FONT></TD>
    <TD width=84% valign=top><font size=2> THE COCA-COLA COMPANY (Intervening
      Party)</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> </FONT></TD>
    <TD width=84% valign=top><font size=2>(illegible signature) - Vice President</font></TD>
  </TR></TABLE><p></P>


<p><table width=600><tr><td><font size=2>WITNESSES:</font></td></tr></table>



<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" width="35%" align="left">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" width="35%" align="left">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" align="left">
    </td>
  </tr>
</table>
<table width=600><tr>
    <td><font size=2>This page is an integral part of the Manufacturing Agreement
      entered into between COCA-COLA IND&#218;STRIAS LTDA. and SPAL - IND&#218;STRIA
      BRASILEIRA DE BEBIDAS S.A., on April 16th, 1999. &#151;-</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td>
      <hr size="1" align="left">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>(It contains, on all pages of the document
submitted, a stamp as follows: LEGAL  DEPARTMENT (illegible initials)).</font></td></tr></table>



<p>&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: 16; page: 16" -->




<p><table width=600><tr><td align=right><font size=2><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>



<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>BEVERAGES:</font></td></tr></table>

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

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

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

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

<p><table width=600><tr><td  align=center><font size=2><B>GUARAN&#193; TA&#205;</B></font></td></tr></table>

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

<p><table width=600><tr>
    <td  align=center><font size=2><B>SIMBA GUARAN&#193;</B></font></td>
  </tr></table>

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

<p><table width=600><tr><td  align=center><font size=2><B>KINLEY T&#212;NICA</B></font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>COCA-COLA INDUSTRIAS LTDA.</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>SPAL - INDUSTRIA BRASILEIRA DE
BEBIDAS S.A.</font></td></tr></table>

<P><table width=600><TR>
    <TD width=32% valign=top><font size=2> </FONT></TD>
    <TD width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<BR>
      TITLE: Legal Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=32% valign=top><font size=2> </FONT></TD>
    <TD width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<BR>
      TITLE: Executive 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">
</font></td><td 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" -->




<p><table width=600><tr><td align=right><font size=2><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>



<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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



<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><U>TRADEMARKS</U></FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">In conformity with the Manufacturing Agreement
entered into between COCA-COLA INDUSTRIAS LTDA. (hereinafter referred to as &#147;PARTNERSHIP&#148;)
and SPAL - INDUSTRIA BRASILEIRA DE BEBIDAS S.A. (hereinafter referred to as &#147;MANUFACTURER&#148;,
with the intervening of The Coca-Cola Company (hereinafter referred to as &#147;COMPANY&#148;),
on  <B>April 16, 1999</B>, the trademarks of the COMPANY mentioned in paragraph &#147;B&#148; are
the following:</FONT></td></tr></table>



<p><table width=600><tr><td  align=center><FONT SIZE="2"><B><U>TRADEMARKS</U></B></FONT></td></tr></table>

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

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

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

<p><table width=600><tr>
    <td  align=center><font size=2><b>GUARAN&#193; TA&#205;</b></font></td>
  </tr></table>

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

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

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

<p><table width=600><tr><td  align=center><font size=2>And all commercial presentations
and translations concerned the referred  trademarks.</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>COCA-COLA INDUSTRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>SPAL - INDUSTRIA BRASILEIRA DE
BEBIDAS S.A.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td 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 align=right><font size=2><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>



<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td  align=center><font size=2>LIST OF AUTHORIZED RECIPIENTS</font></td></tr></table>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> KS </FONT></TD>
    <TD width=81% valign=top><font size=2>10 oz- Glass bottle containing 290 ml
      returnable, with ACL </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> KS </FONT></TD>
    <TD width=81% valign=top><font size=2>12oz Glass bottle containing 355 ml
      returnable, with ACL </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET -</FONT></TD>
    <TD width=81% valign=top><font size=2> Tereflalato Polyethylene bottle containing
      600 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET -</FONT></TD>
    <TD width=81% valign=top><font size=2> Tereflalato Polyethylene bottle containing
      1000 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET -</FONT></TD>
    <TD width=81% valign=top><font size=2> Tereflalato Polyethylene bottle containing
      2000 ml, non-returnable, with plastic label. </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> (*) BAG-IN-BOX </FONT></TD>
    <TD width=81% valign=top><font size=2>Flexible plastic bag, with characteristic
      adapters and valves, non-returnable, for beverage syrup of 5, 10 and/or
      18 liters, packed in protecting box made of adequate material.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> CAN - </FONT></TD>
    <TD width=81% valign=top><font size=2>Recipient in metallic material containing
      350 ml with characteristic enameled lithography.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td  align=center><font size=2><B>(*) AS PER THE POST-MIX
SPECIFIC AUTHORIZATION LIST</B></font></td></tr></table>


<p><table width=600><tr>
    <td  align=center>
      <hr size="2" noshade>
      <font size=2><B>PRODUCTS / SIZES PRODUCED BY THE FRANCHISE</B></font>
      <hr size="2" noshade>
    </td>
  </tr></table>


<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td align="left"> <font size="2"><b>PRODUCTS</b></font></td>
    <td> <font size="2">KS</font></td>
    <td> <font size="2">KS</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">CAN</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">290 ml</font></td>
    <td> <font size="2">355 ml</font></td>
    <td> <font size="2">600 ml</font></td>
    <td> <font size="2">1000 ml</font></td>
    <td> <font size="2">2000 ml</font></td>
    <td> <font size="2">5 L</font></td>
    <td> <font size="2">10 L</font></td>
    <td> <font size="2">18 L</font></td>
    <td> <font size="2">350 ml</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Coca-Cola</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Fanta Laranja</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Fanta Uva</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Sprite</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Guaran&#225; Ta&#237;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kuat</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Simba Guaran&#225;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kinley Soda</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kinley T&#244;nica</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=2>COCA-COLA INDUSTRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>SPAL - IND&#218;STRIA BRASILEIRA DE
BEBIDAS S.A.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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


<p><table width=600><tr><td><font size=2>The following listed recipients are exceptions
to provisions of Clause 2, in the  specific part in which it foresees the possibility of
canceling its  authorization, during the duration of the Agreement.</font></td></tr></table>



<P><table width=600><TR>
    <TD width=12% valign=top><font size=2> KS 10 oz-</FONT></TD>
    <TD width=88% valign=top><font size=2> Glass bottle containing 290 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=12% valign=top><font size=2> KS 12oz</FONT></TD>
    <TD width=88% valign=top><font size=2> Glass bottle containing 355 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>



<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr>
    <td  align=center><font size=2>SPAL - IND&#218;STRIA BRASILEIRA DE BEBIDAS
      S.A.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>According to provisions of paragraph (a) of
Clause 17, the MANUFACTURER reserves  the right of commercializing the products following
described:</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>AGUA MINERAL CAMANDUCAIA</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>AGUA MINERAL CRYSTAL SPAL</font></td></tr></table>








<p><table width=600><tr><td  align=center><font size=2>COCA-COLA INDUSTRIAS LTDA.</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>SPAL - IND&#218;STRIA BRASILEIRA DE
BEBIDAS S.A.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><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=right><font size=2><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2><B>POST-MIX AUTHORIZATION LIST</B></font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
PLACE: </FONT></TD><TD width=90% valign=top><font size=2> Rio
de Janeiro</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
Date: </FONT></TD><TD width=90% valign=top><font size=2> April
16, 1999</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION CONCERNING THE
SYRUPS FOR POST-MIX BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>According to provisions of item 3 of the
Manufacturing Agreement entered into  between COCA-COLA INDUSTRIA LTDA. (hereinafter
referred to as &#147;PARTNERSHIP&#148;) and  the subscribed Manufacturer, in force from
April 16, 1999, the Partnership does  hereby authorize the Manufacturer, with no
exclusivity, to prepare, pack,  distribute and sell syrups for the following Beverages:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>COCA-COLA<BR>FANTA<BR>KUAT<BR>SPRITE</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td><font size="2">(which hereinafter are referred to as &#147;Syrups for
      Post-Mix&#148;) to retail sellers into the Territory for the supply of Beverages
      through Post-Mix Distributing Machines in retail establishments or surroundings
      and further to operate Post-Mix Distributing Machines and sell the Beverages
      supplied by such Machines directly to consumers, subject to the following
      conditions: </font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=10% valign=top><font size="2">a) </font></td><td width=90%><font size="2">The
Manufacturer  cannot sell Syrups for Post-Mix to a retailer for use in any Post-Mix
Distributing Machine, unless: </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2">it
exists the adequate and safe supply of  drinkable water; </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="left"><font size="2">(ii) </font></td>
    <td width=80%><font size="2">all
Post-Mix Distributing Machines are approved by the  Partnership and meet, under all
aspects, the hygiene standards and  others standards stipulated by the Partnership in
writing and  indicated to the Manufacturer, concerning the preparation, package  and sale
of Post-Mix Syrups;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(iii) </font></td>
    <td width=80%><font size="2"> the
Beverages supplied through the Post-Mix Supplying Machines  strictly meet the
instructions for the preparation of Beverages from  Post-Mix Syrups periodically
dispatched by the Partnership to the  Manufacturer.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">b) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated, at its own expenses, to pick samples  of the Beverages
supplied through the Post-Mix Supplying Machines  operated by retailers, to which the
Manufacturer had supplied  Post-Mix Syrups or that are operated by the Manufacturer,
according  to the instructions and in intervals stipulated and communicated  thereto by
the Partnership, in writing, and shall submit such  samples to the Partnership for
examination.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">c) </font></td><td width=90%><font size="2"> The
Manufacturer, at its own initiative and under its  responsibility, shall immediately
interrupt the sale of Post-Mix  Syrups to any retailer that does not meet the standards
forecasted  by the Partnership.</font></td></tr></table>


<p>&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=right><font size=2><B>RWC:mvo<BR>CAMPINAS</B></font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">d) </font></td><td width=90%><font size="2"> The
Manufacturer will cease the sale of Post-Mix Syrups to any  retailer, when notified by
the Partnership that any of the Beverages  supplied through the Post-Mix Supplying
Machine installed in the  establishment of such retailer and surroundings does not meet
the  standards determined by the Partnership for Beverages or that the  Post-Mix
Supplying Machine is not the type approved by the  Partnership.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">e) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% align="left" valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2"> sell
and distribute the Post-Mix Syrups only in recipients like the  ones approved by the
Partnership and use only labels approved by the  Partnership;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top" align="left"><font size="2">(ii) </font></td>
    <td width=80%><font size="2"> exercise
all its influence to convince the retailers to use standard  glasses, made of glass or
paper or other recipient, approved by the  Partnership, so that the Beverages served to
the consumer are  adequately identified and served in attractive and hygienic  recipient.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Except for modifications made herein, all terms,
commitments and conditions  contained in the referred Manufacturing Agreement are applied
to the  supplementary authorization granted to the Manufacturer to prepare, pack,
distribute and sell the Syrups for Post-Mix and, in this respect, it is  expressly agreed
among the Parties that all terms, conditions, duties and  obligations on the part of the
Manufacturer, pursuant to the referred  Manufacturing Agreement, are incorporated to this
instrument by reference and,  unless otherwise indicated in the context or another
interpretation is required,  any references made to the term &#147;Beverages&#148; in the
Manufacturing Agreement  should be extended to the expression &#147;Syrups for Post-Mix&#148; for
the objectives of  this supplementary authorization granted to the Manufacturer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization can be cancelled by any of
the Parties upon written notice  with 90 (ninety) days in advance, with no prejudice of
its automatic resolution  with the termination or anticipated rescission of the referred
Manufacturing  Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization cancels and substitutes any
other one existing between the  Partnership and the Manufacturer, in which refers to the
matter of this Post-Mix  List.</font></td></tr></table>

<P><table width=600><TR>
    <TD width=27% valign=top><font size=2> PARTNERSHIP: </FONT></TD>
    <TD width=73% valign=top><font size=2> COCA-COLA INDUSTRIAS LTDA. (signed)</font></TD>
  </TR></TABLE><p></P>



<P><table width=600><TR>
    <TD width=27% valign=top><font size=2> MANUFACTURER: </FONT></TD>
    <TD width=73% valign=top><font size=2> SPAL - INDUSTRIA BRASILEIRA DE BEBIDAS
      S.A.</font></TD>
  </TR></TABLE>
<br>
<table width=600>
  <tr>
    <td width=27% valign=top><font size=2> </font></td>
    <td width=73% valign=top><font size=2>Name: MARCO AURELIO EBOLI (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=27% valign=top><font size=2> </font></td>
    <td width=73% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive Vice President</font></td>
  </tr>
</table>
<p></P>

<P><table width=600><TR>
    <TD width=27% valign=top><font size=2> COMPANY: </FONT></TD>
    <TD width=73% valign=top><font size=2> THE COCA-COLA COMPANY<BR>
      (Intervening Party)<BR>Vice President (signed)</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;

</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>18
<FILENAME>e17118_ex4-17.htm
<DESCRIPTION>MANUFACTURING AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.17 </title>
</head>
<body>





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<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.17</B></font></td></tr></table>


<p><table width=600><tr>
    <td align=right><font size=2><B>RWC: mvo<BR>
      CAMPO GRANDE</B></font></td>
  </tr></table>


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

<p><table width=600><tr><td><FONT SIZE="2">By this Agreement, that becomes effective as
from <B>April 16th, 1999</B>, on one side, <B>COCA-COLA IND&#218;STRIAS LTDA.</B>, a private limited
liability company, organized according to the country laws, enrolled with the Legal
Persons National Registry of the Ministry of Finance under number 45.997.418/0001-53,
with headquarters at Praia do Botafogo, 374 - 12o. andar, parte, Rio de Janeiro, State
of Rio de Janeiro (hereinafter referred to as &#147;PARTNERSHIP&#148;) and, on the other
side, <B>REFRIGERANTES DO OESTE LTDA.</B>, enrolled with the Legal Persons National Registry
of the Ministry of Finance under number 03.025.988/0001-31, with headquarters at Km 01
of BR-163 (Rod. Campo Grande/Sao Paulo), Campo Grande, State of Mato Grosso do Sul
(hereinafter referred to as &#147;MANUFACTURER&#148;); and as Intervening Party, <B>THE
COCA-COLA COMPANY</B>, an American Corporation, organized and operating under the laws of
the State of Delaware, United States of America (hereinafter referred to as
&#147;COMPANY&#148;);</FONT></td></tr></table>


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

<br>
<table width=600><tr><td width=10% valign=top><font size="2">A) </font></td>
    <td width=90%><font size="2"> the Company is dedicated to the manufacture
      and sale of certain concentrates and beverage bases (hereinafter referred
      to as &#147;BEVERAGE BASES&#148;), formulas of which are industrial secrets
      of the Company, from which the syrups are prepared (hereinafter referred
      to as &#147;SYRUPS&#148;) for the production of non-alcoholic soft drink
      beverages; that the Company is also dedicated to the manufacture and sale
      of Syrups, used for the preparation of certain non-alcoholic beverages (hereinafter
      referred to as &#147;BEVERAGES&#148;) better described in the <b>Exhibit
      I</b>, which are offered to sale in bottles and other recipients and in
      further under other forms or manners;</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">B) </font></td>
    <td width=90%><font size="2"> the Company is the holder (i) of the trademarks
      listed in the<b> Exhibit II</b>, which distinguish the referred Beverage
      Bases, Syrups and Beverages; as well as (ii) of several trademarks relating
      to Characteristic Recipients, in various sizes, in which the Beverages are
      being commercialized for many years and, further, is holder of (iii) figurative
      trademarks consisting of a Wave (&#147;Dynamic Ribbon Devices&#148;) used
      for advertising and commercialization of some of the Beverages (all these
      trademarks are hereinafter referred, in this Agreement, jointly or severally,
      to as &#147;Trademarks&#148;);</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">C) </font></td><td width=90%><font size="2"> The
Partnership, by virtue of a license granted thereto by the Company,  registered at the
Industrial Property National Institute, is authorized to  use the Trademarks in the
manufacture, preparation, promotion, advertising,  and sale of products protected by the
Trademarks, as well as upon the  agreement of the Company, enter into manufacturing
agreements with physical  or legal persons, in Brazil, to prepare and bottle the
Beverages protected  by the referred Trademarks and use these Trademarks in connection
with the  Beverage;</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">D) </font></td><td width=90%><font size="2"> the
Manufacturer requested the authorization of the Partnership to use the  Registered
Trademarks in connection with preparation, packaging,  distribution and sale operations
of the Beverages in certain geographic  area of Brazil, following delimited and described
(hereinafter referred to  as &#147;TERRITORY&#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">
- -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: 1; page: 1" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=90%><font size="2">&#147;An area in the State of <b>MATO GROSSO
      DO SUL</b>, limited by a line that begins in and includes the City of <b>PORTO
      MURTINHO</b>, in the frontier of the States of <b>MATO GROSSO DO SUL</b>
      with the <b>REPUBLIC OF PARAGUAY</b>; from this point, towards the North,
      following the frontier of the State of <b>MATO GROSSO DO SUL</b>, with the
      Republics of PARAGUAY and BOLIVIA, until reaching the dividing line with
      the State of <b>MATO GROSSO</b>; from this point, towards the Southeast,
      Northeast, East and Southwest, following the dividing line of the States
      of <b>MATO GROSSO</b> and <b>MATO GROSSO DO SUL</b>, until the crossing
      of limits of the <b>MATO GROSSO, MATO GROSSO DO SUL </b>and <b>GOI&#193;S</b>;
      from this point, towards the Northeast, following the frontier of the States
      of <b>GOI&#193;S</b> and <b>MATO GROSSO</b>, until, but EXCLUDING the City
      of <b>PONTE BRANCA</b>; from this point, towards the Northeast, in the State
      of Goias, until and EXCLUDING the City of <b>PIRANHAS</b>; from this point,
      towards the Northeast, until but excluding the City of <b>ARENOP&#211;LIS</b>;
      from this point, until and EXCLUDING the City of <b>DIORAMA</b>; from this
      point, towards the Southwest, until and including the City of<b> JATA&#205;</b>;
      from this point, towards the Southeast along Rodovia BR-364 until and including
      the City of <b>CACHOEIRA ALTA</b> and <b>PARANAIGUARA</b>; from this point,
      towards the Southwest, following the natural frontier of the States of <b>MINAS
      GERAIS</b> and <b>GOI&#193;S</b> and including the City of <b>S&#195;O SIM&#195;O</b>,
      in the State of <b>GOI&#193;S</b>; from this point, towards the Southwest,
      following the bed of Rio Parana, natural frontier of the States of <b>MATO
      GROSSO DO SUL</b> and <b>S&#195;O PAULO</b>, until and including the City
      of <b>PORTO 15 DE NOVEMBRO</b>; from this point, towards the Southeast,
      following the frontier of the State of <b>MATO GROSSO DO SUL</b> with the
      States of <b>S&#195;O PAULO, PARAN&#193;</b> and the frontier with the <b>REPUBLIC
      OF PARAGUAY</b>, until the City of <b>PORTO MURTINHO</b>, initial point
      of this OFFICIAL TERRITORY&#148;.</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">E) </font></td><td width=90%><font size="2"> the
Partnership is inclined to grant to the Manufacturer the authorization  requested, under
the terms and conditions determined herein.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The Parties hereto have agreed and contracted
the following:</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>I - AUTHORIZATION</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>1. The Partnership, with the approval of the
Company, grants the authorization  to the Manufacturer, which is obligated thereto, under
the terms and conditions  of this Agreement, to prepare and pack the Beverages into
Authorized Recipients,  as following defined, and distribute and sell them under the
Trademarks,  exclusively into the TERRITORY.</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>2. The Partnership will have the right, during the duration
      of this Agreement, at its discretion, to approve, for each Beverage, the
      types, sizes, forms, and other special characteristics of the recipients
      (hereinafter referred to as &#147;AUTHORIZED RECIPIENTS&#148;), which the
      Manufacturer authorized to use under the terms of this Agreement for the
      packing of each of the Beverages. The list of Authorized Recipients for
      each of the Beverages, in force in the date of this Agreement, is mentioned
      in the Exhibit III. The Partnership can, upon written notice forwarded to
      the Manufacturer, allow the use of other Authorized Recipients for the preparation,
      distribution, and sale of Beverages. Except for the provisions of the <b>Exhibit
      IV</b>, the Partnership reserves the right to cancel its authorization for
      each of the Authorized Recipients, in relation to any of the Beverages,
      upon written notice forwarded to the Manufacturer with six months in advance.
      It is understood among the Parties that the Partnership, in good faith,
      will make use of its right of canceling any authorization previously granted,
      concerning 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">
- -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>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>use of any of the Authorized Recipients, in
order to  qualify the Manufacturer to prepare, pack, distribute, and sell the Beverages
under the terms of this Contract. In the event of such cancellation, the  provisions of
item 30 (c) will be applied to the recipients, approval of which  had been cancelled.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>3. The lists, if any, attached hereto, identify
the nature of additional  authorizations that may come to be granted to the Manufacturer,
pursuant to the  terms of this Agreement, and rule the specific rights and obligations of
each  Party, concerning such additional authorizations.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>II - OBLIGATIONS OF THE PARTNERSHIP</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>4.  The Partnership is obligated to sell and
deliver to the  Manufacturer, by itself or through third parties indicated  thereby, the
quantities of Beverage Bases that come to be  periodically ordered by the Manufacturer,
in conformity with a  delivery schedule to be elaborated by the Partnership, but under
the following conditions:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The
Manufacturer will order, and the Partnership will sell and  deliver to the Manufacturer,
only the quantities of the Beverage  Bases that are necessary and sufficient to implement
this  Agreement;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will use the Beverage Bases exclusively for the  preparation of beverages
according to instructions periodically  received by the Partnership, being the
Manufacturer obligated not  to sell either the Beverage Bases or the Syrup, nor allow
that  both go to third parties hands without the previous approval of  the Partnership in
writing;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Partnership reserves the absolute and exclusive right of, at  any time, determining which
should be the formulas, composition or  ingredients of the Beverages or Beverage Bases.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>5.  The Partnership, during the duration of this
Agreement, is  obligated not to sell or distribute Beverages, as well as not to
authorize third parties to sell or distribute them, in the  Territory, into Authorized
Recipients, reserving the Partnership,  however, the right to prepare, pack, distribute
and sell the  Beverages in the Territory, or authorize third parties to do it,  under
other manners or form.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>III - MANUFACTURER&#146;S OBLIGATIONS CONCERNING
THE COMMERCIALIZATION OF BEVERAGES, FINANCIAL CAPACITY AND PLANNING</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>6.  The Manufacturer undertakes, in a permanent
way, to develop,  stimulate and fully satisfy the demand of each Beverage,  within the
Territory. The Manufacturer, therefore, undertakes  with the Partnership to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> prepare,
pack, distribute and sell, the quantities of each of  the Beverages that are necessary
under any aspect to fully  satisfy the demand of each Beverage into the Territory.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> employ
its best efforts and use all adequate, practiced and  approved means to integrally
develop and take advantage of the  maximum potential of the packing, commercializing and
distributing business of Beverages in the Territory, through  the creation, stimulation
and continuous expansion 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">
- -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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    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=10% valign=top><font size="2"> </font></td><td width=10%><font size="2"></font></td><td width=80%><font size="2">future demand
and upon complete satisfaction, under all  aspects, of the demand existing in relation to
each of the  Beverages;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> invest
the entire capital and spend all resources necessary  for the organization,
implementation, operation, and  maintenance into the Territory of installations and
equipment  destined to the manufacturing, storage, commercialization,  distribution,
delivery, transportation, and other  installations and equipment, as it comes necessary
for the  full compliance of obligations assumed herein by the  Manufacturer;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> sell
and distribute the Beverages into Authorized Recipients,  only to retail sellers or final
consumers, in the Territory,  but being however authorized the sale and distribution of
Beverages into Authorized Recipients, to wholesale sellers in  the Territory, which sell
exclusively to wholesalers in the  Territory. Any other distribution methods are subject
to the  Partnership&#146;s previous approval, in writing;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> have
at its disposal, in a permanent way, competent and  well-trained administrators, and
select, train, maintain and  manage all personnel necessary and sufficient, under all
aspects, for the full performance of obligations assumed by  the Manufacturer in this
Agreement, keeping exclusive labor  responsibility on the labor contracted.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>7.  The Parties agree that, for the development
and stimulation of  the demand in relation to each of the beverages, it is  necessary the
use of advertising and other forms of marketing  activities. The Manufacturer is
consequently obligated to  assume the advertising and marketing expenses, necessary
either to keep or to increase the Beverages demand into the  Territory. The Partnership
can, at its exclusive discretion,  contribute for such advertising and marketing
expenses. In  addition, the Partnership can also be in charge of any  promotional or
advertising activity that it deems appropriate  into the Territory, at its own expenses.
This, however, will  not affect, in any way, the Manufacturer&#146;s obligations of  providing
expenses for advertising and marketing in relation  to each of the Beverages, in order to
stimulate and develop  the demand of each of the Beverages in the Territory.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>8.  The Manufacturer undertakes to submit to the
Partnership, for  its previous approval, all advertising and promotion projects  related
to Trademarks and Beverages, as well as to only use,  publish, keep or distribute
advertising and promotion  materials authorized and approved thereby</font></td></tr></table>


<p><table width=600><tr><td><font size=2>9.  The Manufacturer undertakes to maintain the
consolidated  financial capacity that may be reasonably necessary to  guaranty its
performance of the obligations assumed through  this instrument. The Manufacturer must
keep records, books and  accounts, in good order and accurate, undertaking to provide
the Partnership, whenever requested to do so, any financial  and accounting information
enabling the Partnership to assess  whether the Manufacturer is fulfilling its
obligations  stipulated in this agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>10.  The Manufacturer undertakes to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> deliver
to the Partnership, once every calendar year, a  schedule (hereinafter referred to as
&#147;ANNUAL SCHEDULE&#148;) with  contents 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">
- -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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<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=10% valign=top><font size="2"> </font></td><td width=10%><font size="2"></font></td><td width=80%><font size="2">form acceptable
for the Partnership. The Annual  Schedule will contain at least the Manufacturer&#146;s
management,  financial, marketing, promotional and advertising plans,  detailedly
explaining the activities projected for the  following twelve-month period, or for
another period, as  determined by the Partnership. The Manufacturer must  diligently
follow the Annual Schedule, whose implementation  will provide the Partnership with
quarterly reports, or  reports with other periodicity, as requested by the  Partnership;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> supply
monthly reports to the Partnership referring to the  sales of each Beverage, containing
any data and information  which the Partnership may request.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>11.  The Manufacturer recognizes that the
Partnership has entered  into or may enter into agreements similar to this Agreement
with other parties outside the Territory, and undertakes to  operate its businesses so as
to avoid conflicts with such  other parties, as well as, should any litigations arise
with  any of such third parties, to employ all its efforts to settle  them amicably.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">12. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Manufacturer, recognizing the resulting
      advantages for it and for the other parties referred to in item 11 above
      in keeping a uniform external appearance as to distribution equipment and
      other equipment and materials used for the activities contemplated by this
      Agreement, undertakes to accept and use the standards periodically adopted
      and published by the Partnership, related to models and decorations of trucks
      and other delivery vehicles, boxes, refrigerators, vending machines and
      other materials and equipment used in the Beverages distribution and sales,
      pursuant to this Agreement.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer further undertakes, moreover, to preserve and  replace such equipment at
reasonable intervals, and to refrain  from suing this equipment to distribute or sell any
products  not identified by the Trademarks without the Partnership&#146;s  previous written
consent.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">13. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The Manufacturer is prohibited, without the
      Partnership&#146;s previous written consent, of preparing, selling or distributing,
      or give cause to other parties do sell or distribute, any of the Beverages
      outside the Territory, howsoever it might be done.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> If
any of the Beverages prepared, packaged, distributed or  sold by the Manufacturer be
found in the territory of another  authorized manufacturer of the Partnership&#146;s beverages
(hereinafter referred to as &#147;IMPAIRED MANUFACTURER&#148;), besides  the other
measures which the Partnership be entitled to  enforce:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=70%><font size="2"> The
Partnership can, at its sole discretion,  immediately cancel the authorization for the
Authorized Recipients of the types found in the  Impaired Manufacturer&#146;s territory;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">2) </font></td>
    <td width=70%><font size="2"> The
Partnership can require the Manufacturer to pay a  cash compensation for the Beverages
found in the  Impaired Manufacturer&#146;s territory, as recovery of all  expenses and 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">
- -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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<p>&nbsp;
<table width=600>
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    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">costs incurred by the Partnership and by the
      Impaired Manufacturer;</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">3) </font></td>
    <td width=70%><font size="2"> The
Partnership will be entitled to purchase the  Beverages prepared, packaged, distributed
or sold by  the Manufacturer that be found in the Impaired  Manufacturer&#146;s territory, and
the Manufacturer will be  obligated to, without prejudice of other obligations
contemplated by this Agreement, reimburse the  Partnership the amount of the costs
incurred with the  purchase, transport and/or destruction of such  Beverages.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> In
case, in the Impaired Manufacturer&#146;s territory, Beverages  prepared, packaged,
distributed or sold by the Manufacturer  are found, the latter will be obligated to make
all sale  agreements and other records or documents related to such  Beverage available
for Partnership&#146;s representatives, and must  help the Partnership in all investigations
related to the sale  and distribution of these Beverages outside the Territory;</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer must immediately inform the Partnership if,  at any time, it receives from
third parties any proposals or  offers for the purchase of Beverages which the
Manufacturer  knows or has reasons to believe that will result in the  occurrence of
commercialization, sale, resale, distribution or  redistribution of Beverages outside the
Territory, infringing  this Agreement.</font></td></tr></table>





<p><table width=600><tr><td><font size=2><B>IV - MANUFACTURER&#146;S OBLIGATIONS CONCERNING
THE TRADEMARKS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>14.  The Manufacturer recognizes that the
Company, as the  legitimate owner, has registered at the Industrial Property  National
Institute the trademarks indicated in Exhibit II of  this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>15.  Nothing contemplated by this Agreement will
give to the  Manufacturer any rights over the Trademarks or the goodwill  inherent to
them, nor over any labels, drawings, recipients or  other visual representations of them,
used in connection with  such Trademarks. It is hereby agreed and understood by the
parties that, through this Agreement, the Manufacturer is  granted a temporary permission
unconnected with any rights or  interests, free of payment of any royalties or fees, to
use  the referred Trademarks, labels, drawings, recipients or other  of their visual
representations, only in connection with the  preparation, packaging, distribution and
sale of the Beverages  in Authorized Recipients, it being understood that such use  will
be in such a way as to result in attributing all goodwill  derived therefrom to the
Company, as source and origin of such  Beverages, and the Company will be absolutely
entitled, under  any circumstances, to determine the presentation way and other
necessary or convenient measures to assure the full  enforcement of this item 15.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>16.  The Manufacturer is prohibited of using or
adopting any names,  trade names, commercial names, a.k.a. trade names or other
commercial designations including the words &#147;Coca-Cola&#148;,  &#147;Coca&#148;,
&#147;Cola&#148;, &#147;Coke&#148; or any one of them or any other similar  name which
may cause confusion with them, or any visual or  graphic representations </font></td></tr></table>



<p>&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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      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>of the Trademarks or any other  trademarks or
industrial property rights held by the Company,  without the Company&#146;s or the
Partnership&#146;s previous written  consent.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>17.  The Manufacturer undertakes with the
Partnership, pursuant to  the applicable legislation and during this Agreement validity
term, to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, distributing, selling,  commercializing or in any other way
holding interests in any  beverages other than those prepared, packaged, distributed or
sold by the Manufacturer under the Partnership&#146;s  authorization, except the indications
of Exhibit V or those  which the Partnership has previously authorized;</font></td></tr></table>

<br>
<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=80%><font size="2"> refrain
from preparing, packaging, selling, commercializing or  in any other way holding
interests in other concentrates,  beverage bases, syrups or beverages which may probably
be  confused or pass by any of the Beverage Bases, Syrups or  Beverages;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> refrain
from preparing, packaging, distributing, selling,  commercializing or in any other way
holding interests in any  beverages, under any commercial presentation or in any
recipients imitating a commercial presentation or recipient  over which the Company
claims ownership interests or which may  probably be confused, cause confusion or be
identified by  consumers as similar or pass by such commercial presentations  or
recipients;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> during
the present agreement validity term, never manufacture,  package, sell, commercialize or
have any other type of  interests related to any Concentrates, Syrups or Beverages not
produced by the Company;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(e)</font></td>
    <td width=80%><font size="2"> refrain
from, during this Agreement validity term and for a  period of one year immediately
subsequent to this term,  recognizing the valuable rights that the Partnership grants to
the Manufacturer pursuant to this Agreement, preparing,  packaging, distributing,
selling, commercializing or in any  other way having any interests in relation to any
beverages  produced under the name &#147;Cola&#148; (either separately or jointly  with
other words) or any expressions phonetically equivalent  to such name.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
stipulations apply only to operations in which the  Manufacturer is directly involved,
but also to those in which it is indirectly  involved, through ownership, control,
administration, association, agreement or  any other means, located both inside and
outside the Territory. The Manufacturer  undertakes not to purchase or hold, either
directly or indirectly, any ownership  rights, or to enter into any agreements or other
types of commitments with other  parties concerning the administration or control of any
other legal persons,  inside or outside the Territory, which operate in any of the
activities object  of the prohibition stipulated in this item.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>18.  This Agreement reflects the parties mutual
interest, so that,  if:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> a
third party which, at the Partnership&#146;s discretion, is  directly or indirectly, through
ownership, control,  administration or other means, involved in activities of
preparation, packaging, distribution or sale of any products  specified in item 17 of
this instrument, acquires or by any  other means </font></td></tr></table>


<p>&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>
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<table width=600>
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    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">obtains control or any direct or indirect influence
      in the Manufacturer&#146;s administration; or</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> a
natural or legal  person  having a majority  in the  Manufacturer&#146;s  ownership  or direct
or  indirect  control,  or that is  directly  or  indirectly  controlled  either by the
Manufacturer  or by a third  party  having  control or direct or  indirect influence,  at
the Partnership&#146;s  discretion,  over the Manufacturer&#146;s  administration,  becomes
involved in  activities of preparation,  packaging,  distribution or sale of any products
specified in item 17 of this instrument;  then,  the  Partnership  will be entitled to
terminate this  Agreement  immediately,  except if the party making such  acquisition
described  in item (a) above or if the person,  entity,  firm or company  referred to in
item (b) above,  upon  reception of written  notice from the  Partnership  formalizing
its intention to terminate the  Agreement,  as  contemplated,  agrees  to  abandon,  and
effectively  does  abandon,  the  activities  of  preparation,  packaging,  distribution
or sale of such products within a reasonable  term, not longer than 6 (six) months,
counted as from the  notice date.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">19. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> If the Partnership, in order to reach this Agreement&#146;s
      objectives, in compliance with the legislation referring to industrial property
      registration and licensing, has to register the Manufacturer as a Trademarks
      registered or licensed user, the Manufacturer must, upon the Partnership&#146;s
      request, sign any and all agreements and other documents necessary with
      the purpose of making, altering this registration.</font></td>
  </tr></table>

<br>
<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=80%><font size="2"> In
case the competent government authorities refuse any  requests from the Partnership or
from the Manufacturer to  register the Manufacturer as a registered or licensed user of
any of the Trademarks in respect to any of the Beverages  prepared and packaged by the
Manufacturer pursuant to this  Agreement, the Partnership will be entitled to immediately
terminate this Agreement or cancel the authorization related  to such Beverages.  (c)
Additionally, the Manufacturer undertakes to provide the  Partnership with the
cooperation necessary to obtain the  registrations related to beverages production and
sale.</font></td></tr></table>


<br>
<p><table width=600><tr><td><font size=2><B>V - MANUFACTURER&#146;S OBLIGATIONS CONCERNING THE
BEVERAGES PREPARATION AND PACKAGING</B></font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">20. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The Manufacturer undertakes to use, in the preparation
      of the Syrup for each one of the Beverages, only the Beverage Bases purchased
      from the Partnership or from Authorized Suppliers, and to use the Syrups
      exclusively for the Beverages preparation and packaging, in strict compliance
      with the written instructions from time to time issued for the Manufacturer
      by the Partnership, which must be strictly fulfilled. Moreover, the Manufacturer
      undertakes, in the Beverages preparation, packaging and distribution operations,
      to permanently obey the manufacturing standards from time to time established
      by the Partnership, and to allow the Company and the Partnership, their
      officers, agents and proxies, any time, to access for inspection the factory,
      premises, equipment and methods used by the Manufacturer 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">
- -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: 8; page: 8" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> the Beverages preparation, packaging, storage
      and handling, in order to check whether the Manufacturer is fulfilling this
      Agreement terms.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> In
case the Partnership assesses or becomes aware of any  quality problems or other
technical problems related to any of  the Beverages or Authorized Recipients, the
Partnership can  require the Manufacturer to take the appropriate steps to  immediately
remove any of the Beverages from the market. The  Partnership will notify the
Manufacturer by phone, telegram,  telex or any other form of immediate communication,
about the  Partnership&#146;s decision of requiring the Manufacturer to remove  any Beverages
from the Market, and the Manufacturer, upon  reception of the first notice, will
immediately cease the  distribution of such Beverages and will take other steps
requested by the Partnership in connection with the Beverages  removal from the market.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> In
case the Manufacturer assesses or becomes aware of the  existence of any quality problems
or other technical problems  related to any of the Beverages or Authorized Recipients,
the  Manufacturer will immediately notify the Partnership by phone,  telegram, telex or
another form of immediate communication.  The information to be supplied by the
Manufacturer when  notifying the Company must contain: (1) the involved Beverages
identity and quantities, including the Authorized Recipients;  (2) code data; (3) any
other pertinent data, including  information that will help in the search and location of
such  Beverages.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer, recognizing the importance of identifying  the manufacture source of the
Beverages placed in the market,  undertakes to use, as soon as there is technology
available in  the country approved by the Company or by the Partnership,  identification
codes on all the Beverages packaging materials,  including Authorized Recipients and
returnable boxes. The  Manufacturer further undertakes to install, maintain and use  the
machines and equipment necessary for the application of  these identification codes. The
Partnership will from time to  time supply to the Manufacturer, in writing, the necessary
instructions related to the identification code forms to be  used by the Manufacturer and
the production and sales records  to be kept by the Manufacturer.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> The
Manufacturer also undertakes, without prejudice of the  other provisions of this
Agreement, to remove the Beverage(s)  from the market in case any of them be anyhow
impaired as to  their standards, including in respect of their edulcorating  power, both
due to the action of time, temperature or of any  other factors, as established in the
Mixing instructions  determined by the Company&#146;s or Partnership&#146;s Quality Assurance
Department.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> Moreover,
the Manufacturer undertakes to immediately remove  from the market, after written notice
from the Company or from  the Partnership, at its sole account and costs, any and all
Beverages whose packagings are not duly coded, after the  introduction of the control
system referred to in item (d)  above.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>21. The Manufacturer, at its expenses, will
submit to the Partnership samples of  the Syrups, of the Beverages and of the materials
used to prepare the Syrups 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">
- -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: 9; page: 9" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>Beverages, following the written instructions
from time to time transmitted to  it by the Partnership.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">22. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> In the Beverages packaging, distribution and
      sale, the Manufacturer will exclusively use Authorized Recipients, locks,
      boxes, cards, labels and other packaging materials from time to time approved
      by the Partnership, which the Manufacturer will purchase exclusively from
      suppliers authorized by the Partnership to manufacture them, to be used
      in connection with Trademarks and the Beverages. The Partnership will employ
      its best efforts to approve two or more manufacturers of such products,
      it being understood that these approved manufacturers can be located inside
      or outside the Territory.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer must inspect such Authorized Recipients,  locks, boxes, cards, labels and
other packaging materials, and  it must use only those fulfilling the standards
established by  the legislation applicable in the Territory, besides the  standards and
specifications prescribed by the Partnership.  The Manufacturer takes independent
responsibility for  consequences of the use of such Authorized Recipients, locks,  boxes,
cards, labels and other packaging materials satisfying  such standards.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer undertakes to keep, permanently, a sufficient  inventory of Authorized
Recipients, locks, labels, boxes,  cards and other packaging materials, in order to fully
meet  the demand existing in the Territory for each Beverage.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">23. </font></td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The Manufacturer recognizes that Beverages demand
      increases, as well as changes in the Authorized Recipients list, may from
      time to time require various modifications in respect of its equipment in
      use for manufacture, packaging, delivery or sale, or require the purchase
      of additional equipment for manufacture, packaging, delivery or sale. The
      Manufacture undertakes, therefore, to modify the existing equipment and
      to purchase and install the additional equipment, as necessary and with
      sufficient advance, in order to allow the introduction of new Authorized
      Recipients and the Beverages preparation and packaging, in conformity with
      the Manufacturer&#146;s continuous obligations of developing, stimulating and
      fully satisfy, in the Territory, the demand of each one of the Beverages.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> In
case the Manufacturer uses returnable Authorized Recipients  in the preparation and
packaging of all or some of the  Beverages, it undertakes to invest the necessary and
appropriate capital and to make the expenses that may be  necessary from time to time in
order to create and maintain a  suitable inventory of returnable Authorized Recipients.
With  the purpose of continuously assuring the quality and  appearance of this inventory
of returnable Authorized  Recipients inventory, the Manufacture also undertakes to
replace this inventory, in whole or in part, as it becomes  reasonably necessary, and as
per the terms of the obligations  herein assumed by the Manufacturer.</font></td></tr></table>


<br>
<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=80%><font size="2"> The
Manufacturer undertakes not to refill or by any other  means reuse any returnable
Authorized Recipients after their  first use.</font></td></tr></table>


<p>&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: 10; page: 10" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>24. The Manufacturer will be solely responsible,
in the fulfillment of its  obligations contemplated by this Agreement, for the compliance
with all laws and  regulations applicable in the Territory, undertaking to immediately
inform the  Partnership in case there be any norms somehow preventing or limiting the
strict  fulfillment by the Manufacturer of the instructions transmitted to it by the
Partnership by force of this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VI - PURCHASE AND SALE CONDITIONS</B></font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="3"><font size="2">25. </font><font size="2"></font><font size="2">
      The Manufacturer undertakes, according to the provisions of this Agreement,
      to purchase exclusively from the Partnership or from Authorized Suppliers
      the Beverage Bases necessary for the Beverages preparation and packaging.</font></td>
  </tr>
</table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">26. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> The Partnership reserves the right, upon simple
      notice to the Manufacturer, of establishing, at its sole discretion, the
      Beverage Bases prices, of appointing one or more Authorized Suppliers for
      each one of the Beverage Bases, as well as the shipping and payment conditions,
      as well as, if allowed by the applicable legislation, the payment currency
      or currencies acceptable by the Partnership and its Authorized Suppliers.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Partnership  reserves  the  right,  to the extent  allowed  by the  legislation  in force
in the  Territory,  of  establishing and reviewing,  upon written notice sent to the
Manufacturer,  maximum prices for which each one of the  Beverages in Authorized
Recipients can be sold by the  Manufacturer to retailers,  and the maximum retail prices
for  each one of the  Beverages.  The parties  recognize  that the  Manufacturer  can
sell the  Beverages to retailers and  authorize  the  Beverage  retail  sales for prices
lower than the  maximum  prices  established  or  modified by the  Partnership,  as
allowed by this paragraph. The Manufacturer cannot, however, increase the maximum prices
established  by the  Partnership  for which the  Beverages  in  Authorized  Recipients
can be sold to  retailers,  nor  authorize  increases in the maximum  retail prices
established  for the Beverages,  without  previous  written  approval by the  Partnership.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Partnership reserves the right of, upon simple written  notice to the Manufacturer,
change the Authorized Suppliers  and reviewing from time to time, whenever wished, at its
discretion, the price of any of the Beverage Bases and the  shipping conditions.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> Except
for the provisions of paragraph (e) of this item, if the Manufacturer  does not wish to
pay the Beverage Bases  modified price for any of the Beverages,  it must notify the
Partnership in writing within 30 days,  counted as from  reception  of the  Partnership&#146;s
written  notice  establishing  the new price or  prices.  In case of  refusal,  the
Manufacturer&#146;s  authorization  in relation to such Beverage or Beverages will lawfully
terminate 3 (three)  calendar  months  after  the  Partnership&#146;s  reception  of  notice
from  the  Manufacturer.  In  case of  cancellation  of the  Manufacturer&#146;s
authorizations as herein  contemplated,  the Partnership will no longer have any
obligations with the  Manufacturer in relation to the Beverage or Beverages whose
authorizations were cancelled,  and the Partnership will  be entitled to grant
authorizations to third parties 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">
- -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: 11; page: 11" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">connection with the preparation, packaging, distribution
      and sale of that given Beverage or of those given Beverages in the Territory.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> If
the Manufacturer does not wish to pay the modified price in  respect to the Beverage
Bases for one or more Beverages  identified by the &#147;Coca-Cola&#148; trademark or any
derivations  thereof, as better described in Exhibit I, the Manufacturer  must notify the
Partnership in writing within the term of 30  (thirty) days counted as from reception of
the written notice  issued by the Partnership modifying the referred price or  prices. In
this hypothesis, this Agreement will be lawfully  cancelled 3 (three) calendar months
after reception of the  Manufacturer&#146;s notice.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> Whenever
the Manufacturer fails to notice the Partnership as  to the modified price of one or more
Beverage Bases, as per  the terms of paragraphs (d) and (e) of this item, it is
understood that the Manufacturer accepted the modified price.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(g) </font></td>
    <td width=80%><font size="2"> The
Manufacturer undertakes, in relation to each returnable  Authorized Recipient or each
returnable box delivered to  retailers, to charge from the retailers or debit them
accordingly the values that the Partnership, upon written  notice to the Manufacturer,
from time to time establish,  keeping these values in deposit; and undertakes, moreover,
to  employ the reasonable diligent efforts to recover, when empty,  all returnable
Authorized Recipients and boxes and, when  recovering them, reimburse or credit the
applicable parties  the values of the deposits corresponding to such returnable
Authorized Recipients and boxes, if returned without damages  and in good conditions.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(h) </font></td>
    <td width=80%><font size="2"> Notwithstanding
the provisions of letter (a) above, the  parties agree that during the present agreement
validity the  concentrate price will be increased always in the same  proportion and at
the same time when the Manufacturer  increases the sales price of the Beverage that it
manufactures. The parties also agree to keep, during the  present agreement validity, the
calculation methodology of the  Concentrate price currently in use and fully disclosed to
all  Coca-Cola Manufacturers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VII - AGREEMENT DURATION AND EXPIRATION</B></font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">27. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> This Agreement will lawfully expire on April
      15th, 2004, except if it be terminated before that, as herein contemplated.
      However, if the Manufacturer fully fulfilled the present Agreement clauses,
      especially, but without prejudice of the others, those concerning the market
      development and the full meeting of the Beverage demand in its territory,
      as well as the strict compliance with hygiene and quality control norms
      established by the Partnership, making it clear that the Manufacturer is
      willing and has the means to continue acting like that, then the Manufacturer
      may request, and the Partnership will accept, that it be renewed for a period
      equal to that of the present Agreement. The intention of renewing the Agreement
      and the confirmation to keep its satisfactory fulfillment must be manifested
      in writing by the Manufacturer to the Partnership, within a minimum term
      of 6 (six) months and a maximum term of 12 (twelve) months before the Agreement
      expiration, it being perfectly understood that the Partnership will assess
      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">
- -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: 12; page: 12" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> Manufacturer&#146;s performance along the agreement
      period, according to the objective criteria pursuant to which the Manufacturers&#146;
      agreement obligations fulfillment are usually assessed. Based on such assessment,
      which must be guided by objective criteria, the Partnership will exercise
      the exclusive right of deciding whether the Manufacturer&#146;s agreement obligations
      were satisfactorily fulfilled, and thus will agree or not with the requested
      renewal. It is herein duly understood that, in case of agreement renewal,
      the Partnership and the Manufacturer can, by mutual agreement, introduce
      modifications in the new Manufacture Agreement to be entered into.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> In
the cases in which the Manufacturing  Agreement is not renewed by the Partnership&#146;s
decision, the Partnership will  purchase from the Manufacture,  and the Manufacturer will
sell to the Partnership, all its production equipment, such  as, but  limited to, the
bottle  washer and filler and the can filler,  paying the market  price for  equipment
with  similar  use  time,  use  conditions  and  maintenance.  The price  parameters
will be  obtained  by  surveying  the  transactions occurred in the market within the
latest six months involving similar equipment.  Such transactions will  be expressed in
National  Treasury  Bonuses or any other economic  indicator in force upon the
production  equipment  purchase by the Partnership,  equipment which must be free and
unencumbered by any burdens. In case of doubt, written  indications  from  manufacturers
of such  equipment  will be  accepted  as  parameters  of price and  continued  use
conditions.</font></td></tr></table>


<br>
<table width=600><tr><td width=10% valign=top><font size="2">28. </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> This Agreement can be terminated by the Partnership
      or by the Manufacturer, immediately and without obligations of indemnifying
      for losses and damages, upon written notice sent to the other party by the
      party entitled to termination: </font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(1) </font></td>
    <td width=70%><font size="2"> If
the Partnership,  the Authorized Suppliers or the  Manufacturer become lawfully unable of
obtaining  foreign currency to remit abroad to pay for the import  of Beverage Bases,
ingredients or  materials necessary  to manufacture Beverage Bases, Syrups or Beverages;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">(2) </font></td>
    <td width=70%><font size="2"> If
any of this  Agreement  parties  loses the  necessary  requirements  pursuant to the laws
in force in the Country where the  Territory  is  located  and as a result  thereof,  or
if, as a result of the  application  of any other  laws  affecting the Agreement,  some
of this  instrument  stipulations  cannot be lawfully  fulfilled,  or if, as a
consequence,  the Syrups can no longer be prepared or the Beverages  cannot be prepared
or sold  according to  the  instructions  issued by the  Partnership  as per the terms of
item 20 above,  or if any of the  Beverage  Bases can no  longer be  manufactured  or
sold in  accordance  with the  Partnership&#146;s  formulas  or with the  standards prescribed
by the Partnership.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> This
Agreement can be immediately terminated by the  Partnership, without obligations to
indemnify for losses and  damages:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">1) </font></td>
    <td width=70%><font size="2"> If
the Manufacturer becomes insolvent or if its bankruptcy is  requested or confessed and
the confession application 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">
- -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: 13; page: 13" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
<td width=10%><font size="2"></font></td>
    <td width=70%><font size="2">withdrawn within 120 (one hundred and twenty)
      days, if the Manufacturer decides for its dissolution, is a judicial dissolution
      or intervention order is issued against the Manufacturer, if a liquidator
      is appointed to administrate the Manufacturer&#146;s businesses, or if the Manufacturer
      enters into a judicial or extra-judicial general composition process with
      its creditors, such as a reorganization process, or if it establishes with
      them any similar understandings or makes any assignments in benefit of creditors;</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top"><font size="2">2) </font></td>
    <td width=70%><font size="2"> In
case of dissolution, nationalization or expropriation of  the Manufacturer, or in case of
seizure of the Manufacturer&#146;s  assets employed in production or distribution.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">29. </font></td>
    <td width=10% valign="top"><font size="2">a) </font></td>
    <td width=80%><font size="2"> This agreement can also be terminated, by the
      Partnership or by the Manufacturer, if the other party fails to fulfill
      one or more of the terms, commitments and conditions of this Agreement,
      and does not cure this infringement within 60 (sixty) days after such party
      receives written notice of such infringement.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">b) </font></td>
    <td width=80%><font size="2"> Besides
the other reparation methods to which the Partnership  is entitled by force of this
Agreement, if at any time the  Manufacturer fails to follow the instructions or to keep
the  standards prescribed by the Partnership or required by the  laws applicable in the
Territory concerning the preparation of  Syrups or Beverages, the Partnership will be
entitled to  prohibit the Syrups or Beverages production until the  infringement
correction, at the Partnership&#146;s discretion, and  the Partnership can require the removal
from the market of any  Beverages not manufactured according to or not in conformity
with these instructions, standards or legal requirements, and  the Manufacturer
undertakes to immediately comply with such  prohibition or requirement of the
Partnership, bearing the  corresponding expenses.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>30.  In case of occurrence of this Agreement
term expiration or  advance termination:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will immediately cease the Beverages  preparation and packaging activities,
and will cease to use,  in any way, the Trademarks, Authorized Recipients, boxes,  locks,
labels, packaging or advertising materials used by or  destined for use by the
Manufacturer in connection with the  Beverages preparation, packaging, distribution and
sale;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> The
Manufacturer must immediately remove and erase, from its  premises, delivery vehicles,
sales equipment and other  equipment, from its business stationery and advertising
material used or stored by the Manufacturer, all references to  the Partnership, the
Beverages and the Trademarks; and the  Manufacturer from then on will no longer anyhow
indicate that  it has any connections with the Company, the Partnership, the  Beverages
or the Trademarks;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer  will  immediately  deliver  to  the  Partnership  or to a  third  party,
according  to  the  Partnership&#146;s  instructions,  all Beverage Bases,  Beverages in
Authorized  Recipients,  usable  Authorized  Recipients  bearing the  Trademarks or any
of them, boxes,  locks,  labels,  packaging and advertising  material for the Beverages
still under  the  Manufacturer&#146;s </font></td></tr></table>

<p>&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: 14; page: 14" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> possession or under its control; and the Partnership,
      upon delivery of these assets, in fulfillment of the referred instructions,
      must pay to the Manufacturer an amount equal to the reasonable market value
      of these supplies or materials, it being understood that the Partnership
      will only accept and pay for the supplies and materials in first-class conditions
      and perfectly usable; it being further understood that all Authorized Recipients,
      locks, labels, packaging and advertising materials unsuitable for use according
      to the Partnership&#146;s standards will be destroyed by the Manufacturer without
      any cost for the Partnership; and it is further understood that if the Agreement
      be terminated pursuant to items 18 or 28(a) or as a result of any of the
      circumstances contemplated by item 35 (including termination by force of
      law) or if the Agreement be terminated by the Manufacturer for any other
      reasons not contemplated by items 26 or 29, the Partnership shall have the
      option, but not the obligation, of purchasing from the Manufacturer the
      aforementioned supplies and materials; and</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> All
rights and obligations herein stipulated shall expire,  cease and end, except the
provisions dealing with the  Manufacturer&#146;s obligations related to the Trademarks and
with  the other obligations established in items 14, 15, 16, 19(a)  and 30, all of which
will continue in full force and effect.  However, it is understood that this provision
will not affect  any rights that the Partnership may have against the  Manufacturer in
respect to claims based on the non-payment of  any debts of the Manufacturer with the
Partnership or its  Authorized Suppliers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>31.  Besides the other measures available for
the Partnership, in  case of any infringement of this Agreement terms, commitments  and
conditions committed by the Manufacturer, when such  infringement is related only with
the preparation, packaging,  distribution and sale by the Manufacturer of any of the
Beverages, but not of all of them, the Partnership can opt for  canceling the
authorization granted to the Manufacturer as per  the terms of this Agreement, only in
respect to such Beverage  or Beverages. In case of cancellation of the authorization
granted to the Manufacturer as per the terms of this item, the  Partnership will no
longer have any obligations with the  Manufacturer concerning the Beverage or Beverages
whose  authorization was cancelled, and the Partnership will keep the  right of granting
authorizations to third parties in  connection with the preparation, packaging,
distribution and  sale of such Beverages in the Territory.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>VIII - GENERAL PROVISIONS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>32.  It is hereby expressly understood and
recognized by the  parties that this Agreement was entered into by the Company  and by
the Partnership &#147;intuito personae&#148;, that is, with  specific fundaments on the
identity, character and integrity  of the Manufacturer&#146;s owners, controllers and
administrators,  which assures to have transmitted to the Partnership, before  the
execution of this instrument, full and complete  information about the owners and any
third parties having  rights, interests, control, direction or any other type of
influence over the Manufacturer. Therefore, the Manufacturer  undertakes and commits
itself, before the Partnership:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> not
to assign, transfer, lien or in any other way burden this  Agreement or any of its
advantages, in whole or in part, in  benefit of third parties, without the Partnership&#146;s
previous  written consent;</font></td></tr></table>

<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 15; page: 15" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<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=80%><font size="2"> not
to delegate to third parties, in whole or in part, the  performance of this Agreement,
without the Partnership&#146;s  previous written consent;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> to
immediately notify the Partnership upon the occurrence or  as soon as it becomes aware of
third-party acts that may  result in the Manufacturer&#146;s ownership or control
modification;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> from
time to time, to make available for the Partnership, upon  the latter&#146;s request, complete
records related to the  Manufacturer&#146;s ownership updated status and complete  information
about any third parties which directly or  indirectly have control over the Manufacturer;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(e) </font></td>
    <td width=80%><font size="2"> not
to start or implement any such changes or the  Manufacturer&#146;s ownership or control, nor
consent or authorize  their occurrence, without the Partnership&#146;s previous written
consent, to the extent that the Manufacturer has legal control  over such changes;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(f) </font></td>
    <td width=80%><font size="2"> in
case the Manufacturer is organized under the form of  partnership, not to alter the
composition of such partnership  without the Partnership&#146;s previous written consent.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contracting
parties expressly stipulate that any violation by the  Manufacturer of the obligations
inserted in this item shall entitle the  Partnership to terminate this Agreement
immediately; and, moreover, in view of  the extremely personal nature of this Agreement,
they agree that the Partnership  will be entitled to terminate it if any third parties
obtains a direct or  indirect interest in the Manufacturer&#146;s ownership or control, even
if the  Manufacturer does not have any means to prevent this change, in case the
Partnership understands, at its sole discretion, that such change would allow  such third
party to exercise influence over the Manufacturer&#146;s administration or  substantially
alter the Manufacturer&#146;s capability of exactly fulfilling this  Agreement terms,
obligations and conditions.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>33.  The Manufacturer, before issuing, offering,
selling,  transferring, commercializing or exchanging shares of its  stock or any other
ownership titles, as well as its  obligations, debentures or the purchase and sale of
such  titles, is obligated to obtain the Partnership&#146;s written  authorization, whenever
the Manufacturer uses, in this  respect, the Company&#146;s or the Partnership&#146;s name or the
Trademarks or any description of its relationship with the  Company or with the
Partnership, in any leaflets,  advertisement or other promotion methods. The Manufacture
is  prohibited of using the Company&#146;s or the Partnership&#146;s name or  the Trademarks or any
description of its commercial  relationship with the Partnership in any leaflet or
advertisement used in connection with operations of purchase,  by the Manufacturer, of
shares or other documents belonging to  third parties, without previously obtaining the
Partnership&#146;s  written approval.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>34.  The Company or the Partnership can assign
their rights or  delegate their duties and obligations derived from this  Agreement to
one or more subsidiaries or affiliated companies,  upon written notice to the
Manufacturer. It hereby excepted,  however, that the delegation will not exempt the
Company or  the Partnership of any of their obligations stipulated in this  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">
- -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: 16; page: 16" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>35.  Neither the Partnership nor the
Manufacturer will be  considered in default in relation to any of their obligations
herein stipulated if such fault be caused by or derived from:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(a) </font></td>
    <td width=80%><font size="2"> strikes,
blacklisting, boycott or sanctions, whatever their  reasons might be;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> force
majeure or acts of God, acts of hostility, application  of law (including the
cancellation of the necessary government  authorization for any of the parties to fulfill
this Agreement  clauses and conditions), embargoes, quarantine, turmoil,  insurrection,
declared war or not, state of war or  belligerence, or risks or hazards resulting
therefrom; or</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> any
other causes beyond their control.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the
Manufacturer become unable of fulfilling its obligations as  a consequence of any of the
events mentioned in this item, and during the  duration time of such incapacity, the
Partnership will be exempt of its  obligations contemplated by items 4 and 5; however, if
one of such defaults  persists for a minimum period of six (6) months, any of the parties
can  terminate this Agreement.</font></td></tr></table>

<br>
<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=80%><font size="2"> The Partnership reserves the sole and exclusive
      right of filing any proceeding or action, civil, administrative or criminal,
      and in general of taking or requesting any legal step deemed necessary for
      the protection of its reputation and industrial property rights, as well
      as for the protection of the Beverage Bases, Syrups and Beverages, and for
      the defense of any action affecting them. Upon the Partnership&#146;s request,
      the Manufacturer will cooperate in such actions or proceedings. The Manufacturer
      will not be entitled to claim anything against the Partnership as a consequence
      of such actions or proceedings or due to any possible failures of the Partnership
      in filing such actions or proceedings or in defending against them. The
      Manufacturer will immediately notify the Partnership as to any litigation
      or proceeding filed or to be filed in relation to those matters. The Manufacturer
      will not file any judicial or administrative proceeding against third parties
      which may involve the Company&#146;s or the Partnership&#146;s interests, without
      the Partnership&#146;s previous written consent.</font></td>
  </tr></table>

<br>
<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=80%><font size="2"> The
Company has the sole and exclusive right of filing all  proceedings and actions related
to the Trademarks, as well as  the duty of submitting defense in proceedings referring to
the  same matter. The Company can file any of these proceedings,  and submit defense
concerning them in its own name, or request  the Manufacturer to file a lawsuit or action
or submit defense  concerning them, in its own name or jointly with the  Partnership or
with the Company.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> The
Manufacturer agrees to consult with the Partnership  whenever it is called to answer
proceedings or actions based  on alleged product defects, in relation to the Beverages or
to  the Authorized Recipients, and to take reasonable steps  requested by the Partnership
in respect to the defense against  such actions or claims, in order to protect the
Company&#146;s and  the Partnership&#146;s interests as to the Beverages 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">
- -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: 17; page: 17" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2"> Authorized Recipients and to the commercial
      reputation associated to the Trademarks.</font></td>
  </tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(d) </font></td>
    <td width=80%><font size="2"> The
Manufacturer will indemnify and render harmless the  Company and the Partnership, their
affiliates and  subsidiaries, and their respective officers, administrators  and
employees, against any costs, expenses, damages, claims,  obligations and
responsibilities, whatever they may be, if  derived from acts not attributable to the
Company and to the  Partnership, such as, but not limited to, costs and expenses
incurred for the composition by settlement, which may result  from the Beverages
preparation, packaging, distribution, sale  or promotion by the Manufacturer, including
costs resulting  from default events, due to guilt or not, practiced by the
Manufacturer, its distributors, suppliers and wholesalers.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>37. The Manufacture undertakes with the
Partnership:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(a)</font></td>
    <td width=80%><font size="2"> not
to make any statements or transmit information to  government authorities or to any third
parties involving the  Beverage Bases, the Syrups or the Beverages without the
Partnership&#146;s previous written consent;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(b) </font></td>
    <td width=80%><font size="2"> to
keep strictly confidential, permanently, both during this  Agreement validity and
afterwards, all secret and confidential  information, among which, but not limited to,
those referring  to techniques and instructions for mixtures, sales, marketing  and
distribution information, plans and projects related to  this Agreement object, that the
Partnership may transmit to  the Manufacturer or that be somehow taken to its knowledge,
and to take the appropriate steps to assure that such  information will only be provided
to employees also committed  to confidentiality obligations pursuant to this item.</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> that,
upon the occurrence of this Agreement term expiration or  advance termination, the
Manufacturer will take the necessary  steps to deliver to the Partnership, complying with
instructions that will then be given to it, all written  materials, graphic materials or
materials of other nature  which contain or represent any information subject to the
confidentiality and secrecy norms herein stipulated.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>38.  In case any provision of this Agreement be
or become lawfully  ineffective or null, the validity and effectiveness of the  other
provisions will not be affected; however, it is  understood that the ineffectiveness or
nullity of such  provisions will not unduly prevent or impair the fulfillment  of this
Agreement or the Trademarks ownership or validity. The  termination right contemplated by
item 28(a)(2) will remain  valid, notwithstanding the contents of this provision.</font></td></tr></table>

<br>
<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=80%><font size="2"> As to the matters related mentioned in this
      instrument, this Agreement is the sole agreement between the Company, the
      Partnership and the Manufacturer, canceling any previous pacts between the
      parties, or any nature whatsoever, about the same matters, except to the
      extent in which such pacts can encompass agreements and other documents
      reached by the norms of item 19 of this instrument; however, it is understood
      that any written statements made by the Manufacturer, on </font></td>
  </tr></table>



<p>&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; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 18; page: 18" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10%><font size="2"></font></td>
    <td width=80%><font size="2">which the Partnership based itself to enter into
      this Agreement, will remain obligatory for the Manufacturer.</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">40. </font></td>
    <td width=10% valign="top"><font size="2">(b)</font></td>
    <td width=80%><font size="2"> any renunciation to rights herein contemplated,
      alterations, modifications or additions to this Agreement and to any of
      its provisions, will not be obligatory for the Partnership and for the Manufacturer,
      except when signed by the Partnership&#146;s and the Manufacturer&#146;s duly authorized
      representatives.</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(c) </font></td>
    <td width=80%><font size="2"> the
written notices issued based on this Agreement will be  sent by cable, telegram, telex or
fac-simile, delivered in  person or by registered letter, and will be deemed as received
on the date on which such notices be sent, such registered  letter be posted or such
notice delivered in hands be  delivered. Such written notices will be addressed to the
latest known address of the addressee. Any change of address  by any of the parties must
be immediately communicated to the  other party in writing.</font></td></tr></table>


<br>
<table width=600><tr>
    <td width=10% valign=top><FONT SIZE="2"></FONT></td>
    <td width=18%><font size="2"></font></td>
    <td width=72%><font size="2"><u>Partnership:</u></font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=18%><font size="2"></font></td>
    <td width=72%><font size="2">Praia do Botafogo, 374 - 12(0) andar, parte<BR>
      Rio de Janeiro - RJ</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><FONT SIZE="2"></FONT></td>
    <td width=18%><font size="2"></font></td>
    <td width=72%><font size="2"><u>Manufacturer:</u></font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=18%><font size="2"></font></td>
    <td width=72%><font size="2">Km 01 da BR-163 (Rod. Campo Grande / S&#227;o Paulo),<BR>
      Campo Grande, MS</font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><FONT SIZE="2"></FONT></td>
    <td width=18%><font size="2"></font></td>
    <td width=72%><font size="2"><u>Company:</u></font></td>
  </tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=18%><font size="2"></font></td>
    <td width=72%><font size="2">P.O. Drawer 1734 <BR>
      Atlanta - GA, 30301<BR>
      USA</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>40. The Partnership failure in immediately
exercising any rights conferred upon  it by this Agreement, or in requiring strict
performance of any obligations  herein assumed by the Manufacturer, will not be deemed as
renounce to such  rights or of the right of subsequently requiring the exact fulfillment
of any  and all obligations of the Manufacturer pursuant to this Agreement.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>41. The Manufacturer is an independent producer
and not an agent or  representative of the Partnership. The Manufacturer undertakes to
never claim to  be an agent of the Partnership, nor to pretend to be one.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>42. The headings used in this instrument are
only for the parties convenience,  and will not affect this Agreement interpretation.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>43. This Agreement will be governed by and
construed pursuant to the laws of the  Federative Republic of Brazil. The Central Courts
of the city of Rio de Janeiro,  State of Rio de Janeiro, are herein appointed by the
parties as the only  competent ones to analyze and settle any controversies derived from
this  Agreement, and both parties expressly renounce to all other Courts, no matter  how
privileged they might 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">
- -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: 19; page: 19" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td align=right><font size=2><b>RWC: mvo<br>
      CAMPO GRANDE</b></font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>44. The attached Exhibits and Tables are
considered, for all purposes, as  integral parts of this Agreement and will be signed by
the Partnership&#146;s and the  Manufacturer&#146;s authorized representatives.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties execute the present instrument in three  counterparts of equal
tenor, jointly with the two undersigned witnesses.</font></td></tr></table>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> Partnership: </FONT></TD>
    <TD width=81% valign=top><font size=2> COCA-COLA INDUSTRIAS LTDA.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> </FONT></TD>
    <TD width=81% valign=top><font size=2>(illegible signature)</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> Manufacturer: </FONT></TD>
    <TD width=81% valign=top><font size=2> REFRIGERANTES DO OESTE LTDA.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> </FONT></TD>
    <TD width=81% valign=top><font size=2>(illegible signatures)</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> Company: </FONT></TD>
    <TD width=81% valign=top><font size=2> In agreement:</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> </FONT></TD>
    <TD width=81% valign=top><font size=2>THE COCA-COLA COMPANY (Intervening Party)</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> </FONT></TD>
    <TD width=81% valign=top><font size=2>(illegible signature) - Vice President</font></TD>
  </TR></TABLE><p></P>


<p><table width=600><tr><td><font size=2>WITNESSES:</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" width="35%" align="left">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr size="1" width="35%" align="left">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>(It contains, on all pages of the document
submitted, a stamp as follows: LEGAL  DEPARTMENT (illegible initials)).</font></td></tr></table>




<p>&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: 20; page: 20" -->



<p><table width=600><tr><td align=right><font size=2><B>RCA:mvo<BR>
      CAMPO GRANDE</B></font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>BEVERAGES:</font></td></tr></table>

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

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

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

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

<p><table width=600><tr><td  align=center><font size=2><B>GUARAN&#193; TA&#205;</B></font></td></tr></table>

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

<p><table width=600><tr>
    <td  align=center><font size=2><B>SIMBA GUARAN&#193;</B></font></td>
  </tr></table>

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

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





<p><table width=600><tr><td  align=center><font size=2>COCA-COLA INDUSTRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td 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 align=right><font size=2><B>RWC:mvo<BR>CAMPO GRANDE</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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



<p><table width=600><tr><td  align=center><FONT SIZE="2"><U>TRADEMARKS</U></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>In conformity with the Manufacturing Agreement entered into
      between COCA-COLA INDUSTRIAS LTDA. (hereinafter referred to as &#147;PARTNERSHIP&#148;)
      and REFRIGERANTES DO OESTE LTDA. (hereinafter referred to as &#147;MANUFACTURER&#148;,
      with the intervening of The Coca-Cola Company (hereinafter referred to as
      &#147;COMPANY&#148;), on <b>April 16, 1999</b>, the trademarks of the COMPANY
      mentioned in paragraph &#147;B&#148; are the following:</font></td>
  </tr></table>



<p><table width=600><tr><td  align=center><FONT SIZE="2"><B><U>TRADEMARKS</U></B></FONT></td></tr></table>

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

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

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

<p><table width=600><tr>
    <td  align=center><font size=2><b>GUARAN&#193; TA&#205;</b></font></td>
  </tr></table>

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

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

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

<p><table width=600><tr><td><font size=2>And all commercial presentations and
translations concerned the referred  trademarks.</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>




<br>
<table width=600>
  <tr>
    <td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td 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 align=right><font size=2><B>RWC:mvo<BR>CAMPO GRANDE</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td  align=center><FONT SIZE="2"><U>LIST OF AUTHORIZED RECIPIENTS</U></FONT></td></tr></table>

<table width=600><TR>
    <TD width=19% valign=top><font size=2> KS 10 oz-</FONT></TD>
    <TD width=81% valign=top><font size=2> Glass bottle containing 290 ml returnable,
      with ACL </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> KS 12oz</FONT></TD>
    <TD width=81% valign=top><font size=2> Glass bottle containing 355 ml returnable,
      with ACL </font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET - </FONT></TD>
    <TD width=81% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      600 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET - </FONT></TD>
    <TD width=81% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      1000 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> PET - </FONT></TD>
    <TD width=81% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      2000 ml, non-returnable, with plastic label.<br>
      </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> (*) BAG-IN-BOX </FONT></TD>
    <TD width=81% valign=top><font size=2>Flexible plastic bag, with characteristic
      adapters and valves, non-returnable, for beverage syrup of 5, 10 and/or
      18 liters, packed in protecting box made of adequate material.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=19% valign=top><font size=2> CAN -</FONT></TD>
    <TD width=81% valign=top><font size=2> Recipient in metallic material containing
      350 ml with characteristic enameled lithography.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td  align=center><font size=2><B>(*) AS PER THE POST-MIX
SPECIFIC AUTHORIZATION LIST</B></font></td></tr></table>

<table width=600><tr>
    <td  align=center>
      <hr size="2" noshade>
      <font size=2><B>PRODUCTS / SIZES PRODUCED BY THE FRANCHISE</B></font>
      <hr size="2" noshade>
    </td>
  </tr></table>


<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="center">
    <td align="left"> <font size="2"><b>PRODUCTS</b></font></td>
    <td> <font size="2">KS</font></td>
    <td> <font size="2">KS</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">PET</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">BAG-IN-<br>
      BOX</font></td>
    <td> <font size="2">CAN</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">290 ml</font></td>
    <td> <font size="2">355 ml</font></td>
    <td> <font size="2">600 ml</font></td>
    <td> <font size="2">1000 ml</font></td>
    <td> <font size="2">2000 ml</font></td>
    <td> <font size="2">5 L</font></td>
    <td> <font size="2">10 L</font></td>
    <td> <font size="2">18 L</font></td>
    <td> <font size="2">350 ml</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Coca-Cola</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Fanta Laranja</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Fanta Uva</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Sprite</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Guaran&#225; Ta&#237;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kuat</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Simba Guaran&#225;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kinley Soda</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="2">Kinley T&#244;nica</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">X</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td 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" -->



<p><table width=600><tr><td align=right><font size=2><B>RWC:mvo<BR>CAMPO GRANDE</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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


<p><table width=600><tr><td><font size=2>The following listed recipients are exceptions
to provisions of Clause 2, in the  specific part in which it foresees the possibility of
canceling its  authorization, during the duration of the Agreement.</font></td></tr></table>



<P><table width=600><TR>
    <TD width=14% valign=top><font size=2> KS10 oz-</FONT></TD>
    <TD width=86% valign=top><font size=2> Glass bottle containing 295,7 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=14% valign=top><font size=2> KS12oz </FONT></TD>
    <TD width=86% valign=top><font size=2> Glass bottle containing 355 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>



<p><table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td 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=right><font size=2><B>RWC:mvo <BR>CAMPO GRANDE</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>According to provisions of paragraph (a) of
Clause 17, the MANUFACTURER reserves  the right of commercializing the products following
described:</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>Cerveja
Kaiser 600 ml returnable</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>Cerveja
Kaiser Long Neck</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>Chopp
Kaiser</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>Agua
Mineral Lyndoia</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>Agua
Mineral Timbay</font></td></tr></table>




<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td 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 align=right><font size=2><B>RWC:mvo<BR>CAMPO GRANDE</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>POST-MIX AUTHORIZATION LIST</B></font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
PLACE: </FONT></TD><TD width=90% valign=top><font size=2> Rio
de Janeiro</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
Date: </FONT></TD><TD width=90% valign=top><font size=2> April
16, 1999</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION CONCERNING THE
SYRUPS FOR POST-MIX BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>According to provisions of item 3 of the Manufacturing Agreement
      entered into between COCA-COLA INDUSTRIA LTDA. (hereinafter referred to
      as &#147;PARTNERSHIP&#148;) and the subscribed Manufacturer, in force from
      <b>April 16, 1999</b>, the Partnership does hereby authorize the Manufacturer,
      with no exclusivity, to prepare, pack, distribute and sell syrups for the
      following Beverages:</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>COCA-COLA<BR>FANTA<BR>KUAT<BR>SPRITE</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(which hereinafter are referred to as
&#147;Syrups for Post-Mix&#148;) to retail sellers  into the Territory for the supply of
Beverages through Post-Mix Distributing  Machines in retail establishments or
surroundings and further to operate  Post-Mix Distributing Machines and sell the
Beverages supplied by such Machines  directly to consumers, subject to the following
conditions: </font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">a) </font></td><td width=90%><font size="2">The
Manufacturer  cannot sell Syrups for Post-Mix to a retailer for use in any Post-Mix
Distributing Machine, unless: </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2">it
exists the adequate and safe supply of  drinkable water; </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=80%><font size="2">all
Post-Mix Distributing Machines are approved by the  Partnership and meet, under all
aspects, the hygiene standards and  others standards stipulated by the Partnership in
writing and  indicated to the Manufacturer, concerning the preparation, package  and sale
of Post-Mix Syrups;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(iii) </font></td>
    <td width=80%><font size="2"> the
Beverages supplied through the Post-Mix Supplying Machines  strictly meet the
instructions for the preparation of Beverages from  Post-Mix Syrups periodically
dispatched by the Partnership to the  Manufacturer.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">b) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated, at its own expenses, to pick samples  of the Beverages
supplied through the Post-Mix Supplying Machines  operated by retailers, to which the
Manufacturer had supplied  Post-Mix Syrups or that are operated by the Manufacturer,
according  to the instructions and in intervals stipulated and communicated  thereto by
the Partnership, in writing, and shall submit such  samples to the Partnership for
examination.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">c) </font></td><td width=90%><font size="2"> The
Manufacturer, at its own initiative and under its  responsibility, shall immediately
interrupt the sale of Post-Mix  Syrups to any retailer that does not meet the standards
forecasted  by the Partnership.</font></td></tr></table>


<p>&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: 26; page: 26" -->
<p>&nbsp;
<table width=600><tr><td width=10% valign=top><font size="2">d) </font></td><td width=90%><font size="2"> The
Manufacturer will cease the sale of Post-Mix Syrups to any  retailer, when notified by
the Partnership that any of the Beverages  supplied through the Post-Mix Supplying
Machine installed in the  establishment of such retailer and surroundings does not meet
the  standards determined by the Partnership for Beverages or that the  Post-Mix
Supplying Machine is not the type approved by the  Partnership.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">e) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2"> sell
and distribute the Post-Mix Syrups only in recipients like the  ones approved by the
Partnership and use only labels approved by the  Partnership;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(ii)</font></td>
    <td width=80%><font size="2"> exercise
all its influence to convince the retailers to use standard  glasses, made of glass or
paper or other recipient, approved by the  Partnership, so that the Beverages served to
the consumer are  adequately identified and served in attractive and hygienic  recipient.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Except for modifications made herein, all terms,
commitments and conditions  contained in the referred Manufacturing Agreement are applied
to the  supplementary authorization granted to the Manufacturer to prepare, pack,
distribute and sell the Syrups for Post-Mix and, in this respect, it is  expressly agreed
among the Parties that all terms, conditions, duties and  obligations on the part of the
Manufacturer, pursuant to the referred  Manufacturing Agreement, are incorporated to this
instrument by reference and,  unless otherwise indicated in the context or another
interpretation is required,  any references made to the term &#147;Beverages&#148; in the
Manufacturing Agreement  should be extended to the expression &#147;Syrups for
Post-Mix&#148; for the objectives of  this supplementary authorization granted to the
Manufacturer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization can be cancelled by any of
the Parties upon written notice  with 90 (ninety) days in advance, with no prejudice of
its automatic resolution  with the termination or anticipated rescission of the referred
Manufacturing  Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization cancels and substitutes any
other one existing between the  Partnership and the Manufacturer, in which refers to the
matter of this Post-Mix  List.</font></td></tr></table>



<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> PARTNERSHIP: </FONT></TD>
    <TD width=77% valign=top><font size=2> COCA-COLA IND&#218;STRIAS LTDA. (signed)</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> MANUFACTURER: </FONT></TD>
    <TD width=77% valign=top><font size=2> REFRIGERANTES DO OESTE LTDA.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> </FONT></TD>
    <TD width=77% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<BR>
      TITLE: Legal Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> </FONT></TD>
    <TD width=77% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed) <BR>
      TITLE: Executive Vice President</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> COMPANY: </FONT></TD>
    <TD width=77% valign=top><font size=2> THE COCA-COLA COMPANY <BR>
      (Intervening Party) <BR> Vice President (signed)</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: 27; page: 27" -->



<p><table width=600><tr><td align=right><font size=2><B>RWC:mvo  <BR>CAMPO GRANDE  <BR>diet</B></font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2><B>POST-MIX AUTHORIZATION LIST</B></font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
PLACE: </FONT></TD><TD width=90% valign=top><font size=2> Rio
de Janeiro</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
Date: </FONT></TD><TD width=90% valign=top><font size=2> April
16, 1999</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION CONCERNING THE
SYRUPS FOR POST-MIX BEVERAGES</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>According to provisions of item 3 of the Manufacturing Agreement
      entered into between COCA-COLA INDUSTRIA LTDA. (hereinafter referred to
      as &#147;PARTNERSHIP&#148;) and the subscribed Manufacturer, in force from
      <b>April 16, 1999</b>, the Partnership does hereby authorize the Manufacturer,
      with no exclusivity, to prepare, pack, distribute and sell syrups for the
      following Beverages:</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>diet Tai</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(which hereinafter are referred to as
&#147;Syrups for Post-Mix&#148;) to retail sellers  into the Territory for the supply of
Beverages through Post-Mix Distributing  Machines in retail establishments or
surroundings and further to operate  Post-Mix Distributing Machines and sell the
Beverages supplied by such Machines  directly to consumers, subject to the following
conditions: </font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">f) </font></td><td width=90%><font size="2">The
Manufacturer  cannot sell Syrups for Post-Mix to a retailer for use in any Post-Mix
Distributing Machine, unless: </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2">it
exists the adequate and safe supply of  drinkable water; </font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(ii) </font></td>
    <td width=80%><font size="2">all
Post-Mix Distributing Machines are approved by the  Partnership and meet, under all
aspects, the hygiene standards and  others standards stipulated by the Partnership in
writing and  indicated to the Manufacturer, concerning the preparation, package  and sale
of Post-Mix Syrups;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(iii) </font></td>
    <td width=80%><font size="2"> the
Beverages supplied through the Post-Mix Supplying Machines  strictly meet the
instructions for the preparation of Beverages from  Post-Mix Syrups periodically
dispatched by the Partnership to the  Manufacturer.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">g) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated, at its own expenses, to pick samples  of the Beverages
supplied through the Post-Mix Supplying Machines  operated by retailers, to which the
Manufacturer had supplied  Post-Mix Syrups or that are operated by the Manufacturer,
according  to the instructions and in intervals stipulated and communicated  thereto by
the Partnership, in writing, and shall submit such  samples to the Partnership for
examination.</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">h) </font></td><td width=90%><font size="2"> The
Manufacturer, at its own initiative and under its  responsibility, shall immediately
interrupt the sale of Post-Mix  Syrups to any retailer that does not meet the standards
forecasted  by the Partnership.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2">i) </font></td>
    <td width=90% colspan="2"><font size="2"></font><font size="2"> The Manufacturer
      will cease the sale of Post-Mix Syrups to any retailer, when notified by
      the Partnership that any of the Beverages supplied through the Post-Mix
      Supplying Machine installed in the establishment of such retailer and surroundings
      </font></td>
  </tr>
</table>


<p>&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: 28; page: 28" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90% colspan="2"><font size="2"></font><font size="2">does not meet
      the standards determined by the Partnership for Beverages or that the Post-Mix
      Supplying Machine is not the type approved by the Partnership.</font></td>
  </tr>
</table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">j) </font></td><td width=90%><font size="2"> The
Manufacturer is obligated to:</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">(i) </font></td>
    <td width=80%><font size="2"> sell
and distribute the Post-Mix Syrups only in recipients like the  ones approved by the
Partnership and use only labels approved by the  Partnership;</font></td></tr></table>

<br>
<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=10% valign="top"><font size="2">(ii)</font></td>
    <td width=80%><font size="2"> exercise
all its influence to convince the retailers to use standard  glasses, made of glass or
paper or other recipient, approved by the  Partnership, so that the Beverages served to
the consumer are  adequately identified and served in attractive and hygienic  recipient.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Except for modifications made herein, all terms,
commitments and conditions  contained in the referred Manufacturing Agreement are applied
to the  supplementary authorization granted to the Manufacturer to prepare, pack,
distribute and sell the Syrups for Post-Mix and, in this respect, it is  expressly agreed
among the Parties that all terms, conditions, duties and  obligations on the part of the
Manufacturer, pursuant to the referred  Manufacturing Agreement, are incorporated to this
instrument by reference and,  unless otherwise indicated in the context or another
interpretation is required,  any references made to the term &#147;Beverages&#148; in the
Manufacturing Agreement  should be extended to the expression &#147;Syrups for
Post-Mix&#148; for the objectives of  this supplementary authorization granted to the
Manufacturer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization can be cancelled by any of
the Parties upon written notice  with 90 (ninety) days in advance, with no prejudice of
its automatic resolution  with the termination or anticipated rescission of the referred
Manufacturing  Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization cancels and substitutes any
other one existing between the  Partnership and the Manufacturer, in which refers to the
matter of this Post-Mix  List.</font></td></tr></table>



<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> PARTNERSHIP: </FONT></TD>
    <TD width=77% valign=top><font size=2> COCA-COLA IND&#218;STRIAS LTDA. (signed)</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> MANUFACTURER: </FONT></TD>
    <TD width=77% valign=top><font size=2> REFRIGERANTES DO OESTE LTDA.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> </FONT></TD>
    <TD width=77% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<BR>
      TITLE: Legal Vice President</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> </FONT></TD>
    <TD width=77% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<BR>
      TITLE: Executive Vice President</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top><font size=2> COMPANY: </FONT></TD>
    <TD width=77% valign=top><font size=2> THE COCA-COLA COMPANY<BR>
      (Intervening Party)<BR>Vice President (signed)</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 align=right><font size=2><B>RCA:mvo<BR>CAMPO GRANDE<BR>diet</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td><font size=2>BEVERAGES:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>COCA-COLA LIGHT</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>diet TA&#237;</B></font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive Vice President</font></td>
  </tr>
</table>
<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=right><font size=2><B>RCA:mvo<BR>CAMPO GRANDE<BR>diet</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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



<p><table width=600><tr><td  align=center><FONT SIZE="2"><U>TRADEMARKS</U></FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>In conformity with the Manufacturing Agreement entered into
      between COCA-COLA INDUSTRIAS LTDA. (hereinafter referred to as &#147;PARTNERSHIP&#148;)
      and REFRIGERANTES DO OESTE LTDA. (hereinafter referred to as &#147;MANUFACTURER&#148;,
      with the intervening of The Coca-Cola Company (hereinafter referred to as
      &#147;COMPANY&#148;), on <b>April 16, 1999</b>, the trademarks of the COMPANY
      mentioned in paragraph &#147;B&#148; are the following:</font></td>
  </tr></table>



<p><table width=600><tr><td  align=center><FONT SIZE="2"><B><U>TRADEMARKS</U></B></FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>COCA-COLA LIGHT</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>diet Ta&#237;</B></font></td></tr></table>



<p><table width=600><tr><td><font size=2>And all commercial presentations and
translations concerned the referred  trademarks.</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive Vice President</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><p>&nbsp;




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<p><table width=600><tr><td align=right><font size=2><B>RCA:mvo<BR>CAMPO GRANDE<BR>diet</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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

<p><table width=600><tr><td  align=center><FONT SIZE="2"><U>LIST OF AUTHORIZED RECIPIENTS</U></FONT></td></tr></table>

<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> KS 10 oz-</FONT></TD>
    <TD width=84% valign=top><font size=2> Glass bottle containing 295,7 ml returnable,
      with ACL </font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> PET -</FONT></TD>
    <TD width=84% valign=top><font size=2> Tereflalato Polyethylene bottle containing
      600 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> PET - </FONT></TD>
    <TD width=84% valign=top><font size=2>Tereflalato Polyethylene bottle containing
      2000 ml, non-returnable, with plastic label.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> *POST-MIX </FONT></TD>
    <TD width=84% valign=top><font size=2> Returnable tank made of stainless steel
      for beverage syrup of 5, 10 and/or 18 liters.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=16% valign=top><font size=2> CAN -</FONT></TD>
    <TD width=84% valign=top><font size=2> Recipient in metallic material containing
      350 ml with characteristic enameled lithography.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td  align=center><font size=2><B>(*) AS PER THE POST-MIX AND
PRE-MIX SPECIFIC AUTHORIZATION LIST</B></font></td></tr></table>

<p><table width=600><tr><td  align=center>
      <hr size="2" noshade>
      <font size=2><B>PRODUCTS / SIZES PRODUCED BY THE FRANCHISE</B></font>
      <hr size="2" noshade>
    </td>
  </tr></table>

<table border=0 cellspacing=0 cellpadding=0 width=600>
    <tr valign="bottom">
      <td colspan="6">
        <hr size="2" noshade>
      </td>
    </tr>
    <tr valign="bottom">
      <td> <font size="2"><b>PRODUCTS</b></font></td>
      <td align="center"> <font size="2">KS</font></td>
      <td align="center"> <font size="2">PET</font></td>
      <td align="center"> <font size="2">PET</font></td>
      <td align="center"> <font size="2">POST-MIX</font></td>
      <td align="center"> <font size="2">CAN</font></td>
    </tr>
    <tr valign="bottom">
      <td> <font size="2">&nbsp;</font></td>
      <td align="center"> <font size="2">295,7 ml</font></td>
      <td align="center"> <font size="2">600 ml</font></td>
      <td align="center"> <font size="2">2000 ml</font></td>
      <td align="center"> <font size="2">10 L</font></td>
      <td align="center"> <font size="2">350 ml</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="6">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td> <font size="2">Coca-Cola Light</font></td>
      <td align="center"> <font size="2">X</font></td>
      <td align="center"> <font size="2">X</font></td>
      <td align="center"> <font size="2">X</font></td>
      <td align="center"> <font size="2">&nbsp;</font></td>
      <td align="center"> <font size="2">X</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="6">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="bottom">
      <td> <font size="2">diet Ta&#237;</font></td>
      <td align="center"> <font size="2">X</font></td>
      <td align="center"> <font size="2">&nbsp;</font></td>
      <td align="center"> <font size="2">X</font></td>
      <td align="center"> <font size="2">X</font></td>
      <td align="center"> <font size="2">X</font></td>
    </tr>
    <tr valign="bottom">
      <td colspan="6">
        <hr size="1" noshade>
      </td>
    </tr>
  </table>


<p><table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive Vice President</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><p>&nbsp;





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<p><table width=600><tr><td align=right><font size=2><B>RCA:mvo <BR>CAMPO GRANDE<BR>diet</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>DATE: April 16, 1999</font></td></tr></table>

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


<p><table width=600><tr><td><font size=2>The following listed recipients are exceptions
to provisions of Clause 2, in the  specific part in which it foresees the possibility of
canceling its  authorization, during the duration of the Agreement.</font></td></tr></table>



<P><table width=600><TR>
    <TD width=13% valign=top><font size=2> KS 10 oz-</FONT></TD>
    <TD width=87% valign=top><font size=2> Glass bottle containing 295,7 ml returnable,
      with ACL</font></TD>
  </TR></TABLE><p></P>



<p><table width=600><tr><td  align=center><font size=2>COCA-COLA IND&#218;STRIAS LTDA.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>(signed)</font></td></tr></table>



<p><table width=600><tr><td  align=center><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI
      (signed)<br>
      TITLE: Legal Vice President</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=32% valign=top><font size=2> </font></td>
    <td width=68% valign=top><font size=2>Name: OSWALDO ORSOLIN (signed)<br>
      TITLE: Executive 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">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></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><I>Coca-Cola Industrias Ltda</I></B>
<BR>C.G.C. 45.997.418/0001-53</FONT></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width="367"><font size=2>Praia do Botafogo, 374 <br>
      Tel: 559.1084 / 1085 <br>
      CEP: 22250-040 <br>
      Rio de Janeiro - Brasil </font></td>
    <td valign="top" width="221"><font size=2>Caixa Postal, 860 - CEP: 20001-970<br>
      Fax: (021) 559.1535 <br>
      End. Telegrafico &#147;REGIONCOKE&#148; </font></td>
  </tr>
</table>

<p>
<p><table width=600><tr><td  align=center><font size=2>April 16, 1999</font></td></tr></table>


<p><table width=600><tr><td><font size=2>To:<BR>REFRIGERANTES DO OESTE LTDA.<BR>BR 163, km 01
(Rod. Campo Grande / Sao Paulo)<BR>Campo Grande, MV</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>In face of the &#147;Coca-Cola Light&#148;
launch in the &#147;Post-Mix&#148; system, this is to  reiterate our manifestation as to
the need to comply with the regulatory  provisions issued by the competent authorities
about the matter, especially  Directives number 113 from the Agriculture and Cattle
Raising Defense National  Secretary of the Ministry of Agriculture, of November 07th,
1988, altered by  Directive number 07, of May 23rd, 1990, from the same Secretary, and
number 08  from the Foodstuff Sanitary Surveillance National Division - DINAL - of the
Ministry of Health, of February 20th, 1990.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Independently of the legal provisions applicable
to the matter, we point out the  importance of conveniently serving consumers, including
avoiding the possibility  of mistakes in the supply to customers who request diet
beverages and to those  who request beverages with sugar.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Therefore, it appertains you to diligence for
the sales points in your territory  to comply with the regulatory norms and maintain the
necessary structure for a  perfect consumer service.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In this context, without prejudice of other
necessary measures for the effective  operation control, I recommend that you instruct
the sales points in writing as  to the need of dedicating attention to the basic
procedures directed towards  suitable consumer service.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Attached herewith please find our suggestion for
a document to be signed by the  sales points.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We would like you to confirm reception of the
present instrument on the copy  which is also attached herewith.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Yours faithfully,</font></td></tr></table>

<p><table width=600><tr><td><font size=2>COCA-COLA IND&#218;STRIAS LTDA.<BR>(signed): (illegible
signature).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Received:<BR>REFRIGERANTES DO OESTE LTDA.<BR>(two
illegible signatures).</font></td></tr></table>



<p>&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: 34; page: 34" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size="2"><b><i>Coca-Cola Industrias Ltda</i></b> <br>
      C.G.C. 45.997.418/0001-53</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="369"><font size=2>Praia do Botafogo, 374 <br>
      Tel: 559.1084 / 1085 <br>
      CEP: 22250-040 <br>
      Rio de Janeiro - Brasil </font></td>
    <td valign="top" width="219"><font size=2>Caixa Postal, 860 - CEP: 20001-970<br>
      Fax: (021) 559.1535 <br>
      End. Telegrafico &#147;REGIONCOKE&#148; </font></td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=2>April 16, 1999</font></td></tr></table>


<p><table width=600><tr>
    <td>
      <p><font size=2>To: <br>
        REFRIGERANTES DO OESTE LTDA.;<br>
        </font><font size=2>BR 163, km 01 (Rod. Campo Grande / S&#227;o Paulo)/;<br>
        Campo Grande, MV</font></p>
      </td>
  </tr></table>


<p><table width=600><tr><td><font size=2>We do hereby refer to the POST-MIX AUTHORIZATION
LIST attached to the &#147;Diet  COCA-COLA&#148; Manufacturing Agreement entered into on
April 16th, 1999, especially,  and without exclusion of other provisions, items (a, II,
III) of the mentioned  Amendment.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>With no prejudice of other instructions sent or
to be transmitted to you, we  would like to draw your attention to the need of
fulfilling, with the most  absolute attention, the provisions of Directives number 113
from the Agriculture  and Cattle Raising Defense National Secretary of the Ministry of
Agriculture, of  November 07th, 1988, altered by Directive number 07, of May 23rd, 1990,
from the  same Secretary, and number 08 from the Foodstuff Sanitary Surveillance National
Division - DINAL - of the Ministry of Health, of February 20th, 1990, attached  herewith,
of which you are fully aware of and which are incorporated to this  document as if herein
transcribed.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In face of the provisions of the aforementioned
acts, we do hereby point out,  especially, and without exclusion of other regulatory
determinations, the need  that you enforce the fulfillment of the following conditions:</font></td></tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">1) </font></td><td width=90%><font size="2">TANKS</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90%><font size="2">The syrups couplings and connecting pins for
      the &#147;diet Coke&#148; beverage must be of a specific and special type,
      not couplable to tanks with products containing sugar. For a better visual
      differentiation of the &#147;diet Coke&#148; tanks, they must necessarily
      have blue-color rubbers;</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">2) </font></td><td width=90%><font size="2">&#147;BAG-IN-BOX&#148;</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90%><font size="2">The &#147;bags&#148; couplings and valves will
      have inverted threads, not couplable to &#147;bags&#148; with beverages
      containing sugar;</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">3) </font></td><td width=90%><font size="2">HOSES</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90%><font size="2">Both for the &#147;BAG-IN-BOX&#148; system and
      for tanks, the hose couplings will have to be specific, and the hoses must
      be differentiated by the placement of adhesive tape with the &#147;diet
      Coke&#148; brand, for differentiation purposes in relation to the other
      beverages containing sugar;</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">4) </font></td><td width=90%><font size="2">PLASTIC
LABELS</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90%><font size="2">The tanks with &#147;diet Coke&#148; syrup must
      be identified with the beverage logomark, besides containing the necessary
      technical information, the beverage registration number at the Ministry
      of Agriculture and a table informing the content of saccharin/aspartame/cyclamate/calories;</font></td>
  </tr></table>


<p>&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: 35; page: 35" -->
<p>&nbsp;
<table width=600><tr><td width=10% valign=top><font size="2">5) </font></td><td width=90%><font size="2">&#147;BAG-IN-BOX&#148;
BOX ADHESIVE</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90%><font size="2">The &#147;BAG-IN-BOX&#148; box adhesives must
      contain the same information of the plastic labels mentioned in the previous
      item;</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">6) </font></td><td width=90%><font size="2">DISPENSING
VALVE</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top><font size="2"> </font></td>
    <td width=90%><font size="2">The dispensing valves for the &#147;diet Coke&#148;
      beverage must be specific, containing the product logomark;</font></td>
  </tr></table>

<br>
<table width=600><tr><td width=10% valign=top><font size="2">7) </font></td><td width=90%><font size="2">CONSUMER
COMMUNICATION</font></td></tr></table>

<table width=600><tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=90%><font size="2">It must be affixed at the sales points, subject
      to all pertinent instructions, a communication to phenylketonuric persons
      stating that the &#147;diet Coke&#148; beverage contains phenylalanine,
      visibly and legibly, and make sure to guaranty the reposition of such materials</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>You do hereby manifest perfect understanding as
to the need of strictly  fulfilling the recommendations herein explained, taking
responsibility for  enforcing them and for keeping a well trained team for the due sales
points  guidance and inspection as to the fulfillment of the instructions that you must
transmit to these resellers.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We would like you to sign the two counterparts
of this document, indicating your  recognition and agreement with its entire content.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Yours faithfully,</font></td></tr></table>

<p><table width=600><tr><td><font size=2>COCA-COLA IND&#218;STRIAS LTDA.<BR>(signed): (illegible
signature).</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Agreed:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(signed): (illegible signature).<BR>Name: Marco
Aurelio Eboli<BR>Title: Legal Vice President</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(signed): (illegible signature).<BR>Name: Oswaldo
Orsolin <BR>itle: Executive 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">
</font></td><td 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>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size="2"><b><i>Coca-Cola Ind&#250;strias Ltda</i></b> <br>
      C.G.C. 45.997.418/0001-53</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="369"><font size=2>Praia do Botafogo, 374 <br>
      Tel: 559.1084 / 1085 <br>
      CEP: 22250-040 <br>
      Rio de Janeiro - Brasil </font></td>
    <td valign="top" width="219"><font size=2>Caixa Postal, 860 - CEP: 20001-970<br>
      Fax: (021) 559.1535 <br>
      End. Telegrafico &#147;REGIONCOKE&#148; </font></td>
  </tr>
</table>
<br>
<table width=600><tr><td  align=center><font size=2>April 15, 1999</font></td></tr></table>

<P><table width=600><TR>
    <TD width=62% valign=top><font size=2> </FONT></TD>
    <TD width=38% valign=top><font size=2> RWC:mvo<BR>
      <b>APARECIDA DO TABOADO</b><BR>
      COCA-COLA<BR>FANTA<BR>SPRITE</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td><font size=2>To:  REFRIGERANTES DO OESTE LTDA.<BR>Av.
Presidente Vargas, 3854<BR>Vila Barbosa<BR>Aparecida do Taboado - MS</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>According to the Manufacturing Agreement signed
on September 15, 1998 and  related correspondence with COCA-COLA INDUSTRIAS LTDA.,
REFRIGERANTES DO OESTE  S.A. was authorized to prepare and bottle the beverages
COCA-COLA, FANTA and  SPRITE, for sale and distribution in the entire territory described
therein.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We became aware in this date that the company
REFRIGERANTES DO OESTE S.A. has  changed its corporate name to REFRIGERANTES DO OESTE
LTDA., with no change as to  the control of its corporate capital or its main
shareholders.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In order to express this modification, it is
agreed hereby that the referred  Manufacturing Agreement is considered changed from this
date, thus canceling the  introductory part thereof. Where it reads:</font></td></tr></table>

<p><table width=600><tr>
<td width=90>&nbsp;</td>
<td width=510><font size=2>REFRIGERANTES
DO OESTE S.A.<BR>Av. Presidente Vargas, 3854<BR>Vila Barbosa<BR>Aparecido do Taboado - MS</font></td></tr></table>

<p><table width=600><tr><td><font size=2>It should read:</font></td></tr></table>

<p><table width=600><tr>
<td width=90>&nbsp;</td>
<td width=510><font size=2>REFRIGERANTES
DO OESTE LTDA.<BR>Av. Presidente Vargas, 3854<BR> Vila Barbosa<BR>Aparecido do Taboado - MS</font></td></tr></table>



<p>&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><table width=600><tr>
    <td width=378>&nbsp;</td>
    <td width=210><font size=2>RWC:mvo<BR>
      <b>APARECIDA DO TABOADO</b><BR>
      COCA-COLA<BR>FANTA<BR>SPRITE</font></td></tr></table>




<p><table width=600><tr><td><font size=2>Except for the modification above, the
Manufacturing Agreement of COCA-COLA,  FANTA and SPRITE and all amendments and changes
made therein remains in full  force and effect in all its terms.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We are attaching 2 (two) more copies of this
letter that should be returned duly  signed.</font></td></tr></table>

<p><table width=600><tr>
    <td width=389>&nbsp;</td>
    <td width=199><font size=2>Regards</font></td>
  </tr></table>

<p><table width=600><tr>
    <td width=331>&nbsp;</td>
    <td width=257><font size=2>(signed) COCA-COLA INDUSTRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td width=333>&nbsp;</td>
    <td width=255><font size=2>THE COCA-COLA COMPANY<BR>
      (Intervening Party)<BR>(signed) Vice President</font></td></tr></table>

<p><table width=600><tr><td><font size=2>IN AGREEMENT:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI (signed)<BR>
      TITLE: Legal Vice President</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Name: OSWALDO ORSOLIN (signed)<BR>TITLE: Executive
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">
</font></td><td 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 width=600>
  <tr>
    <td  align=center><font size="2"><b><i>Coca-Cola Ind&#250;strias Ltda</i></b> <br>
      C.G.C. 45.997.418/0001-53</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="366"><font size=2>Praia do Botafogo, 374 <br>
      Tel: 559.1084 / 1085 <br>
      CEP: 22250-040 <br>
      Rio de Janeiro - Brasil </font></td>
    <td valign="top" width="222"><font size=2>Caixa Postal, 860 - CEP: 20001-970<br>
      Fax: (021) 559.1535 <br>
      End. Telegrafico &#147;REGIONCOKE&#148; </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td  align=center><font size=2>April 15, 1999</font></td></tr></table>

<p><table width=600><tr>
    <td width=375>&nbsp;</td>
    <td width=213><font size=2>RWC:mvo<BR>
      <b>CAMPO GRANDE</b><BR>
      COCA-COLA<BR>FANTA<BR>GUARANA TAI<BR>SPRITE<BR>COCA-COLA Light<BR>diet TAI</font></td></tr></table>



<p><table width=600><tr><td><font size=2>To:<BR>REFRIGERANTES DO OESTE LTDA.<BR>Km 1 da
Rodovia Campo Grande / Sao Paulo<BR>ampo Grande - MS</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>According to the Manufacturing Agreement signed
on September 15, 1998 and  related correspondence with COCA-COLA INDUSTRIAS LTDA.,
REFRIGERANTES DO OESTE  S.A. was authorized to prepare and bottle the beverages
COCA-COLA, FANTA,  GUARAN&#193; TA&#205;, SPRITE, COCA-COLA Light and diet TA&#205; for sale and
distribution in  the entire territory described therein.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We became aware in this date that the company
REFRIGERANTES DO OESTE S.A. has  changed its corporate name to REFRIGERANTES DO OESTE
LTDA., with no change as to  the control of its corporate capital or its main
shareholders.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In order to express this modification, it is
agreed hereby that the referred  Manufacturing Agreement is considered changed from this
date, thus canceling the  introductory part thereof. Where it reads:</font></td></tr></table>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>REFRIGERANTES
DO OESTE S.A.<BR>Km 1 da Rodovia Campo Grande / Sao Paulo<BR>Campo Grande - MS</font></td></tr></table><p></P>

<p><table width=600><tr><td><font size=2>It should read:</font></td></tr></table>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>REFRIGERANTES
DO OESTE LTDA.<BR>Km 1 da Rodovia Campo Grande / Sao Paulo<BR>Campo Grande - MS</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>&nbsp;
<table width=600>
  <tr>
    <td width=375>&nbsp;</td>
    <td width=213><font size=2>RWC:mvo<br>
      <b>CAMPO GRANDE</b><br>
      COCA-COLA<br>
      FANTA<br>
      GUARANA TAI<br>
      SPRITE<br>
      COCA-COLA Light<br>
      diet TAI</font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>Except for the modification above, the
Manufacturing Agreement of COCA-COLA,  FANTA, GUARANA TAI, SPRITE, COCA-COLA Light and
diet TAI and all amendments and  changes made therein remains in full force and effect in
all its terms.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We are attaching 2 (two) more copies of this
letter that should be returned duly  signed.</font></td></tr></table>

<p><table width=600><tr>
    <td width=420>&nbsp;</td>
    <td width=168><font size=2>Regards</font></td>
  </tr></table>

<p><table width=600><tr>
    <td width=333>&nbsp;</td>
    <td width=255><font size=2>(signed) COCA-COLA IND&#218;STRIAS LTDA.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td width=333>&nbsp;</td>
    <td width=255><font size=2>THE COCA-COLA COMPANY<BR>
      (Intervening Party)<BR>(signed) Vice President</font></td></tr></table>

<p><table width=600><tr><td><font size=2>IN AGREEMENT:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>REFRIGERANTES DO OESTE LTDA.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Name: MARCO AUR&#201;LIO &#201;BOLI (signed)<BR>
      TITLE: Legal Vice President</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Name: OSWALDO ORSOLIN (signed)<BR>TITLE: Executive
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">
</font></td><td 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>RWC:mvo<BR>
      <b>APARECIDA DO TABOADO</b><BR>
COCA-COLA<BR>FANTA<BR>SPRITE </font></td></tr></table>

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

<p><table width=600><tr>
    <td><font size=2>MANUFACTURING Agreement Termination entered into by <b>COCA-COLA
      IND&#218;STRIAS LTDA.,</b> a private limited liability company enrolled
      with the Legal Persons National Registry of the Ministry of Finance under
      number 45.997.418/0001-53, with headquarters in the city of Rio de Janeiro,
      State of Rio de Janeiro, at Praia do Botafogo, 374 - 12o. andar, parte,
      (hereinafter referred to as &#147;Partnership&#148;), as the first contracting
      party, <b>REFRIGERANTES DO OESTE LTDA.,</b> enrolled with the Legal Persons
      National Registry of the Ministry of Finance under number 03.025.988/0005-65,
      with headquarters at Av. Presidente Vargas, 3854, Vila Barbosa, Aparecida
      do Taboado, State of Mato Grosso do Sul (hereinafter referred to as &#147;MANUFACTURER&#148;),
      as the second contracting party, and <b>THE COCA-COLA COMPANY</b>, a corporation
      organized and existing pursuant to the laws of the State of Delaware, United
      States of America (hereinafter referred to as &#147;COMPANY&#148;), which
      also undersigns the present termination as intervening party, as follows:</font></td>
  </tr></table>


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

<table width=600><tr><td width=10% valign=top><font size="2">A. </font></td><td width=90%><font size="2"> The
PARTNERSHIP, the MANUFACTURER and the COMPANY have entered into a  Manufacturing
Agreement of COCA-COLA, FANTA and SPRITE, dated of  September 15th, 1998, covering a
certain territory in the State of Mato  Grosso do Sul, therein described and delimited.</font></td></tr></table>

<table width=600><tr><td width=10% valign=top><font size="2">B. </font></td><td width=90%><font size="2"> By
mutual agreement, the Manufacturer, the Partnership and the Company  decided to cancel
and terminate the referred Manufacturing Agreement as  from April 15th, 1999.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Thus, through the present instrument it is
agreed as follows:</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That the mentioned
Manufacturing Agreement and its later amendments,  including the aforementioned Additive
Term, are hereby lawfully terminated and  the obligations derived thereof are considered
terminated as from April 15th,  1999, except those rights and obligations that must
survive after the agreement  termination by virtue of its terms.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>In witness whereof, the PARTNERSHIP, the
MANUFACTURER and the COMPANY, through  their legal representatives, execute the present
instrument in 3 (three)  counterparts, for a single effect, on April 15th, 1999.</font></td></tr></table>


<P><table width=600><TR>
    <TD width=49% valign=top><font size=2> 1st contracting party:</FONT></TD>
    <TD width=51% valign=top><font size=2> COCA-COLA INDUSTRIAS LTDA.</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR>
    <TD width=49% valign=top><font size=2> </FONT></TD>
    <TD width=51% valign=top><font size=2>(illegible signature)</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: 41; page: 41" -->




<P><table width=600><TR>
    <TD width=49% valign=top><font size=2> 2nd contracting party:</FONT></TD>
    <TD width=51% valign=top><font size=2> REFRIGERANTES DO OESTE LTDA.</font></TD>
  </TR></TABLE><p></P>


<p><table width=600><tr>
    <td width=289>&nbsp;</td>
    <td width=299><font size=2>(illegible signature) - Marco Aur&#233;lio &#201;boli
      - Legal Vice President</font></td>
  </tr></table><p></P>


<p><table width=600><tr>
    <td width=286>&nbsp;</td>
    <td width=302><font size=2>(illegible signature) - Oswaldo Orsolin - Executive
      Vice President</font></td>
  </tr></table>


<P><table width=600><TR>
    <TD width=48% valign=top><font size=2> Intervening Party: </FONT></TD>
    <TD width=52% valign=top><font size=2>THE COCA-COLA COMPANY</font></TD>
  </TR></TABLE><p></P>


<p><table width=600><tr>
    <td width=282>&nbsp;</td>
    <td width=306><font size=2>(illegible signature) - Vice President</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>(It contains, on all pages of the document
submitted, a stamp as follows: LEGAL  DEPARTMENT (illegible initials)).</font></td></tr></table>




<p>&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>

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>19
<FILENAME>e17118ex8_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>Exhibit 8.1</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, 2003:</font></td></tr></table>


<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td valign="BOTTOM" align="left" width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign="BOTTOM" align="left" width="436"> <b><u><font size=2>Name of Company</font></u></b></td>
    <td valign="BOTTOM" align="center" width="144"> <b><u><font size=2>Percentage
      Owned</font></u></b></td>
  </tr>
  <tr>
    <td valign="BOTTOM" align="left" width="20">&nbsp;</td>
    <td valign="BOTTOM" align="left" width="436"> <font size=2>Propimex, S.A.
      de C.V., a Mexican corporation</font></td>
    <td valign="BOTTOM" align="center" width="144"> <font size=2>99.99%</font></td>
  </tr>
  <tr>
    <td valign="BOTTOM" align="left" width="20">&nbsp;</td>
    <td valign="BOTTOM" align="left" width="436"> <font size=2>Inmuebles del Golfo,
      S.A. de C.V., a Mexican corporation</font></td>
    <td valign="BOTTOM" align="center" width="144"> <font size=2>99.99%</font></td>
  </tr>
  <tr>
    <td valign="BOTTOM" align="left" width="20">&nbsp;</td>
    <td valign="BOTTOM" align="left" width="436"> <font size=2>Corporaci&#243;n
      Interamericana de Bebidas, S.A. de C.V., <br>
      &nbsp;&nbsp;&nbsp;&nbsp;a Mexican corporation </font> </td>
    <td valign="BOTTOM" align="center" width="144"> <font size=2>99.97%</font></td>
  </tr>
  <tr>
    <td valign="BOTTOM" align="left" width="20">&nbsp;</td>
    <td valign="BOTTOM" align="left" width="436"> <font size=2>Panamco M&#233;xico,
      S.A. de C.V., a Mexican corporation</font></td>
    <td valign="BOTTOM" align="center" width="144"> <font size=2>98.14%</font></td>
  </tr>
  <tr>
    <td valign="BOTTOM" align="left" width="20">&nbsp;</td>
    <td valign="BOTTOM" align="left" width="436"> <font size=2>Panamco Baj&iacute;o,
      S.A. de C.V., a Mexican corporation</font></td>
    <td valign="BOTTOM" align="center" width="144"> <font size=2>93.37%</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="2">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>20
<FILENAME>e17118ex12_1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
<title>Exhibit 12.1 </title>
</head>
<body>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->




<p><table width=600>
  <tr align="right">
    <td><font size=2>Exhibit 12.1</font></td>
  </tr></table>

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

<p><table width=600><tr><td><font size=2>I, Carlos Salazar Lomel&#237;n, certify that:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><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 company as of, and for, the periods
presented in this report;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><font size="2"> The
company&#146;s  other  certifying  officer(s) and I are  responsible for  establishing  and
maintaining  disclosure  controls and procedures (as  defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) for the company  and have:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(a)
Designed  such  disclosure  controls and  procedures,  or  caused such disclosure
controls and procedures to be designed  under our  supervision,  to ensure that  material
information  relating  to  the  company,  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(b)
Evaluated the  effectiveness  of the company&#146;s  disclosure  controls  and  procedures
and  presented  in this  report our  conclusions about the effectiveness of the
disclosure controls  and  procedures,  as of the end of the period  covered by this
report based on such evaluation; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(c)
Disclosed  in this  report  any  change in the  company&#146;s  internal control over
financial reporting that occurred during  the period  covered by the annual  report that
has  materially  affected,  or is reasonably likely to materially  affect,  the
company&#146;s internal control over financial reporting; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td><td width=80%><font size="2"> The
company&#146;s other certifying  officer(s) and I have disclosed,  based  on our most  recent
evaluation  of  internal  control  over  financial  reporting,  to the  company&#146;s
auditors and the audit  committee of the  company&#146;s  board of directors  (or persons
performing  the  equivalent  functions):</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(a)
All significant  deficiencies  and material  weaknesses in  the design or  operation of
internal  control  over  financial  reporting which are reasonably  likely to adversely
affect the  company&#146;s  ability to record,  process,  summarize  and report  financial
information; 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="2">&nbsp;</font></td></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>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(b)
Any  fraud,  whether  or  not  material,  that  involves  management or other  employees
who have a significant  role in  the company&#146;s internal control over financial reporting.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Date: April 5, 2004</font></td>
  </tr></table>

<p><table width=600><tr>
    <td>&nbsp;</td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340"><font size=2><u>/s/ Carlos Salazar Lomel&#237;n</u></font></td>
  </tr>
  <tr>
    <td width="248">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="340"><font size=2>Carlos Salazar Lomel&#237;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">&nbsp;2 </font></td>
    <td width=60 align=right>&nbsp;</td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>21
<FILENAME>e17118ex12_2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
<title>Exhibit 12.2 </title>
</head>
<body>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->




<p><table width=600>
  <tr align="right">
    <td><font size=2>Exhibit 12.2</font></td>
  </tr></table>


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

<p><table width=600><tr><td><font size=2>I, H&#233;ctor Trevi&#241;o Guti&#233;rrez,
certify that:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">1. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">2. </font></td><td width=80%><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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">3. </font></td><td width=80%><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 company as of, and for, the periods
presented in this report;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">4. </font></td><td width=80%><font size="2"> The
company&#146;s  other  certifying  officer(s) and I are  responsible for  establishing  and
maintaining  disclosure  controls and procedures (as  defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) for the company  and have:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(a)
Designed  such  disclosure  controls and  procedures,  or  caused such disclosure
controls and procedures to be designed  under our  supervision,  to ensure that  material
information  relating  to  the  company,  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><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(b)
Evaluated the  effectiveness  of the company&#146;s  disclosure  controls  and  procedures
and  presented  in this  report our  conclusions about the effectiveness of the
disclosure controls  and  procedures,  as of the end of the period  covered by this
report based on such evaluation; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(c)
Disclosed  in this  report  any  change in the  company&#146;s  internal control over
financial reporting that occurred during  the period  covered by the annual  report that
has  materially  affected,  or is reasonably likely to materially  affect,  the
company&#146;s internal control over financial reporting; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">5. </font></td><td width=80%><font size="2"> The
company&#146;s other certifying  officer(s) and I have disclosed,  based  on our most  recent
evaluation  of  internal  control  over  financial  reporting,  to the  company&#146;s
auditors and the audit  committee of the  company&#146;s  board of directors  (or persons
performing  the  equivalent  functions):</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(a)
All significant  deficiencies  and material  weaknesses in  the design or  operation of
internal  control  over  financial  reporting which are reasonably  likely to adversely
affect the  company&#146;s  ability to record,  process,  summarize  and report  financial
information; 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">&nbsp; </font></td>
    <td width=60 align=right>&nbsp;</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 width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=70%><font size="2">(b)
Any  fraud,  whether  or  not  material,  that  involves  management or other  employees
who have a significant  role in  the company&#146;s internal control over financial reporting.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Date: April 5, 2004</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340"><font size=2><u>/s/ H&#233;ctor Trevi&#241;o Guti&#233;rrez</u></font></td>
  </tr>
  <tr>
    <td width="248">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="340"><font size=2>Carlos Salazar Lomel&#237;n <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">2 </font></td>
    <td width=60 align=right><font size="2">&nbsp;</font></td>
  </tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>22
<FILENAME>e17118ex13_1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
<title> EX-13.1</title>
</head>
<body>

 <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 4; page: 4" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>Exhibit 13.1 </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. d e C.V. (the &#147;<u>Company</u>&#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, 2003 (the &#147;<u>Form 20-F</u>&#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>
<p>
<table width=600>
  <tr>
    <td width=292><font size=2>Dated: April 5, 2004</font></td>
    <td width=296><font size=2><u> /s/ Carlos Salazar Lomel&#237;n </u><br>
      Carlos Salazar Lomel&#237;n <br>
      Chief Executive Officer</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=291><font size=2>Dated: April 5, 2004</font></td>
    <td width=297><font size=2><u> /s/ H&#233;ctor Trevi&#241;o Guti&#233;rrez
      </u><br>
      H&#233;ctor Trevi&#241;o Guti&#233;rrez <br>
      Chief Financial Officer</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>A signed original of this written statement required by section
      906 has been provided to the Company and will be retained by the Company
      and furnished to the Securities and Exchange Commission or its staff upon
      request.</font></td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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