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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000910631-04-000001.txt : 20040426
<SEC-HEADER>0000910631-04-000001.hdr.sgml : 20040426
<ACCEPTANCE-DATETIME>20040426090240
ACCESSION NUMBER:		0000910631-04-000001
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040426

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12260
		FILM NUMBER:		04752779

	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>6-K
<SEQUENCE>1
<FILENAME>kofpressrelease1q04_6k.htm
<DESCRIPTION>PRESS RELEASE 1Q04
<TEXT>

<HTML>
<HEAD>
<TITLE>Provided by MZ Data Products</TITLE>
</HEAD>
<BODY>

<HR Size=2>
<BR><BR>
<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="5"><B>FORM 6-K</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=4>Securities and Exchange Commission<BR>
                                                                Washington, D.C. 20549<BR>
                                                       Report of Foreign Issuer<BR>
                                                   Pursuant To Rule 13a-16 Or 15d-16<BR>
                                                                Of The<BR>
                                                    Securities Exchange Act of 1934 </FONT></P>

<BR><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>For the month of April 2004</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Commission file number 1-12260</FONT></TD></TR>
</TABLE>

<BR><BR>
<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="5"><B>COCA-COLA FEMSA,
S.A. de C.V.</B> </FONT> </DIV>


<!-- MARKER FORMAT-SHEET="Times DIV Justify" FSL="Workstation" -->
<DIV ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Translation of
Registrant&#146;s name into English) </FONT></DIV>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Guillermo Gonz&#225;lez Camarena No. 600<BR>
                                                                Col. Centro de Ciudad Santa F&#233;<BR>
                                                                        Delegaci&#243;n Alvaro Obreg&#243;n<BR>
                                                           Mexico, D.F. 01210 </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of
principal office) </FONT></p>

<BR>
<BR>







<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.) </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(Check One) Form 20-F
 x  Form 40-F ___  </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Indicate by check
mark whether the registrant by furnishing the information contained in this Form is also
thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.) </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(Check One) Yes     No
 x </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(If &#147;Yes&#148; is marked,
indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b). 82-   .) </FONT></P>

<BR><BR>
<HR Size=2>
<BR><BR><BR><BR>
<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=Left>
<FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>PRESS RELEASE</B> </FONT> <BR><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FOR IMMEDIATE RELEASE
</B><BR>FOR FURTHER INFORMATION:<BR>
Alfredo Fern&#225;ndez / Julieta Naranjo<BR>
Investor Relations Department<BR>
Coca-Cola FEMSA, S.A. de C.V.<BR>
(52-55) 5081-5120 / 5121 / 5148<BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#0000FF"><U>afernandeze@kof.com.mx</U> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">/ </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#0000FF"><U>jnaranjo@kof.com.mx</U> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
WEBSITE: </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#0000FF"><U>www.cocacola-femsa.com.mx</U> </FONT>


</TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src=kof.gif></FONT></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>COCA-COLA FEMSA
announces first quarter 2004 results</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U><B>FIRST QUARTER 2004</B></U> </FONT> </P>

<UL>


<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<LI><P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Consolidated
 revenues reached  Ps.10,439.0  million and consolidated  operating income totaled
 Ps.1,572.7 million during the          first quarter of 2004, reaching a consolidated
operating margin of 15.1%.</FONT></P>
</UL>

<P ALIGN="justify">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mexico City (April 26, 2004) - Coca-Cola FEMSA, S.A. de C.V.
(BMV: KOFL; NYSE: KOF) (&#147;Coca-Cola FEMSA&#148; or the &#147;Company&#148;), the largest <I>Coca-Cola
</I>bottler in Latin America and second largest <I>Coca-Cola </I>bottler in the world, announced
today its consolidated results for the first quarter of 2004. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">&#147;The
 implementation  of our  values  and our  organizational  culture  throughout  our new
 territories  is  helping  us to face a new competitive dynamics in our different
markets. We expect to achieve better results as we implement  initiatives that include:
 aligning our  operating  practices,  developing  new  packaging  and  product
 alternatives  for the  consumer  along with  market  segmentation initiatives &#148; stated
Carlos Salazar, Chief Executive Officer of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>CONSOLIDATED
RESULTS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">During the first
quarter of 2004, our  consolidated  revenues  reached  Ps.10,439.0  million.  Average
price per unit case was Ps.23.52 (U.S.$2.10).  Consolidated  operating  income  reached
 Ps.1,572.7  million  during  the first  quarter of 2004,  resulting  in a 15.1%
operating margin. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">The integral cost
of financing  totaled  Ps.26.9  million  during the first quarter of 2004,  reflecting
the greater  accrued  interest expenses related to the additional  indebtedness incurred
and assumed in connection with the Panamco acquisition,  which were partially offset by
the  consolidated  monetary  position gain,  resulting from inflation  adjustments
 applied to the  consolidated net monetary position. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">The income tax,
tax on assets and employee  profit  sharing as a percentage of income before taxes,  was
41.3% during the first quarter of 2004,  reflecting  the Mexican  effective tax rate of
43.0%  including the employee  profit  sharing rate of 10% that applied to our Mexican
income before taxes, which comprised the majority of the taxable income during the
quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Consolidated
 majority  net income was  Ps.868.4  million in the first  quarter of 2004,  resulting
 in earnings  per share  (&#147;EPS&#148;) of Ps.0.470 (U.S.$0.421 per ADS) computed on the basis
of 1,846 million shares outstanding (each ADS represents ten local shares). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>BALANCE SHEET</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">As of March 31,
2004,  Coca-Cola FEMSA had a cash balance of Ps.2,533 million (U.S.$226.8  million),
 total short-term debt of Ps.2,007 million (U.S.$179.7 million) and long-term debt of
Ps.25,588 million (U.S.$2,290.8 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">During the first
 quarter of 2004,  the Company  prepaid  U.S.$235  million of debt  maturing 2006 and
Ps.905  million  (equivalent  to approximately  U.S.$81.0  million) of debt  maturing in
2004.  This was  achieved by taking a new U.S.$50  million six year bullet bank loan and
a Ps.1,650 million seven year bullet bank loan  (equivalent to  approximately  U.S.148
million) and the remaining with cash on hand. This refinancing improved our maturity
profile and currency exposure. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">The following
charts set forth the debt profile of the Company by currency and interest rate type, and
the debt  amortization  schedule as of March 31, 2004: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=TOP>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Currency</I></B> </FONT> </TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total Debt</I></B> </FONT> </TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Interest Rate<BR>Floating</I></B> </FONT> </TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Average <BR> Rate<SUP>(1)</SUP></I></B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>U.S. dollars</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.36%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexican pesos</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.00%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombian pesos</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.43%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazilian real</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.35%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=70%>
<TR VALIGN="TOP">
     <TD><div ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">(1) Annualized
average interest rate per currency for the first quarter of 2004. </FONT></div></TD></TR>
</TABLE>
<BR>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Debt amortization
schedule <BR>Amounts in millions (Local
Currency)<SUP>(1)</SUP></B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>&nbsp;</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>U.S. dollars</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Mexican pesos</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Colombian pesos</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Brazilian real</I></B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;153.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>R.&nbsp;&nbsp;&nbsp;70.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;3,206.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Col.&nbsp;&nbsp;&nbsp;65,750</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>321.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,209.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,000</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,913.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,250</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,206.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2009 and thereafter</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>340.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,150.0</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<div ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">(1)Debt
amortization valued at face value as of March 31, 2004. </FONT></div>




<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U><B>OPERATING RESULTS
BY TERRITORY</B></U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>We began
consolidating the results of our new territories during the second quarter of 2003
in accordance with Mexican GAAP. Corporaci&#243;n Interamericana de Bebidas S.A. de
C.V., formerly known as Panamerican Beverages, Inc. (&#147;Panamco&#148;) had historically
prepared its financial statements in accordance with U.S. GAAP and presented
financial information in U.S. dollars. We have historically and will continue to
prepare our financial statements in accordance with Mexican GAAP and present financial
information in Mexican pesos. The results of our new territories in Mexican GAAP and
Mexican pesos are different from and may not be comparable to those reported by Panamco
for prior periods. In addition, Panamco results have not been included in our
financial statements for periods prior to May 2003.</I> </FONT> </P>

<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" --></I> </FONT>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Financial
information for the first quarter of 2004 includes three months results for all of
our territories. Coca-Cola FEMSA&#146;s financial information will not be comparable with
previous quarters until the third quarter of 2004, and on a yearly basis, until the end
of 2005.</I> </FONT> </P>

<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" --></I> </FONT>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>For volume
comparison purposes, we included the sales volume figures recorded by Panamco for the
first quarter of 2003.</I> </FONT> </P>

<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" --></I> </FONT>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B><I>FIRST QUARTER 2004
SUMMARY:</I></B> </FONT> </P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="28%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Volume<BR>(MUC)</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Operating<BR> Income (million)</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total</I></B> </FONT> </TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Operating<BR>Margin</I></B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;1,181.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>105.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.9%</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>440.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;1,572.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.1%</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>MEXICAN OPERATING
RESULTS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenues</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Revenues in the
Mexican territories reached Ps.6,097.6 million for the first quarter of 2004.
Average price per unit case was Ps.26.51 (U.S.$2.38). Excluding <I>Ciel </I>water volumes in
5.0, 19.0 and 20.0 Lt packaging presentations, average price per unit case was Ps.30.35
(U.S.$ 2.71). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">During the quarter
 Carbonated  Soft Drink  (&#147;CSD&#148;)  volumes  increased  3.7% as  compared  to the same
period in 2003.  The CSD volume increase was mainly driven by a 4.3% growth in the cola
 category.  Total sales volume  reached 228.3 Million Unit Cases (&#147;MUC&#148;) in the first
quarter of 2004,  remaining  almost flat over the same period in 2003,  due to lower
 bottled  water  volumes in our  territories which offset CSD volume growth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">During the first
quarter of 2004, we introduced <I>Mundet </I>Multi-flavors in a 2.0 Lt polyethylene
terephtalate (&#147;PET&#148;) presentation and 600 ml PET presentation on a segmented channel
basis and brand <I>Coca-Cola </I>in an 8 oz mini-can focusing on the recovery of consumption of
individual servings. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Income from
Operations</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Gross profit
totaled  Ps.3,232.2  million reaching a 53.4% margin as percentage of total revenues for
the first quarter of 2004. During the quarter we experienced  higher  sweetener  prices
which  partially  offset PET price decreases as compared to the fourth quarter of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Operating profit
totaled Ps.1,181.6  million,  reaching a 19.4% margin as a percentage of total revenues.
 Selling expenses measured by unit case were  impacted by (i) lower  fixed cost
 absorption  driven by lower  seasonal  volumes as compared to the fourth  quarter of
2003,  (ii) the  standardization  of  cooler  and  distribution  fleet  maintenance
 practices  in our new  territories,  and (iii) the introduction of cooler equipment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>CENTRAL AMERICAN
OPERATING RESULTS (Guatemala, Nicaragua, Costa Rica and Panama)</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenues</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total revenues
reached Ps.830.7 million during the first-quarter of 2004. Average price per unit case
was Ps.31.23 (U.S.$2.80) during this period, due to price increases implemented
during the quarter in Costa Rica and in Guatemala, and a more favorable packaging mix.
In the first quarter of 2004, total sales volume in our Central American territories
increased by 7.7% to 26.5 MUC as compared to the same period in 2003, mainly as a
result of the 8.3% growth of brands <I>Coca-Cola</I>, which accounted for more than 70% of
incremental volumes. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In the first
quarter of 2004, with the purpose of strengthening our packaging/product portfolio
and developing new price points in the market, we introduced (i) a 2.0 Lt PET
non-returnable for flavors in Nicaragua, (ii) 8 oz, 500 ml and 1.0 Lt returnable
glass presentations for brand <I>Coca-Cola </I>in Costa Rica, and (iii) the upsize of the
500 ml PET flavors presentation to a 600 ml PET in Panama. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Income from
Operations</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Gross profit
totaled Ps.397.9 million during the first quarter of 2004,  reaching a 48.1% gross
margin.  During this period the Company experienced  raw  material  price  increases  in
line with  inflation  as compared  to the fourth  quarter of 2003 and lower fixed cost
absorption due to the sales volume  seasonality of the business.  Operating income
totaled Ps.104.9 million during the first quarter of 2004,  reaching an operating income
margin of 12.6%.  During the quarter,  the Company  experienced  lower  administrative
 and selling expenses derived from the savings achieved through better practices,  mainly
in distribution fleet maintenance,  marketing expenses and headcount optimization in
prior quarters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>COLOMBIAN
OPERATING RESULTS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenues</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total revenues
reached Ps.848.3 million during the first quarter of 2004, an average price per unit
case of Ps.20.39 (U.S.$1.82). Total sales volume decreased by 5.9% as compared to
the same period in 2003, mainly as a result of the sales volume decline in bottled
water, which accounted for more than 60% of the volume decrease, and CSDs accounting for
the balance. During the quarter, we launched <I>Coca-Cola vanilla </I>in order to reinvigorate
the cola category. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Income from
Operations</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Gross  profit
 totaled  Ps.383.9  million  during the first  quarter of 2004,  reaching a 45.3% gross
 margin  during the same  period. Operating  income was Ps.36.2  million,  reaching a
4.3%  margin  during the first  quarter of 2004.  During the  quarter,  the company
experienced  higher marketing  expenses as a percentage of total revenues,  related to
the  introduction of returnable  bottles and the implementation of commercial activities
to improve our point of sale execution. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>VENEZUELAN
OPERATING RESULTS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenues</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total revenues
reached Ps.980.2 million during the first quarter of 2004 and average price per
unit case in Venezuela reached Ps.23.97 (U.S.$2.15), as a result of a 13.6% weighted
average price increase implemented during the first quarter of 2004. Despite the price
increases implemented during the first quarter of 2004, our volume increased 44.5%
compared to the first quarter of 2003, when political unrest in Venezuela due to a
national strike in January of 2003 made it practically impossible for Panamco to run
these operations on a regular basis. The increase was also driven by our packaging and
pricing segmentation strategies implemented during the quarter. During the quarter
we launched <I>Coca-Cola vanilla</I>, in order to expand our existing cola category line, and
a 2.25 Lt PET presentation of <I>Grapette</I>, our existing value protection brand. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Income from
Operations</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Gross profit
totaled  Ps.391.4 million during first quarter of 2004,  reaching a 39.9% gross margin
during the same period.  During the quarter, we experienced raw material price increases
due to the devaluation of the Venezuelan Bolivar versus the U.S. dollar. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Operating  income
was Ps.65.5 million  reaching an operating  income margin of 6.7% during the first
quarter of 2004,  mainly driven by lower fixed cost absorption due to the volume
seasonality of the business as compared with the fourth quarter of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>BRAZILIAN
OPERATING RESULTS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenues</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Total  revenues
 reached  Ps.1,073.1  million  during the first quarter of 2004.  Average price per unit
case was Ps.16.12  (U.S.$1.44) during this period,  as a result of the combined effect of
(i) revenue  management  initiatives,  which have been implemented  since we took over
the operations,  and (ii) the reduction of sales volume concentration in the 2.0 Lt PET
presentations,  from more than 60% of total sales volume in the first quarter of 2003 to
56% in the same period of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">During the first
 quarter of 2004,  CSD sales volume in our Brazilian  territories  decreased by 6.7% as
compared to the same period in 2003, including the reduction of 23.3% in value protection
brands. Beer sales volume,  performed by Kaiser,  declined 6.8% in the first quarter of
2004 as compared to the same period in 2003.  During the quarter,  sales volume in our
cola  category  remained  almost flat due to the packaging diversification strategy we
have been implementing since May 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Income from
Operations</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Gross profit
during the first quarter of 2004 totaled Ps.413.3 million,  reaching a 38.6% margin.
 Operating income was Ps.79.1 million during the first  quarter of 2004,  reaching  an
 operating  margin of 7.4%,  driven by lower fixed cost  absorption  due to the volume
seasonality of the business as compared with the fourth quarter of 2003 and higher
 administrative  expenses  related to setting up our Mercosur headquarter in Sao Paulo. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>ARGENTINE
OPERATING RESULTS</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Financial
information and sales volume figures in our Argentine operations were not affected by
the Panamco acquisition and therefore are fully comparable with previous periods.</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Revenues</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Total revenues
 reached  Ps.625.3  million,  a 17.8% increase as compared to the  first-quarter  of 2003
and the average price per unit case grew by 1.7% over the first-quarter of 2003 to
Ps.15.94 (U.S.$1.43). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In the first
quarter of 2004, total sales volume in our Argentine territory reached 37.1 MUC, a
17.5% increase as compared to the same period of 2003, mainly driven by brand
<I>Coca-Cola</I>, which represented more than 50.0% of the total growth and the increase of
our sales volume in returnable presentations, which accounted for 27.5% during the
quarter as compared to 22.9% in the same period of 2003. In the first quarter of 2004
we achieved our best first quarter in the franchise history, in terms of sales
volume and operating income margin. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Income from
Operations</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Gross  profit as a
percentage  of total  revenues,  increased  by 410 basis points from 37.3% in the first
 quarter of 2003 to 41.4% in 2004. This improvement was the combination of higher sales
volume and operating  efficiencies  achieved during the quarter,  which more than offset
increases in raw material prices. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">In Argentina,
 operating  expenses as a percentage of total revenues decreased 470 basis points from
27.0% in the first quarter of 2003 to 22.3% in the  first  quarter  of  2004,  as a
result  of  strict  cost-control  selling  initiatives  and a  decline  in fixed  cost
administrative  expenses  related to the migration of certain  executives to the
 headquarters  of our Mercosur  division  based in Sao Paulo.  Operating  income during
the first quarter of 2004 in our Argentine  territories was Ps.105.6 million and
operating margin grew to 16.9%, an increase of 910 basis points as compared to first
quarter of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CONFERENCE CALL
INFORMATION</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">Our  first-quarter
 2004  Conference  Call will be held on: April 26, 2004,  10:30 A.M.  Eastern Time (9:30
A.M.  Mexico City Time). To participate in the conference call, please dial: Domestic
U.S.: 888-396-2383 and International: 617-847-8711. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">If you are unable
to participate  live, an instant replay of the  conference  call will be available
 through May 3, 2004. To listen to the replay please dial: Domestic U.S.: 888- 286-8010
or International: 617-801-6888. Pass code: 98344233. </FONT></P>

<BR>
<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="center"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">&#149; &#149; &#149; </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">Coca-Cola
FEMSA,  S.A. de C.V.  produces  Coca-Cola,  Sprite,  Fanta,  Lift and other trademark
 beverages of The Coca-Cola  Company in Mexico (a  substantial  part of central  Mexico,
 including  Mexico  City and  Southeast  of  Mexico),  Guatemala  (Guatemala  City and
surrounding areas), Nicaragua (nationwide),  Costa Rica (nationwide),  Panama
(nationwide),  Colombia (most of the country),  Venezuela (nationwide),  Brazil  (greater
 S&#227;o  Paulo,  Campi&#241;as,  Santos,  the state of Mato  Grosso do Sul and part of the state
of Goias)  and Argentina  (federal  capital of Buenos Aires and  surrounding  areas),
 along with bottled water,  beer and other  beverages in some of these territories. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">The Company has 32
bottling  facilities  in Latin  America and serves more than  1,500,000  retailers  in
the region.  Coca-Cola  FEMSA currently accounts for almost 10% of Coca-Cola global
sales,  approximately 40% of all Coca-Cola sales in Latin America.  The Coca-Cola Company
owns a 39.6% equity interest in Coca-Cola FEMSA. </FONT></P>
<BR>
<P ALIGN="center"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">&#149; &#149; &#149; </FONT></P>
<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">Figures for
the Company&#146;s operations in Mexico and its consolidated  international  operations were
prepared in accordance with Mexican generally accepted  accounting  principles  (&#147;Mexican
GAAP&#148;). All figures are expressed in constant Mexican pesos with purchasing power at
March 31, 2004.  For  comparison  purposes,  2003 and 2004 figures from the  Company&#146;s
 operations  have been  restated  taking into account  local  inflation of each country
with  reference to the consumer  price index and converted  from local  currency into
Mexican pesos using the exchange rate as of the end of the period.  In addition,  all
comparisons in this report for the first quarter of 2004, which ended on March 31, 2004,
are made against the figures for the comparable period in 2003, unless otherwise noted. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">This news release
may contain  forward-looking  statements  concerning Coca-Cola FEMSA&#146;s future performance
and should be considered as good faith  estimates by Coca-Cola  FEMSA.  These
 forward-looking  statements  reflect  management&#146;s  expectations  and are based upon
currently  available data. Actual results are subject to future events and
 uncertainties,  many of which are outside Coca-Cola FEMSA&#146;s control that could
materially impact the Company&#146;s actual performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">References  herein
to &#147;U.S.$&#148; are to United States dollars.  This news release contains  translations of
certain peso amounts into U.S. dollars for the  convenience  of the reader.  These
 translations  should not be  construed  as  representations  that the peso amounts
actually represent such U.S. dollar amounts or could be converted into U.S. dollars at
the rate indicated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="center"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">&#149; &#149; &#149; </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="center"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">(5 pages of tables
to follow) </FONT></P>

<p Style='page-break-before:always'>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Coca-Cola FEMSA,
S.A. de C.V. and Subsidiaries<BR>
Consolidated Balance Sheet<BR>
As of March 31, 2004 and December 31, 2003<BR>
Millions of Mexican pesos (Ps.)<BR>
Expressed in currency with purchasing power as of March 31, 2004</B> </FONT></P>
<HR SIZE=1>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ASSETS</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Current Assets</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;2,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;2,835&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Trade</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,023&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,360&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Prepaid taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>644&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,106&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>560&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>396&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total accounts receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,331&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,949&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,320&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,228&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Prepaid expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>205&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,217&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Property, plant and equipment</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Land</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,375&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,531&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Buildings, machinery and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,835&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,552&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Accumulated depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,834)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,617)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Construction in progress</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>681&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Bottles and cases</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>946&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>973&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total property, plant and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,967&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,120&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Investment in shares</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>519&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>538&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Deferred charges, net</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,372&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,352&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Intangibles</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,326&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,250&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL ASSETS</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;61,579&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;62,477&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR  SIZE=2></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Coca-Cola FEMSA,
S.A. de C.V. and Subsidiaries<BR>
Consolidated Balance Sheet<BR>
As of March 31, 2004 and December 31, 2003<BR>
Millions of Mexican pesos (Ps.)<BR>
Expressed in currency with purchasing power as of March 31, 2004</B> </FONT></P>
<HR SIZE=1>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>LIABILITIES &amp; STOCKHOLDERS' EQUITY</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003</B> </FONT></TD>
</TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Liabilities</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Short-term bank loans and notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;2,007&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;3,010&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>380&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>380&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Suppliers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,485&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,443&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Accounts payable and others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,043&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,699&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Taxes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>952&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,050&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Current Liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,867&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,582&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term bank loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,588&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,476&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pension plan and seniority premium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>591&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>595&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,940&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,621&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,986&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,274&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Stockholders' Equity</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>167&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Majority interest</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Capital stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,697&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,697&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Additional paid in capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,540&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,540&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Retained earnings of prior years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,417&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,585&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net income for the period</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>868&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,353&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Cumulative results of holding non-monetary assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,010)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,139)</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total majority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,512&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,036&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total stockholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,593&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,203&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL LIABILITIES &amp; EQUITY</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;61,579&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;&nbsp;&nbsp;62,477&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=2></TD></TR>
</table>

<p Style='page-break-before:always'>
<P ALIGN="justify">
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries <BR>
INCOME STATEMENT<BR>
For the three months ended March 31, 2004 and 2003<BR>
Expressed in million of Mexican pesos<sup>(1)</sup> with purchasing power as of March 31, 2004</B> </FONT>
</P>



<table cellspacing="0" cellpadding="0" border=0 width="100%">
<tr>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
<tr>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated </FONT> </td>
    <TD ALIGN="CENTER"></td>
    <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mexican Operations </FONT> </td>
    <TD ALIGN="CENTER"></td>
    <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Central American Operations </FONT> </td>
    <TD ALIGN="CENTER"></td>
    <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Colombian Operations </FONT> </td></tr>
<tr>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD width=33% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD width=1% ALIGN="RIGHT"></td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004 </FONT> </td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003 </FONT> </td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">% VAR </FONT> </td>
    <TD width=1% ALIGN="CENTER"></td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004 </FONT> </td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">%Total Revenues </FONT> </td>
    <TD width=1% ALIGN="CENTER"></td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004 </FONT> </td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">%Total Revenues </FONT> </td>
    <TD width=1% ALIGN="CENTER"></td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004 </FONT> </td>
    <TD width=7% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">%Total Revenues </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sales Volume(millions unit cases) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">440.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">150.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">193.5 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">228.3 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26.5 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">41.6 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
  </tr>

  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Average unit price per unit case </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.52 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.65 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(17.9) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26.51 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31.23 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20.39 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=1><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=1><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=1><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Net revenues </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,367.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,303.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">140.9 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,052.1 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">827.2 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">848.3 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other operating revenues </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53.1 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34.8 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total revenues </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,439.0 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,356.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">139.6 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,097.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">830.7 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">848.3 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0 </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cost of sales </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,388.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,100.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">156.5 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,865.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47.3 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">432.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52.3 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">464.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">54.8 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gross profit </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,050.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,256.0 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">123.9 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,232.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53.4 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">397.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48.1 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">383.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45.3 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Administrative expenses </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">601.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">337.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">78.0 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">354.1 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.8 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.2 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48.1 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.7 </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Selling expenses </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,876.1 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">873.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">229.3 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,696.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27.8 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">232.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.0 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">299.7 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35.3 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Operating expenses </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,477.7 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,211.3 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">187.1 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,050.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33.6 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">293.0 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35.3 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">347.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">41.0 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Goodwill amortization </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(100.0) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Operating income </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,572.7 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,038.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51.4 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,181.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.4 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">104.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.6 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.3 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;Interest expense </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">577.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">98.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">484.4 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;Interest income </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">67.1 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(52.0) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;Interest expense, net </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">545.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,616.2 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(58.6) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(402.2) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;Loss (gain) on monetary position </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(460.2) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17.3 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(2,760.1) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
</tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Integral cost of financing </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">68.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(60.7) </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other (income) expenses, net </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57.8 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.6 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
</tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Income before taxes </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,479.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">912.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62.1 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Taxes </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">611.0 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">421.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44.9 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
</tr>

  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated net income </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">868.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">490.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">76.9 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
</tr>
 <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Majority net income </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">868.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">490.9 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">76.9 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
</tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Minority net income </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.2 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"></td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>

  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Non-cash items <sup>(2)</sup> </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">569.6 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">222.4 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">156.1 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">339.0 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.6 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56.5 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.8 </FONT> </td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">67.0 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.9 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="RIGHT"><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=3><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td>
    <TD ALIGN="RIGHT"></td>
    <TD ALIGN="RIGHT" colspan=2><HR SIZE=1></td></tr>
</table>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<div ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">(1) Except volume
and average price per unit case figures.<BR> (2) Depreciation, amortization and other
non-cash items (including returnable bottle breakage expense).</FONT> </div>


<p Style='page-break-before:always'>
<p ALIGN="justify"><FONT SIZE="2" FACE="Times New Roman, Times, Serif">
<B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries<BR>
INCOME STATEMENT<BR>
For the three months ended March  31, 2004 and 2003<BR>
Expressed in million of Mexican pesos(1) with purchasing power as of March 31, 2004</B>
</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=middle>
     <TD> </TD>
     <TD> </TD>
     <TD ALIGN=center colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Venezuelan Operations </FONT> </TD>
     <TD> </TD>
     <TD ALIGN=center colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Braziliann Operations </FONT> </TD>
     <TD> </TD>
     <TD ALIGN=center colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Argentine Operations </FONT> </TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=middle>
     <TD WIDTH=34% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1%> </TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%Total Revenues</FONT></TD>
     <TD WIDTH="1%" ALIGN="CENTER"> </TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%Total Revenues</FONT></TD>
     <TD WIDTH="1%" ALIGN="CENTER"> </TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%Total Revenues</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%Total Revenues</FONT></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% VAR&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume(millions unit cases)</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average unit price per unit case</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.97</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.12</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.67</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=3><HR size=1></TD>
     <TD> </TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=1><HR size=1></TD>
     <TD> </TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=1><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=1><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=1><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>979.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,070.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>591.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>495.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other operating revenues</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6.4)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total revenues</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>980.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,073.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>625.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>531.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>588.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>659.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.6</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>380.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>346.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>391.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.9</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>413.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.6</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>244.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administrative expenses</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(54.0)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling expenses</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>272.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.8</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>249.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>325.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.2</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>334.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.1</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>139.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2.7)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Goodwill amortization</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>na&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>105.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>154.2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-cash items <sup>(2)</sup></FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(33.5)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=4><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=2><HR size=1></TD>
     <TD> </TD>
     <TD ALIGN=LEFT colspan=5><HR size=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<div ALIGN="justify"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">
(1) Except volume and average price per unit case figures.<BR>
(2) Depreciation, amortization and other non-cash items (including returnable bottle breakage expense). </FONT></div>


<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SELECTED INFORMATION</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>For the three
months ended March 31, 2004 and 2003</B> </FONT> </P>


<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed in
million Mexican pesos as of March 31, 2004</I></B> </FONT> </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=40%>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD colspan=1><HR Size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2003</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=2><HR Size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>364.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization &amp; Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=2><HR Size=1></TD></TR>
</TABLE>

<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=40%>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN=1><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2004</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>409.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>307.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization &amp; Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>262.2</FONT></TD></TR>
<TR>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VOLUME (MUC)<BR>
<I>Expressed in million unit cases</I></B> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80%>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2003</B> </FONT> </TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colas&nbsp;</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Flavors</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer&nbsp;</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico<sup>(1)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>133.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.6</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>252.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>427.7</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<div ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1) Water volume
includes 3.1 MUC and 2.1 MUC of Ciel 5.0 Lt presentation in 1Q2003 and 1Q2004,
respectively.</I> </FONT> </div><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80%>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2004</B> </FONT> </TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colas&nbsp;</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Flavors</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer&nbsp;</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico <SUP>(1)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>139.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.1</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>268.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>440.8</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE SIZE=1></TD></TR>
</TABLE>
<div ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1) Water volume
includes 3.1 MUC and 2.1 MUC of Ciel 5.0 Lt presentation in 1Q2003 and 1Q2004,
respectively.</I> </FONT> </div>

<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Times Just" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PACKAGE MIX BY
PRESENTATION<BR> Expressed as a percentage of Total Volume</B> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=60%>
<TR>
     <TD></TD>
     <TD COLSPAN=4><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2003</B> </FONT> </TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN=4><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ret&nbsp;</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Ret</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fountain</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Jug&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE SIZE=1></TD></TR>
</TABLE>

<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=60%>
<TR>
     <TD></TD>
     <TD COLSPAN=4><HR NOSHADE SIZE=1></TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2004</B> </FONT> </TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN=4><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ret&nbsp;</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Ret</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fountain</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Jug&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR NOSHADE SIZE=1></TD></TR>
</TABLE>



<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>March 2004<BR>
Macroeconomic Information</B> </FONT> </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD> </TD>
     <TD> </TD>
     <TD COLSPAN=3><HR NOSHADE SIZE=1></TD>
     <TD> </TD>
     <TD COLSPAN=1><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=center colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inflation</FONT></TD>
     <TD> </TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Foreign Exchange Rate</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1%> </TD>
     <TD WIDTH=19% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LTM&nbsp;</FONT></TD>
     <TD WIDTH=19% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YTD&nbsp;</FONT></TD>
     <TD WIDTH=19% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1Q 2004</FONT></TD>
     <TD WIDTH=1%> </TD>
     <TD WIDTH=21% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Per US Dollar)*</FONT></TD></TR>
<TR>
     <TD><HR NOSHADE SIZE=1> </TD>
     <TD> </TD>
     <TD COLSPAN=3><HR NOSHADE SIZE=1></TD>
     <TD> </TD>
     <TD COLSPAN=1><HR NOSHADE SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.23%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.57%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.57%</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.98%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.87%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.87%</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,678.16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.56%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.35%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.35%</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,920.00</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.50%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.72%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.72%</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.91</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.72%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.80%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.80%</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.86</FONT></TD></TR>
<TR>
     <TD><HR NOSHADE SIZE=1> </TD>
     <TD> </TD>
     <TD COLSPAN=3><HR NOSHADE SIZE=1></TD>
     <TD> </TD>
     <TD COLSPAN=1><HR NOSHADE SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<DIV ALIGN="center"><FONT SIZE="1" FACE="Times New Roman, Times, Serif">* Figures as of
March 31,  2004 </FONT></DIV>

<p Style='page-break-before:always'>

<BR><BR>
<HR size=2>
<BR><BR>

<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>SIGNATURES</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>

<BR><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>COCA-COLA FEMSA, S.A. DE C.V.</B> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">(Registrant) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Date: April 26, 2004 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">By: <U>/s/ H&#201;CTOR TREVI&#209;O GUTI&#201;RREZ</U> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Name:&nbsp; H&#233;ctor Trevi&#241;o Guti&#233;rrez </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Title:&nbsp;&nbsp;&nbsp; Chief Financial Officer </FONT></TD></TR>
</TABLE>










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`
end

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