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<SEC-DOCUMENT>0001292814-04-000443.txt : 20041028
<SEC-HEADER>0001292814-04-000443.hdr.sgml : 20041028
<ACCEPTANCE-DATETIME>20041027202605
ACCESSION NUMBER:		0001292814-04-000443
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041028
DATE AS OF CHANGE:		20041027

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:		041100726

	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>kofpr3q04_6k.htm
<DESCRIPTION>2004 THIRD QUARTER RESULTS
<TEXT>
<HTML><HEAD><TITLE>Provided by MZ Data Products</TITLE></HEAD>
<BODY>

<HR Size=2>

<!-- 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>

<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 October 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>


<!-- 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;(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;(Check One) Form 20-F
 <U>&nbsp;x&nbsp;</U>  Form 40-F <U>&nbsp;&nbsp;&nbsp;</U></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;(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;(Check One) Yes <U>&nbsp;&nbsp;&nbsp;</U>No
<U>&nbsp;x&nbsp;</U> </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;(If &#147;Yes&#148; is marked,
indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b). 82-<U>&nbsp;&nbsp;&nbsp;</U>.) </FONT></P>



<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>This report on Form 6-K shall be deemed to be incorporated by reference into Coca-Cola FEMSA, S.A. de
C.V.'s Registration Statement on Form F-3 (Registration No. 333-117168) filed with the Securities and
Exchange Commission (the "Commission") on July 6, 2004 and to be a part thereof from the date on which
this report is furnished, to the extent not superseded by documents or reports subsequently filed or
furnished.</FONT></P>



<HR Size=2>
<P STYLE='page-break-before:always'>

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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="1" color=gray></FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"><B>Stock Listing Information</B> </FONT> </TD>

     <TD>&nbsp; </TD>
     <TD COLSPAN="6" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004</B> </FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">Mexican Stock Exchange </FONT></TD>
     <TD> </TD>
     <TD COLSPAN="6" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>THIRD QUARTER RESULTS</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">Ticker: KOFL </FONT></TD>
     <TD> </TD>
     <TD COLSPAN=6><hr size=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third quarter</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD>&nbsp;</TD>
<TD colspan=2><HR SIZE=2 color=black></TD>
<TD>&nbsp;</TD>
<TD colspan=2><HR SIZE=2 color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">NYSE (ADR) </FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Symbol" SIZE="2">D</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=2 color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">Ticker: KOF </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,411</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,358</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5%</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% of Tot. Rev.</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT></TD>
     <TD WIDTH=2%> </TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross Profit</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,588</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,557</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5%</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.0%</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.9%</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,958</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,796</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>17.2%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.8%</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">Ratio of KOF L to KOF = 10:1 </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Majority net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,257</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>546</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130.4%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA<sup>(1)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,463</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,477</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>19.1%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.8%</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=CENTER rowspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"><img src="kofl.gif"> </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Net Debt<SUP>(2) (3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,045</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,158</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>  </TR>
<TR>

<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR>

<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly EBITDA <sup>(1)</sup> / Quarterly Interest Expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.15</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly Earnings per Share</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.68</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.30</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=6><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=CENTER rowspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"><img src="kofnyse.gif"> </FONT></TD>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average Shares Outstanding</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,846.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,846.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>

<TD> </TD>
<TD colspan=6><HR SIZE=2 color=black></TD>
</TR>
<TR VALIGN=Bottom>

     <TD> </TD>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Expressed in million of Mexican pesos with purchasing power as of September 30, 2004, except for per share amount. </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF">&nbsp; </FONT> </TD>
     <TD> </TD>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1) EBITDA = Operating income + Depreciation + Amortization &amp; Other virtual charges. See reconciliation table on page 11.</FONT></TD></TR>
<TR VALIGN=Bottom>
      <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF">&nbsp; </FONT> </TD>
     <TD> </TD>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(2) Figures for 2003 are as of December 31, 2003. </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF">&nbsp; </FONT> </TD>
     <TD> </TD>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3) Net Debt = Total Debt - Cash </FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF">&nbsp; </FONT> </TD>  </tr>

<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">&nbsp; </FONT> </TD>
     <TD> </TD>
     <TD COLSPAN=6  ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><IMG SRC="icone.gif">&nbsp;&nbsp;&nbsp;&nbsp;Total revenues for the third quarter reached Ps.11,410.6 million</FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD rowspan="7" ALIGN=JUSTIFY  bgcolor=#c80303><div align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="1" COLOR="#FFFFFF"> </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"><B>For Further Information:
       </B><BR>
       <BR>
       <B>Investor Relations
       </B><BR>
       <BR>
  Alfredo Fernandez<BR>
  <U>afernandeze@kof.com.mx</U><BR>
  (5255) 5081-5120 / 5121<BR>
  <BR>
  Julieta Naranjo<BR>
  <U>jnaranjo@kof.com.mx</U><BR>
  (5255) 5081-5148<BR>
  <BR>
  Website:<BR>
  <U>www.cocacola-femsa.com.mx</U><BR>
       </FONT><BR>
     </div></TD>
     <TD> </TD>
     <TD COLSPAN=6  ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><IMG SRC="icone.gif">&nbsp;&nbsp;&nbsp;&nbsp;Consolidated operating income increased 9.0% totaling  Ps.1,957.6 million, and
            operating margin reached 17.2%, a margin expansion of 140 basis points. </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD COLSPAN=6  ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><IMG SRC="icone.gif">&nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income increased by 130.4% to Ps.1,257.0 million, resulting in earnings per share of
Ps.0.681 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD COLSPAN=6  ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><IMG SRC="icone.gif">&nbsp;&nbsp;&nbsp;&nbsp;Total net debt at the end of the quarter was approximately U.S.$1,937.9 million. </FONT> </TD></TR>



<TR VALIGN=Bottom>
  <TD></TD>
  <TD COLSPAN=6 ALIGN=JUSTIFY>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD COLSPAN=6 ALIGN=JUSTIFY><div align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mexico City (October 27, 2004), Coca-Cola FEMSA, S.A. de C.V. (&#147;Coca-Cola FEMSA&#148; or the &#147;Company&#148;), the
largest <I>Coca-Cola </I>bottler in Latin America and the second-largest <I>Coca-Cola </I>bottler in the world, in terms
of sales volume, announces results for the third quarter and nine months of 2004. </FONT> </div> </TD></TR>


<TR VALIGN=Bottom>
  <TD></TD>
  <TD valign=top COLSPAN=6 ALIGN=JUSTIFY>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD valign=top COLSPAN=6 ALIGN=JUSTIFY><div align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;We have successfully completed the integration of our new operations and we are pleased with the results
we have achieved thus far. The evident turnaround in profitability outside of Mexico underscores the
efficacy of our shared business practices and strategies and, importantly, our understanding of our new
market territories&#146; cultural differences and consumption habits. Additionally, we are improving gradually
our level of profitability in Mexico, despite raw-material cost pressure and the more complex competitive
environment&#148; said Carlos Salazar, Chief Executive Officer of the Company. </FONT> </div></TD></TR>

</TABLE>


<BR>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 1&nbsp;</FONT></TD></TR>
</TABLE>






<p style="page-break-before:always ">





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Consolidated results and Balance sheet</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>


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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Our  consolidated  revenues reached  Ps.11,410.6
million for the third quarter of 2004, an increase of 0.2%
as compared to the same period of 2003. Our average price per unit case was Ps.24.27 (U.S.$2.13)<sup>1</sup> and our
consolidated  operating income increased 9.0% to Ps.1,957.6 million,  resulting in a margin expansion of 140
basis points from 15.8% to 17.2%  over the prior quarter.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2004, our integral cost of financing shifted from a loss of Ps.942.2 million
to a gain of Ps.128.7 million in the third quarter of 2003. This improvement mainly reflected a foreign
exchange gain generated by the appreciation of the Mexican peso versus the U.S. dollar applied to our U.S.
dollar-denominated debt and lower net interest expenses driven by a reduction in average debt balances.</FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2004, income tax, tax on assets, and employee profit sharing, as a percentage
of income before taxes, was 40.6%. During the same period of 2003 this rate was 33.2%, reflecting the
deduction for tax purposes of fees associated with the Panamco acquisition, which were capitalized as part
of the acquisition cost for financial purposes. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Our consolidated majority net income increased 130.4% to Ps.1,257.0 million in the third quarter of 2004
as compared to the same period in 2003, resulting in earnings per share (&#147;EPS&#148;) of Ps.0.681 (U.S.$0.598
per ADS) computed on the basis of 1,846.4 million shares outstanding (each ADS represents 10 local
shares). </FONT> </P>


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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BALANCE SHEET</B> </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of September 30, 2004, Coca-Cola FEMSA had a cash balance of Ps.3,492 million (U.S.$307.0 million),
total short-term debt of Ps.3,380 million (U.S.$297.1 million), and long-term debt of Ps.22,157 million
(U.S.$1,947.7 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2004, we reduced the Company&#146;s total debt by approximately U.S.$70 million. We
completed the refinancing of the remaining principal amount of our 5yr USD syndicated loan (U.S.$40
million) from last year&#146;s acquisition financing, with a new 6 yr Ps.550 million bilateral loan. We also
paid down the U.S.$100 million Private Placement Notes due 2004 issued in 1994. During the third quarter
of 2004, the peso appreciated from Ps.11.5123 to Ps.11.3759, causing our total debt to increase in dollar
terms by approximately U.S.$18.8 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following charts set forth the Company&#146;s debt profile by currency and interest-rate type and the debt
amortization schedule as of September 30, 2004: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR>
     <TD COLSPAN=4><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=top>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Currency</I></B> </FONT> </TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total Debt</I></B> </FONT> </TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Interest Rate<BR>Floating</I></B> </FONT> </TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Average<BR>Rate<SUP>(2)</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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32 %&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31 %&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.23 %&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexican pesos</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65 %&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21 %&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.11 %&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombian pesos</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 %&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100 %&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.16 %&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=2 color=black></TD></TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
Annualized average interest rate per currency for the third quarter of 2004</FONT></P></TD>
</TR>
</TABLE>


<BR>



<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B></B> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B></B> </FONT></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Debt Amortization Schedule<BR>
amounts in millions (local currency)<SUP>(3)</SUP></B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=2 color=black></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="22%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>U.S. dollars</I></B> </FONT> </TD>
     <TD WIDTH="25%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Mexican pesos</I></B> </FONT> </TD>
     <TD WIDTH="25%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Colombian pesos</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>2004</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$54.8&nbsp;</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>0.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps. 2,750.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Col. 65,750&nbsp;</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>200.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,314.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,000&nbsp;</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>0.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,250&nbsp;</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>0.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750.0&nbsp;</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>455.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,700.0&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=2 color=black></TD></TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
Debt amortization valued at face value as of September 30, 2004</FONT></P></TD>
</TR>
</TABLE>

<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________________ </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><SUP>1 </SUP>Assumes a foreign
exchange rate of Ps.11.3759 per U.S. dollar </FONT> </DIV>


<BR>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 2&nbsp;</FONT></TD></TR>
</TABLE>




<p style="page-break-before:always ">








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<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Consolidated statement of changes in financial position and operating results by territory</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>



<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Consolidated
Statement of Changes in Financial Position</I></B><BR>Expressed in million of Mexican pesos or
U.S. dollars as of September 30, 2004 </FONT> </DIV>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=70%>
<TR>
     <TD COLSPAN=3><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I></I></B> </FONT> </TD>
     <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Jan - Sep 2004</I></B> </FONT> </TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>&nbsp;</I></B> </FONT> </TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Ps.</I></B> </FONT> </TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>USD<SUP>(1)</SUP></I></B> </FONT> </TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income before extraordinary items</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                    2,711&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       238&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non cash charges to operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                    1,688&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       148&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other non cash charges to net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (254)&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       (22)&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                   4,145&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                      216&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD> </TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change in Working capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       507</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                         45</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NRGOA<sup>(2)</sup> before extraordinary items</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                    4,652&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                       261&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Extraordinary items</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                    1,194&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       105&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NRGOA<sup>(2)</sup></B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                   5,846&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                      366&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital expenditures</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (1,220)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (107)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in shares and other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (190)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       (17)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividend payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (530)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       (47)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Transactions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (3,854)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (339)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       495&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                         43&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Increase in cash and cash equivalents</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                      546</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>                       (84)</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents at begining of period</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                    2,946&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       259&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents at end of period</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                    3,492&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                       307&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR SIZE=2 color=black></TD></TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=bottom>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><SUP>(1)</SUP> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Expressed in US$ millions assuming a foreign exchange rate of Ps. 11.3759 per US Dollar</FONT></P></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=bottom>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><SUP>(2)</SUP> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net Resources Generated by Operating Activities</FONT></P></TD>
</TR>
</TABLE>
<BR>
<BR>


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

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>During the second quarter of 2003, we began consolidating the results of our new territories 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 prepared and 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&#146;s results
have not been included in our financial statements for periods prior to May 2003.</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Financial information for the third quarter
of 2004 is comparable with the third quarter of 2003, however
for the nine-month period is not comparable. On an annual basis the information will not be comparable
until the end of 2005.</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>As we mentioned in our fourth-quarter 2003 press release, several accounting adjustments were booked
during that quarter which impacted our results for 2003. These adjustments were related to (i) an excise
tax reimbursement in Mexico that would have impacted positively the third quarter of 2003 in the amount of
Ps.47 million, ( ii) an increase in the useful life of the coolers in our original territories in Mexico
from three to five years that would have decreased our depreciation expense by Ps.32 million  in the third
quarter of 2003, and ( iii) the change in accounting policies related to the treatment of bottles and
cases in the countries comprising our Latincentro division that would have reduced the operating
expenses by Ps.60 million, decreasing the non-cash items in the same amount in the third quarter of 2003 .</I></FONT></P>


<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>
As part of an accounting standardization process implemented in Coca-Cola FEMSA territories during 2004,
certain expenses that were classified as administrative expenses during 2003 are now classified as selling
expenses during 2004. For comparison purposes we reclassified 2003 figures without impacting total
operating expenses in 2003. The effect of these reclassifications were Ps.110.1 million and Ps.342.5
million for the third quarter of 2003 and the nine months ended in September 30, 2003, respectively.
</I></FONT></P>



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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>For nine-month period volume comparison purposes, we have included the sales volume figures recorded by
Panamco for 2003 through the end of April 2003.</I></FONT></P>

<HR SIZE=2 color=black>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 3&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">&nbsp;</P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Third quarter and First nine months 2004 summary</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>


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



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="30%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>&nbsp;</I></B> </FONT> </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Volume<BR>(MUC)</I></B> </FONT> </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total</I></B> </FONT> </TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Operating Income<BR>(million)</I></B> </FONT> </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total</I></B> </FONT> </TD>
     <TD WIDTH="17%" VALIGN="top" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Operating Margin</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>Mexico</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256.3</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps. 1,447.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74.0%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.4</FONT></TD>
     <TD ALIGN="CENTER"><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>101.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.5</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>145.9</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2</FONT></TD>
     <TD ALIGN="CENTER"><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>53.8</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.6</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112.5</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.0</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.3%</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>Total</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>468.9</FONT></TD>
     <TD ALIGN="CENTER"><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>Ps.1,957.6</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.2%</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=2 color=black></TD></TR>
</TABLE>
<BR>
<BR>

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

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="30%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>&nbsp;</I></B> </FONT> </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Volume<BR>(MUC)</I></B> </FONT> </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total</I></B> </FONT> </TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Operating Income<BR>(million)</I></B> </FONT> </TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Total</I></B> </FONT> </TD>
     <TD WIDTH="17%" VALIGN="top" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>% Operating Margin</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>Mexico</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>741.6</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.4,041.2</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80.8</FONT></TD>
     <TD ALIGN="CENTER"><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>291.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>122.0</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>274.6</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>206.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>190.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>261.0</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>102.5</FONT></TD>
     <TD ALIGN="CENTER"><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>273.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5%</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>Total</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,364.3</FONT></TD>
     <TD ALIGN="CENTER"><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>Ps.5,348.0</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.9%</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=2 color=black></TD></TR>
</TABLE>

<BR>

<HR SIZE=2 color=black>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 4&nbsp;</FONT></TD></TR>
</TABLE>







<P STYLE="page-break-after:always">&nbsp;</P>







<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Mexican and Central American operating results</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>


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

<!-- MARKER FORMAT-SHEET="Times Just B" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Revenues in our Mexican territories were Ps.6,707.2 million for the third quarter of 2004, 6.0% lower as
compared to the third quarter of 2003, mainly driven by a 5.6% decline in the average price per unit case
during the third quarter of 2004. Higher rates of sales volume growth in our territories outside the
Valley of Mexico, which have a lower price per unit case, combined with lower average price per unit case,
were the main reason for the price decrease. Excluding <I>Ciel </I>water volumes in 5.0, 19.0, and 20.0-liter
packaging presentations, our average price per unit case was Ps.29.8 (U.S.$2.62). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total sales volume remained almost flat in the third quarter of 2004 as compared to the same period of
2003, reaching 256.3 million unit cases (&#147;MUC&#148;). Carbonated Soft Drink (&#147;CSD&#148;) sales volume increased 1.6%
to 205.9 MUC, offsetting the 6.4% reduction in the jug water sales volume. CSD category growth mainly
resulted from the solid performance of our flavor brands, which accounted for approximately two thirds of
incremental volumes, while brand <I>Coca-Cola </I>accounted for the balance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just B" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the quarter we experienced higher sweetener and polyethylene terephtalate (&#147;PET&#148;) costs, which we
partially offset with cost savings from our light-weight bottle initiatives, our increased use of standard
sugar as compared to the third quarter of the previous year, and the synergies we captured from the
consolidation of our new Mexican territories resulting on a 30 basis points decline in the gross margin
from 53.0% in the third quarter of 2003 to 52.7% in the same period of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses declined 4.4% to Ps.2,088.3  million,  representing 31.1% of total revenues.  The decline
in operating  expenses was mainly driven by adjustments in the  compensation  scheme in our pre-sale system,
which  increased  the fixed  component of our sales force wages and headcount  optimization  since the third
quarter  of last  year.  All of the  above  reduced  our  operating  profit by 9.3% to  Ps.1,447.7  million,
resulting in an operating margin of  21.6%.
 </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just B" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CENTRAL AMERICAN
OPERATING RESULTS (Guatemala, Nicaragua, Costa Rica and Panama)</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just B" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In our Central American territories, total revenues reached Ps.841.8 million for the third quarter of
2004, an increase of 1.7% as compared to the same period of 2003, mainly driven by volume growth. Our
average price per unit case was Ps.30.78 (U.S.$2.71) declining 0.6% due to a shift in our packaging mix to
larger presentations. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total sales volume in our Central American territories reached 27.4 MUC, a 2.0% increase as compared to
the same quarter of 2003. This increase was mainly driven by volume growth in Costa Rica and Nicaragua.
Brand <I>Coca-Cola </I>and flavors each accounted for approximately half of the volume increase. </FONT>
</P>

<!-- MARKER FORMAT-SHEET="Times Just B" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the third  quarter of 2004 our gross  profit  decreased  by 7.3% to Ps.382.7  million as compared to the
same  period of 2003,  resulting  for 45.5% of gross  margin.  During the period,  the  Company  experienced
increases in raw material prices, mainly for sugar and PET, compared with the third quarter of 2003.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Despite the decline in gross  profit,  we increased  our  operating  income by 49.8% in the third quarter of
2004 as compared to the same period of 2003,  reaching an operating margin of 12.0%. The margin  improvement
resulted  mainly from a shift in  profitability  of our  Guatemalan  operation and by  increasing  the fixed
component in the compensation scheme in our pre-sale system in some of our Central American operations.
</FONT></P>

<HR SIZE=2 color=black>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 5&nbsp;</FONT></TD></TR>
</TABLE>







<P STYLE="page-break-after:always">&nbsp;</P>







<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Colombian and Venezuelan operating results</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COLOMBIAN OPERATING
RESULTS</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In Colombia, our total revenues were Ps.960.5 million for the third quarter of 2004, a 1.99% decline from
the third quarter of 2003, despite a 2.6% decrease in sales volume. Our average price per unit case was
Ps.23.73 (U.S.$2.09), 0.9% higher than the third quarter of 2003, as a result of price increases
implemented in May 2004 over a declining and depressed pricing base. Our sales volume of brand <I>Coca-Cola
</I>grew 5.5% to 26.7 MUC in the third quarter of 2004 as compared to the same period of the previous year,
partially offsetting a 18.2% decline in our CSD flavors. </FONT>
</P>

<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2004, our gross profit totaled Ps.465.5 million, an increase of 1.6% compared
with the same period of 2003, resulting in a 48.5% gross margin as compared to 46.8% in the same period of
2003. These results were mainly due to (i) lower sugar prices, and a shift to standard sugar, which is
less-expensive, (ii) manufacturing savings achieved from the rationalization of our plants, and (iii) the
appreciation of the Colombian Peso against the U.S. dollar applied to our dollar-denominated costs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our operating income was Ps.145.9  million during the third quarter of 2004,  resulting in a 15.2% operating
income  margin  compared to 8.4% in the  previous  year.  This  improvement  was mainly  driven by headcount
optimization and lower corporate charges driven by centralization of certain administrative practices.</FONT></P>


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


<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In Venezuela, our total revenues increased by 19.9% in the third quarter of 2004, as compared with the
same period of the previous year totaling Ps.1,185.7 million, as a result of the combined effect of an
increase of 5.1% in the average price per unit case and a 13.9% of volume growth. Our average price per
unit case was Ps.26.20 (U.S.$2.30) as a result of price increases implemented at the end of the first
quarter of 2004, which were partially offset by a product mix shift towards multi-serve presentations of
the value protection brand <I>Grapette</I>. Sales volume increase was mainly driven by the introduction of the
new presentation for the multi-flavor brand <I>Hit </I>and the continuous roll-out of larger presentations for
the value protection brand <I>Grapette </I>which combined accounted for two thirds of the sales volume growth and
the <I>Coca-Cola </I>brand representing the majority of the balance. </FONT>
</P>

<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the third quarter of 2004, gross profit grew 27.9% year-over-year to Ps.510.9 million for a gross
profit margin of 43.1% compared with 40.4% for the same period of 2003. Higher sales volume and the higher
average price per unit case more than offset an increase in the unitary cost of sales due to a packaging
mix shift to non-returnable presentations, which have higher packaging costs.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling and  administrative  expenses  increased 60 basis points as percentage of total  revenues due to (i)
higher freight costs  reflecting  price increases above inflation,  (ii) a  reclassification  of promotional
expenses that was previously recorded in net revenues,  and (iii) higher  administrative  expenses driven by
additional  senior and  operating  headcount  intended to strength our  management  team in  Venezuela.  Our
operating  income was Ps.53.8  million,  a 200 basis points  improvement as a percentage of total  revenues,
over the same period of last year resulting in a 4.5% operating income margin.
</FONT></P>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 6&nbsp;</FONT></TD></TR>
</TABLE>






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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Brazilian and Argentine operating results</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<!-- MARKER FORMAT-SHEET="Times Just B" FSL="Workstation" -->
<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BRAZILIAN OPERATING
RESULTS</B> </FONT></p>
<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Brazil,  our total revenues reached  Ps.1,161.4  million for the third quarter of 2004, an improvement of
12.9% as compared  with the same period of the previous  year.  Our average price per unit case was Ps.17.65
(U.S.$1.55),  a 3.4% increase  over the third  quarter of 2003,  as a result of (i) a 2.5% weighted  average
price  increase  implemented  in May 2004,  (ii) our strategic  shift in the product and channel mix towards
the core brands and small retailers,  respectively,  and (iii) the  implementation of our revenue management
strategies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">During the third quarter of 2004, all of our beverage categories recorded increased volumes. CSD&#146;s sales
volume in our Brazilian territories increased by 12.3% as compared with the same period of 2003, mainly
driven by a 14.9% sales volume growth in brand <I>Coca-Cola</I>, which accounted for more than 70% of the sales
volume increase in the period. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2004, our gross profit totaled Ps.463.7 million, a 26.0% increase as compared
with the same period of the previous year. Gross margin rose from 35.8% in the third quarter of 2003 to
39.9% in the same period of 2004, reflecting the optimized use of raw materials and higher efficiency
levels. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In absolute terms, our operating expenses increased slightly as compared to the third quarter of 2003,
however, they decreased as a percentage of sales as a result of higher operating leverage driven by an
increase in sales volume. Our third-quarter operating income was Ps.112.5 million, resulting in a margin
expansion of 760 basis points from 2.1% in the third quarter of 2003 to 9.7% in the same period of 2004. </FONT></P>

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

<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Argentina,  our total  revenues  reached  Ps.592.5  million,  a 21.1%  increase over the third quarter of
2003,  due to the combined  effect of an 18.9% sales volume  growth and a 2.4% average price per unit growth
during the same period.  The average price growth was driven by price  increases  implemented  at the end of
July 2004.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">During the quarter, the company experienced increased volumes in all of its beverage categories. Our
premium and core brands represented more than 60% of the incremental sales volume during the quarter and
the value protection brand <I>Tai </I>comprised the majority of the remaining balance. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Just Bold Italic" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our gross profit as a percentage of total revenues increased 400 basis points, from 37.3% in the third
quarter of 2003 to 41.3% in the third quarter of 2004 due to the continued packaging mix trend to
returnable presentations, which accounted for 27% of our sales volume in the third quarter of 2004, as
compared to 25% in the same period of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Argentina,  our operating  expenses as a percentage of total  revenues  decreased 260 basis points,  from
27.6% in the third quarter of 2003 to 25.0% in the third  quarter of 2004.  This  improvement  resulted from
higher fixed-cost  absorption due to higher revenues.  During the third quarter of 2004, operating income in
our Argentine  territories was Ps.96.7  million,  and our operating income margin reached 16.3%, an increase
of 660 basis points compared with the third quarter of 2003.</FONT></P>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 7&nbsp;</FONT></TD></TR>
</TABLE>






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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Summary of nine-month and recent developments</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>


<!-- MARKER FORMAT-SHEET="Times Just B" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SUMMARY OF NINE-MONTH RESULTS</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Financial information for the first nine months of 2004 is not comparable with the same period of 2003,
however for volume comparison purposes, we have included the sales volume figures recorded by Panamco for
2003 through the end of April 2003.</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the nine months ended September 30, 2004, our consolidated sales volume reached 1,364.3 MUC, an
increase of 1.69% driven by volume growth in almost all of our territories during the first nine months of
the year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first nine months of 2004, our total revenues reached  Ps.33,540.5  million,  which resulted in a
consolidated  average  unit price per case of Ps.24.48  (U.S.$2.15).  Our gross  margin as a  percentage  of
total  revenues  was  48.7%  for the first  nine  months of 2004.  Our  consolidated  operating  income  was
Ps.5,348.0 million, 15.9% as a percentage of total revenues during the first nine months of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our  consolidated  net income  before  extraordinary  items  totaled  Ps.2,710.9  million for the first nine
months of 2004,  resulting  in an EPS of  Ps.1.468  (U.S.$1.291  per ADS)  computed  on the basis of 1,846.4
million  shares  outstanding.  Majority net income was Ps.3,893.7  million,  resulting in an EPS of Ps.2.109
(U.S.$1.854 per ADS). </FONT></P>


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

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         As we mentioned in our second quarter 2004 press release, we obtained a favorable final ruling in
         May 2004 from a Mexican federal court not subject to appeal allowing us to deduct losses arising
         from the sale of shares during 2002. As a result of the ruling, our consolidated net income for
         the second quarter of 2004 increased by Ps.1.258 billion (U.S.$98.8 million).  In August 2004, we
         received Ps.1.124 billion in the form of a cash reimbursement and will receive the balance in the
         form of a tax deduction.

</FONT></P>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On September 1, 2004, a rights offering of 98,840,861 newly issued Series L Shares, including Series L
Shares in the form of American Depositary Shares, to holders of our Series L Shares and American
Depositary Shares, as applicable, expired in both the United States and Mexico.  The price per share was
the Mexican peso equivalent of U.S.$2.216 per Series L Share or U.S.$22.16 per American Depositary Share.
The rights offering did not have a significant impact on the ownership structure.</FONT></P>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 18, 2004, Mr. Irial Finan, President of Bottling Investments at The Coca-Cola Company, was
named a Series D member of our board and Mr. Mark Harden, President of The Servicesource, a shared service
division of The Coca-Cola Company, appointed as the alternate director. They replaced Mr. Steven J. Heyer
and Ms. Patricia Powell, respectively.</FONT></P>

</UL>
<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 8&nbsp;</FONT></TD></TR>
</TABLE>





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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Conference call information and recent developments</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>


<!-- MARKER FORMAT-SHEET="Times Just B" 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 Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our third-quarter 2004 Conference Call will be held on: October 27, 2004, 11:00 A.M. Eastern Time (10:00
A.M. Mexico City Time). To participate in the conference call, please dial: Domestic U.S.: 800-599-9829
and International: 617-847-8703. We invite investors to listen to the live audiocast of the conference
call on the Company's website, </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR=blue><U>www.cocacola-femsa.com.mx</U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you are unable to participate live, an instant replay of the conference call will be available through
November 5, 2004. To listen to the replay please dial: Domestic U.S.: 888-286-8010 or International:
617-801-6888. Pass code: 98344233. </FONT></P>


<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; &#149; &#149; </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>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 Center" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>The Company has 30 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>


<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; &#149; &#149; </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>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 September 30, 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 third quarter of 2004, which ended on September 30, 2004, are made against the figures for the
comparable period in 2003, unless otherwise noted. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>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 Center" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>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 Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; &#149; &#149; </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(7 pages of tables to
follow) </FONT></P>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 9&nbsp;</FONT></TD></TR>
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<p style="page-break-before:always ">






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Consolidated Balance Sheet</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% align=center>
<TR VALIGN=Bottom>
     <TD COLSPAN=5 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated Balance
Sheet<BR></B>Expressed in million of Mexican pesos with purchasing power as of September 30, 2004 </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Assets</B> </FONT></TD>
     <TD colspan=2 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Sep-04</B> </FONT></TD>
     <TD colspan=2 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dic-03</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 WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,492&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,946&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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,333&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,049&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>Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,397&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,303&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prepaid expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>142&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211&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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,364&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,509&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>Property, plant and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,058&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,841&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11,772)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11,111)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bottles and cases</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,003&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,013&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, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,289&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,743&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">&nbsp;&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">421&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">625&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">&nbsp;&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,287&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,978&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">&nbsp;&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35,183&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34,270&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"><B>Ps.&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>63,544&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>64,125&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=2 color=black></TD></TR>
</TABLE>

<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% align=center>
<TR>
     <TD COLSPAN=5><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Liabilities and Stockholders' Equity</B> </FONT> </TD>
     <TD colspan=2 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Sep-04</B> </FONT> </TD>
     <TD colspan=2 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dic-03</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 Liabilities</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Short-term bank loans and notes</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,380&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,124&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>393&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>388&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Suppliers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,399&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,577&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,134&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,864&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 Liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,306&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,953&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>Long-term bank loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,157&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,980&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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>528&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>627&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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,679&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,730&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 Liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,670&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,290&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>Stockholders' Equity</B> </FONT></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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>665&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>170&nbsp;</FONT></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>Capital stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,745&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,745&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional paid in capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,744&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,744&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retained earnings of prior years</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,823&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,926&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the period</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,894&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,426&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative results of holding non-monetary assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,997)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,176)</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 majority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,209&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,665&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 stockholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,874&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,835&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"><B>Total Liabilities and Equity</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>63,544&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>64,125&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=2 color=black></TD></TR>
</TABLE>


<BR>

<HR SIZE=2 color=black>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 10&nbsp;</FONT></TD></TR>
</TABLE>





<BR>
<p style="page-break-before:always ">
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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Consolidated Income Statement</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=90% align=center>
<TR VALIGN=Bottom>
     <TD COLSPAN=7 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated Income Statement<BR>
</B>Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30. 2004 </FONT> </TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q03&nbsp;</B> </FONT> </TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD04&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD03<SUP>(2)</SUP>&nbsp;</B> </FONT> </TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">468.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">453.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,364.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">968.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.27&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25.07&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.48&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26.14&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11,381.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11,357.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33,392.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25,326.8&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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">148.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">143.4&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11,410.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11,383.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33,540.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25,470.2&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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,823.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,826.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17,199.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12,836.8&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,587.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,557.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16,341.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12,633.4&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">656.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">658.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,958.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,372.7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,974.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,102.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,035.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,539.4&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,630.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,761.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,993.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7,912.1&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,957.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,796.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,348.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,721.3&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">594.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">705.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,830.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,210.5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">163.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">88.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">241.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">223.6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">430.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">616.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,589.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">986.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss (gain)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(102.8)&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">773.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">104.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,769.0&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on monetary position</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(456.2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(448.2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(967.3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(454.8)</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Integral cost of financing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(128.7)&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">942.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">726.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,301.1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other (income) expenses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(40.4)&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">180.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">130.1&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Income before taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,126.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">832.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,441.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,290.1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">863.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">276.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,730.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">833.6&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated net income before ext. items</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,263.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">555.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,710.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,456.5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Extraordinary items</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">1,193.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,263.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">555.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,904.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,456.5&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Majority net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,257.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">545.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,893.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,440.5&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Minority net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16.0&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,957.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,796.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,348.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,721.3&nbsp;</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">288.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">347.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">910.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">738.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amortization and Others <sup>(3)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">217.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">333.80&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">776.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">660.0&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EBITDA <sup>(4)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,463.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,477.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7,035.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,120.2&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<BR>

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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
Except volume and average price per unit case figures.</FONT></P></TD>
</TR>
</TABLE>


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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes five months from our new territories acquired from Panamco.</FONT></P></TD>
</TR>
</TABLE>


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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes returnable bottel breakage expense.</FONT></P></TD>
</TR>
</TABLE>

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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA = Operating Income + Depreciation +Amortization &amp; Others</FONT></P></TD>
</TR>
</TABLE>

<hr size=2 color=black width=90% align=center>


<BR>

<HR SIZE=2 color=black>

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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 11&nbsp;</FONT></TD></TR>
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<P STYLE="page-break-after:always">&nbsp;</P>





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<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Mexican and Central American
operations</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=90% align=center>
<TR VALIGN=Bottom>
     <TD COLSPAN=7 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Mexican operations<BR>
</B>Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30, 2004 </FONT> </TD></TR>
<TR>
     <TD COLSPAN=7><HR size=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3 Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256.3&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>256.2</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>741.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.05&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>27.60</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>26.47</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,675.5&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>7,069.1</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>19,626.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other operating revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.7&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>68.6</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>111.2</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,707.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,137.7&nbsp;</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>19,737.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,171.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.3%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,357.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,297.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.1%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,536.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.7%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,780.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,440.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.9%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>395.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>367.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,164.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,692.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.2%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,815.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,234.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,088.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.1%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,183.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,399.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.4%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,447.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.6%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,596.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,041.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation, Amortization &amp; Others <sup>(2)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>289.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>362.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>965.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA <sup>(3)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,736.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.9%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,958.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,006.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.4%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<BR>

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<TABLE WIDTH=90% align=center CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Except volume and average price per unit case figures.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=90% align=center CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes returnable bottle breakage expense.</FONT></P></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=90% align=center CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA = Operating Income + Depreciation + Amortization &amp; Others.</FONT></P></TD>
</TR>
</TABLE>


<hr size=2 color=black width=90% align=center>

<BR>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=90% align=center>
<TR VALIGN=Bottom>
     <TD COLSPAN=7 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Central American operations<BR>
</B>Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30, 2004 </FONT> </TD></TR>
<TR>
     <TD COLSPAN=7><HR size=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3 Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.4&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>26.9</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>80.8</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>Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.78&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>30.96</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>31.68</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>843.5&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>831.6</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>2,560.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other operating revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1.7)&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>(3.7)</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>3.4</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>841.8&nbsp;</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>827.9&nbsp;</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>2,563.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>459.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>415.2&nbsp;</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>1,340.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.3%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>382.7&nbsp;</FONT></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>412.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,223.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.7%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>287.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>730.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.5%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>281.6&nbsp;</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>345.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>931.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.3%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101.1&nbsp;</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>67.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>291.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation, Amortization &amp; Others <sup>(2)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>179.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.0%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA <sup>(3)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137.8&nbsp;</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>471.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.4%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>


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<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Except volume and average price per unit case figures.</FONT></P></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes returnable bottle breakage expense.</FONT></P></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA = Operating Income + Depreciation + Amortization &amp; Others.</FONT></P></TD>
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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 12&nbsp;</FONT></TD></TR>
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<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Colombian and Venezuelan
operations</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
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     <TD COLSPAN=7 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colombian operations</B><BR>
Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30, 2004 </FONT> </TD></TR>
<TR>
     <TD COLSPAN=7><HR size=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 03&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume(millions unit cases)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.5&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>41.6&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>122.0</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>Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.73&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>23.52&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>22.80</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>960.5&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>979.1&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>2,781.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other operating revenues</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>0.0&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>-</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>960.5&nbsp;</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>979.1&nbsp;</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>2,781.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>495.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>521.2&nbsp;</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>1,485.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.4%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>465.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>457.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,296.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.6%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.3&nbsp;</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>87.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>287.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>287.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>889.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.0%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>319.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,021.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.7%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>145.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>274.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation, Amortization &amp; Others <sup>(2)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104.6&nbsp;</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>208.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5%</FONT></TD></TR>
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     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA <sup>(3)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>207.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>187.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>483.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.4%</FONT></TD></TR>
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     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
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<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Except volume and average price per unit case figures.</FONT></P></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes returnable bottle breakage expense.</FONT></P></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA = Operating Income + Depreciation + Amortization &amp; Others.</FONT></P></TD>
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     <TD COLSPAN=7 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Venezuelan operations</B><BR>
Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30, 2004 </FONT> </TD></TR>
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<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 03&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.2&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>39.7</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>126.7</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>Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.20&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>24.92&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>26.73</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</tD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,184.3&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>988.9&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>3,387.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other operating revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4&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>0.0&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>2.4</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,185.7&nbsp;</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>988.9&nbsp;</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>3,390.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>674.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>589.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,973.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.2%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>510.9&nbsp;</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>399.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,416.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.8%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.8&nbsp;</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>50.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>388.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>324.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,016.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.0%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>457.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,210.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.7%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.5&nbsp;</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>206.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation, Amortization &amp; Others <sup>(2)</sup> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>171.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA <sup>(3)</sup></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>103.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>377.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1%</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<BR>

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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Except volume and average price per unit case figures.</FONT></P></TD>
</TR>
</TABLE>


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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes returnable bottle breakage expense.</FONT></P></TD>
</TR>
</TABLE>


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<TABLE WIDTH=90% CELLPADDING=0 CELLSPACING=0 align=center>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA = Operating Income + Depreciation + Amortization &amp; Others.</FONT></P></TD>
</TR>
</TABLE>


<BR>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 13&nbsp;</FONT></TD></TR>
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<p style="page-break-before:always ">




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<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Brazilian and Argentine
operations</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

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<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Brazilian operations

</B><BR>Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30, 2004 </FONT> </DIV>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR size=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 04</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 03</B> </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04</B> </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.6</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>60.0</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>190.7</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>Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.65</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>17.07</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>17.63</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD 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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,157.9</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>1,023.8</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>3,361.7</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>Other operating revenues</FONT></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><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>
     <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>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,161.4</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>1,028.7</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>3,373.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>697.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>660.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,065.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.2%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>463.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>367.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,307.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.8%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.0</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>71.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>247.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>272.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>798.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.7%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>351.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>346.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,046.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.0%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7%</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>2.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>261.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Depreciation, Amortization &amp; Others <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EBITDA <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>332.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Except
volume and average price per unit case figures. </FONT></P></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
returnable bottle breakage expense. </FONT></P></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA
= Operating Income + Depreciation + Amortization &amp; Others. </FONT></P></TD>
</TR>
</TABLE>

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<BR>


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<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Argentine operations

</B><BR>Expressed in million of Mexican pesos<SUP>(1) </SUP>with purchasing power as of September 30, 2004 </FONT> </DIV>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR size=2 color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 04</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3Q 03</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Rev</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B> YTD 03</B> </FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B> % Rev</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.0</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>28.6</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>102.5</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>87.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average price per unit case</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.64</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>16.25</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>16.39</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>16.06</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=1>&nbsp;</TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>565.3</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>465.4</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>1,679.7</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>1,402.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other operating revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.2</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>23.7</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>81.7</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>76.1</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>592.5</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>489.1</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>1,761.4</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>1,478.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>347.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>306.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,059.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>952.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.4%</FONT></TD></TR>



<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 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>41.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>182.4</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>702.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>525.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.6%</FONT></TD></TR>

<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.4</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>63.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>365.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>338.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.9%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>428.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.4%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><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 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>105.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1%</FONT></TD></TR>


<TR>
     <TD COLSPAN=1></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Depreciation, Amortization &amp; Others <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.8</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>40.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.0%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EBITDA <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.0</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>365.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>237.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.1%</FONT></TD></TR>
<TR>
     <TD COLSPAN=1><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>

</TABLE>


<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Except
volume and average price per unit case figures. </FONT></P></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
returnable bottle breakage expense. </FONT></P></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA
= Operating Income + Depreciation + Amortization &amp; Others. </FONT></P></TD>
</TR>
</TABLE>



<HR size=2 color=black>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 14&nbsp;</FONT></TD></TR>
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<P STYLE="page-break-after:always">&nbsp;</P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Selected Information
 </FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<b><font size="2" face="Times New Roman, Times, serif">SELECTED INFORMATION
</font></b>
<hr size="2" COLOR=BLACK><br>
<font size="2" face="Times New Roman, Times, serif"><B>For the three months ended September 30, 2004</B></font><br>
<br>
<i><font size="2" face="Times New Roman, Times, serif"><B>Expressed in million Mexican pesos as of September 30, 2004</B></font></i><br>
<br>
<table width="100%" cellpadding="2" cellspacing="0">
 <tr>
  <td width="20%"></td>
  <td width="10%" align="center"><b><font size="2" face="Times New Roman, Times, serif">3Q 2003 </font></b></td>
  <td width="40%"></td>
  <td width="20%"></td>
  <td width="10%" align="center"><b><font size="2" face="Times New Roman, Times, serif">3Q 2004 </font></b></td>
 </tr>
 <tr>
  <td colspan="2"><hr size="1"></td>
  <td></td>
  <td colspan="2"><hr size="1"></td>
 </tr>
 <tr>
  <td><font face="Times New Roman, Times, serif" size="2">Capex</font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">901.0 </font></td>
  <td>&nbsp;</td>
  <td><font size="2" face="Times New Roman, Times, serif">Capex </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">498.6 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Depreciation </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">347.0 </font></td>
  <td>&nbsp;</td>
  <td><font size="2" face="Times New Roman, Times, serif">Depreciation </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">288.0 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Amortization &amp; Others </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">333.8 </font></td>
  <td>&nbsp;</td>
  <td><font size="2" face="Times New Roman, Times, serif">Amortization &amp; Others </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">217.9 </font></td>
 </tr>
 <tr>
  <td colspan="2"><hr size="1"></td>
  <td>&nbsp;</td>
  <td colspan="2"><hr size="1"></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif"><B>VOLUME (MUC)</B><br>
        <i><B>Expressed in million unit cases</B></i></font></p>
<table width="100%" cellpadding="2" cellspacing="0">
 <tr>
  <td></td>
  <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">3Q 2003  </font></b></td>
  <td>&nbsp;</td>
     <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">3Q 2004 </font></b></td>
    </tr>
 <tr>
  <td></td>
  <td colspan="6" align="center"><hr size="1"></td>
  <td>&nbsp;</td>
  <td colspan="6" align="center"><hr size="1"></td>
 </tr>
 <tr>
  <td width="13%"></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Colas </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Flavors </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Water </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Beer </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Others </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Total </font></b></td>
  <td width="3%" align="center">&nbsp;</td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Colas </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Flavors </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Water </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Beer </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Others </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Total </font></b></td>
 </tr>
 <tr>
  <td colspan="7"><hr size="1"></td>
  <td align="center">&nbsp;</td>
  <td colspan="6" align="center"><hr size="1"></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Mexico </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">154.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">48.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">52.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">256.2 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">155.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">50.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">49.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">256.3 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Central America </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">18.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">6.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">26.9 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">19.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">6.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">27.4 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Colombia </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">25.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">9.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">6.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">41.6 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">26.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">8.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">5.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">40.5 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Venezuela </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">21.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">12.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">2.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">39.7 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">23.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">15.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">2.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">45.2 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Brazil </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">32.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">13.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">2.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">11.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">60.0 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">37.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">14.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">10.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">65.6 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Argentina </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">20.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">7.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">28.6 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">23.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">9.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">34.0 </font></td>
 </tr>
 <tr>
  <td colspan="7"><hr size="1"></td>
  <td align="right">&nbsp;</td>
  <td colspan="6" align="right"><hr size="1"></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Total </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">273.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">98.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">65.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">11.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">4.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">453.0 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">285.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">105.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">63.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">10.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">5.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">469.0 </font></td>
 </tr>
 <tr>
  <td colspan="7"><hr size="1"></td>
  <td align="right">&nbsp;</td>
  <td colspan="6" align="right"><hr size="1"></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif"><B>PACKAGE MIX BY PRESENTATION<br>
        <i>Expressed as a Percentage of Total Volume</i></B></font></p>
<table width="100%" cellpadding="2" cellspacing="0">
 <tr>
  <td>&nbsp;</td>
  <td colspan="4" align="center"><b><font size="2" face="Times New Roman, Times, serif">3Q 2003    </font></b></td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
     <td colspan="4" align="center"><b><font size="2" face="Times New Roman, Times, serif">3Q 2004</font></b></td>
        <td align="center">&nbsp;</td>
        <td align="center">&nbsp;</td>
 </tr>
 <tr>
  <td></td>
  <td colspan="4" align="center"><hr size="1"></td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td colspan="4" align="center"><hr size="1"></td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
 </tr>
 <tr>
  <td width="13%">&nbsp;</td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Ret </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Non-Ret </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Fountain </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Jug </font></b></td>
  <td width="7%"></td>
  <td width="7%"></td>
  <td width="3%" align="center">&nbsp;</td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Ret </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Non-Ret </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Fountain </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Jug </font></b></td>
     <td width="7%" align="center">&nbsp;</td>
     <td width="7%" align="center">&nbsp;</td>
 </tr>
 <tr>
  <td colspan="5"><hr size="1"></td>
  <td></td>
  <td></td>
  <td align="center">&nbsp;</td>
  <td colspan="4" align="center"><hr size="1"></td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Mexico </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">28.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">54.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">15.6 </font></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">28.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">55.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">14.6 </font></td>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Central America </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">56.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">38.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">5.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">- </font></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">48.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">47.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">4.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">- </font></td>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Colombia </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">55.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">34.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">7.0 </font></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">51.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">38.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">6.8 </font></td>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Venezuela </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">36.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">55.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">2.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">4.6 </font></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">30.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">63.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.6 </font></td>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Brazil </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">11.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">84.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">4.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">- </font></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">10.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">85.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">- </font></td>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Argentina </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">25.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">71.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">- </font></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">27.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">69.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">- </font></td>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td colspan="5"><hr size="1"></td>
  <td></td>
  <td></td>
  <td>&nbsp;</td>
  <td colspan="4" align="right"><hr size="1"></td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif"><B>For the nine months ended September 30, 2004</B></font></p>
<p><i><font size="2" face="Times New Roman, Times, serif"><B>Expressed in million Mexican pesos as of September 30, 2004</B></font></i></p>
<table width="100%" cellpadding="2" cellspacing="0">
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  <td align="center"><b><font size="2" face="Times New Roman, Times, serif">YTD 2003 </font></b></td>
  <td></td>
  <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  <td align="center"><b><font size="2" face="Times New Roman, Times, serif">YTD 2004 </font></b></td>
     <td align="center">&nbsp;</td>
 </tr>
 <tr>
  <td colspan="2"><hr size="1"></td>
  <td></td>
  <td colspan="2"><hr size="1"></td>
  <td align="center">&nbsp;</td>
 </tr>
 <tr>
  <td width="13%"><font size="2" face="Times New Roman, Times, serif">Capex </font></td>
  <td width="14%" align="right"><font size="2" face="Times New Roman, Times, serif">1,808.9 </font></td>
  <td width="31%">&nbsp;</td>
  <td width="13%"><font size="2" face="Times New Roman, Times, serif">Capex </font></td>
  <td width="15%" align="right"><font size="2" face="Times New Roman, Times, serif">1,219.8 </font></td>
     <td width="14%">&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Depreciation </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">738.9 </font></td>
  <td>&nbsp;</td>
  <td><font size="2" face="Times New Roman, Times, serif">Depreciation </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">910.9 </font></td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Amortization &amp; Others </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">660.0 </font></td>
  <td>&nbsp;</td>
  <td><font size="2" face="Times New Roman, Times, serif">Amortization &amp; Others </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">776.9 </font></td>
     <td>&nbsp;</td>
 </tr>
 <tr>
  <td colspan="2"><hr size="1"></td>
  <td>&nbsp;</td>
  <td colspan="2"><hr size="1"></td>
  <td>&nbsp;</td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif"><B>VOLUME (MUC)<br>
        <i>Expressed in million unit cases</i></B></font></p>
<table width="100%" cellpadding="0" cellspacing="0">
 <tr>
  <td></td>
  <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">YTD 2003  </font></b></td>
  <td align="center">&nbsp;</td>
     <td colspan="6" align="center"><b><font size="2" face="Times New Roman, Times, serif">YTD 2004 </font></b></td>
    </tr>
 <tr>
  <td></td>
  <td colspan="6" align="center"><hr size="1"></td>
  <td align="center">&nbsp;</td>
  <td colspan="6" align="center"><hr size="1"></td>
 </tr>
 <tr>
  <td width="13%"></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Colas </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Flavors </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Water </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Beer </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Others </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Total </font></b></td>
  <td width="3%" align="center">&nbsp;</td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Colas </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Flavors </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Water </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Beer </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Others </font></b></td>
  <td width="7%" align="center"><b><font size="2" face="Times New Roman, Times, serif">Total </font></b></td>
 </tr>
 <tr>
  <td colspan="7"><hr size="1"></td>
  <td align="center">&nbsp;</td>
  <td colspan="6" align="center"><hr size="1"></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Mexico </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">446.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">141.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">165.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">4.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">757.8 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">447.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">146.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">144.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">741.6 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Central America </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">53.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">19.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">77.9 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">55.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">20.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">3.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">80.8 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Colombia </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">77.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">28.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">20.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">126.7 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">79.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">25.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">16.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">122.0 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Venezuela </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">60.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">31.1 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">8.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">5.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">105.7 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">67.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">40.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">10.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">7.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">126.7 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Brazil </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">99.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">45.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">7.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">33.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">187.8 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">107.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">41.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">9.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">31.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">190.7 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Argentina </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">62.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">23.4 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">87.3 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">70.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">30.6 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.9 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">0.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">102.5 </font></td>
 </tr>
 <tr>
  <td colspan="7"><hr size="1"></td>
  <td align="right">&nbsp;</td>
  <td colspan="6" align="right"><hr size="1"></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">Total </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">800.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">289.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">206.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">33.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">13.5 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1,343.2 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">828.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">304.8 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">185.2 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">31.3 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">14.7 </font></td>
  <td align="right"><font size="2" face="Times New Roman, Times, serif">1,364.3 </font></td>
 </tr>
 <tr>
  <td colspan="7"><hr size="1"></td>
  <td align="right">&nbsp;</td>
  <td colspan="6" align="right"><hr size="1"></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif"><B>PACKAGE MIX BY PRESENTATION<br>
        <i>Expressed as a Percentage of Total Volume</i></B></font></p>
<table width="100%" cellpadding="2" cellspacing="0">
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  <td colspan="4" class="xl36" align="center"><b><font size="2" face="Times New Roman, Times, serif">YTD 2003 </font></b></td>
  <td class="xl36" align="center">&nbsp;</td>
  <td class="xl36" align="center">&nbsp;</td>
  <td class="xl36" align="center">&nbsp;</td>
  <td colspan="4" align="center" class="xl36"><b><font size="2" face="Times New Roman, Times, serif">YTD 2004 </font></b></td>
     <td class="xl36" align="center">&nbsp;</td>
     <td class="xl36" align="center">&nbsp;</td>
 </tr>
 <tr>
  <td></td>
  <td colspan="4" class="xl36" align="center"><hr size="1"></td>
  <td class="xl36" align="center">&nbsp;</td>
  <td class="xl36" align="center">&nbsp;</td>
  <td class="xl36" align="center">&nbsp;</td>
  <td colspan="4" align="center" class="xl36"><hr size="1"></td>
  <td class="xl36" align="center">&nbsp;</td>
  <td class="xl36" align="center">&nbsp;</td>
 </tr>
 <tr>
  <td width="13%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  <td width="7%" align="center" class="xl26"><b><font size="2" face="Times New Roman, Times, serif">Ret </font></b></td>
  <td width="7%" align="center" class="xl31"><b><font size="2" face="Times New Roman, Times, serif">Non-Ret </font></b></td>
  <td width="7%" align="center" class="xl31"><b><font size="2" face="Times New Roman, Times, serif">Fountain </font></b></td>
  <td width="7%" align="center" class="xl29"><b><font size="2" face="Times New Roman, Times, serif">Jug </font></b></td>
  <td width="7%" align="center" class="xl26">&nbsp;</td>
  <td width="7%" align="center" class="xl26">&nbsp;</td>
  <td width="3%" align="center" class="xl26">&nbsp;</td>
  <td width="7%" align="center" class="xl26"><b><font size="2" face="Times New Roman, Times, serif">Ret </font></b></td>
  <td width="7%" align="center" class="xl31"><b><font size="2" face="Times New Roman, Times, serif">Non-Ret </font></b></td>
  <td width="7%" align="center" class="xl31"><b><font size="2" face="Times New Roman, Times, serif">Fountain </font></b></td>
  <td width="7%" align="center" class="xl29"><b><font size="2" face="Times New Roman, Times, serif">Jug </font></b></td>
     <td width="7%" align="center" class="xl29">&nbsp;</td>
     <td width="7%" align="center" class="xl29">&nbsp;</td>
 </tr>
 <tr>
  <td colspan="5"><hr size="1"></td>
  <td align="center" class="xl26">&nbsp;</td>
  <td align="center" class="xl26">&nbsp;</td>
  <td align="center" class="xl26">&nbsp;</td>
  <td colspan="4" align="center" class="xl26"><hr size="1"></td>
  <td align="center" class="xl29">&nbsp;</td>
  <td align="center" class="xl29">&nbsp;</td>
 </tr>
 <tr>
  <td class="xl32"><font size="2" face="Times New Roman, Times, serif">Mexico </font></td>
  <td align="right" class="xl38"><font size="2" face="Times New Roman, Times, serif">27.7 </font></td>
  <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">54.5 </font></td>
  <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">1.3 </font></td>
  <td align="right" class="xl40"><font size="2" face="Times New Roman, Times, serif">16.5 </font></td>
  <td class="xl38">&nbsp;</td>
  <td class="xl38">&nbsp;</td>
  <td class="xl38">&nbsp;</td>
  <td align="right" class="xl38"><font size="2" face="Times New Roman, Times, serif">28.5 </font></td>
  <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">55.5 </font></td>
  <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">1.3 </font></td>
  <td align="right" class="xl40"><font size="2" face="Times New Roman, Times, serif">14.7 </font></td>
     <td class="xl40">&nbsp;</td>
     <td class="xl40">&nbsp;</td>
 </tr>
 <tr>
  <td class="xl33"><font size="2" face="Times New Roman, Times, serif">Central America </font></td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">52.1 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">42.3 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">5.6 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">- </font></td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">49.5 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">46.1 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">4.4 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">- </font></td>
     <td class="xl42">&nbsp;</td>
     <td class="xl42">&nbsp;</td>
 </tr>
 <tr>
  <td class="xl33"><font size="2" face="Times New Roman, Times, serif">Colombia </font></td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">54.0 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">35.8 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">3.0 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">7.2 </font></td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">52.0 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">38.1 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">3.3 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">6.6 </font></td>
     <td class="xl42">&nbsp;</td>
     <td class="xl42">&nbsp;</td>
 </tr>
 <tr>
  <td class="xl33"><font size="2" face="Times New Roman, Times, serif">Venezuela </font></td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">36.1 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">57.5 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">2.7 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">3.7 </font></td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">31.1 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">62.1 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">2.8 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">4.0 </font></td>
     <td class="xl42">&nbsp;</td>
     <td class="xl42">&nbsp;</td>
 </tr>
 <tr>
  <td class="xl33"><font size="2" face="Times New Roman, Times, serif">Brazil </font></td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">11.7 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">84.2 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">4.1 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">- </font></td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td class="xl41">&nbsp;</td>
  <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">10.8 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">86.0 </font></td>
  <td align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">3.2 </font></td>
  <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">- </font></td>
     <td class="xl42">&nbsp;</td>
     <td class="xl42">&nbsp;</td>
 </tr>
 <tr>
  <td class="xl34"><font size="2" face="Times New Roman, Times, serif">Argentina </font></td>
  <td align="right" class="xl43"><font size="2" face="Times New Roman, Times, serif">24.2 </font></td>
  <td align="right" class="xl44"><font size="2" face="Times New Roman, Times, serif">71.9 </font></td>
  <td align="right" class="xl44"><font size="2" face="Times New Roman, Times, serif">3.9 </font></td>
  <td align="right" class="xl45"><font size="2" face="Times New Roman, Times, serif">- </font></td>
  <td class="xl43">&nbsp;</td>
  <td class="xl43">&nbsp;</td>
  <td class="xl43">&nbsp;</td>
  <td align="right" class="xl43"><font size="2" face="Times New Roman, Times, serif">27.3 </font></td>
  <td align="right" class="xl44"><font size="2" face="Times New Roman, Times, serif">69.0 </font></td>
  <td align="right" class="xl44"><font size="2" face="Times New Roman, Times, serif">3.7 </font></td>
  <td align="right" class="xl45"><font size="2" face="Times New Roman, Times, serif">- </font></td>
     <td class="xl45">&nbsp;</td>
     <td class="xl45">&nbsp;</td>
 </tr>
 <tr>
  <td colspan="5" class="xl34"><hr size="1"></td>
  <td class="xl43">&nbsp;</td>
  <td class="xl43">&nbsp;</td>
  <td class="xl43">&nbsp;</td>
  <td colspan="4" align="right" class="xl43"><hr size="1"></td>
  <td class="xl45">&nbsp;</td>
  <td class="xl45">&nbsp;</td>
 </tr>
</table>
<p>&nbsp;</p>

<HR SIZE=2 color=black>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 15&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">&nbsp;</P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Macroeconomic Information </FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>

<hr size="1">
<center>
 <p><font size="3" face="Times New Roman, Times, serif"><B>September 2004<br>
 Macroeconomic Information</B> </font></p>
 <table width="100%" cellpadding="2" cellspacing="0">
     <tr>
      <td class="xl26">&nbsp;</td>
      <td colspan="3" align="center" class="xl46"><hr size="1"></td>
      <td align="right" class="xl27"><hr size="1"></td>
     </tr>
     <tr>
      <td class="xl26"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
      <td colspan="3" align="center" class="xl46"><font size="2" face="Times New Roman, Times, serif">Inflation </font></td>
      <td align="right" class="xl27"><font size="2" face="Times New Roman, Times, serif">Foreign Exchange Rate </font></td>
     </tr>
     <tr>
      <td width="30%" class="xl26"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
      <td width="15%" align="right" class="xl28"><font size="2" face="Times New Roman, Times, serif">LTM </font></td>
      <td width="15%" align="right" class="xl29"><font size="2" face="Times New Roman, Times, serif">YTD </font></td>
      <td width="15%" align="right" class="xl30"><font size="2" face="Times New Roman, Times, serif">3Q 04 </font></td>
      <td width="25%" align="right" class="xl31"><font size="2" face="Times New Roman, Times, serif">(Per US Dollar) * </font></td>
     </tr>
     <tr>
      <td class="xl26">&nbsp;</td>
      <td colspan="3" align="right" class="xl28"><hr size="1"></td>
      <td align="right" class="xl31"><hr size="1"></td>
     </tr>
     <tr>
      <td class="xl27"><font size="2" face="Times New Roman, Times, serif">Mexico </font></td>
      <td align="right" class="xl32"><font size="2" face="Times New Roman, Times, serif">5.06% </font></td>
      <td align="right" class="xl33"><font size="2" face="Times New Roman, Times, serif">3.37% </font></td>
      <td align="right" class="xl34"><font size="2" face="Times New Roman, Times, serif">1.72% </font></td>
      <td align="right" class="xl36"><font size="2" face="Times New Roman, Times, serif">11.3759 </font></td>
     </tr>
     <tr>
      <td class="xl37"><font size="2" face="Times New Roman, Times, serif">Colombia </font></td>
      <td align="right" class="xl38"><font size="2" face="Times New Roman, Times, serif">5.98% </font></td>
      <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">4.91% </font></td>
      <td align="right" class="xl40"><font size="2" face="Times New Roman, Times, serif">0.62% </font></td>
      <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">2,595.1700 </font></td>
     </tr>
     <tr>
      <td class="xl37"><font size="2" face="Times New Roman, Times, serif">Venezuela </font></td>
      <td align="right" class="xl38"><font size="2" face="Times New Roman, Times, serif">20.83% </font></td>
      <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">14.68% </font></td>
      <td align="right" class="xl40"><font size="2" face="Times New Roman, Times, serif">3.27% </font></td>
      <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">1,920.0000 </font></td>
     </tr>
     <tr>
      <td class="xl37"><font size="2" face="Times New Roman, Times, serif">Brazil </font></td>
      <td align="right" class="xl38"><font size="2" face="Times New Roman, Times, serif">5.96% </font></td>
      <td align="right" class="xl39"><font size="2" face="Times New Roman, Times, serif">4.63% </font></td>
      <td align="right" class="xl40"><font size="2" face="Times New Roman, Times, serif">1.47% </font></td>
      <td align="right" class="xl41"><font size="2" face="Times New Roman, Times, serif">2.8586 </font></td>
     </tr>
     <tr>
      <td class="xl31"><font size="2" face="Times New Roman, Times, serif">Argentina </font></td>
      <td align="right" class="xl42"><font size="2" face="Times New Roman, Times, serif">5.73% </font></td>
      <td align="right" class="xl43"><font size="2" face="Times New Roman, Times, serif">3.97% </font></td>
      <td align="right" class="xl44"><font size="2" face="Times New Roman, Times, serif">1.31% </font></td>
      <td align="right" class="xl45"><font size="2" face="Times New Roman, Times, serif">2.9800 </font></td>
     </tr>
     <tr>
      <td class="xl31"><hr size="1"></td>
      <td colspan="3" align="right" class="xl42"><hr size="1"></td>
      <td align="right" class="xl45"><hr size="1"></td>
     </tr>
     </table>
 <p><font size="2" face="Times New Roman, Times, serif">* Figures as of September 30, 2004</font></p>
 <hr size="1">
 <p>&nbsp;
          </p>
</center>

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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 27, 2004</FONT></TD>
     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 16&nbsp;</FONT></TD></TR>
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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>SIGNATURES</B> </FONT> </P>

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<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=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD WIDTH=55% 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: October 27, 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>
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