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<SEC-DOCUMENT>0001292814-05-000181.txt : 20050225
<SEC-HEADER>0001292814-05-000181.hdr.sgml : 20050225
<ACCEPTANCE-DATETIME>20050225114105
ACCESSION NUMBER:		0001292814-05-000181
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050225
DATE AS OF CHANGE:		20050225

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:		05639627

	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>kofpr4q04_6k.htm
<DESCRIPTION>FOURTH-QUARTER AND FULL-YEAR 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 February 2005</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>






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

<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->



<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>FOURTH-QUARTER AND FULL-YEAR 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=7><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>&nbsp;</TD>
     <TD ALIGN="LEFT"><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">Fourth 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">Fourth quarter </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Full Year </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=3><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="LEFT"><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&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT FACE="Symbol" SIZE="1"><B>D</B> </FONT>%&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&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,363&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,287&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6%</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% of Tot.Rev.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,499&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><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=21% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross Profit</FONT></TD>
     <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,022&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,041&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.3%&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.7%</FONT></TD>
     <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.2%</FONT></TD>
     <TD WIDTH=9% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,535&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,263&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,300&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.6%&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.7%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,697&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,410&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,001&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.9%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,404&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,861&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,628&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,020&nbsp;</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><HR SIZE=1></TD>
</TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=3><HR SIZE=1></TD>
<TD colspan=3>&nbsp;</TD>
<TD><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)</SUP></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,385&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,629&nbsp;</FONT></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>&nbsp;</FONT></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>21,385</FONT></TD></TR>
<TR>

<TD> </TD>
<TD colspan=3><HR SIZE=1></TD>
<TD colspan=3>&nbsp;</TD>
<TD><HR SIZE=1></TD>
</TR>
<TR>

<TD> </TD>
<TD colspan=3><HR SIZE=1></TD>
<TD colspan=3>&nbsp;</TD>
<TD><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> / Interest Expense</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.20</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.65</FONT></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>&nbsp;</FONT></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>3.96</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=3><HR SIZE=1></TD>
<TD colspan=3>&nbsp;</TD>
<TD><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>Earnings per Share</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.76</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.54</FONT></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>&nbsp;</FONT></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>2.93</FONT></TD></TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=3><HR SIZE=1></TD>
<TD colspan=3>&nbsp;</TD>
<TD><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 (million)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,846.5</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,846.4</FONT></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>&nbsp;</FONT></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>1,846.4</FONT></TD></TR>
<TR>

<TD> </TD>
<TD colspan=7><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 December 31, 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 Non-cash
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) 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 fourth quarter and the full year were Ps.12,363 million and Ps. 46,499 million, respectively.</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 Fern&#225;ndez<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>
  Oscar Garcia<BR>
  <U>oscar.garcia@kof.com.mx</U><BR>
  (5255) 5081-5186<BR>
<BR>
  Website:<BR>
  <U>www.cocacola-femsa.com</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 was Ps.2,263 million, and operating margin was 18.3% in the fourth quarter of 2004. For the full year of 2004, consolidated operating income was Ps. 7,697 million, and operating margin was 16.6%. </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 majority net income was Ps. 1,410 million, resulting in earnings per share of Ps. 0.76, in the fourth quarter of 2004. For the full year of 2004, majority net income was Ps. 5,404 million, resulting in earnings per share of Ps. 2.93. </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 2004 was approximately U.S.$1,915 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 (February 25, 2005), Coca-Cola FEMSA, S.A. de C.V. (BMV: KOFL, NYSE:KOF) (&#147;Coca-Cola FEMSA&#148; or the &#147;Company&#148;), the largest <I>Coca-Cola </I>bottler in Latin America and the second-largest <I>Coca-Cola </I>bottler in the world in terms of sales volume, announces results for the fourth quarter and full year 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;As we look forward, we believe our geographic diversification will enable us to foster better balanced top and bottom-line growth. Indeed, now that we have successfully finished the integration process and restructured our debt maturity profile, we can focus even more of our attention on growing our company&#146;s top and bottom line,&#148; said Carlos Salazar, Chief Executive Officer of the Company.</FONT> </div></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>February 25, 2005</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 </FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>








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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Our consolidated
revenues were Ps. 12,363 million in the fourth quarter of 2004; a slight increase of
0.6% over the same period of 2003, despite lower average prices per unit case in Mexico
and Central America, which resulted in a consolidated average price per unit case of
Ps. 25.04 (U.S.$2.25)<SUP>1</SUP>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our gross profit in
the fourth  quarter of 2004 was Ps. 6,022  million,  a decline of 0.3%  compared  with
the fourth  quarter of 2003. However,  our cost per case  decreased  from Ps. 12.56 to
Ps. 12.26 due to cost  efficiencies  achieved from the  consolidation  of our
manufacturing facilities, better procurement practices, and synergies realized in our
Mexican operations.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our consolidated
 operating income was Ps. 2,263 million,  a decline of 1.6%,  resulting in an operating
margin of 18.3% as compared to an operating margin of 18.7% in the fourth quarter of
2004. Excluding non-recurrent items2 in the  amount of Ps. 269  million  recorded in the
fourth  quarter of 2003,  our  operating  income would have grown 11.4% in the fourth
 quarter of 2004 as compared to the fourth quarter of 2003, driven mainly by selling
expenses reduction derived from better commercial practices.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Despite higher
 interest  expenses,  our integral cost of financing  decreased  68.8%  compared with the
fourth  quarter of 2003.  This reduction  mainly  resulted  from a shift in the
 foreign-exchange  loss for the fourth  quarter  2003 to a gain for the same period of
2004, generated by the appreciation of the Mexican peso versus the U.S. dollar as applied
to our U.S. dollar-denominated debt.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the fourth
quarter of 2004,  income tax, tax on assets,  and employee  profit sharing as a
percentage of income before taxes was 31.0%,  impacted  positively  by a one-time
 benefit in Mexico in the amount of Ps. 172  million due to a  reduction  in  deferred
 tax liabilities driven by a decline in the Mexican income tax rate going forward.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our  consolidated
 majority net income increased 40.9% to Ps. 1,410 million in the fourth quarter of 2004
compared with the same period in 2003,  resulting in earnings per share  (&#147;EPS&#148;) of Ps.
0.76  (U.S.$0.69  per ADR)  computed on the basis of 1,846.5  million  shares outstanding
 (each ADR  represents 10 local  shares).  Excluding the  above-mentioned  tax benefit,
 our majority net income would have been Ps. 1,238 million,  an increase of 23.7%
compared with the  fourth-quarter  of 2003,  resulting in EPS of Ps. 0.67  (U.S.$0.60 per
ADR).</FONT></P>


<BR><BR><BR><BR>




<hr size=1 color=gray width=30% align=left>

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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>1 </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Assuming
a foreign exchange rate of Ps.11.146 per U.S. dollar</FONT></P> </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>As
we  mentioned in our fourth  quarter 2003 press  release,  several  changes in the
 accounting  policies  were booked  during that quarter which  impacted our results for
2003.  These changes were related to (i) the  cancellation  of reserve  provisions
 accumulated during the  first-nine  months of 2003 in relation to the excise tax on
 sparkling  water and diet  products  (&#147;Excise  Tax Impact&#148;) in Mexico that impacted
 positively  total revenues in the fourth quarter of 2003 in the amount of Ps.136.7
 million,  (ii) an increase in the useful life of the coolers in our original
 territories in Mexico from three to five years that decreased our amortization  expense
by Ps.72.6  million in the fourth  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 reduced the operating  expenses by Ps.60  million,
 decreasing non-cash items in the same amount in the fourth quarter of 2003.</FONT></P> </TD>
</TR>
</TABLE>

<BR>

<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>February 25, 2005</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 ">


<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>



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





<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,
2004,  Coca-Cola FEMSA had a cash balance of Ps. 3,603 million (U.S.$323 million),  total
short-term  debt  of Ps.  3,272  million  (U.S.$294  million),  and  long-term  debt of
Ps.  21,716  million (U.S.$1,949 million).</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the quarter,
 the company  increased its debt balances  denominated in local currency from 68% in the
third  quarter of 2004 to 77% in the fourth  quarter of the same year.  This  increase
 was  attributed,  in large part, to the  establishing  of cross  currency  swaps that
 increased  synthetically  our debt balance denominated  in local  currency by 630 basis
 points.  Weighted  average cost of debt during the quarter was 9.03%.</FONT></P>


<!-- MARKER FORMAT-SHEET="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 as of
December 31, 2004:</FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN="4" ALIGN="LEFT"><HR COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Currency</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Total Debt</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>% Interest Rate Floating</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Average Rate<SUP>(1)</SUP></B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN="4" ALIGN="LEFT"><HR COLOR=#000000 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>23.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.66%</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>73.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.45%</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>2.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuelan Bolivares</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.00%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentine Pesos</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.36%</FONT></TD></TR>
<TR>
     <TD COLSPAN="4" ALIGN="LEFT"><HR COLOR=#000000 SIZE=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="HANG JUST 1" FSL="Workstation" -->
<TABLE WIDTH=100% 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>Annualized
average interest rate per currency as of December 31, 2004</FONT></P> </TD>
</TR>
</TABLE>





<BR><BR><BR>



<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>February 25, 2005</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-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 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="JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consolidated
Statement of Changes in Financial Position </B><BR>Expressed in million of Mexican pesos and U.S.
dollars as of December 31, 2004</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=3><HR COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Jan - Dec 2004</I></B> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="RIGHT">&nbsp;</TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Ps.</I></B> </FONT> </TD>
     <TD 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</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,427&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>487&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non cash charges to net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,060&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>185&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>7,487&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>672&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD>&nbsp;</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>441&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&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>7,928&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>711&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>(1,929)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(173)</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>(539)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(48)</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>(5,496)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(493)</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>618&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55&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>582&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>52&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>Cash and cash equivalents at begining of period</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,021&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>271&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>3,603&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>323&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR COLOR=#000000 SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="HANG 1 JUST CERTO" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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. 11.1460 per US Dollar</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="HANG 1 JUST CERTO" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<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>




<!-- MARKER FORMAT-SHEET="JUST BOLD" 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="Justify 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="Justify ITALIC" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Financial
 information  for the  fourth  quarter  of 2004 is  comparable  with the  fourth  quarter
of 2003; however,  for the full year,  it is not  comparable as Panamco is only included
for eight months of 2003. On an annual basis, the information will not be comparable
until the end of 2005.</I></FONT></P>


<!-- MARKER FORMAT-SHEET="Justify ITALIC" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>For purposes of the
 full-year  volume  comparison,  we have included the sales volume  figures  recorded by
Panamco from January through April 2003.</I></FONT></P>


<!-- MARKER FORMAT-SHEET="Justify 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.
 These  reclassifications  were Ps.97.0  million and  Ps.438.9  million for the fourth
quarter of 2003 and the full year ended in December 31, 2003, respectively.</I></FONT></P>


<!-- MARKER FORMAT-SHEET="Justify 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  changes in the accounting  policies were
recorded  during that quarter  which  impacted our results for 2003.  These  changes were
related to (i) the cancellation  of reserve  provisions  accumulated  during the
 first-nine  months of 2003 in relation to the excise tax on sparkling  water and diet
products in Mexico  (&#147;Excise Tax Impact&#148;)  that impacted  positively total  revenues in
the fourth  quarter of 2003 in the amount of Ps. 136.7  million,  (ii) an increase in the
useful life of the coolers in our  original  territories  in Mexico from three to five
years that  decreased our  amortization  expense  by Ps.  72.6  million in the  fourth
 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 reduced the operating  expenses by Ps. 60 million,  decreasing  non-cash
items in the same amount in the fourth quarter of 2003.</I></FONT></P>


<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>February 25, 2005</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-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>Fourth Quarter and Full-Year 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="JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FOURTH QUARTER 2004
SUMMARY:</B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN="6" ALIGN="LEFT"><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><I><SUP>(1)</SUP></I> </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" ALIGN="LEFT"><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>248.3</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.5%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps. 1,464</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.6%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.8</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1</FONT></TD>
     <TD ALIGN="CENTER"><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>145&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7%</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>45.9</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>165&nbsp;</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>12.1%</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>80.3</FONT></TD>
     <TD ALIGN="CENTER"><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>179&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.5%</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>41.8</FONT></TD>
     <TD ALIGN="CENTER"><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>112&nbsp;</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" ALIGN="LEFT"><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>491.2</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.2,199</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>18.3%</FONT></TD></TR>
<TR>
     <TD COLSPAN="6" ALIGN="LEFT"><HR SIZE=2 color=black></TD></TR>
</TABLE>







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

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN="6" ALIGN="LEFT"><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><I><SUP>(1)</SUP></I> </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" ALIGN="LEFT"><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>989.8</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.3%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.5,520</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72.8%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110.6</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.0%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>419&nbsp;</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>12.1%</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>167.1</FONT></TD>
     <TD ALIGN="CENTER"><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>433&nbsp;</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>10.7%</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>172.7</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>375&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.0%</FONT></TD>
     <TD ALIGN="CENTER"><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>Brazil</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>270.8</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.6%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>458&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.0%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9%</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>144.3</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>383&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.0%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.6%</FONT></TD></TR>
<TR>
     <TD COLSPAN="6" ALIGN="LEFT"><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>1,855.3</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.7,588</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>16.6%</FONT></TD></TR>
<TR>
     <TD COLSPAN="6" ALIGN="LEFT"><HR SIZE=2 color=black></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="HANG JUST 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Million
Unit Case &#150; unit of measurement equivalent to 24 eight-ounce servings.</I> </FONT></P> </TD>
</TR>
</TABLE>

<BR>

<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>February 25, 2005</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-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>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="JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MEXICAN OPERATING
RESULTS</B></FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Revenues in our
Mexican territories were Ps. 6,705 million in the fourth quarter of 2004, a decline
of 4.8% compared with the same period of 2003. Average price per unit case in the fourth
quarter of 2004, was Ps. 26.86 (U.S.$2.41), a decline of 6.1% compared with the fourth
quarter of 2003. However, there was a quarterly sequential improvement of 1.3%,
driven by a better packaging mix in the multi-serve segment and incremental volumes in
single-serve presentations. 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. 30.50
(U.S.$2.74). </FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total sales volume
grew 1.8% in the fourth quarter of 2004 compared with the same period of 2003, reaching
248.3 million unit cases (&#147;MUC&#148;). Carbonated soft drink (&#147;CSD&#148;) sales volume increased
2.0% to 202.8 MUC, mainly resulting from the solid performance of our flavored brands,
which accounted for more than 70% of incremental volumes; <I>Ciel </I>bottled water in personal
sizes and brand <I>Coca-Cola </I>accounted for the balance. </FONT> </P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the  fourth
 quarter  of 2004,  higher  sweetener  and  polyethylene  terephtalate  (&#147;PET&#148;)  prices
 were partially  offset by a favorable shift in sweetener mix from refined sugar to
standard  sugar.  Gross profit decreased  6.1% as a result of the decrease in total
 revenues  above-mentioned  resulting in a 52.9% margin as  percentage  of total
 revenues,  a decline of 80 basis points as  compared,  to the same period of 2003.
However,  average  cost per unit case  decreased  4.9% year  over  year due to  higher
 productivity  levels achieved  through  the  synergies  realized  from  the  closing  of
 manufacturing   facilities,   headcount rationalization,  and better procurement
practices.  Excluding the Excise Tax Impact from the fourth quarter of 2003 in the amount
of Ps. 137 million, gross profit would have decreased only by 2.6%.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 declined 10.6% to Ps. 2,085 million,  due to distribution  efficiencies that drove down
freight  costs and lower  breakage due to the  introduction  of fewer  bottles in the
quarter  compared with last year, which more than offset  non-recurrent  expenses
 related to our integration  process and training programs in 2004.  Our operating
 income  increased  1.1% to Ps. 1,464  million,  a margin  expansion of 120 basis points
 reaching  21.8% margin as percentage of total  revenues.  Excluding  the  non-recurrent
 items related to Mexico recorded in the fourth quarter of 2003,  mentioned in page 4,
operating  income would have increased by 18.2% in the fourth quarter of 2004.</FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our Central  American
 territories&#146;  total  revenues  reached Ps. 910 million in the fourth quarter of 2004,
remaining  almost flat as compared  with the same period of 2003.  Average price per unit
case declined 1.7% to Ps. 30.47 (U.S.$ 2.73) driven by a shift in the packaging mix
towards  multi-serve  presentations,  which accounted for the volume growth in the
quarter.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total sales volume in
our Central American territories reached 29.8 MUC, an increase of 1.7% compared with
the same quarter of 2003. The majority of this growth came from brand <I>Coca-Cola</I>, which
accounted for 80% of the increase. </FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Productivity
 improvements  and headcount  rationalization  more than offset  raw-material  price
 increases during the fourth  quarter of 2004,  resulting  in a  gross-margin  expansion
 of 50 basis  points to 50.7%, compared with 50.2% in the same period of 2003.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We increased our
operating  income by 22.4% as compared with the fourth  quarter of 2003, to Ps. 134
million from Ps. 109 million,  reaching an operating  margin of 14.7%.  The increase in
our  operating  income was a result of lower  operating  expenses due to better
 commercial  and  distribution  practices  throughout the region, such as efficiencies in
pre-sale and route productivity.</FONT></P>



<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>February 25, 2005</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>






<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>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>


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


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Our Colombian
operations achieved total revenues of Ps. 1,137 million for the fourth quarter of
2004, an increase of 6.5% compared with the same period of 2003, driven by the average
price per unit case increase resulting from price increases implemented during the
year. Our average price per unit case was Ps. 25.21 (U.S.$2.26). Sales volume of brand
<I>Coca-Cola </I>grew 4.3% to 30.5 MUC in the fourth quarter of 2004 compared with the same
period of 2003, compensating for the 6.9% decline in flavored CSDs. </FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the fourth
quarter of 2004,  our gross profit grew 13.6% to Ps. 547.2 million  compared with the
same period  of  2003,  resulting  in  a  year-over-year  gross-margin  expansion  of
 300  basis  points.  These improvements  were mainly due to (i) lower sweetener costs,
 (ii) savings achieved from the consolidation of our  manufacturing  network,  and (iii)
the  appreciation  of the Colombian Peso against the U.S.  dollar as applied to our
dollar-denominated costs.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our operating  income
was Ps. 145 million  during the fourth quarter of 2004, a decrease of 5.9% as compared to
the fourth quarter of 2003,  resulting in a 12.7% operating income margin.  Operating
 expenses increased 22.8% in the fourth  quarter of 2004,  driven by the change in
 accounting  policies  recorded in the fourth quarter of 2003,  related to the treatment
of bottles and cases,  which  reduced the  operating  expenses by Ps. 60 million,
 decreasing the non-cash  items in the same amount in the fourth quarter of 2003.
 Excluding this operating  expense reduction  recorded in 2003, our operating income
would have grown by 54.2%,  driven mainly by commercial practices improvements and
headcount optimization.</FONT></P>


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


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  revenues
 increased  by 10.8% in the fourth  quarter of 2004  compared  with the same period of
2003, reaching Ps. 1,363  million.  Our average  price per unit case was Ps. 29.66
 (U.S.$2.66),  representing  an increase of 10.6% compared with the previous year,
 driven by price increases  implemented  during the year, including an  additional  6% in
the fourth  quarter of 2004.  Sales volume  reached 45.9 MUC,  flat compared with a
strong fourth-quarter 2003 in which sales volume grew 34.7%.</FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost  of  goods
 increased  14.7%,  driven  by  increases  in  PET  prices  and a  shift  in  volume  mix
to non-returnable PET presentations,  which were partially offset by higher revenues.
 Gross profit in absolute terms grew 6.1%, reaching Ps. 599 million.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 increased 240 basis points as percentage  of total  revenues due to (i) higher  freight
costs,  (ii) a more  inflationary  environment,  and (iii) the depreciation of the
Bolivar as applied to our USD-denominated  expenses.  Our  operating  income  was Ps.
 165  million,  a 430  basis-point  decrease  as percentage  of total  revenues  over the
same period of last year,  due to increases in operating  expenses, resulting in a 12.1%
operating income margin.</FONT></P>


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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 25, 2005</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>






<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>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="JUST BOLD" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BRAZILIAN OPERATING
RESULTS</B></FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Brazil,  our total
 revenues  reached Ps. 1,550 million for the fourth quarter of 2004, an improvement of
12.2%  compared with the same period of 2003. Our average price per unit case was
Ps.19.25  (U.S.$1.72),  an increase  of 8.3% over the fourth  quarter of 2003,  mainly
due to the  year-over-year  appreciation  of the Brazilian Real resulting from the
economic recovery in Brazil and the  implementation of revenue  management initiatives.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Volume growth during
the fourth  quarter of 2004 was 3.6%,  mainly driven by CSD growth,  which  represented
over 90% of  incremental  volumes;  bottled  water  accounted  for the  remaining
 balance.  Volumes  in our single-serve presentations grew 3.8% during the quarter.</FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the fourth
quarter of 2004,  our gross profit totaled Ps. 587 million,  an increase of 10.5%
compared with the same period of 2003.  Gross margin  decreased  from 38.4% in the fourth
quarter of 2003 to 37.8% in the fourth quarter of 2004, as a result of higher PET and
sugar prices for the year.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our  operating
 expenses as a percentage of total  revenues  decreased  from 26.9% in the fourth
 quarter of 2003 to 26.3% in the same  period  of 2004,  as a result  of  higher
 revenues  combined  with  cost-cutting initiatives  and higher  operating  productivity
 levels.  Operating  income was Ps.  179  million,  a 12.8% increase compared with the
same period of 2003, resulting in an operating income margin of 11.5%.</FONT></P>



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


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">In Argentina, our
total revenues reached Ps. 723 million, a 9.6% increase over the fourth quarter of 2003,
mainly as a result of the 6.1% increase in sales volume. Average price per unit
case grew 3.3% to Ps. 16.51 (U.S.$1.48), despite the fact that the majority of the
incremental volumes came only from <I>Tai</I>, the value-protection brand that has lower
price per unit case. Sales volume reached 41.8 MUC during the fourth quarter of 2004, an
increase of 6.1% compared with the same period of 2003. During the quarter, volumes of
non-carbonated beverages almost doubled from a low base to 1.4% of total sales volume. </FONT></P>


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit  reached
Ps. 279 million  during the fourth  quarter of 2004, an increase of 7.2% compared with
the same  period of 2003.  Our gross  margin  decreased  as a  percentage  of sales from
39.4% in the fourth quarter of 2003 to 38.5%, mainly as a result of higher PET prices and
sweetener cost.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 increased  16.1%,  driven mainly by higher  introduction  of returnable  bottles in the
market in connection with our strategy of  strengthening  our sales volume in returnable
 presentations.  In spite of this  increase,  our  operating  income only  decreased by
3.9% to Ps. 112 million,  resulting in a 15.5% operating income margin.</FONT></P>



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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 25, 2005</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>






<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>Summary of Full-Year Results and Conference Call
Information</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>





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


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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated sales
volume reached 1,855 MUC in 2004, an increase of 1.7% versus 2003, mainly driven by CSD
volume growth across most of our territories, which more than compensated for water
volume declines in Mexico and volume decline in Colombia. During 2004, CSD volumes
grew almost 4%, driven by volume growth from brand <I>Coca-Cola</I>, which accounted for
58% of the incremental volumes; the CSD flavor segment represented the balance. </FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2004, total
revenues reached Ps. 46,499 million,  resulting in a consolidated  average unit price per
case of Ps.  24.95  (U.S.$2.24).  Gross  margin  as a  percentage  of  total  revenues
 was  48.5%  in 2004. Consolidated operating income was Ps. 7,697 million, or 16.6% as
percentage of total revenues during 2004.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our majority net
income was Ps. 5,404  million,  resulting in EPS of Ps. 2.93  (U.S.$2.63  per ADS) based
on 1,846.4 million shares outstanding.</FONT></P>



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


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our fourth-quarter and
full year 2004 Conference Call will be held on: February 28, 2005, 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="#0000ff"><u>www.cocacola-femsa.com.mx</u></FONT></P>


<!-- MARKER FORMAT-SHEET="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
March 7,  2005.  To  listen to the  replay  please  dial:  Domestic  U.S.:  888-286-8010
 or  International: 617-801-6888. Pass code: 98344233.</FONT></P>



                                                 <center><IMG SRC="bolinhas.gif"></center>



<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" size=1>Coca-Cola FEMSA, S.A.
de C.V. produces and distributes <i>Coca-Cola,  Sprite,  Fanta, Lift</i> 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="Justify" 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  approximately  1,500,000  retailers in
the region. The Coca-Cola Company owns a 39.6% equity interest in Coca-Cola FEMSA.</FONT></P>


                                                  <center><IMG SRC="bolinhas.gif"></center>




<!-- MARKER FORMAT-SHEET="Justify" 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 December
31, 2004. For comparison  purposes, 2003 and 2004 figures from the Company&#146;s  operations
 have been restated taking into account local inflation of each country with  reference
to the consumer  price index and converted  from local currency into Mexican pesos using
the exchange rate as of the end of the period.  In addition,  all comparisons in this
report for the fourth  quarter of 2004,  which  ended on  December  31,  2004,  are made
 against  the  figures for the comparable period in 2003, unless otherwise noted.</FONT></P>



<!-- MARKER FORMAT-SHEET="Justify" 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&#180;s  control  that  could
materially impact the Company&#146;s actual performance.</FONT></P>


<!-- MARKER FORMAT-SHEET="Justify" 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>


                                                  <center><IMG SRC="bolinhas.gif"></center>

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


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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 25, 2005</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>
</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 Balance
Sheet</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>
<BR><BR>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated Balance
Sheet </B><BR>Expressed in million of Mexican pesos with purchasing power as of December 31, 2004 </FONT></DIV>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><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>Assets</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dec-04</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dec-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>
     <TD ALIGN="CENTER"><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></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,603</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,021&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,827&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,129&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,515&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,354&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>105&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>215&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,050&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,719&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>
     <TD ALIGN="CENTER"><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>&nbsp;</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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,525&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,415&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-12,884</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11,324</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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,031&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,043&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,672&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,134&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">418&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">518&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,812&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,827&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36,114&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35,471&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="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>67,066</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>66,669&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=2 COLOR=BLACK></TD></TR>
</TABLE>

<BR>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><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>Liabilities and Stockholders' Equity</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dec-04&nbsp;</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dec-03&nbsp;</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>
     <TD ALIGN=CENTER><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>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=CENTER><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>&nbsp;&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Short-term bank loans and notes</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,272&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ps.</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,194&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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>314 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>395</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Suppliers</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,144 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,670</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,957 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,943</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,687 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,202</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,716 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,456</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>645 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>642</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,909 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,073</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,957 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,373</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>
     <TD ALIGN=CENTER><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>&nbsp;&nbsp;</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>709 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>174</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Majority interest:</FONT></TD>
     <TD ALIGN=CENTER><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;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital stock</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,793 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,793</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,954 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,951</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,019 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,095</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,404 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,463</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2,770&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3,180</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,400 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,122</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,109 &nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,296</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=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>67,066&nbsp;</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ps.</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>66,669&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=2 COLOR=BLACK></TD></TR>
</TABLE>




<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>February 25, 2005</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>






<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 Income
Statement</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>



<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated Income
Statement</B><BR> Expressed in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of December
31, 2004 </FONT></DIV>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><HR COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="RIGHT"><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>4Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03&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><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 (MUC)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>491.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>480.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,855.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,450.5</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>25.04</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.34</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.95</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.11</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>Net revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,300.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,185.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,290.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,876.2</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>62.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>208.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>245.6</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>Total revenues</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,363.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,286.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,499.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,121.8</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>6,341.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,245.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,963.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,367.3</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>6,021.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,040.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,535.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,754.5</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>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>687.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>674.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,705.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,090.7</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>3,071.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,065.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,133.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,564.4</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 expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,758.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,740.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,838.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,655.1</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>Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,263.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,300.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,696.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,099.4</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>&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>681.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>395.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,531.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,624.9</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>12.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>266.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>251.4</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>669.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>373.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,265.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,373.5</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>(69.7)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>336.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,136.5</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>(523.1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(464.6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,504.5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(927.6)</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>Integral cost of financing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>244.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>798.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,582.4</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>125.7</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>407.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>260.2</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>Income before taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,061.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,928.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,490.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,256.8</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>638.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>925.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,063.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,776.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for the year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>638.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>925.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,546.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,776.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change in the statutory income tax rate</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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(172.0)</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>Non-recurring gain on tax lawsuit</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>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,311.0)</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><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>1,422.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,003.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,427.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,480.5</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>Majority net income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,410.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,001.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,404.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,462.6</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>Minority net income</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>2.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.9</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>
     <TD>&nbsp;</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>2,263.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,300.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,696.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,099.4</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>306.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>287.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,238.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,040.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amortization and Other non-cash charges <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>290.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.30</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,084.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>723.1</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>(4)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,861.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,628.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,020.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,862.6</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>
</TABLE>
<BR>

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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>(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=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>Includes
eight months from our new territories acquired from Panamco.</FONT></P></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>Includes
returnable bottel breakage expense.</FONT></P></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>(4) </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA
= Operating Income + Depreciation +Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>
<HR SIZE=2 COLOR="#000000">



<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>February 25, 2005</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>
</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>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>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Mexican operations</B><BR>
Expressed in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of December 31, 2004 </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>4Q04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04 % Rev</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 WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sales Volume (MUC) </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">248.3 </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">243.9 </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">989.8 </FONT> </TD>
     <TD WIDTH=10% 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">26.86 </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">28.59 </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">26.83 </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><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">6,670.5 </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">6,974.0 </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">26,558.5 </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">34.4 </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">66.0 </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">99.8 </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><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">6,704.9 </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">7,040.1 </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">26,658.3 </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">3,156.0 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47.1% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,260.3 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">46.3% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12,617.0 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47.3% </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">3,548.9 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52.9% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,779.8 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53.7% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14,041.3 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52.7% </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">447.1 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.7% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">411.3 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.8% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,637.1 </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">&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,637.6 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.4% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,920.6 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27.3% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,884.7 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25.8% </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">Operating expenses </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,084.7 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31.1% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2,332.0 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33.1% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8,521.8 </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 income </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,464.2 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21.8% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,447.8 </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">5,519.5 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20.7% </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Depreciation, Amortization &amp; Other non-cash charges (2) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">344.8 </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">228.5 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.2% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,326.7 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.0% </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 (3) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,809.0 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27.0% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,676.3 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.8% </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,846.3 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25.7% </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>
</TABLE>

<BR>

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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>(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="HANG 1 JUST CERTO" FSL="Workstation" -->
<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>Includes
returnable bottle breakage expense.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="HANG 1 JUST CERTO" FSL="Workstation" -->
<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>EBITDA
= Operating Income + Depreciation + Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>

<HR SIZE=2 COLOR="#000000">
<BR><BR>


<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Central American
operations </B><BR>Expressed in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of December
31, 2004 </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>4Q04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04 % Rev</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 WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume (MUC)</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.8</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.3</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110.6</FONT></TD>
     <TD WIDTH=10% 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>30.47</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>31.01</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>31.23</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><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>908.1</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>908.6</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>3,454.2</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>1.7</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>(2.1)&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>4.8</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><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>909.8</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>906.5</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>3,459.0</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>448.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>451.3</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>1,788.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.7%</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>Gross profit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>461.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>455.2</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>1,670.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.3%</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>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>274.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9%</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>256.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.2%</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>30.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>977.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.3%</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 expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>327.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,251.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.2%</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>Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>133.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109.4</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>418.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation, Amortization &amp; Other non-cash charges (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.8</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>30.9</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>242.5</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 (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>196.7</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>140.3</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>661.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.1%</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
</TABLE>

<BR>





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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>(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="HANG 1 JUST CERTO" FSL="Workstation" -->
<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>Includes
returnable bottle breakage expense.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="HANG 1 JUST CERTO" FSL="Workstation" -->
<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>EBITDA
= Operating Income + Depreciation + Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>
<BR><BR>

<HR SIZE=2 COLOR="#000000">


<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>February 25, 2005</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>
</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>Colombian and Venezuelan
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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<P ALIGN=justify><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 December 31, 2004 </FONT> </P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>4Q04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04 % Rev</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 WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume (MUC)</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>167.1</FONT></TD>
     <TD WIDTH=10% 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>25.21</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>23.68</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>24.33</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><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>1,136.9</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>1,067.9</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>4,065.5</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>-</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</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>
     <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><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>1,136.9</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>1,067.9</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>4,065.5</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>589.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>586.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,175.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.5%</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>Gross profit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>547.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>481.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,889.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.5%</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>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57.3</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>140.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>203.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.0%</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>345.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>186.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,253.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.8%</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>Operating expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>402.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>327.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,456.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.8%</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>Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>144.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>153.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>433.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Depreciation, Amortization &amp; Other non-cash charges <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>297.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3%</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">EBITDA <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>219.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>153.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>730.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.0%</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></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>
</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>Includes
returnable bottle breakage expense.</FONT></P></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>EBITDA
= Operating Income + Depreciation + Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>

<HR SIZE=2 COLOR="#000000">

<BR><BR>

<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P ALIGN=justify><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 December 31, 2004 </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>4Q04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04 % Rev</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 WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume (MUC)</FONT></TD>
     <TD WiDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.9</FONT></TD>
     <TD WiDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WiDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.8</FONT></TD>
     <TD WiDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WiDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>172.7</FONT></TD>
     <TD WiDTH=10% 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>29.66</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>26.81</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>27.63</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><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>1,361.6</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>1,227.8</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>4,771.9</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>1.2</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>2.6</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>3.7</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><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>1,362.8</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>1,230.4</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>4,775.6</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>763.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>665.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,773.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.1%</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>599.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>564.7</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>2,002.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.9%</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>73.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>271.6</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>360.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263.1</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>1,355.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.4%</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 expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>434.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>363.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,627.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.1%</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>Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>164.8</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>201.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374.6</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">Depreciation, Amortization &amp; Other non-cash charges <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8%</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">EBITDA <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>218.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>221.5</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>603.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.6%</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
</TABLE>
<BR>


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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>(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=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>Includes
returnable bottle breakage expense.</FONT></P></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>EBITDA
= Operating Income + Depreciation + Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>

<HR SIZE=2 COLOR="#000000">

<BR><BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 25, 2005</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>
</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>Colombian and Venezuelan 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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<P 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 December 31, 2004 </FONT> </P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR SIZE=2 COLOR="#000000"></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>4Q04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04 % Rev</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 WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume (MUC)</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80.3</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77.3</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>270.8</FONT></TD>
     <TD WIDTH=10% 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>19.25</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>17.81</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>18.91</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><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>1,545.5</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>1,376.6</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>5,120.2</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>4.7</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>4.5</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>16.9</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><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>1,550.2</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>1,381.1</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>5,137.1</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>963.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>850.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,164.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.6%</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>Gross profit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>586.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>530.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,972.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.4%</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>&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.7</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>338.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6%</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>332.1</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>309.4</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>1,175.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.9%</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>Operating expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>407.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>372.2</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>1,514.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.5%</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 income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>179.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>458.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Depreciation, Amortization &amp; Other non-cash charges <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>102.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0%</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>205.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>560.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9%</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>
</TABLE>

<BR>

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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>(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=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>Includes
returnable bottle breakage expense.</FONT></P></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>EBITDA
= Operating Income + Depreciation + Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>



<HR SIZE=2 COLOR="#000000">

<BR><BR>

<!-- MARKER FORMAT-SHEET="Justify" FSL="Workstation" -->
<P 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 December 31, 2004 </FONT> </P>





<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR SIZE=2 COLOR="#000000"></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>4Q04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 04 % Rev</B> </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 03 % Rev</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><TD COLSPAN=2><HR SIZE=1></TD><TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD Width=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales Volume (MUC)</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.8</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.4</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>144.3</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126.6</FONT></TD>
     <TD WIDTH=10% 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>16.51</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.99</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>16.20</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.76</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><HR SIZE=1></TD><TD>&nbsp;</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>690.3</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>629.9</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>2,337.0</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>1,995.2</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>33.2</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>30.4</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>114.0</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>105.6</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><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>723.4</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>660.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,451.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,100.8</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>444.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>400.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,492.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,342.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63.9%</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><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>278.5</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>259.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>958.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>758.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.1%</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><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>26.9</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>24.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.0%</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>139.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>118.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>486.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>431.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.6%</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><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>166.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>575.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>537.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.6%</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><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>112.3</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>116.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>382.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>221.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Depreciation, Amortization &amp; Other non-cash charges <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.0</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>31.0</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>125.6</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>162.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7%</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><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>147.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>147.7</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>508.4</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>383.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.2%</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR SIZE=2 COLOR="#000000"></TD></TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="HANG 1 JUST CERTO" FSL="Workstation" -->
<TABLE WIDTH=100% 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="HANG 1 JUST CERTO" FSL="Workstation" -->
<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>Includes
returnable bottle breakage expense.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="HANG 1 JUST CERTO" FSL="Workstation" -->
<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>EBITDA
= Operating Income + Depreciation + Amortization &amp; Other non-cash charges.</FONT></P></TD>
</TR>
</TABLE>

<HR SIZE=2 COLOR="#000000">

<BR><BR>

<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>February 25, 2005</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>
</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>Selected Information</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>



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

<!-- MARKER FORMAT-SHEET="Times Justify Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed in
million Mexican pesos as of December 31, 2004</I></B> </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><HR SIZE=1></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><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q 2003</B> </FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q 2004</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>191.0&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>Capex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>682.8&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>287.0&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>Depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>306.9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization &amp; Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.3&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>Amortization &amp; Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>290.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<BR><BR>

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

<!-- MARKER FORMAT-SHEET="Times Justify Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed in
million unit cases</I></B> </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=6><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER" COLSPAN="6"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q 2003</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER" COLSPAN="6"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q 2004</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=6><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>Colas</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Flavors</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B>
</FONT></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"><B>Colas</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Flavors</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=7><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT 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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>152.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>243.9</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>152.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>248.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.7</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>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.3</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>21.1</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>1.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.5</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>5.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1</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>30.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.0</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>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.8</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>26.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.9</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>3.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77.3</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>44.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1</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>80.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.4</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>27.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=7><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT 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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>298.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.4</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>480.8</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>303.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.3</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>4.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>491.2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=7><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Times Justify bold" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PACKAGE MIX BY
PRESENTATION</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed as a
Percentage of Total Volume</I></B> </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=4><HR SIZE=1></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER" COLSPAN="4"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q 2003</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER" COLSPAN="4"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q 2004</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=4><HR SIZE=1></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>Ret</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Ret</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fountain</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Jug</B> </FONT></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"><B>Ret</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Ret</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fountain</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Jug</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=5><HR SIZE=1></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.0&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>28.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6&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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.8&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>47.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.1&nbsp;</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>2.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4&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>27.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=5><HR SIZE=1></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Times Justify bold" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>For the twelve
months ended December 31, 2004</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed in
million Mexican pesos as of December 31, 2004</I></B> </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><HR SIZE=1></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>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003</B> </FONT></TD>
     <TD WIDTH="30%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,006.5&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,929.1&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>1,040.1&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <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>1,238.7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization &amp; Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>723.1&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization &amp; Others</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,084.6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<BR><BR>

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

<!-- MARKER FORMAT-SHEET="Times Justify Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed in
million unit cases</I></B> </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=6><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER" COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 2003</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="CENTER" COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 2004</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <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"><B>Colas</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Flavors</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></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"><B>Colas</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Flavors</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER" COLSPAN=7><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" 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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>598.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>187.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>209.7&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>5.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,001.6&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>600.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>196.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>188.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>989.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5&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>1.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107.3&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.0&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>0.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>171.8&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>167.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.4&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>8.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>151.6&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>172.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>141.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.8&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>48.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>265.1&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>152.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>270.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2&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>0.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126.6&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>144.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER" COLSPAN=7><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" 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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,098.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>394.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>264.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,824.0&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,131.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>417.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>243.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,855.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER" COLSPAN=7><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>

<BR><BR>


<!-- MARKER FORMAT-SHEET="Times Justify bold" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PACKAGE MIX BY
PRESENTATION</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Expressed as a
Percentage of Total Volume</I></B> </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=4><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="30%" ALIGN="CENTER" COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 2003</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="30%" ALIGN="CENTER" COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>YTD 2004</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ret</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Ret</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fountain</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Jug</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ret</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Ret</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fountain</B> </FONT></TD>
     <TD ALIGN="CENTER" WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Jug</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER" COLSPAN=5><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.9&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63.4&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><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&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER" COLSPAN=5><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

<BR><BR>

<HR SIZE=2 COLOR="#000000">

<BR><BR>

<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>February 25, 2005</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-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>Macroeconomic Information</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>





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

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% ALIGN=Center>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inflation</FONT></TD>
     <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Foreign Exchange Rate (Per US Dollar)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <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>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YTD</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4Q 04</FONT></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>Dec 2004</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dec 2003</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=2><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mexico</FONT></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>5.19%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.76%</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>11.1460</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2350</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombia</FONT></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>5.31%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.38%</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>2,389.7500</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,778.2100</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Venezuela</FONT></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>19.19%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.93%</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>1,920.0000</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,853.0000</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brazil</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.66%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.98%</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>2.6544</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8892</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></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>4.90%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.90%</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>2.9800</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9350</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=2><HR SIZE=1></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN=2><HR SIZE=1></TD></TR>
</TABLE>

<HR SIZE=2 COLOR="#000000">

<BR><BR>

<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>February 25, 2005</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>
</TABLE>
























































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

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

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

<BR><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=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: February 25, 2005 </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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