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<SEC-DOCUMENT>0001292814-05-000475.txt : 20050429
<SEC-HEADER>0001292814-05-000475.hdr.sgml : 20050429
<ACCEPTANCE-DATETIME>20050428175830
ACCESSION NUMBER:		0001292814-05-000475
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050429
DATE AS OF CHANGE:		20050428

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:		05781995

	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>kofpr1q05_6k.htm
<DESCRIPTION>2005 FIRST-QUARTER RESULTS
<TEXT>
<HTML>
<HEAD>
<TITLE>Provided by MZ Data Products</TITLE>
</HEAD>
<BODY>

<HR Size=2>

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

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

<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>For the month of April 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'>

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











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

     <TD>&nbsp; </TD>
     <TD COLSPAN="6" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2005</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>FIRST-QUARTER RESULTS</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF">Ticker: KOFL </FONT></TD>
     <TD> </TD>
     <TD COLSPAN=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">First quarter </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">First quarter </FONT>  </TD>
  </TR>

<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD>&nbsp;</TD>
<TD colspan=2><HR SIZE=2 color=black></TD>
<TD>&nbsp;</TD>
<TD colspan=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>2005&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><FONT FACE="Symbol" SIZE="1"><B>D</B> </FONT>%&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005&nbsp;</FONT></TD>
     <TD colspan="2" 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>11,230&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,069&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5%</FONT></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% of Tot.Rev.</FONT></TD>
  </TR>
<TR>
<TD bgcolor=#c80303><FONT COLOR="#FFFFFF">&nbsp; </FONT></TD>
<TD> </TD>
<TD colspan=7><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 WIDTH=27% 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>5,349&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,304&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.8%&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.6%</FONT></TD>
     <TD colspan="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.9%</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>1,689&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,645&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.7%&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.0%</FONT></TD>
     <TD colspan="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.9%</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>695&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>906&nbsp;</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>6.2%</FONT></TD>
     <TD colspan="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2%</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>2,267&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,258&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.2%</FONT></TD>
     <TD colspan="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.4%</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 width="9%">&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD bgcolor=#c80303 ALIGN=CENTER rowspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#FFFFFF"><img src="kofl.gif"> </FONT></TD>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Debt <SUP>(2)(3)</SUP></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,541&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,582&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 width="3%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER">&nbsp;</TD></TR>
<TR>

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

<TD> </TD>
<TD colspan=3><HR SIZE=1></TD>
<TD colspan=3>&nbsp;</TD>
<TD>&nbsp;</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>4.14</FONT></TD>
     <TD ALIGN="CENTER"><font size="2" face="Times New Roman, Times, Serif">3.75</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">&nbsp;</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>&nbsp;</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>0.38</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.49</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">&nbsp;</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>&nbsp;</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">&nbsp;</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 March 31, 2005, 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 <br>
       (3) Figures for 2004 are as of December 31, 2004.
     </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><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><IMG SRC="icone.gif">&nbsp;&nbsp;&nbsp;&nbsp; Total revenues in the first quarter of 2005 increased 1.5%, reaching Ps. 11,230 million. Increases in Brazil, Argentina, Colombia and Venezuela more than offset revenue declines in Mexico and Central America.</FONT> </div></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><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><IMG SRC="icone.gif">&nbsp;&nbsp;&nbsp;&nbsp; Consolidated operating income grew 2.7% to Ps. 1,689 million, and operating margin was 15.0% in the first quarter of 2005. Increases in Brazil, Colombia, Argentina and Central America more than compensated for operating income decline in Mexico. </FONT></div></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD COLSPAN=6  ALIGN=JUSTIFY><div 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. 695 million, a decrease of 23.3%, which was mainly due to non-operating factors. Earnings per share were Ps. 0.38 in the first quarter of 2005. </FONT></div></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>&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 (April 28, 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 first quarter 2005. </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;Our first-quarter results underscore the importance of our geographic diversification to our near- and long-term growth story. With the successful integration of our eight acquired territories, we have consolidated our position in markets that offer sustainable and profitable growth for our shareholders. Our diversification in regions with different seasons and economic cycles enabled us to produce better balanced top- and bottom-line results for the quarter." said Carlos Salazar, Chief Executive Officer of the Company.</FONT> </div></TD></TR>

</TABLE>


<BR>

<HR SIZE=2 color=black>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>CONSOLIDATED RESULTS </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our  consolidated
 revenues were Ps. 11,230  million in the first quarter of 2005, an increase of 1.5% over
the same period of 2004, as a result of increases in Brazil,  Argentina,  Colombia and
 Venezuela,  which more than offset  revenue  declines in Mexico and Central America.
Consolidated average price per unit case in the first quarter of 2005 was Ps. 25.00
(US$2.24)1, a  decrease  of 0.2%  compared to the same quarter of 2004, driven by lower
prices for our products in Mexico and Central America. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  sales  volume
 reached  446.8  million  unit cases in the first  quarter of 2005,  an  increase of 1.4%
as compared to the first quarter of 2004.  Sales volume growth in Brazil,  Argentina  and
Colombia more than offset sales volume  declines in Mexico and Central America.
Carbonated soft drinks sales volume grew 2.0% in the first quarter of 2005, mainly driven
by sales volume growth in Brazil. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our gross profit in
the first  quarter of 2005 was Ps. 5,349  million,  an increase of 0.8%  compared  with
the first  quarter of 2004. Gross  margin  decreased  30 basis  points from 47.9% in the
first  quarter of 2004 to 47.6% in the same period of 2005,  due to higher revenues. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our  consolidated
 operating  income in the first quarter of 2005 was Ps. 1,689 million,  an increase of
2.7%, as a result of operating income increases in Brazil,  Colombia,  Argentina and
Central America,  which more than offset operating income decline in Mexico.  Our
operating margin was 15.0% in the first quarter of 2005, an improvement of 10 basis
points as compared to the first quarter of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Despite a 13.2%
 reduction in interest  expenses,  our integral cost of financing  increased to Ps. 291
million in the first quarter of 2005,  compared to Ps. 26 million in the first quarter of
2004. This increase was mainly driven by lower gain in our monetary  position resulting
from lower inflation rates recorded in Mexico in the first quarter of 2005 as applied to
our lower net liability position. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first
quarter of 2005, income tax, tax on assets and employee profit sharing as a percentage of
income before taxes was 45.0%. In April 2004, the Mexican Supreme Court of Justice issued
a ruling with respect to rules previously issued by the Mexican Ministry of Finance. This
ruling requires refrigerators to be treated as fixed assets with finite useful lives. We
had previously considered refrigerators as an expense for tax purposes. Tax payments in
connection with this change of criteria resulted in a charge to income in 2004. During
March 2005, the tax authorities reviewed the payments in connection with this change in
criteria, which resulted in an additional one-time payment in Mexico in the amount of Ps.
118 million. Excluding this one-time payment our income tax, tax on assets and employee
profit sharing as a percentage of income before taxes was 35.9%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our consolidated
majority net income was Ps. 695 million in the first quarter of 2005, a decrease of 23.3%
compared to the first quarter of 2004 due to the aforementioned reasons. Earnings per
share (&#147;EPS&#148;) were Ps. 0.38 (US$0.34 per ADR) computed on the basis of 1,846.5 million
shares outstanding (each ADR represents 10 local shares). Excluding the non-recurrent
item mentioned above our consolidated majority net income was Ps. 813 million, resulting
in EPS of Ps. 0.44 (US$0.39 per ADR). </FONT></P>





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




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

<!-- 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>Using a foreign exchange rate of Ps. 11.171 per U.S. dollar</FONT></P> </TD>
</TR>
</TABLE>




<BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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>Balance Sheet and Free Cash Flow</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" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BALANCE SHEET</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31,  2005,
 Coca-Cola  FEMSA  had a cash  balance  of Ps.  3,241  million  (US$290  million),  a
reduction of Ps. 405 million  (US$36  million)  compared with  December 31, 2004,  due to
tax payments and a reduction of account  payables.  The increase in working capital was
mainly driven by the seasonality of our business. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  short-term
 debt was Ps. 3,035 million  (US$272  million) and long-term  debt was Ps. 21,747
 million (US$1,947  million) a decrease of Ps. 446 million (US$40 million),  driven by
the effect of the appreciation of the Mexican peso versus U.S.  dollar as applied to our
U.S.  dollar  denominated  debt and the repurchase of Ps. 164 million of <i>certificados burs&#225;tiles</i>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the quarter,
 we decreased our debt balances  denominated  in local currency as a percentage of total
debt,  from 77% in the  fourth  quarter  of 2004 to 70% in the first  quarter  of 2005.
 This  decrease  was attributed,  in large part, to the unwinding of cross  currency
 swaps,  the effect of which was to increase our debt balance  denominated in local
currency by 630 basis points in the fourth quarter of 2004.  Weighted average cost of
debt during the quarter was 8.7%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following charts
set forth the Company&#146;s debt profile by currency and interest rate type as of March 31,
2005: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=70% align=center>
<TR>
     <TD COLSPAN=3><HR COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=34% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency</FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% Total Debt</FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% Interest Rate Floating</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><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>29.9%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25%</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>66.8%</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19%</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>
</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>
</TR>
<TR>
     <TD COLSPAN=3><HR COLOR=#000000 SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1) Annualized average
interest rate per currency as of March 31, 2005 </FONT></P>
<BR><BR><BR>






<!-- MARKER FORMAT-SHEET="Times Justify" 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 March 31, 2005 </FONT> </P>




<TABLE CELLPADDING=2 CELLSPACING=2 BORDER=0 WIDTH=70% align=center>
<TR>
     <TD COLSPAN=3><HR COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT>&nbsp;</TD>
     <TD colspan="2" ALIGN=center><i><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jan - Mar 2005</FONT></b></i></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD width="10%" ALIGN=center><i><b><font face="Times New Roman, Times, Serif" size=2>Ps.</font></b></i></TD>
         <td align="center"><i><b><font face="Times New Roman, Times, Serif" size=2>USD(1)</font></b></i></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>695&nbsp;</FONT></TD>
     <TD width="10%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62&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>460&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,155&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>103&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Working capital investment:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>425&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and recoverable taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(313)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(28)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(491)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(44)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>623&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(705)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(63)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5&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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(349)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(31)</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>806&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72&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>Capital expenditures</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(221)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividend declared</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(623)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(56)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other financial transactions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(367)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(33)</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>(405)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(36)</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>3,646&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>326&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>3,241&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>290&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3><HR COLOR=#000000 SIZE=1></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1) Expressed in US$
millions using a foreign exchange rate of Ps. 11.1710 per US Dollar<BR>(2) Net Resources
Generated by Operating Activities </FONT></P>





<BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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>Mexican and Central American Operating Results</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>






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

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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues in our
Mexican  territories  were Ps. 6,097 million in the first quarter of 2005, a decline of
3.5% compared with the same period of 2004,  mainly driven by a lower average price per
unit case.  Average price per unit case in the first  quarter of 2005 was Ps. 26.70
 (US$2.39),  a decline of 3.1%  compared  with the first  quarter  of  2005.  This  was
 as  a  result  of a  packaging  mix  shift  towards  multiple  serving presentations,
 which have a lower  average price per unit case.  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.
30.70 (US$2.75). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  sales  volume
was 227.7  million  unit  cases,  remaining  almost  flat in the first  quarter of 2005
compared with the same period of 2004.  Carbonated  soft drinks sales volume was 182.3
million unit cases in the first  quarter of 2005, a slight  decrease of 0.3% as compared
to the same period of 2004,  due to lower sales volume of flavored  carbonated soft
drinks.  The non-carbonated  beverages  segment,  excluding water, grew 21.1% in the
first  quarter of 2005 as  compared  to the first  quarter of 2004,  from a very low
base, driven by <i>Powerade</i>, <i>Nestea</i> and <i>Keloco</i>, each one accounting for one-third of the
growth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the first  quarter
of 2005,  higher  polyethylene  terephtalate  (&#147;PET&#148;)  resin  prices  were offset by a
reduction  in our  sweetener  costs  and other raw  materials,  and  efficiencies
 achieved  throughout  our manufacturing  network,  resulting in a lower  average cost
per unit case of 1.3%.  Gross profit in absolute terms  decreased  5.3% due to lower
 revenues,  resulting in a gross margin of 51.7%, a decline of 100 basis points compared
to the same period of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 declined  1.9% to Ps.  2,075  million  in the  first  quarter  of  2005,  due to  lower
maintenance  costs for our distribution  and marketing  assets as a result of negotiating
 better terms with our service  suppliers.  Lower  revenues  and higher PET resin  prices
were  partially  offset by  operating efficiencies  resulting in Ps.  1,078  million of
operating  income in the first  quarter of 2005,  an 11.3% decrease  compared to the same
period of 2004.  Operating  income  margin was 17.7% in the first  quarter of 2005, a
reduction of 150 basis points compared to the same period of 2004. </FONT></P>


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

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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues  were Ps. 846
million in the first  quarter of 2005,  a decrease of 3.3% as compared  with the same
period of 2004.  This decrease was driven by lower average price per unit case,  which
 accounted for almost 60% of the decline and lower sales  volume,  which  accounted  for
the balance.  Average price per unit case declined  1.7%  to  Ps.  32.28  (US$2.89),
 driven  by  a  packaging  mix  shift  towards  multiple  serving presentations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total sales volume in
our Central  American  territories was 26.2 million unit cases in the first quarter of
2005,  a decrease  of 1.1%  compared  with the same  quarter of 2004,  mainly  driven by
a 1.2%  decrease in carbonated  soft drink sales  volume,  which was due to changes in
the  competitive  dynamics in some of the Central  American  territories.  Lower sales
volume in Nicaragua and Panama were  partially  offset by sales volume growth in
Guatemala. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit  during
the first  quarter of 2005  decreased  1.2% in absolute  terms as compared to the first
quarter of 2004,  however,  gross  margin  increased  100 basis  points to 48.4% as a
result of cost cutting initiatives  in  manufacturing  throughout the region that more
than  compensated  for higher PET prices and sweetener costs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our operating income
increased by 7.4% to Ps. 113 million in the first quarter of 2005 as compared to the
first quarter of 2004 as a result of a 4.1% decrease in operating expenses. This
reduction was due to lower maintenance cost in our distribution and marketing equipment
derived from better execution practices, resulting in an operating margin of 13.3% in the
first quarter of 2005, an improvement of 130 basis points as compared to the same period
of 2004. </FONT></P>





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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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>






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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>COLOMBIAN OPERATING
RESULTS</B> </FONT> </P>

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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  revenues  were
of Ps. 1,068  million in the first quarter of 2005, an increase of 8.6% compared with the
same period of 2004.  Over 85% of total  revenues  growth was driven by higher  average
prices per unit case. Our average price per unit case grew 7.3% to Ps. 25.36  (US$2.27)
as a result of price  increases  implemented in 2004 and the  appreciation  of the
Colombian peso against the U.S. dollar. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total sales volume
during the first  quarter of 2005 grew almost 1.0%  reaching 42.1 million unit cases,
 driven by carbonated soft drinks  volume  increase of 2.8%  compared  with 2004,  which
more than  offset the volume  decline in our bottled  water category. The majority of the
incremental carbonated soft drinks sales volume came from our flavored carbonated soft
drinks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our gross  profit
 during the first  quarter of 2005 grew 9.4% to Ps. 477  million,  compared  to Ps. 436
 million in the same period of 2004,  resulting in a gross margin of 44.7%,  an
 improvement  of 40 basis  points.  The savings  achieved  from the consolidation  of our
 manufacturing  network more than  compensated  for higher  packaging costs derived from
a packaging mix shift towards non-returnable presentations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 decreased 3.5% in the first quarter of 2005 mainly as a result of headcount
 optimization that took place during the first quarter of 2004 and lower  maintenance
 costs.  Our operating  income more than doubled in absolute  terms to Ps. 95 million
 during the first  quarter of 2005,  representing  a 134.8%  increase as compared to the
first quarter of 2004. Operating  income margin  reached 8.9% in the first quarter of
2005,  representing  a margin  expansion of 480 basis points as compared to the first
quarter of 2004. </FONT></P>

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

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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  revenues
 during the first quarter of 2005 were Ps. 1,082  million,  an increase of 7.5% compared
to the same period of 2004,  driven by average  price  growth of 8.8%,  which more than
offset  sales volume  decline.  Average  price per unit case during the quarter was Ps.
26.76  (US$2.40),  an 8.8% increase as a result of price  increases  implemented  during
the second half of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total sales volume
 during the quarter was 40.4 million unit cases,  a decrease of 1.2% compared to 40.9
million unit cases in the first quarter of 2004. The volume decline was a result of the
lower sales volume of our  non-carbonated  beverages,  which was partly offset by the
slight increase in our carbonated soft drinks sales volume. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross  profit  during
the first  quarter of 2005 was Ps. 451  million,  an increase of 13.5% as compared to Ps.
398 million in the same period of 2004,  resulting  in a gross  margin  expansion of 220
basis points as compared to the same period of 2004. The gross profit  increase was
driven by higher total  revenues,  which more than offset  higher  packaging  costs
driven by a packaging mix shift towards non-returnable presentations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 increased by 270 basis points as a percentage of total  revenues in the first quarter of
2005,  driven by increases  in selling  expenses  due to higher  freight  costs and
higher  wages,  both of which  grew  above  inflation.  Our operating  income was Ps. 67
million in the first quarter of 2005, a slight  decrease of 1.5% as compared to the first
quarter of 2004,  resulting in a 6.2%  operating  margin,  a margin  contraction  of 50
basis points as compared to the same period of 2004. </FONT></P>





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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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>






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

<hr size=2 color=gray>









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

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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our total  revenues
 reached  Ps.  1,394  million in the first  quarter  of 2005,  an  improvement  of 13.1%
compared with the same period of 2004.  Average price  increases and higher sales volume
each  accounted for 50% of the  revenue  growth.  Average  price per unit case grew  5.6%
to Ps.  19.54  (US$1.75)  in the first quarter of 2005,  mainly driven by higher beer
revenues and price  increases  implemented  during the second half of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total sales volume
 increased  7.1% in the first  quarter of 2005 to 71.1  million  unit cases,  including a
10.0%  growth of  carbonated  soft  drinks and a 41.9% of growth in bottled  water as
 compared  to the same period of 2004, which more than offset beer sales volume decline.
 Sales volume growth,  excluding beer, was driven by the <i>Coca-Cola</i> brand,  which
accounted for more than 50% of incremental  volumes,  with the balance coming from
carbonated soft drinks flavors and bottled water equally. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first
quarter of 2005,  our gross profit  totaled Ps. 573 million,  an increase of 21.1%
compared with the same period of 2004.  Gross margin  increased to 41.1% in the first
 quarter of 2005  compared with 38.4% in the first quarter of 2004, a margin expansion of
270 basis points as a result of higher revenues. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times 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 31.0% in the first quarter of
2004 to 27.1% in the same period of 2005 as a result of higher  revenues  combined  with
 headcount  optimization and better  maintenance  practices.  Operating  income reached
Ps. 195 million in the first quarter of 2005, resulting in a 14.0%  operating  margin,
 an  improvement of 660 basis points as compared to the same period of 2004. </FONT></P>


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

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

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our total  revenues
 increased  13.7% to Ps. 744 million in the first  quarter of 2005  compared to the same
period of 2004. An increase in average price per unit case  accounted for  approximately
 55% of this growth and sales volume growth for the balance.  Average price per unit case
driven by price increases  implemented at the beginning of the year, grew 8.2% to Ps.
18.04 (US$1.62). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total sales volume
 reached 39.3  million unit cases during the first  quarter of 2005,  an increase of 5.9%
compared  with the same period of 2004.  Carbonated  soft drinks  accounted  for more
than 80% of the growth and the balance came from the  non-carbonated  beverages.  During
the first  quarter of 2005  non-carbonated beverages,  excluding  water,  more than
doubled in total sales volume from a low base in the first  quarter of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit  reached
Ps. 285 million  during the first quarter of 2005, an increase of 12.6%  compared with
the same period of 2004.  Our gross margin  slightly  decreased  from 38.6% in the first
 quarter of 2004 to 38.3%, as a result of higher PET prices, which more than offset lower
sweetener costs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating  expenses
 increased  13.4% in the first quarter of 2005,  remaining flat as a percentage of total
revenues as compared to the same period of 2004,  driven mainly by mandatory  salary
 increases  implemented in the quarter and higher  introduction of returnable  bottles in
the market in connection with our strategy of  strengthening  our sales volume in
returnable  presentations.  In spite of higher operating costs in the first  quarter of
2005,  operating  income  increased  by 11.6% to Ps. 124  million in the first  quarter
of 2005, resulting in a 16.7% operating income margin. </FONT></P>













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     <TD WIDTH=42% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="rodape.gif"></FONT></TD>
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<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Recent Developments</FONT></TD>
<TD width=20% ALIGN="right"><IMG SRC="logo_kof.gif"></TD></TR>
</table>

<hr size=2 color=gray>








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




<!-- MARKER FORMAT-SHEET="Hang 5" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="Left" WIDTH="5%"><FONT FACE="TIMES" SIZE=2>&#149; </FONT></TD>
     <TD WIDTH="95%"><P ALIGN="JUSTIFY"><P ALIGN=JUSTIFY><FONT FACE="TIMES" SIZE=2>The
 stockholders in the annual meeting held on March 8, 2005 approved the payment of a
dividend in          the amount of Ps. 620 million.  The record date will be May 3, 2005,
and the payment will be in the          amount of Ps. 0.336 for each ordinary share,
equivalent to Ps. 3.36 per ADR.</FONT></P></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Times Justify Bold" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHANGES IN MEXICAN
GAAP: </B></FONT></P>




<!-- MARKER FORMAT-SHEET="Hang 5" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="Left" WIDTH="5%"><FONT FACE="TIMES" SIZE=2>&#149; </FONT></TD>
     <TD WIDTH="95%"><P ALIGN="JUSTIFY"><P ALIGN=JUSTIFY><FONT FACE="TIMES" SIZE=2>Beginning
on January 1, 2005 Bulletin C-10  &#147;Instrumentos  Financieros  Derivados y Operaciones  de
         Cobertura&#148;  (Derivative  Instruments and Hedging  Operations)  (Bulletin  C-10),
 went into effect.          Bulletin C-10  establishes  detailed  accounting  guidelines
 for the valuation,  presentation  and          disclosure of derivative  financial
 instruments.  In addition,  it  establishes  the conditions to          consider
financial  instruments as hedging, and classifies hedging for purposes of defining
whether          the gain or loss that results from the  valuation  of hedging
 instruments  at fair value should be          recorded  in net  income  or other
 comprehensive  income.  Bulletin  C-10 is  similar  to SFAS 133          &#147;Derivative
Instruments&#148;, from U.S. GAAP.</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Hang 5" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="Left" WIDTH="5%"><FONT FACE="TIMES" SIZE=2>          </FONT></TD>
     <TD WIDTH="95%"><P ALIGN="JUSTIFY"><P ALIGN=JUSTIFY><FONT FACE="TIMES" SIZE=2>Before this
change,  the Company&#146;s  financial  instruments  entered into for hedging  purposes were
         valued using the same valuation  criteria applied to the hedged asset or
liability,  and their fair          value were disclosed in the notes to the financial
statements.  Additionally, financial instruments          entered  into for  purposes
 other than  hedging  the  operations  of the  Company  were valued and          recorded
at fair market value and changes in the valuation was recorded in the income statement.</FONT></P></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Hang 5" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="Left" WIDTH="5%"><FONT FACE="TIMES" SIZE=2>          </FONT></TD>
     <TD WIDTH="95%"><P ALIGN="JUSTIFY"><P ALIGN=JUSTIFY><FONT FACE="TIMES" SIZE=2>As a
result of this  change,  we  recognized  a financial  asset of Ps. 585 million and a
financial          liability of Ps. 167 million,  the net effect represented a gain of
Ps. 418 million of which Ps. 28          million was  recorded as a gain in net income,
 Ps. 276 million as other  comprehensive  income and          Ps. 114 million as deferred
tax liability.</FONT></P></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Hang 5" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="Left" WIDTH="5%"><FONT FACE="TIMES" SIZE=2>&#149; </FONT></TD>
     <TD WIDTH="95%"><P ALIGN="JUSTIFY"><P ALIGN=JUSTIFY><FONT FACE="TIMES" SIZE=2>Effective
on January 1, 2005,  revised Bulletin D-3 &#147;Obligaciones  Laborales &#147; (Labor  liabilities)
         establishes that severance  payments resulting from situations other than a
restructuring are to be          charged to income in accordance  with actuarial
 calculations.  Previously,  severance  indemnities          were recorded in the income
statement as expensed.  Severance payments resulting from the Company&#146;s
         reduction of personnel,  as a result of the  restructuring  of certain  areas,
 will continue to be          included in other net expenses.  As of March 31, 2005,
 there is no effect in the income  statement          since the severance payments were
similar to the cost of the period under actuarial calculations.</FONT></P></TD>
</TR>
</TABLE>
<BR>










<BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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>






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<TR valign=bottom>
<TD width=80%><FONT FACE="Times New Roman, Times, Serif" SIZE="2" color=gray>Conference Call Information and Disclaimer</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" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CONFERENCE CALL
INFORMATION</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Our first-quarter 2005
Conference Call will be held on: April 28, 2005, 10:30 A.M. Eastern Time (9:30 A.M.
Mexico City Time). To participate in the conference call, please dial: Domestic U.S.:
800-901-5226 and International: 617-786-4513. We invite investors to listen to the live
audiocast of the conference call on the Company&#146;s website, </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#0000FF"><U>www.coca-colafemsa.com</U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you are unable to
participate  live, an instant replay of the conference  call will be available  through
May  5,  2005.  To  listen  to the  replay  please  dial:  Domestic  U.S.:  888-286-8010
 or  International: 617-801-6888. Pass code: 98344233. </FONT></P>

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



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

<!-- MARKER FORMAT-SHEET="Times 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</i>,  <i>Sprite</i>,  <i>Fanta</i>, <i>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.  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>
<BR><BR><BR>

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

<!-- MARKER FORMAT-SHEET="Times 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  (Mexican  GAAP).
 All figures are expressed in constant Mexican pesos with purchasing power at March 31,
2005. For comparison  purposes,  2004 and 2005 figures from the Company&#146;s  operations
 have been restated  taking into account local  inflation of each country with  reference
to the consumer  price index and  converted  from local  currency  into Mexican pesos
using the exchange rate as of the end of the period.  In addition,  all comparisons in
this report for the first quarter of 2005,  which ended on March 31, 2005,  are made
against the figures for the  comparable period in 2004, unless otherwise noted.<br>
<BR>This
news release may contain  forward-looking  statements  concerning  Coca-Cola FEMSA&#146;s
future performance and should be  considered  as good faith  estimates by Coca-Cola
 FEMSA.  These  forward-looking  statements reflect  management&#146;s  expectations and are
based upon currently  available data. Actual results are subject to future  events  and
 uncertainties,  many of which are  outside  Coca-Cola  FEMSA&#146;s  control  that  could
materially impact the Company&#146;s actual performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=1>References  herein  to
&#147;US$&#148; are to United  States  dollars.  This news  release  contains  translations  of
certain  Mexican  peso amounts  into U.S.  dollars for the  convenience  of the reader.
 These  translations should not be construed as  representations  that Mexican peso
amounts  actually  represent such U.S. dollar amounts or could be converted into U.S.
dollars at the rate indicated. </FONT></P>
<BR><BR>
<center>
<IMG SRC="bolinhas.gif"><!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
</center>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(7 pages of tables to
follow) </FONT></P>










<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>April 28, 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>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="Times Justify" FSL="Workstation" -->
<P 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 March 31, 2005 </FONT></P>
<TABLE width=648 border=0 align=center cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
  </TR>
</TABLE>
<TABLE border=0 width=648 cellspacing=0 cellpadding=0 align=center>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Assets</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<B><FONT size=2 face="serif">Mar-05</FONT></B>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<B><FONT size=2 face="serif">Dec 04</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Current Assets</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Cash and cash equivalents</FONT>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">Ps.</FONT>&nbsp;
        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">3,241</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">Ps.</FONT>&nbsp;
        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">3,646</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Total accounts receivable</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,707</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">2,132</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Recoverable taxes</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,023</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">806</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Inventories</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">2,469</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">2,514</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Prepaid expenses</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">198</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">102</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Financial instruments</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">585</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Total current assets</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">9,223</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">9,201</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Property, plant and equipment</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Property, plant and equipment</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">30,554</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">30,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Accumulated depreciation</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">-13,087</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">-12,791</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Bottles and cases</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">939</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,045</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Total property, plant and equipment, net</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">18,406</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">18,763</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Investment in shares</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">432</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">425</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Deferred income taxes</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,271</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,364</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Deferred charges, net</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,442</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">1,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Intangibles</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">36,412</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=13% align=right>
<FONT size=2 face="serif">36,399</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=2 face="serif">Total Assets</FONT></B>&nbsp;
        </TD>
        <TD width=12% align=right>
<B><FONT size=2 face="serif">Ps.</FONT></B>&nbsp;
        </TD>
        <TD width=13% align=right>
<B><FONT size=2 face="serif">67,187</FONT></B>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">Ps.</FONT></B>&nbsp;
        </TD>
        <TD width=13% align=right>
<B><FONT size=2 face="serif">67,621</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
    <TD>
<HR size=2>
    </TD>
        <TD>
<HR size=2>
        </TD>
        <TD>
<HR size=2>
        </TD>
        <TD>
<HR size=2>
        </TD>
        <TD>
<HR size=2>
        </TD>
</TR>
</TABLE>

<br>
<hr size=2 color=gray>
<br>
<TABLE width=648 border=0 align=center cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
    <TD>
      <HR size=2>
    </TD>
  </TR>
</TABLE>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=49% align=left>
<B><FONT size=2 face="serif">Liabilities and Stockholders' Equity</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=center>
<B><FONT size=2 face="serif">Mar-05</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=center>&nbsp;

	</TD>
	<TD width=13% align=center>
<B><FONT size=2 face="serif">Dec 04</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
      <hr noshade size=1>	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<B><FONT size=2 face="serif">Current Liabilities</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Short-term bank loans and notes</FONT>&nbsp;
	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">Ps.</FONT>&nbsp;
	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">3,035</FONT>&nbsp;
	</TD>
	<TD width=12% align=right>
<FONT size=2 face="serif">Ps.</FONT>&nbsp;
	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">3,306</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Interest payable</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">386</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">316</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Suppliers</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">3,658</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">4,149</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Financial instruments</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">167</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Other current liabilities</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">3,038</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">3,055</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Total Current Liabilities</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">10,283</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">10,825</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Long-term bank loans</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">21,747</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">21,922</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Pension plan and seniority premium</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">669</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">661</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Deferred income taxes</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">1,203</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">1,402</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Other liabilities</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">2,724</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">2,522</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Total Liabilities</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">36,626</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">37,333</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<B><FONT size=2 face="serif">Stockholders' Equity</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Minority interest</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">721</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">707</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Majority interest:</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Capital stock</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">2,815</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">2,815</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Additional paid in capital</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">12,045</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">12,045</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Retained earnings of prior years</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">16,882</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">12,087</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Net income for the period</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">695</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">5,419</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Cumulative results of holding non-monetary assets</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">-2,598</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">-2,784</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Total majority interest</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">29,840</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">29,582</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="serif">Total stockholders' equity</FONT>&nbsp;
	</TD>
	<TD width=13% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">30,561</FONT>&nbsp;
	</TD>
	<TD width=12% align=left>&nbsp;

	</TD>
	<TD width=13% align=right>
<FONT size=2 face="serif">30,289</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<B><FONT size=2 face="serif">Total Liabilities and Equity</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=right>
<B><FONT size=2 face="serif">Ps.</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=right>
<B><FONT size=2 face="serif">67,187</FONT></B>&nbsp;
	</TD>
	<TD width=12% align=right>
<B><FONT size=2 face="serif">Ps.</FONT></B>&nbsp;
	</TD>
	<TD width=13% align=right>
<B><FONT size=2 face="serif">67,621</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
</TABLE>





<p><BR>

</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>April 28, 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 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="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated Income
Statement<BR></B>Expressed in million of Mexican pesos(1) with purchasing power as of March
31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE width=648 border=0 align="center" cellpadding=2 CELLSPACING=2>
<TR valign="bottom">
        <TD width=80% align=left>&nbsp;

        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">1 Q 05</FONT></B>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">1 Q 04</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">446.8</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">440.8</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25.00</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">24.94</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11,172.2</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,994.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">57.6</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">74.4</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11,229.8</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11,068.9</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,880.8</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,764.8</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,349.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,304.1</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,660.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,659.1</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,688.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,645.0</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest expense</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">547.5</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">601.4</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest income</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">37.7</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest expense, net</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">489.5</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">563.7</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Foreign exchange loss (gain)</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(14.9)</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(61.0)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loss (gain) on monetary position</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(183.2)</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(476.7)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Integral cost of financing</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">291.4</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26.0</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Other (income) expenses, net</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">111.6</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">71.5</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Income before taxes</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,285.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,547.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Taxes</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">579.2</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">641.8</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Consolidated net income</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">706.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">905.7</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Majority net income</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">695.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">905.5</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Minority net income</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0.2</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=3><HR size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,688.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,645.0</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Depreciation</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">305.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">327.9</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Amortization and other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">273.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">284.6</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">EBITDA </FONT><SUP><FONT size=2 face="serif">(3)</FONT></SUP>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,266.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,257.5</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR size=2>
        </TD>
        <TD colspan="2">
<HR size=2>
        </TD>
  </TR>
</TABLE>













<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.<BR>(3)
EBITDA = Operating Income + Depreciation +Amortization &amp; Other non-cash charge</FONT></P>









<hr size=1 noshade color=gray>
<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>April 28, 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>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="Times 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 March 31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE border=0 width=648 CELLSPACING=2 cellpadding=2 align=center>
<TR valign="bottom">
        <TD width=59% align=left>&nbsp;

        </TD>
        <TD width=22% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 05 %Rev</FONT></B>&nbsp;
        </TD>
        <TD width=17% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 04 %Rev</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">227.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">228.3</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">26.70</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">27.55</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">6,079.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">6,288.7</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">17.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">32.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">6,097.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">6,320.7</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">2,944.2</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">48.3%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">2,991.2</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47.3%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">3,152.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">51.7%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">3,329.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52.7%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">2,074.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">2,114.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.5%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
          <hr size=1>
    </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">1,078.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17.7%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">1,215.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19.2%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Depreciation, Amortization and other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">333.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.5%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">357.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.6%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=2>
        </TD>
        <TD>
<HR size=2>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR size=2>
        </TD>
  </TR>
</TABLE>







<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.</FONT></P>





<hr size=1 noshade color=gray>
<BR><BR><BR>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Central American
operations<BR></B>Expressed in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of March
31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE border=0 width=648 CELLSPACING=2 cellpadding=2 align=center>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=21% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 05 %Rev</FONT></B>&nbsp;
        </TD>
        <TD width=16% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 04 %Rev</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">26.2</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">26.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">32.28</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">32.87</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">845.8</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">871.1</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">0.3</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">3.7</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">846.2</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">874.8</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">436.5</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">51.6%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">460.3</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52.6%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">409.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">48.4%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">414.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47.4%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">297.0</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35.1%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">309.6</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35.4%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">112.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13.3%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">104.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Depreciation, Amortization and other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">55.6</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">6.6%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">60.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.0%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
</TABLE>






<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.</FONT></P>











<hr size=1 noshade color=gray>
<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>April 28, 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>Colombian and Venezuelan operations</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" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Colombian operations<BR></B>Expressed
in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of March 31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE width=648 border=0 align="center" cellpadding=0 CELLSPACING=2>
<TR valign="bottom">
        <TD width=59% align=left>&nbsp;

        </TD>
        <TD width=22% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 05 %Rev</FONT></B>&nbsp;
        </TD>
        <TD width=16% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 04 %Rev</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">42.1</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">41.6</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">25.36</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">23.63</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">1,067.5</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">983.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=22% align=center>
<FONT size=2 face="serif">-</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">-</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">1,067.5</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">983.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">590.7</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">55.3%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">547.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">55.7%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">476.8</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">44.7%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">436.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44.3%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">381.7</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">35.8%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">395.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40.2%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">95.1</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">8.9%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">40.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.1%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Depreciation, Amortization &amp; Other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=22% align=right>
<FONT size=2 face="serif">70.0</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">6.6%</FONT>&nbsp;
        </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">80.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.2%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
</TABLE>












<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.</FONT></P>




<hr size=1 noshade color=gray>
<BR><BR><BR>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Venezuelan operations<BR></B>Expressed
in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of March 31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE width=648 border=0 align="center" cellpadding=0 CELLSPACING=2>
<TR valign="bottom">
        <TD width=59% align=left>&nbsp;

        </TD>
        <TD width=21% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 05 %Rev</FONT></B>&nbsp;
        </TD>
        <TD width=17% colspan=2 align=center>
<B><FONT size=2 face="serif">1Q 04 %Rev</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">40.4</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">40.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">26.76</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">24.59</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">1,081.3</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">1,005.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">1.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">0.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">1,082.3</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">1,006.4</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">630.9</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58.3%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">608.7</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60.5%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">451.4</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">41.7%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">397.7</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">39.5%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">384.6</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35.5%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">329.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.8%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">66.8</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">6.2%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">67.8</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.7%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Depreciation, Amortization and other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">54.3</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">57.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.8%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
</TABLE>







<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.</FONT></P>










<hr size=1 noshade color=gray>
<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>April 28, 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 ">


<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 operations</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" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Brazilian operations<BR></B>Expressed
in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of March 31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE width=648 border=0 align="center" cellpadding=0 CELLSPACING=2>
<TR valign="bottom">
        <TD width=59% align=left>&nbsp;

        </TD>
        <TD width=21% colspan=2 align=right>
<B><FONT size=2 face="serif">1Q 05 %Rev</FONT></B>&nbsp;
        </TD>
        <TD width=17% colspan=2 align=right>
<B><FONT size=2 face="serif">1Q 04 %Rev</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">71.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">66.4</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">19.54</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">18.51</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">1,389.5</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">1,228.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">4.2</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">2.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">1,393.7</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">1,231.8</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">821.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58.9%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">758.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61.6%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">572.6</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">41.1%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">472.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38.4%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">377.4</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">27.1%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">381.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.0%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">195.1</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">14.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">91.0</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.4%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=59% align=left>
<FONT size=2 face="serif">Depreciation, Amortization and other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">31.8</FONT>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.3%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">23.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.9%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
</TABLE>








<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.</FONT></P>









<hr size=1 noshade color=gray>
<BR>






<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Argentine operations<BR></B>Expressed
in million of Mexican pesos<SUP>(1)</SUP> with purchasing power as of March 31, 2005 </FONT></P>
<TABLE width=648 border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD>
      <HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<TABLE width=648 border=0 align="center" cellpadding=0 CELLSPACING=2>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=21% colspan=2 align=right>
<B><FONT size=2 face="serif">1Q 05 %Rev</FONT></B>&nbsp;
        </TD>
        <TD width=17% colspan=2 align=right>
<B><FONT size=2 face="serif">1Q 04 %Rev</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
        <TD colspan=2>
<HR size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Sales Volume (million unit cases)</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">39.3</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">37.1</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Average price per unit case</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">18.04</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">16.69</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Net revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">708.9</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">619.3</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Other operating revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">35.4</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>&nbsp;

        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">35.3</FONT>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Total revenues</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">744.3</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">654.6</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Cost of sales</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">459.6</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">61.7%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">401.7</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61.4%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Gross profit</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">284.8</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">38.3%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">252.9</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38.6%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Operating expenses</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">160.4</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">21.6%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">141.5</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21.6%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Operating income</FONT>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">124.3</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">16.7%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">111.4</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.0%</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Depreciation, Amortization and other non-cash charges </FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD width=21% align=right>
<FONT size=2 face="serif">32.5</FONT>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">4.4%</FONT>&nbsp;
        </TD>
        <TD width=17% align=right>
<FONT size=2 face="serif">32.4</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.0%</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
        <TD colspan="2">
<HR size=1>
        </TD>
  </TR>
</TABLE>









<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Except volume and
average price per unit case figures.<BR>(2) Includes returnable bottle breakage expense.</FONT></P>









<hr size=1 noshade color=gray>
<BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 28, 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>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" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SELECTED INFORMATION<BR></B><BR> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">VOLUME<BR><I>Expressed in
million unit cases</I> </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 ALIGN="CENTER" COLSPAN="6"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2004</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="6"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q 2005</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 width="6%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CSD</B> </FONT></TD>
     <TD width="1%" ALIGN="CENTER">&nbsp;</TD>
     <TD width="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD width="8%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer</B> </FONT></TD>
     <TD width="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
<TD width="6%" 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 width="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CSD</B> </FONT></TD>
     <TD width="1%" ALIGN="CENTER">&nbsp;</TD>
     <TD width="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Water</B> </FONT></TD>
     <TD width="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Beer</B> </FONT></TD>
     <TD width="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Others</B> </FONT></TD>
     <TD width="6%" 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>182.9</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228.3</FONT></TD>
     <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>182.3</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>227.7</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central America</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.8</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.5</FONT></TD>
     <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>24.5</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.2</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>35.6</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.6</FONT></TD>
     <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>36.6</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</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>42.1</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>34.7</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.0</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</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>2.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.4</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>52.0</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.4</FONT></TD>
     <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>57.2</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</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>9.0</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>71.1</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>36.7</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.1</FONT></TD>
     <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>38.5</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.3</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>366.7</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>440.8</FONT></TD>
     <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>374.1</FONT></TD>
     <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>446.8</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>
</TABLE>










<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PACKAGE MIX BY
PRESENTATION<BR><I>Expressed as a Percentage of Total Volume</I> </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>1Q 2004</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>1Q 2005</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>28.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.2&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>14.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.9&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>1.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7&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>50.7&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>4.4&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>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1&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>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>3.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.5&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.0&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>6.3&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>32.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.0&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>4.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69.1&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>3.2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Brazil<SUP>(1)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8&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>&nbsp;</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>86.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8&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>27.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69.1&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>-&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>27.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.1&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>







<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1) Carbonated Soft
Drinks returnable presentations represented 4.6% and 5.9% of total sales volume in the
first quarter of 2004 and 2005, respectively.</I> </FONT> </P>











<hr size=1 noshade color=gray>
<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>April 28, 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>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>March 2005<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=3><HR SIZE=1></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD WIDTH=14% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inflation</FONT></TD>
     <TD WIDTH=8% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER COLSPAN=3><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 width="14%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LTM</FONT></TD>
     <TD width="12%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1Q 05</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="17%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 2005</FONT></TD>
     <TD width="15%" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dec 2004</FONT></TD>
         <td width="12%" align="center"><font face="Times New Roman, Times, Serif" size=2>March 2004</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=3><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>4.39%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.79%</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>11.1710</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>11.1740</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>4.55%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.13%</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>2,376.4800</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>2,678.1600</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>15.80%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.33%</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>2,150.0000</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>1,920.0000</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>5.47%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.54%</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>2.6662</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>2.9086</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>7.86%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.64%</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9200</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>2.8600</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=3><HR SIZE=1></TD>
  </TR>
</TABLE>


<br>
<hr size=1 noshade color=gray>
<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>April 28, 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>














<!-- INICIO ASSINATURA -->


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

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

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

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

<BR><BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>COCA-COLA FEMSA, S.A. DE C.V.</B> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">(Registrant) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="3">Date: April 28, 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>
</TABLE>


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