<SEC-DOCUMENT>0001292814-12-001068.txt : 20120426
<SEC-HEADER>0001292814-12-001068.hdr.sgml : 20120426
<ACCEPTANCE-DATETIME>20120425192210
ACCESSION NUMBER:		0001292814-12-001068
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120426
DATE AS OF CHANGE:		20120425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA FEMSA SAB DE CV
		CENTRAL INDEX KEY:			0000910631
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12260
		FILM NUMBER:		12781064

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COCA COLA FEMSA SA DE CV
		DATE OF NAME CHANGE:	19930814
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>kofform20f_2011.htm
<DESCRIPTION>FORM 20F 2011
<TEXT>

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   <TITLE>kofform20f_2011.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As filed with the Securities and Exchange Commission on April 25, </FONT></B><FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2012.</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">FORM 20-F</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">ANNUAL REPORT PURSUANT TO SECTION 13<BR>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">For the fiscal year ended December&nbsp;31, 2011<BR>Commission file number 1-12260</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">Coca&#8209;Cola FEMSA, S.A.B. de C.V.<BR></FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Not Applicable<BR></FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(Translation of registrant&#8217;s name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">United Mexican States<BR></FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(Jurisdiction of incorporation or organization)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Guillermo Gonz&#225;lez Camarena No. 600<BR>Centro de Ciudad Santa Fe<BR>01210 M&#233;xico, D.F., M&#233;xico<BR></FONT></B><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(Address of principal executive offices)</FONT></P>

<DIV style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 162pt; BORDER-TOP: windowtext 1pt solid; MARGIN-RIGHT: 147.6pt; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Jos&#233; Castro</FONT></B></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Guillermo Gonz&#225;lez Camarena No. 600<BR>Centro de Ciudad Santa Fe<BR>01210 M&#233;xico, D.F., M&#233;xico</FONT></B></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(52-55) 5081-5120/5121</FONT></B></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">krelations@kof.com.mx </FONT></B></P></DIV>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 162pt; BORDER-TOP: medium none; MARGIN-RIGHT: 147.6pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 4pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(Name, telephone, e-mail and/or facsimile number and<BR>address of company contact person)</FONT></P></DIV>

<P style="MARGIN: 3pt 0cm"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Securities registered or to be registered pursuant to Section 12(b) of the Act:</FONT></B></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Title of Each Class</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 5.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Name of Each Exchange on Which Registered</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-INDENT: -14.85pt; MARGIN: 3pt 0cm 0pt 14.85pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">American Depositary shares, each representing 10 Series L shares, without par value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 3pt 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">New York Stock Exchange, Inc.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 3pt 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Series L shares, without par value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="MARGIN: 3pt 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">New York Stock Exchange, Inc. (not for trading, for listing purposes only)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 6pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Securities registered or to be registered pursuant to Section 12(g) of the Act:</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 54pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">None</FONT></P>

<P style="MARGIN: 2pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 54pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">None</FONT></P>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">The number of outstanding shares of each class of capital or common stock as of December 31, 2011 was</FONT></B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">:&nbsp;</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">992,078,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="77%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Series A shares, without par value </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">583,545,678</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="77%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Series D shares, without par value </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">334,406,004</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="77%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Series L shares, without par value</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0pt 3pt 0cm"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 2pt 106.55pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Yes</FONT><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-INDENT: 206.1pt; MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> No </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 2pt 106.55pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Yes</FONT><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-INDENT: 206.1pt; MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> No </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 2pt 106.55pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Yes</FONT><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-INDENT: 206.1pt; MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> No </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant:&nbsp; (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 2pt 106.55pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Yes</FONT><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-INDENT: 206.1pt; MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> No </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.&nbsp; See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.&nbsp; (Check one):</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 2pt 31.5pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Large Accelerated filer </FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x&nbsp;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 2pt 31.5pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Accelerated filer </FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;&nbsp;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 2pt 31.5pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Non-accelerated filer </FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;&nbsp;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: </FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 2pt 31.7pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">U.S. GAAP </FONT><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 2pt 31.7pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">IFRS</FONT><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 2pt 31.7pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Other</FONT><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></B><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</FONT></B></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 2pt 106.55pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Item 17</FONT><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-INDENT: 206.1pt; MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Item 18</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 2pt 0cm 3pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 2pt 106.55pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>&#168;</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> Yes</FONT><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-INDENT: 206.1pt; MARGIN: 0cm 0cm 2pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face=wingdings>x</FONT><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> No </FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">TABLE OF CONTENTS</FONT></B></P>

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   <TD width="71%"></TD>

   <TD width="15%"></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Page</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Introduction</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Key Information</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Selected Consolidated Financial Data</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dividends and Dividend Policy</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Rate Information</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Risk Factors</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Information on the Company</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">16</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Company</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">16</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Regulation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">32</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bottler Agreements</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">38</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Description of Property, Plant and Equipment</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">40</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Significant Subsidiaries</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">42</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4A.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Unresolved Staff Comments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">43</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Operating and Financial Review and Prospects</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">43</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Directors, Senior Management and Employees</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">65</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Major Shareholders and Related Party Transactions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">80</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Major Shareholders</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">80</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Related Party Transactions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">84</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Financial Information</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">86</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated Statements and Other Financial Information</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">86</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Legal Proceedings</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">88</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Offer and Listing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">89</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trading Markets</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">89</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trading on the Mexican Stock Exchange</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">91</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Additional Information</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">92</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bylaws</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">92</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Material Agreements</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">100</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Taxation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">101</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Documents on Display</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">103</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Quantitative and Qualitative Disclosures about Market Risk</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">105</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Description of Securities Other than Equity Securities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">109</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12.A.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Debt Securities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">109</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12.B.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrants and Rights</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">109</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12.C.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other Securities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">109</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12.D.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">American Depositary Shares</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">109</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Items 13-14.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">110</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 15.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Controls and Procedures</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">110</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16A.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Audit Committee Financial Expert</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">112</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16B.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Code of Ethics</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">112</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16C.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Principal Accountant Fees and Services</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">112</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16D.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">113</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16E.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">113</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16F.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">113</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16<FONT size=2 face="Times New Roman">G</FONT>.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2>Corporate Governance</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">113</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16<FONT size=2 face="Times New Roman">H</FONT>.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2>Not Applicable</FONT></TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">113</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 17.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">116</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 18.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Financial Statements</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">116</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 19.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibits</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">116</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&nbsp;</FONT>&nbsp;</TD></TR></TABLE>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">INTRODUCTION</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">References</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Unless the context otherwise requires, the terms &#8220;Coca-Cola FEMSA,&#8221; &#8220;our company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; are used in this annual report to refer to Coca-Cola FEMSA, S.A.B. de C.V. and its subsidiaries on a consolidated basis.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">References herein to &#8220;U.S. dollars,&#8221; &#8220;US$,&#8221; &#8220;dollars&#8221; or &#8220;$&#8221; are to the lawful currency of the United States of America. References herein to &#8220;Mexican pesos&#8221; or &#8220;Ps.&#8221; are to the lawful currency of Mexico.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Sparkling beverages&#8221; as used in this annual report refers to nonalcoholic carbonated beverages.&nbsp; &#8220;Still beverages&#8221; refers to nonalcoholic non-carbonated beverages.&nbsp; Non-flavored waters, whether or not carbonated, are referred to as &#8220;waters.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">References to </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages in this annual report refer to products described in &#8220;Item 4. Information on the Company&#8212;The Company&#8212;Our Products.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Currency Translations and Estimates</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This annual report contains translations of certain Mexican peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, such U.S. dollar amounts have been translated from Mexican pesos at an exchange rate of Ps.&nbsp;13.95 to US$ 1.00, the exchange rate for Mexican pesos on December 30, 2011, the last day in 2011 for which information is available, according to the U.S. Federal Reserve Board. On April 20, 2012, this exchange rate was Ps. 13.12&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to US$ 1.00. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 3. Key Information&#8212;Exchange Rate Information&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> for information regarding exchange rates since January 1, 2007.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To the extent that estimates are contained in this annual report, we believe such estimates, which are based on internal data, are reliable. Amounts in this annual report are rounded, and the totals may therefore not precisely equal the sum of the numbers presented.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Sources</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certain information contained in this annual report has been computed based upon statistics prepared by the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><EM>Instituto Nacional de Estad&#237;stica y Geograf&#237;a&nbsp;</EM></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><EM>de Mexico </EM>(the National Institute of Statistics and Geography), the Federal Reserve Bank of New York, the U.S Federal Reserve Board, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Banco de M&#233;xico</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Central Bank of Mexico), the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comisi&#243;n Nacional Bancaria y de Valores </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">of Mexico (the National Banking and Securities Commission, or the CNBV), local entities in each country and upon our estimates.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Forward-Looking Information</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This annual report contains words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate&#8221; and similar expressions that identify forward-looking statements.&nbsp; Use of these words reflects our views about future events and financial performance. Actual results could differ materially from those projected in these forward-looking statements as a result of various factors that may be beyond our control, including, but not limited to, effects on our company from changes in our relationship with The Coca-Cola Company, movements in the prices of raw materials, competition, significant developments in economic or political conditions in Latin America or changes in our regulatory environment. Accordingly, we caution readers not to place undue reliance on these forward-looking statements. In any event, these statements speak only as of their respective dates, and we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.</FONT><FONT size=2>&nbsp;</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">During 2011, we restructured our internal operations in order to have the necessary flexibility to manage our business going forward, extend our track record of growth and better reflect the geographic characteristics of our business. Previously, we managed our business under three divisions&#8212;Mexico, Latincentro, and Mercosur. As a result of these changes, we organized our operations into the following two reportable segments: (i) Mexico and Central America division (comprising the following countries: Mexico, Guatemala, Nicaragua, Costa Rica and Panama) and (ii) South America division (comprising the following countries: Brazil, Argentina, Colombia and Venezuela).&nbsp; However, because Venezuela operates in an economy with exchange control and hyper-inflation, Bulletin B-5 &#8220;Information by Segments&#8221;, does not allow its aggregation into the South America segment for purposes of our consolidated financial statements. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">See &#8220;Item 4. Information on the Company&#8212;The Company&#8212;Business Strategy.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 1.&nbsp; Not Applicable</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 3.&nbsp; Key Information</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">SELECTED CONSOLIDATED FINANCIAL DATA&nbsp;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This annual report includes (under Item 18) our audited consolidated balance sheets as of December 31, 2011 and 2010 and the related consolidated statements of income and changes in shareholders&#8217; equity and cash flows for the years ended December 31, 2011, 2010, and 2009. Our consolidated financial statements for those years were prepared in accordance with Mexican Financial Reporting Standards, which we sometimes refer to as Mexican FRS. Mexican FRS differs in certain significant respects from generally accepted accounting principles in the United States, or U.S. GAAP. Notes 26 and 27 to our consolidated financial statements provide a description of the principal differences between Mexican Financial Reporting Standards and U.S. GAAP as they relate to us, together with reconciliation to U.S. GAAP of net income and shareholders&#8217; equity. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Beginning in 2012, Mexican issuers with securities registered in the National Securities Registry (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Registro Nacional de Valores</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comisi&#243;n Nacional Bancaria y de Valores</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mexican National Banking and Securities Commission, or the CNBV) are required to prepare financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which we refer to as IFRS.&nbsp; Accordingly, as of January 1, 2012, we are preparing our financial information in accordance with IFRS on a comparable basis.&nbsp; See Note 28 to our audited consolidated financial statements.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Through December 31, 2007, Mexican FRS required us to recognize effects of inflation in our financial statements and re-express financial statements from prior periods in constant pesos as of the end of the most recent period presented. For periods beginning in 2008, we adopted </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Norma de Informaci&#243;n Financiera</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (NIF) B-10 &#8220;Effects of Inflation&#8221; under Mexican Financial Reporting Standards.&nbsp; Under this rule, the previous inflation accounting rules requiring us to re-express prior years to reflect the impact of current period inflation no longer apply, unless the economic environment in which we operate qualifies as inflationary pursuant to Mexican Financial Reporting Standards. An economic environment is inflationary if the cumulative inflation equals or exceeds an aggregate of 26% over the preceding three consecutive years. As a result, we ceased to recognize the effects of inflation on our financial information for our subsidiaries in Mexico, Guatemala, Panama, Colombia and Brazil. For the rest of our subsidiaries in Argentina, Venezuela, Costa Rica and Nicaragua, we continue,as of December 31, 2011, applying inflationary accounting in accordance with Mexican Financial Reporting Standards.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Mexican FRS, the information presented in this annual report presents financial information for 2011, 2010, and 2009 in nominal terms that has been presented in Mexican pesos, taking into account local inflation of each inflationary economic environment and converting from local currency to Mexican pesos using the official exchange rate at the end of the period published by the local central bank of each country categorized as an inflationary economic environment. For each non-inflationary economic environment, local currency is converted to Mexican pesos using the year-end exchange rate for assets and liabilities, the historical exchange rate for <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">shareholders&#8217; equity and the average exchange rate for the income statement. Our financial information for 2007 is expressed in constant pesos as of December 31, 2007.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Mexican FRS, in our consolidated financial statements and the selected financial information set forth below:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In inflationary economic environments, the figures are restated for inflation based on the local consumer price index.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In inflationary economic environments, gains and losses in purchasing power from holding monetary liabilities or assets are recognized in the &#8220;Comprehensive financing result&#8221; line in the income statement.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial statements for 2011, 2010, and 2009 are stated in nominal Mexican pesos.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Beginning in 2008, as a result of discontinuing inflationary accounting for subsidiaries that operate in non-inflationary economic environments, the financial statements are no longer considered to be presented in a reporting currency that comprehensively includes the effects of price level changes; therefore, the inflationary effects of inflationary economic environments arising in 2011, 2010, 2009 and 2008 result in a difference to be reconciled for U.S. GAAP purposes.&nbsp; See Notes 26 and 27 to our consolidated financial statements.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our non-Mexican subsidiaries maintain their accounting records in the currency and in accordance with accounting principles generally accepted in the country where they are located. For presentation in our consolidated financial statements, we adjust these accounting records into Mexican Financial Reporting Standards and reported in Mexican pesos under these standards.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table presents selected financial information of our company. This information should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements, including the notes thereto.&nbsp; The selected financial information contained herein is presented on a consolidated basis, and is not necessarily indicative of our financial position or results from operations at or for any future date or period.&nbsp; See Note 4 to our consolidated financial statements for our significant accounting policies. </FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2 align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2011</FONT></B><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: times new roman"></FONT></FONT><SUP><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>(1)</FONT></SUP></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2009</FONT></B><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: times new roman"><SUP>(2</SUP></FONT></FONT><SUP><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>)</FONT></SUP></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2008</FONT></B><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: times new roman"></FONT></FONT><SUP><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>(3)</FONT></SUP></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2007</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 6.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="72%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>(2011, 2010, 2009 and 2008 in millions of Mexican pesos or millions of U.S. dollars; 2007 in millions of constant Mexican pesos as of December 31, 2007, except share and per share data)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 6.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Income Statement Data:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Mexican FRS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Total revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>8,940</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>124,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>103,456</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>102,767</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>&nbsp;82,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>69,251</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Cost of goods sold </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4,838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>67,488</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>55,534</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>54,952</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>43,895</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>35,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Gross profit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4,102</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>57,227</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>47,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>47,815</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>39,081</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>33,375</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Operating expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2,657</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>37,075</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>30,843</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>31,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>25,386</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>21,889</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Income from operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>20,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>17,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>15,835</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>13,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>11,486</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 9.35pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Comprehensive financing result </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,373</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3,552</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>345</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Other expenses, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>167</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,292</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,831</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>702</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Income taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4,260</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2,486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3,336</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Consolidated net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>11,169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>10,299</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>8,970</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5,826</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>7,103</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Controlling interest net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>10,615</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>9,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>8,523</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5,598</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>6,908</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Non-controlling interest net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>447</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>195</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Net controlling income per share<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>0.41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5.69</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4.62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3.74</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 91%" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>U.S. GAAP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 91%" lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Total revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>8,909</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>124,</FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE> 288</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>103,122</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>100,393</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>&nbsp;81,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>69,131</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Cost of goods sold </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4, 891</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>68,240</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>55,944</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>54,335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>43,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>36,118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Gross profit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4, 018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>56,048</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>47,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>46,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>37,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>33,013</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Operating expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>2,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>38,068</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>31,770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>31,843</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>25,567</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>22,279</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Income from operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,289</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>17,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>15,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>14,215</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>12,042</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>10,734</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 9.35pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Comprehensive financing result </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>82</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>1,149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,260</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,752</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3,917</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>278</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Other expenses, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>226</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>440</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>241</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Income taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>389</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>5,422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4,097</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3,525</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>1,987</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3,272</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated net income<SUP>(5) </SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>11,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>10,105</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>8,853</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5,802</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>6,953</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Controlling interest net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>751</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>10,467</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>9,608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>8,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5,571</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>6,765</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>Non-controlling interest net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>446</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>188</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Net controlling income per share<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>0. 40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5</FONT><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=FR-BE>.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>5.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>4.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0px 0pt 0cm" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 7pt" lang=EN-US>3.66</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" height=22 vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Balance Sheet Data:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Mexican FRS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Cash, cash equivalents and marketable securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>12,661</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>&nbsp;12,534</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>9,954</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,583</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,780</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>19,413</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>13,902</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>13,685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>11,409</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>9,681</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Property, plant and equipment, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,975</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>41,502</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>31,874</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>31,007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>28,157</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>23,662</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Intangible assets, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>70,675</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>51,213</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>50,898</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>47,453</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>42,458</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other assets, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>527</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,538</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,117</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,356</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,597</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Total assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>10,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>151,608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>114,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>110,661</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>97,958</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>87,178</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Short-term bank loans and notes payable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,427</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,814</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>19,537</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,806</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>18,021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>11,496</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Long-term bank loans and notes payable. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,221</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>17,034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,511</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>10,498</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>12,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>14,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other long-term liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>624</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>8,717</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>8,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,985</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Total liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,643</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>50,828</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>40,180</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>42,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>40,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>36,397</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Shareholders&#8217; equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,224</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>100,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>73,881</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>68,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>57,616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>50,781</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Capital stock </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 9.35pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Non-controlling interest in consolidated subsidiaries </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>221</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,089</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,602</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,296</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,641</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>97,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>71,279</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>66,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>55,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>49,140</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>U.S. GAAP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Cash, cash equivalents and marketable securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>873</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>12,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>12,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>&nbsp;9,740</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,192</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,542</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>20,738</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,081</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>14,936</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>12,493</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>10,523</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Property, plant and equipment, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,971</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>41,442</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>32,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>29,600</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>27,967</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>22,996</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Intangible assets, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>69,795</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>50,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>49,336</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>46,580</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>42,458</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 23.75pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other assets, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>518</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,232</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,063</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,817</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,741</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,063</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Total assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>10,851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>151,380 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>115,013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>108,429</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>97,973</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>88,582</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 27pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Short-term bank loans and notes payable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>5,427</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,814</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>19,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,816</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>18,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,226</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>11,430</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -8.1pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Long-term bank loans and notes payable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,221</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>17,034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>15,511</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>10,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>12,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>14,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other long-term liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>679</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>9,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>8,378</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>8,435</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,111</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Total liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,698</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>51,586</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>41,545</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>42,392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>41,505</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>37,457</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,153</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>99,794</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>73,468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>66,037</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>56,468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>51,125</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 0pt 9.35pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Non-controlling interest in consolidated subsidiaries </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>224</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,124</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>1,653</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,929</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>96,670</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>70,835</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>63,704</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>54,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>49,472</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Capital stock </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>228</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Other Data:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>Mexican FRS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Depreciation<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,586</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Capital expenditures<SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>561</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,826</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>7,478</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>6,282</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,802</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,682</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>U.S. GAAP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 2pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Depreciation<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>4,192</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 2pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 2pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,696</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 2pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>3,151</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">&nbsp;Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 11.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 2pt" align=right><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt" lang=EN-US>2,717</FONT></P></TD></TR></TABLE></DIV>

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   <TD vAlign=top width="100%" colSpan=2>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></TD></TR>

<TR>

   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 7pt">(1)<FONT lang=EN-US face="times new roman">&nbsp; </FONT></FONT></TD>

   <TD vAlign=top width="97%">

   <P><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Translation to U.S. dollar amounts at an exchange rate of Ps. 13.95 to US$ 1.00 solely for the convenience of the reader.<BR></FONT><FONT style="FONT-SIZE: 7pt"><FONT lang=EN-US face="Times New Roman">Includes results from the operations of Grupo Tampico from October</FONT><FONT style="TEXT-DECORATION: line-through" lang=EN-US color=windowtext face="Times New Roman">.</FONT><FONT style="TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">2011 and from Grupo CIMSA from December 2011.</FONT><FONT lang=EN-US face="Times New Roman"> </FONT></FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">See &#8220;Item 4&#8212;Information on the Company&#8212;The Company&#8212;Corporate History.&#8221;</FONT></B></P></TD></TR>

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   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 7pt">(2)<FONT lang=EN-US face="times new roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="97%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Includes results from the operations of Brisa from June 2009.&nbsp; </FONT><FONT style="FONT-SIZE: 7pt"></FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">See &#8220;Item 4&#8212;Information on the Company&#8212;The Company&#8212;Corporate History.&#8221;</FONT></B></TD></TR>

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   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 7pt">(3)<FONT lang=EN-US face="times new roman">&nbsp; </FONT></FONT></TD>

   <TD vAlign=top width="97%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Includes results from the operations of REMIL from June 2008.&nbsp; </FONT><FONT style="FONT-SIZE: 7pt"></FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">See &#8220;Item 4&#8212;Information on the Company&#8212;The Company&#8212;Corporate History.&#8221;</FONT></B></TD></TR>

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   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 7pt">(4)<FONT lang=EN-US face="times new roman">&nbsp; </FONT></FONT></TD>

   <TD vAlign=top width="97%">

   <P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Computed on the basis of 1,865.3 million for 2011 and 1,846.5 million for previous years million shares outstanding.</FONT></P></TD></TR>

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   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 7pt">(5)<FONT lang=EN-US face="times new roman">&nbsp; </FONT></FONT></TD>

   <TD vAlign=top width="97%">

   <P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Includes depreciation of coolers reclassified to property, plant and equipment during 2009.</FONT></P></TD></TR>

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   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 7pt">(6)<FONT lang=EN-US face="times new roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="97%">

   <P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Expressed in nominal Mexican pesos.</FONT></P></TD></TR></TABLE>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 7.1pt" align=center><FONT style="FONT-SIZE: 10pt">4</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">DIVIDENDS AND DIVIDEND POLICY</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth the nominal amount in Mexican pesos of dividends declared and paid per share each year and the U.S. dollar amounts on a per share basis actually paid to holders of American Depositary Shares, which we refer to as ADSs, on each of the respective payment dates.</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fiscal Year with Respect <BR>to which Dividend was Declared</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Date Dividend Paid</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Mexican Pesos<BR>per Share (Nominal)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. Dollars per Share</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">May 6, 2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.512</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=center>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.049</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 13, 2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=center>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.054</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 26, 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=center>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.116</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 27, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.360</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=center>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.204</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">May 30, 2012<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0.45pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" align=center>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8211;<SUP>(3)</SUP></FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Expressed in U.S. dollars using the exchange rate applicable when the dividend was paid.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Estimated payment date since dividends for 2011 have not been paid at the time of this annual report.</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 12pt 72pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Since dividends for 2011 have not been paid at the time of this annual report, the U.S. dollar per share amount has not been determined.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 72pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The declaration, amount and payment of dividends are subject to approval by a simple majority of the shareholders up to an amount equivalent to 20% of the preceding years&#8217; retained earnings and by a majority of shareholders of each of Series A and Series D shares voting together as a single class above 20% of the preceding years&#8217; retained earnings, generally upon the recommendation of our board of directors, and will depend upon our operating results, financial condition, capital requirements, general business conditions and the requirements of Mexican law.&nbsp; Accordingly, our historical dividend payments are not necessarily indicative of future dividends.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of Series L shares, including in the form of ADSs, are not entitled to vote on the declaration and payments of dividends.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=center><FONT size=2>5</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">EXCHANGE RATE INFORMATION</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth, for the periods indicated, the high, low, average and period-end exchange rate expressed in Mexican pesos per U.S. dollar.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 138.25pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Period</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="63%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exchange Rate</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Average</FONT></B><SUP><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">End of Period</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2007 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 15.35pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 8.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 9.15pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.93</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.35pt; MARGIN: 0cm 9.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.92</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 15.35pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 8.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.92</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 9.15pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.35pt; MARGIN: 0cm 9.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.83</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 15.35pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15.41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 8.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 9.15pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.35pt; MARGIN: 0cm 9.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.06</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 15.35pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 8.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 9.15pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.64</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.35pt; MARGIN: 0cm 9.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.38</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 15.35pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">14.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 8.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.4pt; MARGIN: 0cm 9.15pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 15.35pt; MARGIN: 0cm 9.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.95</FONT></P></TD></TR></TABLE></DIV>

<DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 90%; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source: &nbsp;U.S. Federal Reserve Board.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Average month-end rates.</FONT></P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="57%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exchange Rate</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">End of Period</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 22.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 13.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 12.30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 12.30</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.83</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Third Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.63</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fourth Quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.38</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 22.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 22.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First Quarter&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 12.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 11.92</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 11.92</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.72</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Third Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.57</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.77</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fourth Quarter&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">14.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.95</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 22.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">December </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.95</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 22.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2012:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.13.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 12.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 12.81</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">January </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.93</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.04</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">February </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.79</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">March </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.99</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.63</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.81</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source:&nbsp; U.S. Federal Reserve Board.</FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On April 20, 2012, the exchange rate was Ps. 13.12 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to US$&nbsp;1.00, according to the U.S. Federal Reserve Board.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We pay all cash dividends in Mexican pesos.&nbsp; As a result, exchange rate fluctuations will affect the U.S. dollar amounts received by holders of our ADSs, which represent ten Series L shares, on conversion by the depositary for our ADSs of cash dividends on the shares represented by such ADSs.&nbsp; In addition, fluctuations in the exchange rate between the Mexican peso and the U.S. dollar would affect the market price of our ADSs.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=center><FONT size=2>6</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">RISK FACTORS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Risks Related to Our Company</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our business depends on our relationship with The Coca-Cola Company, and changes in this relationship may adversely affect our results from operations and financial condition.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Substantially all of our sales are derived from sales of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages.&nbsp; We produce, market and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages through standard bottler agreements in certain territories in Mexico and Latin America, which we refer to as &#8220;our territories.&#8221;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4. Information on the Company&#8212;The Company&#8212;Our Territories.&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Through its rights under our bottler agreements and as a large shareholder, The Coca-Cola Company has the right to participate in the process for making important decisions related to our business. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company may unilaterally set the price for its concentrate.&nbsp; In addition, under our bottler agreements, we are prohibited from bottling or distributing any other beverages without The Coca-Cola Company&#8217;s authorization or consent, and we may not transfer control of the bottler rights of any of our territories without consent of The Coca-Cola Company. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company also makes significant contributions to our marketing expenses, although it is not required to contribute a particular amount.&nbsp; Accordingly, The Coca-Cola Company may discontinue or reduce such contributions at any time.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We depend on The Coca-Cola Company to renew our bottler agreements.&nbsp; As of December 31, 2011, we had seven bottler agreements in Mexico, with each one corresponding to a different territory: (i) the agreements for Mexico&#180;s Valley territory expires in June 2013 and April 2016, (ii) the agreements&nbsp;for the Central territory expires in May 2015 and July&nbsp;2016 . (iii) the agreement for the Northeast territory expires in September 2014, (iv) the agreement for the Bajio territory expires in May 2015, and (v) the agreement for the Southeast territory expires in June 2013. Our bottler agreements with The Coca-Cola Company will expire for our territories in other countries as follows:&nbsp; Argentina in September 2014; Brazil in April 2014; Colombia in June 2014; Venezuela in August 2016; Guatemala in March 2015; Costa Rica in September 2017; Nicaragua in May 2016; and Panama in November 2014.&nbsp; All of our bottler agreements are automatically renewable for ten-year terms, subject to the right of either party to give prior notice that it does not wish to renew a specific agreement.&nbsp; In addition, these agreements generally may be terminated in the case of material breach.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4. Information on the Company&#8212;Bottler Agreements.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Termination would prevent us from selling </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages in the affected territory and would have an adverse effect on our business, financial conditions, results from operations and prospects.</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company and FEMSA have substantial influence on the conduct of our business, which may result in us taking actions contrary to the interests of our remaining shareholders.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company and Fomento Econ&#243;mico Mexicano, S.A.B. de C.V., which we refer to as FEMSA, have substantial influence on the conduct of our business.&nbsp; As of April 20, 2012, The Coca-Cola Company indirectly owns 29.4% of our outstanding capital stock, representing 37.0% of our capital stock with full voting rights.&nbsp; The Coca-Cola Company is entitled to appoint five of our maximum of 21 directors and the vote of at least two of them is required to approve certain actions by our board of directors.&nbsp;As of April 20, 2012,&nbsp;FEMSA indirectly owns 50.0% of our outstanding capital stock, representing 63.0% of our capital stock with full voting rights.&nbsp; FEMSA is entitled to appoint 13 of our maximum of 21 directors and all of our executive officers.&nbsp; The Coca-Cola Company and FEMSA together, or only FEMSA in certain circumstances, have the power to determine the outcome of all actions requiring approval by our board of directors, and FEMSA and The Coca-Cola Company together, or only FEMSA in certain circumstances, have the power to determine the outcome of all actions requiring approval of our shareholders.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; The interests of The Coca-Cola Company and FEMSA may be different from the interests of our remaining shareholders, which may result in us taking actions contrary to the interests of our remaining shareholders. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=center><FONT size=2>7</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have significant transactions with affiliates, particularly The Coca-Cola Company and FEMSA, which may create the potential for conflicts of interest and could result in less favorable terms to us.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We engage in transactions with subsidiaries of both The Coca-Cola Company and FEMSA.&nbsp; Our main transactions with FEMSA include supply agreements under which we purchase certain supplies and equipment, a service agreement under which a FEMSA subsidiary transports finished products from our production facilities to distribution facilities in Mexico, sales of finished products to Oxxo, a Mexican convenience store chain owned by FEMSA, a service agreement under which a FEMSA subsidiary provides administrative services to us, and sales and distribution agreements with Cervejarias Kaiser Brasil S.A., or Cervejarias Kaiser.&nbsp; We continue to distribute and sell the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kaiser&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> beer portfolio in our Brazilian territories through the 20-year term, consistent with arrangements in place with Cervejarias Kaiser since 2006, prior to the acquisition of Cervejarias Kaiser,&nbsp;a subsidiary of the Heineken Group,&nbsp;by Cuauht&#233;moc Moctezuma Holding, S.A. de C.V., formerly known as FEMSA Cerveza, S.A. de C.V. or FEMSA Cerveza.&nbsp;On April 30, 2010, the transaction pursuant to which FEMSA agreed to exchange 100% of its beer operations for a 20% economic interest in the Heineken Group closed. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4.&nbsp; Information on the Company&#8212;The Company&#8212;Product and Packaging Mix&#8212;South America, excluding Venezuela (Colombia, Brazil and Argentina).&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, we have entered into cooperative marketing arrangements with The Coca-Cola Company.&nbsp; We are a party to a number of bottler agreements with The Coca-Cola Company.&nbsp; We also have agreed to&nbsp;develop still beverages and waters in our territories with The Coca-Cola Company and have entered into agreements to&nbsp;acquire companies with The Coca-Cola Company.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Related Party Transactions.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">Our transactions with related parties may create the potential for conflicts of interest, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">which could result in terms less favorable to us than could be obtained from an unaffiliated third party.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Competition could adversely affect our financial performance.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The beverage industry in the territories in which we operate is highly competitive.&nbsp; We face competition from other bottlers of sparkling beverages such as </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> products, and from producers of low cost beverages or &#8220;B brands.&#8221;&nbsp; We also compete in different beverage categories, other than sparkling beverages, such as water, juice-based beverages, teas, sport drinks and value-added dairy products.&nbsp; Although competitive conditions are different in each of our territories, we compete principally in terms of price, packaging, consumer sales promotions, customer service and product innovation.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4.&nbsp; Information on the Company&#8212;The Company&#8212;Competition.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; There can be no assurances that we will be able to avoid lower pricing as a result of competitive pressure.&nbsp; Lower pricing, changes made in response to competition and changes in consumer preferences may have an adverse effect on our financial performance.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Changes in consumer preference could reduce demand for some of our products.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The non-alcoholic beverage industry is rapidly evolving as a result of, among other things, changes in consumer preferences.&nbsp; Specifically, consumers are becoming increasingly more aware of and concerned about environmental and health issues.&nbsp; Concerns over the environmental impact of plastic may reduce the consumption of our products sold in plastic bottles or result in additional taxes that would adversely affect consumer demand.&nbsp; In addition, researchers, health advocates and dietary guidelines are encouraging consumers to reduce their consumption of certain types of beverages sweetened with sugar and High Fructose Corn Syrup (&#8220;HFCS&#8221;), which could reduce demand for certain of our products.&nbsp; A reduction in consumer demand would adversely affect our results from operations.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water shortages or any failure to maintain existing concessions could adversely affect our business.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water is an essential component of all of our products.&nbsp; We obtain water from various sources in our territories, including springs, wells, rivers and municipal and state water companies pursuant to either contracts to obtain water or pursuant to concessions granted by governments in our various territories.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We obtain the vast majority of the water used in our production pursuant to concessions to exploit wells, which are generally granted based on studies of the existing and projected groundwater supply.&nbsp; Our existing water concessions or contracts to obtain water may be terminated by governmental authorities under certain circumstances and their renewal depends on receiving necessary authorizations from local and/or federal water authorities.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Item 4.&nbsp; Information on the Company&#8212;Regulation&#8212;Water Supply Law.&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In some of our other territories, our existing water supply may not be sufficient to meet our future production needs, and the available water supply may be adversely affected by shortages or changes in governmental regulations and environmental changes.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We cannot assure you that water will be available in sufficient quantities to meet our future production needs or will prove sufficient to meet our water supply needs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Increases in the prices of raw materials would increase our cost of goods sold and may adversely affect our results from operations.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to water, our most significant raw materials are (1) concentrate, which we acquire from affiliates of The Coca-Cola Company, (2) packaging materials and (3) sweeteners.&nbsp; Prices for sparkling beverages concentrate are determined by The Coca-Cola Company as a percentage of the weighted average retail price in local currency, net of applicable taxes.&nbsp; In 2005, The Coca-Cola Company decided to gradually increase concentrate prices for sparkling beverages in Brazil and Mexico. These increases were fully implemented in Brazil in 2008 and in Mexico in 2009.&nbsp; However, we may experience further increases in our territories in the future.&nbsp; The prices for our remaining raw materials are driven by market prices and local availability as well as the imposition of import duties and import restrictions and fluctuations in exchange rates.&nbsp; We are also required to meet all of our supply needs from suppliers approved by The Coca-Cola Company, which may limit the number of suppliers available to us.&nbsp; Our sales prices are denominated in the local currency in each country in which we operate, while the prices of certain materials, including those used in the bottling of our products, mainly resin, ingots to make plastic bottles, finished plastic bottles, aluminum cans and HFCS, are paid in or determined with reference to the U.S. dollar, and therefore may increase if the U.S. dollar appreciates against the currency of the countries in which we operate, as was the case in 2008 and 2009.&nbsp; While the U.S. dollar did not appreciate against the currency of the countries in which we operate in 2010 and most of 2011, we cannot assure you that an appreciation of the U.S. dollar with respect to such currencies will not occur in the future.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; See &#8220;Item 4.&nbsp; Information on the Company&#8212;The Company&#8212;Raw Materials.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our most significant packaging raw material costs arise from the purchase of resin and plastic ingots to make plastic bottles and from the purchase of finished plastic bottles, the prices of which are tied to crude oil prices and global resin supply.&nbsp; The average prices that we paid for resin and plastic ingots in U.S. dollars increased significantly in 2011, as compared to 2010.&nbsp; We cannot provide any assurance that prices will not increase further in future periods.&nbsp; Average sweetener prices, including sugar and HFCS, paid during 2011 were higher as compared to 2010 in all of the countries in which we operate.&nbsp; During 2009 to 2011 international sugar prices were volatile due to various factors, including shifting demands, availability and climate issues affecting production and distribution.&nbsp; Sugar prices in all of the countries in which we operate other than Brazil are subject to local regulations and other barriers to market entry that cause us to pay in excess of international market prices for sugar.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4.&nbsp; Information on the Company&#8212;The Company&#8212;Raw Materials.&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We cannot assure you that our raw material prices will not further increase in the future.&nbsp; Increases in the prices of raw materials would increase our cost of goods sold and adversely affect our financial performance. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxes could adversely affect our business.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The countries in which we operate may adopt new tax laws or modify existing law to increase taxes applicable to our business.&nbsp; For example, in Mexico, a general tax reform became effective on January 1, 2010, pursuant to which, as applicable to us, there is a temporary increase in the income tax rate from 28% to 30% from 2010 through 2012.&nbsp; This increase will be followed by a reduction to 29% for the year 2013 and a further reduction in 2014 to return to the previous rate of 28%.&nbsp; In addition, the value added tax (VAT) rate increased in 2010 from 15% to 16%.&nbsp; This increase had an impact on our results from operations due to the reduction in disposable income of consumers.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Panama there was an increase in a certain consumer tax, effective as of April 1, 2010, affecting syrups, powders and concentrate.&nbsp; Some of these materials are used for the production of our sparkling beverages.&nbsp; These taxes increased from 6% to 10%.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our products are also subject to certain taxes in many of the countries in which we operate. Certain countries in Central America, Brazil and Argentina also impose taxes on sparkling beverages.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>See &#8220;Item 4.&nbsp; <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Information on the Company&#8212;Regulation&#8212;Taxation of Sparkling Beverages.&#8221;</FONT></STRONG><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>&nbsp; </STRONG>We cannot assure you that any governmental authority in any country where we operate will not impose new taxes or increase taxes on our products in the future.&nbsp; The imposition of new taxes or increases in taxes on our products may have a material adverse effect on our business, financial condition, prospects and results from operations.</FONT></FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Regulatory developments may adversely affect our business.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are subject to regulation in each of the territories in which we operate.&nbsp; The principal areas in which we are subject to regulation are environment, labor, taxation, health and antitrust.&nbsp; Regulation can also affect our ability to set prices for our products.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">See &#8220;Item 4.&nbsp; Information on the Company&#8212;Regulation.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; The adoption of new laws or regulations or a stricter interpretation or enforcement thereof in the countries in which we operate may increase our operating costs or impose restrictions on our operations which, in turn, may adversely affect our financial condition, business and results from operations.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">In particular, environmental standards are becoming more stringent in several of the countries in which we operate, and we are in the process of complying with these standards, although we cannot assure you that we will be able to meet any timelines for compliance established by the relevant regulatory authorities.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">See &#8220;Item 4.&nbsp; Information on the Company&#8212;Regulation&#8212;Environmental Matters.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">&nbsp; Further changes in current regulations may result in an increase in compliance costs, which may have an adverse effect on our future results from operations or financial condition.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Voluntary price restraints or statutory price controls have been imposed historically in several of the countries in which we operate.&nbsp; We are currently subject to price controls in Argentina and Venezuela.&nbsp; The imposition of these restrictions or voluntary price restraints in other territories may have an adverse effect on our results from operations and financial position.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4.&nbsp; Information on the Company&#8212;Regulation&#8212;Price Controls.&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We cannot assure you that governmental authorities in any country where we operate will not impose statutory price controls or that we will need to implement voluntary price restraints in the future.</FONT></P>

<P style="TEXT-INDENT: 35.45pt; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">In January 2010, the Venezuelan government amended the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Ley para la Defensa y Acceso a las Personas a los Bienes y Servicios</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> (Access to Goods and Services Defense Law).&nbsp; Any violation by a company that produces, distributes and sells goods and services could lead to fines, penalties or the confiscation of the assets used to produce, distribute and sell these goods without compensation.&nbsp; Although we believe we are in compliance with this law, consumer protection laws in Venezuela are subject to continuing review and changes, and any such changes could lead to an adverse impact on us. </FONT></P>

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<P style="TEXT-INDENT: 35.45pt; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">In July 2011 the Venezuelan government passed the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Ley de Costos y Precios Justos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> (Fair Costs and Prices Law). The purpose of this law is to establish the regulations and administrative processes necessary to maintain the price stability of, and equal access to, goods and services. The law also creates the National Ministry of Costs and Prices, whose main role is to oversee price controls and set maximum retail prices on certain consumer goods and services. Of our products, only certain of our still water beverages were affected by these regulations, which mandated <FONT style="FONT-SIZE: 10pt" face="Times New Roman">to lower</FONT> our sale prices as of April 2012.&nbsp; Any failure to comply with this law would result in fines, temporary suspension or the closure of operations. While we are <FONT style="FONT-SIZE: 10pt" face="Times New Roman">currently</FONT> in compliance with this law, we cannot assure you that the Venezuelan government&#8217;s future regulation of goods and services will not result in a forced reduction of prices in <FONT style="FONT-SIZE: 10pt" face="Times New Roman">other</FONT> of our products, which could have a negative effect on our results of operations.</FONT></P>

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<P style="TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In&nbsp;January&nbsp;2012, the Costa Rican government approved a decree which regulates the sale of food and beverages in schools. The decree came into effect in 2012.&nbsp; Enforcement of this law will be gradual, from 2012 to 2014, depending on the specific characteristics of the food and beverage in question. According to the decree, the sale of specific sparkling beverages and still beverages that contain sugar, syrup or&nbsp;HFCS in any type of presentation in schools is prohibited. We will still be allowed to sell water and certain still beverages in schools. We cannot assure you that the Costa Rican government will not further restrict sales of other of our products in schools in the future; any such further restrictions could lead to an adverse impact on our results of operations.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our operations have from time to time been subject to investigations and proceedings by antitrust authorities and litigation relating to alleged anticompetitive practices. We have also been subject to investigations and proceedings on environmental and labor matters. We cannot assure you that these investigations and proceedings could not have an adverse effect on our results from operations or financial condition. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 8.&nbsp; Financial Information&#8212;Legal Proceedings.&#8221;&nbsp; </FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Weather conditions may adversely affect our results from operations.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Lower temperatures and higher rainfall may negatively impact consumer patterns, which may result in lower per capita consumption of our beverage offerings. Additionally, adverse weather conditions may affect road infrastructure in the territories in which we operate and limit our ability to sell and distribute our products, thus affecting our results from operations.&nbsp;As was the case in most of our territories in 2011, adverse weather conditions affected our sales in certain regions of these territories.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Risks Related to the Series L shares and the ADSs</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of our Series L shares have limited voting rights.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of our Series L shares are entitled to vote only in certain circumstances. In general terms they may elect up to three of our maximum of 21 directors and are only entitled to vote on specific matters, including certain changes in our corporate form, mergers involving our company when our company is the merged entity or when the principal corporate purpose of the merged entity is not related to the corporate purpose of our company, the cancellation of the registration of our shares on the Mexican Stock Exchange or any other foreign stock exchange, and those matters for which the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley de Mercado de Valores</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mexican Securities Market Law) expressly allows them to vote. As a result, Series L shareholders will not be able to influence our business or operations. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8221; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Item 10. Additional Information&#8212;Bylaws&#8212;Voting Rights, Transfer Restrictions and Certain Minority Rights.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of ADSs may not be able to vote at our shareholder meetings.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our shares are traded on the New York Stock Exchange (NYSE) in the form of ADSs. Holders of our shares in the form of ADSs may not receive notice of shareholders meetings from our ADS depositary in sufficient time to enable such holders to return voting instructions to the ADS depositary in a timely manner.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The protections afforded to non-controlling interest shareholders in Mexico are different from those afforded to minority shareholders in the United States and investors may experience difficulties in enforcing civil liabilities against us or our directors, officers and controlling persons.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under the Mexican Securities Market Law, the protections afforded to non-controlling interest shareholders are different from, and may be less than, those afforded to minority shareholders in the United States. Therefore, it may be more difficult for non-controlling interest shareholders to enforce their rights against us, our directors or our controlling interest shareholders than it would be for minority shareholders of a United States company.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, we are organized under the laws of Mexico, and most of our directors, officers and controlling persons reside outside the United States, and all or a substantial portion of our assets and the assets of our directors, officers and controlling persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States on such persons or to enforce judgments against them, including in any action based on civil liabilities under the U.S. federal securities laws.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The enforceability against our directors, officers and controlling persons in Mexico in actions for enforcement of judgments of U.S. courts, and liabilities predicated solely upon the U.S. federal securities laws will be subject to certain requirements provided for in the Mexican Federal Civil Procedure Code and any applicable treaties. Some of the requirements may include personal service of process and that the judgments of U.S. courts are not against Mexican public policy. The Mexican Securities Market Law, which is considered Mexican public policy, provides that in the event of actions derived from any breach of the duty of care and the duty of loyalty against our directors and officers, any remedy would be exclusively for the benefit of the company. Therefore, investors would not be directly entitled to any remedies under such actions.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Developments in other countries may adversely affect the market for our securities.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The market value of securities of Mexican companies is, to varying degrees, influenced by economic and securities market conditions in other countries. Although economic conditions are different in each country, investors&#8217; reaction to developments in one country can have effects on the securities of issuers in other countries, including Mexico. We cannot assure you that events elsewhere, will not adversely affect the market value of our securities.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of Series L shares in the United States and holders of ADSs may not be able to participate in any capital offering and as a result may be subject to dilution of their equity interests.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under applicable Mexican law, if we issue new shares for cash as a part of a capital increase, other than in connection with a public offering of newly issued shares or treasury stock, we are generally required to grant our shareholders the right to purchase a sufficient number of shares to maintain their existing ownership percentage.&nbsp; Rights to purchase shares in these circumstances are known as preemptive rights. By law, we&nbsp;may not&nbsp;allow holders of our shares or ADSs who are located in the United States to exercise any preemptive rights in any future capital increases unless (1) we file a registration statement with the United States Securities and Exchange Commission, or SEC, with respect to that future issuance of shares or (2) the offering qualifies for an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. At the time of any future capital increase, we will evaluate the costs and potential liabilities associated with filing a registration statement with the SEC, as well as the benefits of preemptive rights to holders of our shares in the form of ADSs in the United States and any other factors that we consider important in determining whether to file a registration statement.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We may decide not to file a registration statement with the SEC to allow holders of our shares or ADSs who are located in the United States to participate in a preemptive rights offering. In addition, under current Mexican law, the sale by the ADS depositary of preemptive rights and the distribution of the proceeds from such sales to the holders of our shares in the form of ADSs is not possible. As a result, the equity interest of holders of our shares in the form of ADSs would be diluted proportionately. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 10. Additional Information&#8212;Bylaws&#8212;Preemptive Rights.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Risks Related to Mexico and the Other Countries in Which We Operate</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Adverse economic conditions in Mexico may adversely affect our financial condition and results from operations.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are a Mexican corporation, and our Mexican operations are our single most important geographic territory.&nbsp; For the year ended December 31, 2011, 35.7% of our total revenues were attributable to Mexico.&nbsp; The Mexican economy continues to be heavily influenced by the U.S. economy, and therefore, deterioration in economic conditions in the U.S. economy may affect the Mexican economy.&nbsp; Prolonged periods of weak economic conditions in Mexico may have, and in the past have had, a negative effect on our company and a material adverse effect on our results from operations and financial condition.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our business may be significantly affected by the general condition of the Mexican economy, or by the rate of inflation and interest rates in Mexico and exchange rates for the Mexican peso.&nbsp; Decreases in the growth rate of the Mexican economy, periods of negative growth and/or increases in inflation or interest rates may result in lower demand for our products, lower real pricing of our products or a shift to lower margin products.&nbsp; See &#8220;Item 11. Quantitative and Qualitative Disclosures about Market Risk.&#8221;&nbsp; In addition, an increase in interest rates in Mexico would increase the cost to us of variable rate, Mexican peso-denominated funding, which constituted approximately 24.5% of our total debt as of December 31, 2011, and have an adverse effect on our financial position.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources.&#8221;</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation of the Mexican peso relative to the U.S. dollar could adversely affect our financial condition and results from operations.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation of the Mexican peso relative to the U.S. dollar increases the cost to us of some of the raw materials we acquire, the price of which is paid in or determined with reference to U.S. dollars, and of our debt obligations denominated in U.S. dollars and thereby may negatively affect our results from operations, financial position and shareholders&#8217; equity.&nbsp; Significant fluctuation of the Mexican peso relative to the U.S. dollar occurred in the past, for example, at the end of 2008 and into 2009; and occurred again at the end of 2011, negatively affecting our results.&nbsp; According to the U.S. Federal Reserve Board, the exchange rate registered a low of Ps. 9.92 to US$ 1.00 at August 5, 2008, and a high of Ps. 15.41 to US$ 1.00 at March 2, 2009 in that period.&nbsp; At December 31, 2011, the exchange rate was Ps. 13.95 to U.S.$ 1.00.&nbsp; At April 20, 2012, the exchange rate was Ps. 13.12 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to US$&nbsp;1.00.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 3.&nbsp; Key Information&#8212;Exchange Rate Information&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures about Market Risk&#8212;Foreign Currency Exchange Rate Risk.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We selectively hedge our exposure to the U.S. dollar with respect to the Mexican peso and other currencies, our U.S. dollar-denominated debt obligations, and recently, the purchase of certain U.S. dollar-denominated raw materials.&nbsp; A severe depreciation of the Mexican peso or any currency of the countries in which we operate, may also result in disruption of the international foreign exchange markets and may limit our ability to transfer or to convert Mexican pesos into U.S. dollars and other currencies for the purpose of making timely payments of interest and principal on our U.S. dollar-denominated indebtedness or obligations in other currencies. While the Mexican government does not currently restrict, and since 1982 has not restricted, the right or ability of Mexican or foreign persons or entities to convert Mexican pesos into U.S. dollars or to transfer other currencies out of Mexico, the Mexican government could institute restrictive exchange rate policies in the future.&nbsp; Currency fluctuations may have an adverse effect on our results from operations, financial condition and cash flows in future periods.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Political events in Mexico could adversely affect our operations.</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Mexican political events may significantly affect our operations.&nbsp; Mexico&#8217;s next president to be elected in July 2012 may implement significant changes in laws, public policy and/or regulations that could affect Mexico&#8217;s political and economic situation, which could adversely affect our business.&nbsp; We cannot assure you that we will continue to operate under the same policies applicable to us after the Mexican federal elections in 2012.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Political events in Mexico, including events related to Mexico&#8217;s 2012 federal elections&nbsp;for a new President and Congress, may significantly affect Mexican economic policy and, consequently, our operations.&nbsp; Political disagreements between the executive and the legislative branches could result in deadlock and prevent the timely implementation of political and economic reforms, which in turn could have a material adverse effect on Mexican economic policy.&nbsp; The political environment involving Mexico&#8217;s 2012 federal elections or otherwise, could have a negative effect on the Mexican economy, which in turn could result in an adverse effect on our business.&nbsp; We cannot provide any assurances that political developments in Mexico, over which we have no control, will not have an adverse effect on our business, financial condition or results from operations. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt 36pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Economic and political conditions in the other Latin American countries in which we operate may increasingly adversely affect our business.&nbsp;&nbsp; </FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">In addition to Mexico, we conduct operations in Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil and Argentina.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total revenues and income from our combined non-Mexican operations increased as a percentage of our consolidated total revenues and income from operations from 47.4% and 32.4%, respectively, in 2006, to 64.3% and 62.0%, respectively, in 2011.</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a consequence, our results have been increasingly affected by the economic and political conditions in the countries, other than Mexico, where we conduct operations. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consumer demand, preferences, real prices and the costs of raw materials are heavily influenced by macroeconomic and political conditions in the other countries in which we operate.&nbsp; These conditions vary by country and may not be correlated to conditions in our Mexican operations.&nbsp; In Venezuela we continue to face exchange rate risk as well as scarcity of and restrictions to import raw materials.&nbsp; Deterioration in economic and political conditions in any of these countries would have an adverse effect on our financial position and results from operations.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Venezuelan political events may affect our operations.&nbsp; The political uncertainty involving Venezuela&#8217;s October 2012 elections or otherwise could have a negative effect on the Venezuelan economy, which in turn could result in an adverse effect on our business.&nbsp; We cannot provide any assurances that political developments in Venezuela, over which we have no control, will not have an adverse effect on our business, financial condition or results from operations. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Depreciation of the local currencies of the countries in which we operate against the U.S. dollar may increase our operating costs.&nbsp; We have also operated under exchange controls in Venezuela since 2003 that limit our ability to remit dividends abroad or make payments other than in local currencies and that may increase the real price paid for raw materials and services purchased in local currency.&nbsp; In January 2010, the Venezuelan government announced a devaluation of its official exchange rate and the establishment of a multiple exchange rate system which was set at 2.60 bolivars to US$ 1.00 for high priority categories and 4.30 bolivars to US$ 1.00 for non-priority categories, and which recognized the existence of other exchange rates in which the government will intervene. In December 2010, the Venezuelan government announced its decision to implement a new singular fixed exchange rate of 4.30 bolivars to US$ 1.00, which resulted in a devaluation of the bolivar against the U.S. dollar.&nbsp; For further information, please see Note 3 to our consolidated financial statements.&nbsp; Future changes in the Venezuelan exchange control regime, and future currency devaluations or the imposition of exchange controls in any of the countries in which we have operations could have an adverse effect on our financial position and results from operations. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In addition, presidential elections were held in November 2011 in each of Guatemala and Nicaragua.&nbsp; &nbsp;The elections in Guatemala led to the election of a new President and political party (the Patriotic Party (</FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Partido Patriota</FONT></I><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">)).&nbsp; The elections in Nicaragua led to the reelection of Jos&#233; Daniel Ortega Saavedra, a member of the Sandinista National Liberation Front (</FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Partido Frente Sandinista de Liberaci&#243;n Nacional</FONT></I><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">).&nbsp; We cannot assure you that the elected presidents will continue to apply the same policies that have been applied to us in the past.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">We cannot assure you those political or social developments in any of the countries in which we have operations, over which we have no control, will not have a corresponding adverse effect on the economic situation and on our business, financial condition or results from operations.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=left><FONT size=2>14</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 4.&nbsp; Information on the Company</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">THE COMPANY</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Overview</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are the largest franchise bottler of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages in the world.&nbsp; We operate in territories in the following countries:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico &#8211; a substantial portion of central Mexico (including Mexico City and the states of Michoac&#225;n and Guanajuato) and the southeast and northeast of Mexico (including the Gulf region). </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Central America &#8211; Guatemala (Guatemala City and surrounding areas), Nicaragua (nationwide), Costa Rica (nationwide) and Panama (nationwide).</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombia &#8211; most of the country.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela &#8211; nationwide.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil &#8211; the area of greater S&#227;o Paulo, Campinas, Santos, the state of Mato Grosso do Sul, part of the state of Minas Gerais and part of the state of Goi&#225;s.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentina &#8211; Buenos Aires and surrounding areas.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our company was organized on October 30, 1991 as a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedad an&#243;nima de capital variable</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (a variable capital stock corporation) under the laws of Mexico with duration of 99 years.&nbsp; On December 5, 2006, as required by amendments to the Mexican Securities Market Law, we became a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedad an&#243;nima burs&#225;til de capital variable</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (a listed variable capital stock corporation).&nbsp; Our legal name is Coca-Cola FEMSA, S.A.B. de C.V.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Our principal executive offices are located at Guillermo Gonz&#225;lez Camarena No. 600, Col. Centro de Ciudad Santa Fe, Delegaci&#243;n &#193;lvaro Obreg&#243;n, M&#233;xico, D.F., 01210, M&#233;xico.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our telephone number at this location is (52-55) 5081-5100.&nbsp; Our website is <FONT style="FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 9pt"><U>www.coca-colafemsa.com</U></FONT>.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following is an overview of our operations by reporting segment in 2011.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Operations by Reporting Segment&#8212;Overview<BR>Year Ended December 31, 2011</FONT></B><SUP><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">(1)</FONT></SUP></P>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total<BR>Revenues</FONT></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Percentage of Total Revenues</FONT></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income from Operations</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Percentage of Income from Operations</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 17.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Mexico and Central America<SUP>(2)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">52,196</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">41.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8,906</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 13.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 13.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">44.2%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 17.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">South America (excluding Venezuela)<SUP>(3)</SUP>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">52,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">42.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7,943</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 13.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 13.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">39.4%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 17.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Venezuela </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">20,111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 13.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16.4%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 17.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Consolidated </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">124,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">20,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 13.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -31.7pt; MARGIN: 0cm 0cm 0pt 54pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></DIV>

<P style="TEXT-INDENT: -37.1pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expressed in millions of Mexican pesos, except for percentages.</FONT></P>

<P style="TEXT-INDENT: -37.1pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama. </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Includes results of Grupo Tampico from October 2011 and Grupo CIMSA from December 2011.&nbsp;&nbsp;</FONT></P>

<P style="TEXT-INDENT: -37.1pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes Colombia, Brazil and Argentina</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 30.5pt">&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 30.5pt" align=center><FONT style="FONT-SIZE: 9pt">15</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Corporate History</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are a subsidiary of FEMSA, which also owns Oxxo, the largest Mexican convenience store chain, and which formerly owned FEMSA Cerveza, now Cuauht&#233;moc Moctezuma Holding, S.A. de C.V., a brewer with operations in Mexico and Brazil, currently a wholly-owned subsidiary of the Heineken Group.&nbsp; On April 30, 2010, the transaction pursuant to which FEMSA agreed to exchange 100% of its beer operations for a 20% economic interest in the Heineken Group closed.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 1979, a subsidiary of FEMSA acquired certain sparkling beverage bottlers that are now a part of our company.&nbsp; At that time, the acquired bottlers had 13 Mexican distribution centers operating 701 distribution routes, and their production capacity was 83 million physical cases.&nbsp; In 1991, FEMSA transferred its ownership in the bottlers to FEMSA Refrescos, S.A. de C.V., the corporate predecessor to Coca-Cola FEMSA, S.A.B. de C.V.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In June 1993, a subsidiary of The Coca-Cola Company subscribed for 30% of our capital stock in the form of Series D shares for US$ 195 million.&nbsp; In September 1993, FEMSA sold Series L shares that represented 19% of our capital stock to the public, and we listed these shares on the Mexican Stock Exchange and, in the form of ADSs, on the New York Stock Exchange.&nbsp; In a series of transactions between 1994 and 1997, we acquired territories in Argentina and additional territories in southern Mexico.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In May 2003, we acquired Panamerican Beverages, or Panamco, and began producing and distributing </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages in additional territories in the central and the gulf regions of Mexico and in Central America (Guatemala, Nicaragua, Costa Rica and Panama), Colombia, Venezuela and Brazil, along with bottled water, beer and other beverages in some of these territories.&nbsp; As a result of the acquisition, the interest of The Coca-Cola Company in the capital stock of our company increased from 30.0% to 39.6%.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During August 2004, we conducted a rights offering to allow existing holders of our Series L shares and ADSs to acquire newly-issued Series L shares in the form of Series L shares and ADSs, respectively, at the same price per share at which FEMSA and The Coca-Cola Company subscribed in connection with the Panamco acquisition.&nbsp; In March 2006, our shareholders approved the non-cancellation of the 98,684,857 Series L shares (equivalent to approximately 9.87 million ADSs, or over one-third of the&nbsp;issued Series L shares at the time) that were not subscribed for in the rights offering which were available for subscription at a price of no less than US$ 2.216 per share or its equivalent in Mexican currency.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In November 2006, FEMSA acquired, through a subsidiary, 148,000,000 of our Series D shares from certain subsidiaries of The Coca-Cola Company representing 9.4% of the total outstanding voting shares and 8.0% of the total outstanding equity of Coca-Cola FEMSA, at a price of US$ 2.888 per share for an aggregate amount of US$ 427.4 million.&nbsp; With this purchase, FEMSA increased its ownership to 53.7% of our capital stock.&nbsp; Pursuant to our bylaws, the acquired shares were converted from Series D shares to Series A shares.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In November 2007, Administraci&#243;n, S.A.P.I. de C.V., or Administraci&#243;n, a Mexican company owned directly or indirectly by us and The Coca-Cola Company, acquired 100% of the shares of capital stock of Jugos del Valle.&nbsp; The business of Jugos del Valle in the United States was acquired and sold by The Coca-Cola Company.&nbsp; Subsequently, we and The Coca-Cola Company and all Mexican and Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers entered into a joint business for the Mexican and the Brazilian operations, respectively, of Jugos del Valle, through transactions completed during 2008.&nbsp; Taking into account the participations held by Grupo Tampico and Grupo CIMSA, we currently hold an interest of 24.0% in the Mexican joint business and approximately 19.7% in the Brazilian joint businesses.&nbsp; Jugos del Valle sells fruit juice-based beverages and fruit derivatives. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In May 2008, we entered into a transaction with The Coca-Cola Company to acquire its wholly owned bottling franchise Refrigerantes Minas Gerais, Ltda., or REMIL, located in the State of Minas Gerais in Brazil, and we paid a purchase price of US$ 364.1 million in June 2008.&nbsp; We began to consolidate REMIL in our financial statements as of June 1, 2008.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December 2007 and May 2008, we sold most of our proprietary brands to The Coca-Cola Company.&nbsp; The proprietary brands are now being licensed back to us by The Coca-Cola Company pursuant to our bottler <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">agreements.&nbsp; The December 2007 transaction was valued at US$ 48 million and the May 2008 transaction was valued at US$&nbsp;16 million.&nbsp; We believe that both of these transactions were conducted on an arm&#8217;s length basis.&nbsp; Revenues from the sale of proprietary brands in which we have a significant continuing involvement are deferred and amortized against the related costs of future sales over the estimated sales period.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In July 2008, we acquired the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Agua De Los Angeles</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> jug water business in the Valley of Mexico (Mexico City and surrounding areas) from Grupo Embotellador CIMSA, S.A. de C.V., at the time one of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottling franchises in Mexico, for a purchase price of US$ 18.3 million.&nbsp; The trademarks remain with The Coca-Cola Company.&nbsp; We subsequently merged </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Agua De Los Angeles</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> into our jug water business under the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ciel&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February 2009, we acquired with The Coca-Cola Company the Brisa bottled water business in Colombia from Bavaria, a subsidiary of SABMiller.&nbsp; We acquired the production assets and the distribution territory, and The Coca-Cola Company acquired the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brisa&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand.&nbsp; We and The Coca-Cola Company equally shared in paying the purchase price of US$&nbsp;92 million.&nbsp; Following a transition period, in June 2009, we started to sell and distribute the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brisa&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> portfolio of products in Colombia.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">In May 2009, we entered into an agreement to develop the </FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">Crystal&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> trademark water products in Brazil jointly with The Coca-Cola Company. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In August 2010, we acquired from The Coca-Cola Company along with other Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers the business operations of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Matte Leao </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tea brand.&nbsp; As of April 20,&nbsp; 2012, we have a 19.4% indirect interest in the Matte Leao business in Brazil. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In March 2011, we acquired with The Coca-Cola Company, through Compa&#241;&#237;a Paname&#241;a de Bebidas S.A.P.I. de C.V., Grupo Industrias Lacteas (also known as Estrella Azul), a Panamanian conglomerate that participates in the dairy and juice-based beverage categories in Panama. &nbsp;We will continue to develop this business with The Coca-Cola Company.</FONT><B><I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> &nbsp;</FONT></I></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In October 2011, we closed our merger with Administradora Acciones del Noreste S.A.P.I. de C.V. (&#8220;Grupo Tampico&#8221;), one of the largest family-owned Coca-Cola bottlers calculated by sales volume in Mexico. This franchise territory operates in the states of Tamaulipas, San Luis Potos&#237;, and Veracruz, as well as in parts of the states of Hidalgo, Puebla and Queretaro and sold 155.7 million unit cases of beverages in 2011. The aggregate enterprise value of this transaction was Ps. 9,300 million and a total of 63.5 million new KOF Series L shares were issued in connection with this transaction. We began to consolidate Grupo Tampico in our financial statements as of October 2011.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December 2011, we closed our merger with Corporaci&#243;n de los Angeles, S.A. de C.V. and its shareholders (&#8220;Grupo CIMSA&#8221;), a Mexican family-owned Coca-Cola bottler with operations mainly in the states of Morelos and Mexico, as well as in parts of the states of Guerrero and Michoac&#225;n. This franchise territory sold 154.8 million unit cases of beverages in 2011. The aggregate enterprise value of this transaction was Ps. 11,000 million and a total of 75.4 million new KOF Series L shares were issued in connection with this transaction. We began to consolidate Grupo CIMSA in our financial statements as of December 2011. &nbsp;As part of our merger with Grupo CIMSA we also acquired a 13.2% equity interest in Promotora Industria Azucarera S.A de C.V. (&#8220;Piasa&#8221;).</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Recent Mergers and Acquisitions</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On December 15, 2011, the Company&nbsp;entered into an agreement to merge the beverage division of Grupo Fomento Queretano S.A.P.I. de C.V. (&#8220;Grupo Fomento Queretano&#8221;) into the Company. Grupo Fomento Queretano&#8217;s beverage division operates mainly in the state of Queretaro, as well as in parts of the states of Mexico, Hidalgo and Guanajuato. The merger agreement was approved by both Coca-Cola FEMSA&#8217;s and Grupo Fomento Queretano&#8217;s boards of directors and is subject to the approval of the Comisi&#243;n Federal de Competencia (the Mexican Antitrust Commission or CFC), and the shareholder&#8217;s meetings of both companies. The transaction will involve the issuance of approximately 45.1 million of the company&#8217;s newly issued series L shares, and in addition the company will assume Ps. 1,221 million in net debt. This transaction is expected to be completed in second quarter of 2012.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February 2012, we entered into a 12-month exclusivity agreement with The Coca-Cola Company to evaluate the potential acquisition of a controlling ownership stake in the bottling operations owned by The Coca-Cola Company in the Philippines. We remain in the process of evaluating this potential acquisition.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Capital Stock</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">As of April 20, 2012, FEMSA indirectly owned Series A Shares equal to <FONT style="FONT-SIZE: 10pt" face="Times New Roman">50.0</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">% of our capital stock (<FONT style="FONT-SIZE: 10pt" face="Times New Roman">63.0</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">% of our capital stock with full voting rights).&nbsp; As of April 20, 2012, The Coca-Cola Company indirectly owned Series D shares equal to <FONT style="FONT-SIZE: 10pt" face="Times New Roman">29.4</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">% of the capital stock of our company (<FONT style="FONT-SIZE: 10pt" face="Times New Roman">37.0</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">% of our capital stock with full voting rights).&nbsp; Series L shares with limited voting rights, which trade on the Mexican Stock Exchange and in the form of ADSs on the New York Stock Exchange, constitute the remaining <FONT style="FONT-SIZE: 10pt" face="Times New Roman">20.6</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">% of our capital stock.<FONT style="FONT-SIZE: 10pt" face="Times New Roman"><SUP>1</SUP></FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Business Strategy</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In August 2011, we restructured our operations under only two new divisions: Mexico &amp; Central America and South America, creating a more flexible structure to execute our strategies and extend our track record of growth.&nbsp; Previously, we managed our business under three divisions&#8212;Mexico, Latincentro, and Mercosur. With this new business structure, we aligned our business strategies more efficiently, ensuring a faster introduction of new products and categories, and a more rapid and effective design and deployment of commercial models. See &#8220;Introduction&#8212;Business Divisions.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We operate with a large geographic footprint in Latin America, in two divisions:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=ES-MX face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Mexico and Central America (covering certain territories in Mexico, Guatemala, Nicaragua, Costa Rica and Panama); and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=IT face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=IT face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">South America (covering certain territories in Colombia, Brazil, Venezuela and Argentina).</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">One of our goals is to maximize growth and profitability to create value for our shareholders.&nbsp; Our efforts to achieve this goal are based on:&nbsp; (1) transforming our commercial models to focus on our customers&#8217; value potential and using a value-based segmentation approach to capture the industry&#8217;s value potential, (2) implementing multi-segmentation strategies in our major markets to target distinct market clusters divided by consumption occasion, competitive intensity and socioeconomic levels; (3) implementing well-planned product, packaging and pricing strategies through different distribution channels; (4) driving product innovation along our different product categories;&nbsp;(5) developing new businesses and distribution channels, and (6) achieving the full operating <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">potential of our commercial models and processes to drive operational efficiencies throughout our company.&nbsp; To achieve these goals, we intend to continue to focus our efforts on, among other initiatives, the following: </FONT></FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">working with The Coca-Cola Company to develop a business model to continue exploring and participating in new lines of beverages, extending existing product lines and effectively advertising and marketing our products;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">developing and expanding our still beverage portfolio through innovation, strategic acquisitions and by entering into agreements to acquire companies with The Coca-Cola Company;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">expanding our bottled water strategy, with The Coca-Cola Company through innovation and selective acquisitions to maximize profitability across our market territories;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">strengthening our selling capabilities and go-to-market strategies, including pre-sale, conventional selling and hybrid routes, in order to get closer to our clients and help them satisfy the beverage needs of consumers;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">implementing selective packaging strategies designed to increase consumer demand for our products and to build a strong returnable base for the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">replicating our best practices throughout the value chain;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">rationalizing and adapting our organizational and asset structure in order to be in a better position to respond to a changing competitive environment;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">committing to building a multi-cultural collaborative team, from top to bottom; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">broadening our geographic footprint through organic growth and strategic joint ventures, mergers and acquisitions.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We seek to increase per capita consumption of our products in the territories in which we operate.&nbsp; To that end, our marketing teams continuously develop sales strategies tailored to the different characteristics of our various territories and distribution channels.&nbsp; We continue to develop our product portfolio to better meet market demand and maintain our overall profitability.&nbsp; To stimulate and respond to consumer demand, we continue to introduce new categories, products and presentations.&nbsp; See &#8220;&#8212;Product and Packaging Mix.&#8221;&nbsp; In addition, because we view our relationship with The Coca-Cola Company as integral to our business, we use market information systems and strategies developed with The Coca-Cola Company to improve our business and marketing strategies.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&#8220;Item 4. Information on the Company&#8212;The Company</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;Description of Property, Plant and Equipment.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also continuously seek to increase productivity in our facilities through infrastructure and process reengineering for improved asset utilization.&nbsp; Our capital expenditure program includes investments in production and distribution facilities, bottles, cases, coolers and information systems.&nbsp; We believe that this program will allow us to maintain our capacity and flexibility to innovate and to respond to consumer demand for our products.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We focus on management quality as a key element of our growth strategy and remain committed to fostering the development of quality management at all levels.&nbsp; Both FEMSA and The Coca-Cola Company provide us with managerial experience.&nbsp; To build upon these skills, we also offer management training programs designed to enhance our executives&#8217; abilities and to provide a forum for exchanging experiences, know-how and talent among an increasing number of multinational executives from our new and existing territories.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sustainable development is an integral part of our strategic framework for business growth.&nbsp; We base our efforts on five core areas which include: (i) Ethics and Corporate Values, which defines our commitment to acting, defining and organizing ourselves with our corporate values and culture; (ii) Quality of Life in the Company, which encourages the integral development of our employees and their families; (iii) Health and Wellness, to promote an attitude of health, self-care, nutrition and physical activity, both within and outside the company; (iv) Community <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Engagement, to develop education and learning projects that improve the quality of life in the communities where we operate; and (v) Environmental Care, to establish guidelines that result in actions to minimize the impact that our operations might have on the environment and create a broader awareness of caring for our environment.&nbsp; </FONT></FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Our Territories</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following map shows our territories, giving estimates in each case of the population to which we offer products, the number of retailers of our beverages and the per capita consumption of our beverages as of December 31, 2011: </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Per capita consumption data for a territory is determined by dividing total beverage sales volume within the territory (in bottles, cans, and fountain containers) by the estimated population within such territory, and is expressed on the basis of the number of eight-ounce servings of our products consumed annually per capita.&nbsp; In evaluating the development of local volume sales in our territories and to determine product potential, we and The Coca-Cola Company measure, among other factors, the per capita consumption of all our beverages.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Our Products</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We produce, market and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages The </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages include:&nbsp; sparkling beverages (colas and flavored sparkling beverages), waters, and still beverages (including juice drinks, coffee, teas and isotonic).&nbsp; The following table sets forth our main brands as of December 31, 2011:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Flavored sparkling beverages:</FONT></I></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chinotto</FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kist</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kuat </FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Lift</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mundet</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Quatro</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Simba</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sprite</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 3.6pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Schweppes</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water:</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela</FONT></U></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alpina</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Aquarius<SUP>(3)</SUP></FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brisa</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ciel</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Crystal</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Manantial </FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nevada</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">21</FONT></FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Categories:</FONT></I></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela</FONT></U></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cepita</FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=marlett>a</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jugos del Valle<SUP>(5)</SUP></FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nestea<SUP>(6)</SUP></FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Powerade<SUP>(7)</SUP></FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Matte Leao<SUP>(8)</SUP></FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Valle Frut<SUP>(9)</SUP></FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Estrella Azul<SUP>(10)</SUP></FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hugo<SUP>(11)</SUP></FONT></I></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.2pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Del Prado<SUP>(12)</SUP> </FONT></I></P></TD>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -0.5pt; MARGIN: 0cm 0cm 3pt 0.5pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -0.5pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama</FONT></P>

<P style="TEXT-INDENT: -0.5pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes Colombia, Brazil and Argentina</FONT></P>

<P style="TEXT-INDENT: -0.5pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flavored water.&nbsp; In Brazil, also flavored sparkling beverage</FONT></P>

<P style="TEXT-INDENT: 13.7pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juice-based beverage. </FONT><FONT style="FONT-SIZE: 8pt" lang=IT face="Times New Roman">Includes Hi-C Orangeade in Argentina</FONT></P>

<P style="TEXT-INDENT: -36.7pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juice based beverage</FONT></P>

<P style="TEXT-INDENT: -36.7pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestea will no longer be a product licensed by The Coca-Cola Company in our territories as of May 2012 and will be replaced with Fuze Tea. </FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isotonic </FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ready to drink tea</FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orangeade. </FONT><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">Includes </FONT><I><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">Fresh </FONT></I><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">in Costa Rica, Nicaragua, Panama, Colombia and Venezuela</FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milk and value-added dairy and juices</FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milk and juice blend</FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juice-based beverages</FONT></P>

<P style="TEXT-INDENT: 13pt; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Sales Overview</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We measure total sales volume in terms of unit cases.&nbsp; Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders and concentrate that is required to produce 192 ounces of finished beverage product.&nbsp; The following table illustrates our historical sales volume for each of our territories.</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sales Volume<BR>Year Ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of unit cases)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 12.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,366.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,242.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,227.2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 12.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Central America<SUP>(2)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">144.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">137.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">135.8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America (excluding Venezuela)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 12.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombia<SUP>(3)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">252.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">244.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">232.2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 12.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil<SUP>(4)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">485.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">475.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">424.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 12.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentina </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">210.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">189.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">184.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">189.8</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">211.0</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">225.2</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Combined Volume </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="19%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2,648.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2,499.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2,428.6</FONT></P></TD></TR></TABLE></DIV>

<DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 22.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 90%; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp; Includes results of Grupo Tampico from October 2011 and Grupo CIMSA from December 2011. </FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(2)&nbsp;&nbsp; Includes Guatemala, Nicaragua, Costa Rica and Panama.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 22.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp; As of June 2009, includes sales from the Brisa bottled water business.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 40.5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(4)&nbsp;&nbsp; Excludes beer sales volume.&nbsp; As of the first quarter of 2010, we began to distribute certain ready to drink products under the </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Matte Leao </FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">brand. &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">22</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Product and Packaging Mix</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Out of the more than 120 brands and line extensions of beverages that we sell and distribute, our most important brand,</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Coca-Cola</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, together with its line extensions, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola Light</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola Zero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, accounted for 61.6% of total sales volume in 2011.&nbsp; Our next largest brands, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ciel </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a water brand from Mexico), </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fanta&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (and its line extensions), </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sprite&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (and its line extensions) and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ValleFrut&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (and its line extensions), accounted for 10.4%, 5.1%, 2.7% and 2.2%, respectively, of total sales volume in 2011.&nbsp; We use the term line extensions to refer to the different flavors in which we offer our brands.&nbsp; We produce, market and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages in each of our territories in containers authorized by The Coca&#8209;Cola Company, which consist of a variety of returnable and non-returnable presentations in the form of glass bottles, cans and plastic bottles mainly made of polyethylene terephthalate, which we refer to as PET.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We use the term presentation to refer to the packaging unit in which we sell our products.&nbsp; Presentation sizes for our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages range from a 6.5-ounce personal size to a 3-liter multiple serving size.&nbsp; For all of our products excluding water, we consider a multiple serving size as equal to, or larger than, 1.0 liter.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;In general, personal sizes have a higher price per unit case as compared to multiple serving sizes.&nbsp; We offer both returnable and non-returnable presentations, which allow us to offer portfolio alternatives based on convenience and affordability to implement revenue management strategies and to target specific distribution channels and population segments in our territories.&nbsp; In addition, we sell some </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverage syrups in containers designed for soda fountain use, which we refer to as fountain.&nbsp; We also sell bottled water products in bulk sizes, which refer to presentations equal to or larger than 5 liters, which have a much lower average price per unit case than our other beverage products.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The characteristics of our territories are very diverse.&nbsp; Central Mexico and our territories in Argentina are densely populated and have a large number of competing beverage brands as compared to the rest of our territories.&nbsp; Our territories in Brazil are densely populated but have lower per capita consumption of beverage products as compared to Mexico.&nbsp; Portions of southern Mexico, Central America and Colombia are large and mountainous areas with lower population density, lower per capita income and lower per capita consumption of beverages.&nbsp; In Venezuela, we face operational disruptions from time to time, which may have an effect on our volumes sold, and consequently, may result in lower per capita consumption.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following discussion analyzes our product and packaging mix by reporting segment.&nbsp; The volume data presented is for the years 2011, 2010, and 2009.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America.&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our product portfolio consists of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages.&nbsp; In 2008, as part of our efforts to strengthen our multi-category beverage portfolio, we incorporated the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jugos del Valle</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> line of juice based beverages in Mexico and subsequently in Central America</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Per capita consumption of our beverage products in Mexico and Central America was 632 and 179 eight-ounce servings, respectively, in 2011.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table highlights historical sales volume and mix in Mexico and Central America for our products:&nbsp; </FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="52%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year Ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 4.5pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Sales Volume<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="52%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 4.5pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of unit cases)</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt 15.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,510.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,379.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,363.0</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% Growth </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 13.4pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 13.5pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6.3%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 4.5pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Unit Case Volume Mix by Category</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="52%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 4.5pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(in percentages)</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sparkling beverages </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 13.4pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">74.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">75.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 13.5pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">74.7%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water<SUP>(2)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 13.4pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">19.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">19.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <P style="MARGIN: 0cm 13.5pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">20.2</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Still beverages </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 13.4pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.4</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 15.7pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.4</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 13.5pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.1</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="48%">

   <P style="MARGIN: 0cm 0cm 0pt 15.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -0.1pt; MARGIN: 0cm 0cm 0pt 0.1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD></TR></TABLE></DIV>

<DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 54pt; BORDER-TOP: medium none; MARGIN-RIGHT: 85%; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp; Includes results from the operations of Grupo Tampico from October 2011 and from Grupo CIMSA from December 2011. <BR><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp; Includes bulk water volumes.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, multiple serving presentations represented 67.6% of total sparkling beverages sales volume in Mexico, remaining flat as compared to 2010 and 55.7% of total sparkling beverages sales volume in Central America, a 60 basis points decrease compared to 2010.&nbsp; Our strategy is to foster consumption in single serving presentations while maintaining multiple serving volumes.&nbsp; In 2011, returnable packaging, as a percentage of total sparkling beverage sales volume, accounted for 31.7% in Mexico, a 130 basis points increase compared to 2010; and 31.7% in Central America, a 150 basis points decrease compared to 2010.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, our sparkling beverages decreased as a percentage of our total sales volume from 75.2% in 2010 to 74.9% in 2011, mainly due to the integration of Grupo Tampico and Grupo CIMSA in Mexico, which have a higher mix of water in their portfolios. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, our most popular sparkling beverage presentations in Mexico were the 2.5-liter returnable plastic bottle, the 3.0-liter non-returnable plastic bottle and the 0.6-liter non&#8209;returnable plastic bottle (the 20-ounce bottle that is also popular in the United States), which together accounted for 56.8% of total sparkling beverage sales volume in Mexico.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total sales volume reached 1,510.8 million unit cases in 2011, an increase of 9.5% compared to 1,379.3 million unit cases in 2010.&nbsp; The integration of Grupo Tampico and Grupo CIMSA in Mexico contributed 48.9 million unit cases in 2011of which 63.0% were sparkling beverages, 5.2% bottled water, 27.4% bulk water and 4.4% still beverages. Excluding the integration of these territories, volume grew 6.0% to 1,461.8 million unit cases. Organically sparkling beverages sales volume increased 6.0% as compared to 2010, contributing more than 70% of incremental volumes.&nbsp; The bottled water category, including bulk water, grew 5.6%, accounting for more than 15% of incremental volumes. The still beverage category increased 7.5%, representing the remainder of incremental volumes. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America (Excluding Venezuela).</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Our product portfolio in South America consists mainly of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kaiser&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> beer brands in Brazil, which we sell and distribute. In 2008, as part of our efforts to strengthen our multi-category beverage portfolio, we incorporated the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jugos del Valle</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> line of juice-based beverages in Colombia. This line of beverages was relaunched in Brazil in 2009 as well. The acquisition of Brisa in 2009 helped us to become the leader, calculated by sales volume, in the water market in Colombia. In 2010, we incorporated ready to drink beverages under the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Matte Leao</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand in Brazil.&nbsp; During 2011, as part of our continuous effort to develop non-carbonated beverages, we launched </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cepita&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> in non-returnable PET bottles and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hi-C</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, an orangeade, both in Argentina. Since 2009, as part of our efforts to foster sparkling beverage per capita consumption in Brazil, we re-launched a 2.0-liter returnable plastic bottle for the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand and introduced two single-serve 0.25-liter presentations. During 2011, these presentations contributed significantly to incremental volumes in Brazil.&nbsp; Per capita consumption of our beverages in Colombia, Brazil and Argentina was 129, 261 and 395 eight-ounce servings, respectively, in 2011.&nbsp; The following table highlights historical total sales volume and sales volume mix in South America (excluding Venezuela), not including beer:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year Ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Sales Volume</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of unit cases)</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">948.1</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">909.2</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">840.4</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% Growth </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.3%</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.2%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8.4%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Unit Case Volume Mix by Category</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(in percentages)</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sparkling beverages </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">85.9%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">85.5%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">87.2%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water<SUP>(1)</SUP> </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.2</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8.8</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Still beverages </FONT></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.9</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.4</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.0</FONT></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 1pt 14.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes bulk water volume.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total sales volume was 948.1 million unit cases in 2011, an increase of 4.3% compared to 909.2 million unit cases in 2010. Growth in sparkling beverages, mainly driven by sales of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand in both Argentina and Colombia, and the Fanta and Schweppes brands in Brazil, accounted for the majority of the growth during the year. Growth in still beverages, mainly driven by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jugos del Valle</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> line of products in Brazil and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cepita&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> juice brand and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hi-C&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> orangeade in Argentina, represented the balance of incremental volumes. These increases compensated for a decrease in volume in our water portfolio, including bulk water, mainly driven by the reduction in volume of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brisa&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand in Colombia. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, returnable packaging, as a percentage of total sparkling beverage sales volume, accounted for 39.6% in Colombia, a 240 basis points decrease compared to 2010; 27.8% in Argentina, a decrease of 70 basis points and 15.8% in Brazil, a 100 basis points increase compared to 2010.&nbsp; In 2011, multiple serving presentations represented 62.1%, 71.3% and 85.0% of total sparkling beverages sales volume in Colombia, Brazil and Argentina, respectively.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We continue to distribute and sell </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kaiser&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> beer portfolio in our Brazilian territories through the 20-year term, consistent with the arrangements in place with Cervejarias Kaiser, a subsidiary of the Heineken Group, since 2006, prior to the&nbsp;acquisition of Cervejarias Kaiser by Cuauht&#233;moc Moctezuma Holding, S.A. de C.V., formerly known as FEMSA Cerveza.&nbsp; Beginning in the second quarter of 2005, we ceased including beer that we distribute in Brazil in our reported sales volumes.&nbsp; On April 30, 2010, the transaction pursuant to which FEMSA agreed to exchange 100% of its beer operations for a 20% economic interest in the Heineken Group closed.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Our product portfolio in Venezuela consists of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages.&nbsp; Per capita consumption of our beverages in Venezuela during 2011 was 150 eight-ounce servings.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table highlights historical total sales volume and sales volume mix in Venezuela:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="54%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year Ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 6pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Sales Volume</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="54%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of unit cases)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">189.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">211.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">225.2</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% Growth </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(10.0%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(6.3%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.0%</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Unit Case Volume Mix by Category</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="54%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(in percentages)</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sparkling beverages </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">91.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">91.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">91.7%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.7</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Still beverages </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.9</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.2</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.6</FONT></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; MARGIN-RIGHT: 0cm; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -0.1pt; MARGIN: 0cm 0cm 0pt 0.1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD></TR></TABLE></DIV>

<DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 31.5pt; BORDER-TOP: medium none; MARGIN-RIGHT: 90%; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes bulk water volume.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have implemented a product portfolio rationalization strategy that allows us to minimize the impact of certain operating disruptions that have been recurrent in Venezuela over the last several years.&nbsp; During 2011, we faced a 26 day strike at one of our Venezuelan production and distribution facilities and a difficult economic environment that prevented us from growing sales volume of our products. &nbsp;As a result our sparkling beverage volume decreased by 9.6%. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, multiple serving presentations represented 78.4% of total sparkling beverages sales volume in Venezuela, an 80 basis points increase compared to 2010.&nbsp; In 2011, returnable presentations represented 8.0% of total sparkling beverages sales volume in Venezuela, a 40 basis points increase compared to 2010. Total sales volume was 189.8 million unit cases in 2011, a decrease of 10.0% compared to 211.0 million unit cases in 2010</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Seasonality</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sales of our products are seasonal, as our sales levels generally increase during the summer months of each country and during the Christmas holiday season.&nbsp; In Mexico, Central America, Colombia and Venezuela, we typically achieve our highest sales during the summer months of April through September as well as during the Christmas holidays in December.&nbsp; In Brazil and Argentina, our highest sales levels occur during the summer months of October through March and the Christmas holidays in December.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Marketing</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Company, in conjunction with The Coca-Cola Company, has developed a marketing strategy to promote the sale and consumption of our products.&nbsp; We rely extensively on advertising, sales promotions and retailer support programs to target the particular preferences of our consumers.&nbsp; Our consolidated marketing expenses in 2011, net of contributions by The Coca-Cola Company, were Ps.&nbsp;4,508 million.&nbsp; The Coca-Cola Company contributed an additional Ps.&nbsp;2,561 million in 2011, which mainly includes contributions for coolers, bottles and cases.&nbsp; Through the use of advanced information technology, we have collected customer and consumer information that allow us to tailor our marketing strategies to target different types of customers located in each of our territories and to meet the specific needs of the various markets we serve.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Retailer Support Programs</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Support programs include providing retailers with point-of-sale display materials and consumer sales promotions, such as contests, sweepstakes and the giveaway of product samples.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coolers</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Cooler distribution among retailers is important for the visibility and consumption of our products and to ensure that they are sold at the proper temperature.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Advertising</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We advertise in all major communications media.&nbsp; We focus our advertising efforts on increasing brand recognition by consumers and improving our customer relations.&nbsp; National advertising campaigns are designed and proposed by The Coca-Cola Company&#8217;s local affiliates, with our input at the local or regional level.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Channel Marketing</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In order to provide more dynamic and specialized marketing of our products, our strategy is to classify our markets and develop targeted efforts for each consumer segment or distribution channel.&nbsp; Our principal channels are small retailers, &#8220;on-premise&#8221; consumption such as restaurants and bars, supermarkets and third party distributors.&nbsp; Presence in these channels entails a comprehensive and detailed analysis of the purchasing patterns and preferences of various groups of beverage consumers in each of the different types of locations or distribution channels.&nbsp; In response to this analysis, we tailor our product, price, packaging and distribution strategies to meet the particular needs of and exploit the potential of each channel.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Multi-Segmentation</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We have been implementing a multi-segmentation strategy in the majority of our markets.&nbsp; This strategy consists of the implementation of different product/price/package portfolios by market cluster or group.&nbsp; These clusters are defined based on consumption occasion, competitive intensity and socio-economic levels, rather than solely on the types of distribution channels. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Client Value Management</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We have been transforming our commercial models to focus on our customers&#8217; value potential using a value-based segmentation approach to capture the industry&#8217;s potential.&nbsp; We started the rollout of this new model in our Mexico, Central America, Colombia and Brazil operations in 2009 and have covered close to 90% of our total volumes as of the end of 2011. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We believe that the implementation of these strategies described above also enables us to respond to competitive initiatives with channel-specific responses as opposed to market-wide responses.&nbsp; In addition, it allows us to be more efficient in the way we go to market and invest our marketing resources in those segments that could provide a higher return.&nbsp; Our marketing, segmentation and distribution activities are facilitated by our management information systems.&nbsp; We have invested significantly in creating these systems, including in hand-held computers to support the gathering of product, consumer and delivery information for most of our sales routes throughout our territories.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Product Sales and Distribution</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table provides an overview of our distribution centers and the retailers to which we sell our products:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Product Distribution Summary</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as of December 31, 2011</FONT></B></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">South America</FONT></U></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Distribution centers </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">152</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">32</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Retailers <SUP>(3)</SUP> </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">863,409</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">663,678</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">209,597</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Includes Colombia, Brazil and Argentina.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp; Estimated.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We continuously evaluate our distribution model in order to fit with the local dynamics of the marketplace and analyze the way we go to market, recognizing different service needs from our customers, while looking for a more efficient distribution model.&nbsp; As part of this strategy, we are rolling out a variety of new distribution models throughout our territories looking for improvements in our distribution network.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We use several sales and distribution models depending on market, geographic conditions and the customer&#8217;s profile:&nbsp; (1) the pre-sale system, which separates the sales and delivery functions, permitting trucks to be loaded with the mix of products that retailers have previously ordered, thereby increasing both sales and distribution efficiency, (2) the conventional truck route system, in which the person in charge of the delivery makes immediate sales from inventory available on the truck, (3) a hybrid distribution system, where the same truck carries product available for immediate sale and product previously ordered through the pre-sale system, (4) the telemarketing system, which could be combined with pre-sales visits and (5) sales through third-party wholesalers of our products. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As part of the pre-sale system, sales personnel also provide merchandising services during retailer visits, which we believe enhance the shopper experience at the point of sale.&nbsp; We believe that an adequate number of service visits to retailers and frequency of deliveries are essential elements in an effective selling and distribution system for our products.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our distribution centers range from large warehousing facilities and re-loading centers to small deposit centers.&nbsp; In addition to our fleet of trucks, we distribute our products in certain locations through electric carts and hand-trucks in order to comply with local environmental and traffic regulations.&nbsp; In some of our territories, we retain third parties to transport our finished products from the bottling plants to the distribution centers.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We contract with a subsidiary of FEMSA for the transportation of finished products to our distribution centers from our Mexican production facilities.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Related Party Transactions.&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">From the distribution centers, we then distribute our finished products to retailers through our own fleet of trucks.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Mexico, we sell a majority of our beverages at small retail stores to consumers who may take the beverages for consumption at home or elsewhere.&nbsp; We also sell products through the &#8220;on-premise&#8221; consumption segment, supermarkets and other locations.&nbsp; The &#8220;on-premise&#8221; consumption segment consists of sales through sidewalk stands, restaurants, bars and various types of dispensing machines as well as sales through point-of-sale programs in concert halls, auditoriums and theaters.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil.&nbsp;&nbsp;&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Brazil, we sold 21.1% of our total sales volume through supermarkets in 2011.&nbsp; Also in Brazil, the delivery of our finished products to customers is completed by a third party, while we maintain control over the selling function.&nbsp; In designated zones in Brazil, third-party distributors purchase our products at a discount from the wholesale price and resell the products to retailers. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Territories other than Mexico and Brazil</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We distribute our finished products to retailers through a combination of our own fleet of trucks and third party distributors.&nbsp; In most of our territories, an important part of our total sales volume is sold through small retailers, with low supermarket penetration.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Competition </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Although we believe that our products enjoy wider recognition and greater consumer loyalty than those of our principal competitors, the markets in the territories in which we operate are highly competitive.&nbsp; Our principal competitors are local </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers and other bottlers and distributors of national and regional beverage brands.&nbsp; We face increased competition in many of our territories from producers of low price beverages, commonly referred to as &#8220;B brands.&#8221;&nbsp; A number of our competitors in Central America, Venezuela, Brazil and Argentina offer beer in addition to sparkling beverages, still beverages, and water, which may enable them to achieve distribution efficiencies.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Price discounting and packaging have joined consumer sales promotions, customer service and non-price retailer incentives as the primary means of competition among bottlers.&nbsp; We compete by seeking to offer products at an attractive price in the different segments in our markets and by building on the value of our brands.&nbsp; We believe that the introduction of new products and new presentations has been a significant competitive technique that allows us to increase demand for our products, provide different options to consumers and increase new consumption opportunities.&nbsp; See &#8220;&#8212;Sales Overview.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Our principal competitors in Mexico are bottlers of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> products, whose territories overlap but are not co-extensive with our own.&nbsp; We compete with a joint venture recently formed by Grupo Embotelladores Unidos, S.A.B. de C.V., the former </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottler in central and southeast Mexico, a subsidiary of PepsiCo, and Empresas Polar, S.A., the leading beer distributor and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottler in Venezuela.&nbsp; Our main competition in the juice category in Mexico is Grupo Jumex.&nbsp; In the water category, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bonafont</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a water brand owned by Group Danone, is our main competition. &nbsp;In addition, we compete with Cadbury Schweppes in sparkling beverages and with other national and regional brands in our Mexican territories, as well as low-price producers, such as Big Cola and Consorcio AGA, S.A. de C.V., that offer various presentations of sparkling and still beverages. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the countries that comprise our Central America region, our main competitors are </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Big Cola</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers.&nbsp; In Guatemala and Nicaragua, we compete with a joint venture between AmBev and The Central American Bottler Corporation.&nbsp; In Costa Rica, our principal competitor is Florida Bebidas S.A., subsidiary of Florida Ice and Farm Co..&nbsp; In Panama, our main competitor is Cervecer&#237;a Nacional, S.A.&nbsp; We also face competition from &#8220;B brands&#8221; offering multiple serving size presentations in some Central American countries.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America (excluding Venezuela)</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Our principal competitor in Colombia is Postob&#243;n, a well-established local bottler that sells flavored sparkling beverages, some of which have a wide consumption preference, such as </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">manzana Postob&#243;n</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (apple Postob&#243;n), which is the second most popular flavor in the Colombian sparkling beverage industry in terms of total sales volume.&nbsp; Postob&#243;n also sells </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> products.&nbsp; Postob&#243;n is a vertically integrated producer, the owners of which hold other significant commercial interests in Colombia.&nbsp; We also compete with low-price producers, such as the producers of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Big Cola</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, which principally offer multiple serving size presentations in the sparkling and still beverage industry.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Brazil, we compete against AmBev, a Brazilian company with a portfolio of brands that includes </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, local brands with flavors such as guaran&#225;, and proprietary beer brands.&nbsp; We also compete against &#8220;B brands&#8221; or &#8220;Tubainas,&#8221; which are small, local producers of low&#8209;cost flavored sparkling beverages in multiple serving presentations that represent a significant portion of the sparkling beverage market.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Argentina, our main competitor is Buenos Aires Embotellador S.A. (BAESA), a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottler, which is owned by Argentina&#8217;s principal brewery, Quilmes Industrial S.A., and indirectly controlled by AmBev.&nbsp; In addition, we compete with a number of competitors offering generic, low-priced sparkling beverages as well as many other generic products and private label proprietary supermarket brands.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Venezuela</FONT></I></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">.&nbsp; In Venezuela, our main competitor is Pepsi-Cola Venezuela, C.A., a joint venture formed between PepsiCo and Empresas Polar, S.A., the leading beer distributor in the country.&nbsp; We also compete with the producers of </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">Big Cola</FONT></I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman"> in part of the country.&nbsp;&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Raw Materials</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to our bottler agreements, we are authorized to manufacture, sell and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages within specific geographic areas, and we are required to purchase in some of our territories for all </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages concentrate from companies designated by The Coca-Cola Company and artificial sweeteners from companies authorized by The Coca-Cola Company.&nbsp; Concentrate prices for sparkling beverages are determined as a percentage of the weighted average retail price in local currency net of applicable taxes.&nbsp; Although The Coca-Cola Company has the right to unilaterally set the price of concentrates, in practice this percentage has historically been set pursuant to periodic negotiations with The Coca-Cola Company.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2005, The Coca-Cola Company decided to gradually increase concentrate prices for sparkling beverages in Brazil and Mexico. These increases were fully implemented in Brazil in 2008 and in Mexico in 2009.&nbsp; As part of the cooperation framework that we reached with The Coca-Cola Company at the end of 2006, The Coca-Cola Company will provide a relevant portion of the funds derived from the concentrate increase for marketing support of our sparkling and still beverages portfolio.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;Cooperation Framework with The Coca-Cola Company.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to concentrate, we purchase sweeteners, carbon dioxide, resin and ingots to make plastic bottles, finished plastic and glass bottles, cans, caps and fountain containers, as well as other packaging materials and raw materials. Sweeteners are combined with water to produce basic syrup, which is added to the concentrate as the sweetener for most of our beverages. Our bottler agreements provide that, with respect to </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages, these materials may be purchased only from suppliers approved by The Coca-Cola Company, including affiliates of FEMSA. Prices for packaging materials and HFCS historically have been determined with reference to the U.S. dollar, although the local currency equivalent in a particular country is subject to price volatility in accordance with changes in exchange rates. Our most significant packaging raw material costs arise from the purchase of resin, plastic ingots to make plastic bottles and finished plastic bottles, which we obtain from international and local producers. The prices of these materials are tied to crude oil prices and global resin supply. In recent years we have experienced volatility in the prices we pay for these materials. Across our territories, our average price for resin in U.S. dollars increased approximately 30% in 2011 as compared to 2010.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our agreements with The Coca-Cola Company, we may use raw or refined sugar or HFCS as sweeteners in our products. Sugar prices in all of the countries in which we operate, other than Brazil, are subject to local regulations and other barriers to market entry that cause us to pay in excess of international market prices for sugar in certain countries. In recent years, international sugar prices experienced significant volatility.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None of the materials or supplies that we use is presently in short supply, although the supply of specific materials could be adversely affected by strikes, weather conditions, governmental controls or national emergency situations.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In Mexico, we purchase our returnable plastic bottles from Graham Packaging M&#233;xico, S.A. de C.V., known as Graham, which is the exclusive supplier of returnable plastic bottles to The Coca-Cola Company and its bottlers in Mexico. We mainly purchase resin from Indorama Ventures Polymers M&#233;xico, S. de R.L. de C.V. (formerly Arteva Specialties, S. de R.L. de C.V.), M. &amp; G. Pol&#237;meros M&#233;xico S.A. de C.V. and DAK Resinas Americas Mexico S.A. de C.V., which ALPLA M&#233;xico S.A. de C.V., known as ALPLA, and Envases Innovativos de M&#233;xico S.A. de C.V. manufacture into non-returnable plastic bottles for us.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We purchase all of our cans from Promotora Mexicana de Embotelladoras, S.A. de C.V., known as PROMESA, a cooperative of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers, in which, as of April 20, 2012, we hold a 25.0% equity interest.&nbsp; We mainly purchase our glass bottles from Compa&#241;&#237;a Vidriera, S.A. de C.V., known as VITRO, and Glass &amp; Silice, S.A. de C.V.,&nbsp;(formerly Vidriera de Chihuahua, S.A. de C.V., or VICHISA)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a wholly-owned subsidiary of&nbsp;&nbsp;Cuauht&#233;moc Moctezuma Holding, S.A. de C.V. (formerly FEMSA Cerveza), currently a wholly-owned subsidiary of the Heineken Group.&nbsp; </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We purchase sugar from, among other suppliers, Piasa and Beta San Miguel, S.A. de C.V., or Beta San Miguel, both sugar cane producers in which, as of April 20, 2012, we hold an approximate 13.2% and 2.5% equity interest, respectively. We purchase HFCS from CP Ingredientes, S.A. de C.V. and Almidones Mexicanos, S.A. de C.V., known as Almex.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Imported sugar is subject to import duties, the amount of which is set by the Mexican government. As a result, sugar prices in Mexico are in excess of international market prices for sugar, and in 2011, were 47% higher on average in Mexico. In </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">2011,&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> sugar prices increased approximately 29% as compared to </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">2010.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Central America, the majority of our raw materials such as glass and plastic bottles are purchased from several local suppliers. We purchase all of our cans from PROMESA. Sugar is available from suppliers that represent several local producers.&nbsp; Local sugar prices, in the countries that comprise the region, have increased mainly due to volatility in international prices. In Costa Rica, we acquire plastic non-returnable bottles from ALPLA C.R. S.A., and in Nicaragua we acquire such plastic bottles from ALPLA Nicaragua, S.A.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America (excluding Venezuela)</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In Colombia, we use sugar as a sweetener in most of our products, which we buy from several domestic sources.&nbsp; During 2011, we started to use HFCS as an alternative sweetener for our products. We purchase HFCS from Archer Daniels Midland Company. We purchase plastic bottles from Amcor and Tap&#243;n Corona de Colombia S.A. We purchase all our glass bottles from Peldar O-I and cans from Crown, both suppliers in which Grupo Ardila Lulle, owners of our competitor Postob&#243;n, own a minority equity interest.&nbsp; Glass bottles and cans are available only from these local sources.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sugar is available in Brazil at local market prices, which historically have been similar to international prices.&nbsp; Sugar prices in Brazil in recent periods have been volatile, mainly due to the increased demand for sugar cane for production of alternative fuels, and our average acquisition cost for sugar in </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">2011&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> increased approximately 30% as compared to 2010.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 11. Quantitative and Qualitative Disclosures about Market Risk&#8212;Commodity Price Risk.&#8221;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We purchase glass bottles, plastic bottles and cans from several domestic and international suppliers.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Argentina, we mainly use HFCS that we purchase from several different local suppliers as a sweetener in our products instead of sugar.&nbsp; We purchase glass bottles, plastic cases and other raw materials from several domestic sources.&nbsp; We purchase pre-formed plastic ingots, as well as returnable plastic bottles, at competitive prices from Embotelladora del Atl&#225;ntico S.A., a local subsidiary of Embotelladora Andina S.A., a Coca-Cola bottler with operations in Argentina, Chile and Brazil, and other local suppliers.&nbsp; We also acquire pre-formed plastic ingots from ALPLA Avellaneda S.A. and other suppliers.&nbsp; We produce our own can presentations, aseptic packaging and hot filled products for distribution </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">of our products </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">our&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> customers in Buenos Aires. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We use sugar as a sweetener in all of our products, which we purchase mainly from the local market.&nbsp; Since 2003, </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">from time to time,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> we have experienced a sugar shortage due to lower domestic production and the inability of the predominant sugar importers to obtain permission to import in a timely manner.&nbsp; &nbsp;While sugar distribution to the food and beverages industry and to retailers is controlled by the government, we did not experience any disruptions during 2011 with respect to acces to sufficient sugar supply. However, we cannot assure you that we will not experience disruptions in our ability to meet our sugar requirements in the future should the Venezuelan government impose restrictive measures in the future. We buy glass bottles from one local supplier, Productos de Vidrio, S.A., but there are alternative suppliers authorized by The Coca-Cola Company. We acquire most of our plastic non-returnable bottles from ALPLA de Venezuela, S.A. and all of our aluminum cans from a local producer, Dominguez Continental, C.A.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under current regulations promulgated by the Venezuelan authorities, our ability to import some of our raw materials and other supplies used in our production could be limited, and access to the official exchange rate for these items for us and our suppliers, including, among others, resin, aluminum, plastic caps, distribution trucks and vehicles is only achieved by obtaining proper approvals from the relevant authorities.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">REGULATION</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are subject to regulation in each of the territories in which we operate. The adoption of new laws or regulations in the countries in which we operate may increase our operating costs, our liabilities or impose restrictions on our operations which, in turn, may adversely affect our financial condition, business and results from operations. Further changes in current regulations may result in an increase in compliance costs, which may have an adverse effect on our future results from operations or financial condition.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Price Controls</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Voluntary price restraints or statutory price controls have been imposed historically in several of the countries in which we operate. Currently, there are no price controls on our products in any of the territories in which we have operations, except for (i) Argentina, where authorities directly supervise certain products sold through supermarkets to control inflation; and (ii) Venezuela, where the government has recently imposed price controls on certain products including still bottled water. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 3. Key Information&#8212;Risk Factors&#8212;</FONT></B><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Regulatory developments may adversely affect our business</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&#8221;&nbsp;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Sparkling Beverages </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">All the countries in which we operate, except for Panama, impose a value-added tax on the sale of sparkling beverages, with a rate of 16% in Mexico, 12% in Guatemala, 15% in Nicaragua, 13% in Costa Rica, 16% in Colombia (applied only to the first sale in the supply chain), 12% in Venezuela, 17% (Mato Grosso do Sul) and 18% (S&#227;o Paulo and Minas Gerais) in Brazil, and 21% in Argentina.&nbsp; In addition, several of the countries in which we operate impose the following excise or other taxes: </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Guatemala imposes an excise tax of 0.18 cents in local currency (Ps.&nbsp;0.3221 as of December 31, 2011) per liter of sparkling beverage.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Costa Rica imposes a specific tax on non-alcoholic bottled beverages based on the combination of packaging and flavor, currently assessed at 15.50 colones (Ps. 0.4180 as of December 31, 2011) per 250 ml, and an excise tax on local brands of 5%, foreign brands of 10% and mixers of 14%.&nbsp; </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nicaragua imposes a 9% tax on consumption, and municipalities impose a 1% tax on our Nicaraguan gross income.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Panama imposes a 5% tax based on the cost of goods produced.&nbsp; Panama also imposes a 10% selective consumption tax on syrups, powders and concentrate.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil imposes an average production tax of approximately 4.9% and an average sales tax of approximately 9.6%, both assessed by the federal government.&nbsp; Most of these taxes are fixed, based on average retail prices in each state where the company operates (VAT) or fixed by the federal government (excise and sales tax). </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentina imposes an excise tax on sparkling beverages containing less than 5% lemon juice or less than 10% fruit juice of 8.7%, and an excise tax on flavored sparkling beverages with 10% or more fruit juice and on sparkling water of 4.2%, although this excise tax is not applicable to certain of our products.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Water Supply Law</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Mexico, we obtain water directly from municipal utility companies and pump water from our own wells pursuant to concessions obtained from the Mexican government on a plant-by-plant basis.&nbsp; Water use in Mexico is regulated primarily by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley de Aguas Nacionales de 1992</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the 1992 Water Law), which was amended in 2004, and regulations issued thereunder, which created the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comisi&#243;n Nacional del Agua</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the National Water <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commission).&nbsp; The National Water Commission is in charge of overseeing the national system of water use.&nbsp; Under the 1992 Water Law, as amended, concessions for the use of a specific volume of ground or surface water generally run from five to fifty-year terms, depending on the supply of groundwater in each region as projected by the National Water Commission. Concessionaires may request concession terms be extended before the expiration of the same. The Mexican government is authorized to reduce the volume of ground or surface water granted for use by a concession by whatever volume of water is not used by the concessionaire for two consecutive years. However, because the current concessions for each of our plants in Mexico do not match each plant&#8217;s projected needs for water in future years, we successfully negotiated with the Mexican government the right to transfer the unused volume under concessions from certain plants to other plants anticipating greater water usage in the future.&nbsp; Our concessions may be terminated if, among other things, we use more water than permitted or we fail to pay required concession-related fees and do not cure such situations in a timely manner.&nbsp; Although we have not undertaken independent studies to confirm the sufficiency of the existing or future groundwater supply, we believe that our existing concessions satisfy our current water requirements in Mexico.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Argentina, a state water company provides water to our Alcorta plant on a limited basis; however, we believe the authorized amount meets our requirements for this plant.&nbsp; In our Monte Grande plant in Argentina, we pump water from our own wells, in accordance with Law 25.688.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Brazil, we buy water directly from municipal utility companies and we also capture water from underground sources, wells, or surface sources (i.e. rivers), pursuant to concessions granted by the Brazilian government for each plant.&nbsp; According to the Brazilian Constitution, water is considered an asset of common use and can only be exploited for the national interest by Brazilians or companies formed under Brazilian law.&nbsp; Concessionaires and users have the responsibility for any damage to the environment.&nbsp; The exploitation and use of water is regulated by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">C&#243;digo de Minera&#231;</FONT></I><EM><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#227;</FONT></I></EM><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">o</FONT></I><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Code of Mining, Decree Law No. 227/67), the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">C&#243;digo de &#193;guas Minerais </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Mineral Water Code, Decree Law No. 7841/45), the National Water Resources Policy (Law No. 9433 / 97) and by regulations issued thereunder.&nbsp; The companies that exploit water are supervised by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Departamento Nacional de Produ&#231;</FONT></I><EM><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#227;</FONT></I></EM><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">o Mineiral &#8211; DNPM</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (National Department of Mineral Production) and the National Water Agency in connection with federal health agencies, as well as state and municipal authorities.&nbsp; In the Jundia&#237; and Belo Horizonte plants, we do not exploit mineral water.&nbsp; In the Mogi das Cruzes and Campo Grande plants, we have all the necessary permits&nbsp;for the exploitation of mineral water.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Colombia, in addition to natural spring water, we obtain water directly from our own wells and from utility companies.&nbsp; We are required to have a specific concession to exploit water from natural sources.&nbsp; Water use in Colombia is regulated by law no. 9 of 1979 and decrees no. 1594 of 1984 and no. 2811 of 1974.&nbsp; The National Institute of National Resources supervises companies that exploit water.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Nicaragua, the use of water is regulated by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley General de Aguas Nacionales</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (National Water Law), and we obtain water directly from our own wells.&nbsp; In Costa Rica, the use of water is regulated by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley de Aguas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Water Law).&nbsp; In both of these countries, we own and exploit our own water wells granted to us through governmental concessions.&nbsp; In Guatemala, no license or permits are required to exploit water from the private wells in our own plants.&nbsp; In Panama, we acquire water from a state water company, and the use of water is regulated by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Reglamento de Uso de Aguas de Panam&#225;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Panama Use of Water Regulation).&nbsp; In Venezuela, we use private wells in addition to water provided by the municipalities, and we have taken the appropriate actions, including actions to comply with water regulations, to have water supply available from these sources, regulated by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley de Aguas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Water Law).</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We cannot assure you that water will be available in sufficient quantities to meet our future production needs, that we will be able to maintain our current concessions or that additional regulations relating to water use will not be adopted in the future in our territories.&nbsp; We believe we are in material compliance with the terms of our existing water concessions and that we are in compliance with all relevant water regulations.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Environmental Matters</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In all of our territories, our operations are subject to federal and state laws and regulations relating to the protection of the environment. In Mexico, the principal legislation is the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley General de Equilibrio Ecol&#243;gico y Protecci&#243;n al Ambiente</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Federal General Law for Ecological Equilibrium and Environmental Protection) or the <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican Environmental Law and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley General para la Prevenci&#243;n y Gesti&#243;n Integral de los Residuos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the General Law for the Prevention and Integral Management of Waste) which are enforced by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Secretar&#237;a del Medio Ambiente y Recursos Naturales </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(the Ministry of the Environment and Natural Resources, or SEMARNAT).&nbsp; SEMARNAT can bring administrative and criminal proceedings against companies that violate environmental laws, and it also has the power to close non-complying facilities.&nbsp; Under the Mexican Environmental Law, rules have been promulgated concerning water, air and noise pollution and hazardous substances.&nbsp; In particular, Mexican environmental laws and regulations require that we file periodic reports with respect to air and water emissions and hazardous wastes and set forth standards for waste water discharge that apply to our operations. We are also subject to certain minimal restrictions on the operation of delivery trucks in Mexico City. We have implemented several programs designed to facilitate compliance with air, waste, noise and energy standards established by current Mexican federal and state environmental laws, including a program that installs catalytic converters and liquid petroleum gas in delivery trucks for our operations in Mexico City. See &#8220;&#8212;The Company&#8212;Total Sales Distribution.&#8221;</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, we are subject to the 1992 Water Law, as amended, enforced by the Mexican National Water Commission. The 1992 Water Law, as amended, provides that plants located in Mexico that use deep water wells to supply their water requirements must pay a fee to the local governments for the discharge of residual waste water to drainage. Pursuant to this law, certain local authorities test the quality of the waste water discharge and charge plants an additional fee for measurements that exceed certain standards published by the Mexican National Water Commission; in case of non-compliance with the law, penalties may be imposed, including closures. All of our bottler plants located in Mexico have met these standards. In addition, our plants in Apizaco and San Crist&#243;bal are certified with ISO 14001. See &#8220;&#8212;Description of Property, Plant and Equipment.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In our Mexican operations, we established a partnership with The Coca-Cola Company and ALPLA, a supplier of plastic bottles to us in Mexico, to create </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Industria Mexicana de Reciclaje</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (IMER), a PET recycling facility located in Toluca, Mexico.&nbsp; This facility started operations in 2005 and has a recycling capacity of approximately 25,000 metric tons per year from which 15,000 metric tons can be re-used in PET bottles for food packaging purposes.&nbsp; We have also continued contributing funds to a nationwide recycling company, ECOCE, or </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ecolog&#237;a y Compromiso Empresarial</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Environmentally Committed Companies).&nbsp; In addition, our plants located in Toluca, Reyes, Cuautitl&#225;n, Apizaco, San Cristobal, Morelia, Ixtacomitan, Coatepec, Poza Rica and Cuernavaca have received a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certificado de Industria Limpia </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Certificate of Clean Industry)</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As part of our environmental protection and sustainability strategies, in December 2009, we, jointly with strategic partners, entered into a wind energy supply agreement with a Mexican subsidiary of the Spanish wind farm developer, GAMESA Energ&#237;a, S.A., or GAMESA, to supply green energy to our bottling facility in Toluca, Mexico, owned by our subsidiary, Propimex, S. de R.L. de C.V., or Propimex, and to some of our suppliers of PET bottles.&nbsp; The wind farm, which is located in La Ventosa, Oaxaca, is expected to generate approximately 100 thousand megawatt hours annually.&nbsp; The energy supply services began in April 2010 and, during 2010, provided us with approximately 45 thousand megawatt hours.&nbsp; In 2010, GAMESA sold its interest in the Mexican subsidiary that owned the above mentioned wind farm to Iberdrola Renovables M&#233;xico, S.A. de C.V.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Additionally, several of our subsidiaries have entered into 20-year wind power supply agreements with Energ&#237;a Alterna Istme&#241;a, S. de R.L. de C.V. and Energ&#237;a E&#243;lica Mare&#241;a, S.A. de C.V. (together, the Mare&#241;a Renovables Wind Power Farm) to receive electrical energy for use at our production and distribution facilities throughout Mexico.&nbsp;&nbsp;&nbsp; The Mare&#241;a Renovables Wind Farm will be located in the state of Oaxaca and we expect that&nbsp; it will begin operations in 2013. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Central American operations are subject to several federal and state laws and regulations relating to the protection of the environment, which have been enacted in the last ten years, as awareness has increased in this region about the protection of the environment and the disposal of hazardous and toxic materials, as well as water usage.&nbsp; In some countries in Central America we are in the process of bringing our operations into compliance with new environmental laws on the timeline established by the relevant regulatory authorities.&nbsp; Our Costa Rica and Panama operations have participated in a joint effort along with the local division of The Coca-Cola Company, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Misi&#243;n Planeta</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mission Planet), for the collection and recycling of non-returnable plastic bottles.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Colombian operations are subject to several Colombian federal, state and municipal laws and regulations related to the protection of the environment and the disposal of treated water and toxic and hazardous materials. &nbsp;These laws include the control of atmospheric emissions, noise emissions, disposal of treated water and strict limitations on the use of chlorofluorocarbons.&nbsp; For our plants in Colombia, we have obtained the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certificaci&#243;n Ambiental Fase&nbsp;IV</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Phase IV Environmental Certificate) demonstrating our compliance at the highest level with relevant Colombian regulations. We are also engaged in nationwide campaigns for the collection and recycling of glass and plastic bottles as well as reforestation programs.&nbsp; In 2011, jointly with the FEMSA Foundation, we were awarded with the &#8220;Western Hemisphere Corporate Citizenship Award&#8221; for the social responsibility programs we carried out to respond to the extreme weather experienced in Colombia in 2010 and 2011, known locally as the &#8220;winter emergency.&#8221; In addition, we also obtained the ISO 9001, ISO-22000 and PAS 220 for our plants located in Medellin, Cali, Bogota, Barranquilla, Bucaramanga and La Calera, as recognition for the highest quality in our production processes.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Venezuelan operations are subject to several Venezuelan federal, state and municipal laws and regulations related to the protection of the environment.&nbsp; The most relevant of these laws are the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley Org&#225;nica del Ambiente</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Organic Environmental Law), the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley Sobre Sustancias, Materiales y Desechos Peligrosos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Substance, Material and Dangerous Waste Law), the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley Penal del Ambiente</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Criminal Environmental Law) and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley de Aguas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Water Law).&nbsp; Since the enactment of the Organic Environmental Law in 1995, our Venezuelan subsidiary has presented the proper authorities with plans to bring our production facilities and distribution centers into compliance with applicable laws, which mainly consist of building or expanding the capacity of water treatment plants in our bottling facilities.&nbsp; Even though we have had to adjust some of the originally proposed timelines due to construction delays, in 2009, we completed the construction and received all the required permits to operate a new water treatment plant in our bottling facility located in the city of Barcelona.&nbsp; At the end of 2011, we concluded the construction of a new water treatment plant in our bottling plant in the city of Valencia, which will start operations in February 2012.&nbsp;&nbsp; During 2011, we also commenced construction of a new water treatment plant in our Antimano bottling plant in Caracas, which construction is expected to conclude during the second quarter of 2012. We are also concluding the process of obtaining the necessary authorizations and licenses before we can begin the construction and expansion of our current water treatment plant in our bottling facility in Maracaibo.&nbsp; In December 2011 we obtained ISO 14000 certification for all of our plants in Venezuela.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, in December 2010, the Venezuelan government approved the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley Integral de Gesti&#243;n de la Basura</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Comprehensive Waste Management Law), which will regulate solid waste management and which may be applicable to manufacturers of products for mass consumption.&nbsp; The full scope of this law has not yet been established.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Brazilian operations are subject to several federal, state and municipal laws and regulations related to the protection of the environment.&nbsp; Among the most relevant laws and regulations are those dealing with the emission of toxic and hazardous gases and disposal of wastewater and solid waste, soil contamination by hazardous chemicals, which impose penalties, such as fines, facility closures or criminal charges depending upon the level of non-compliance. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our production plant located in Jundia&#237; has been recognized by the Brazilian authorities for its compliance with environmental regulations and for having standards well above those imposed by the law.&nbsp; The plant has been certified for (i) ISO 9001 since 1993; (ii)&nbsp;ISO 14001 since March 1997; (iii) norm OHSAS 18001 since 2005; (iv) ISO 22000 since 2007; and (v) PAS: 96 since 2010.&nbsp; In Brazil it is also necessary to obtain concessions from the government to cast drainage.&nbsp; Our plants in Brazil have been granted this concession, except Mogi das Cruzes, where we have timely begun the process of obtaining one.&nbsp; In December, 2010 we increased the capacity of the water treatment plant in our Jundia&#237; facility. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Brazil, a municipal regulation of the City of S&#227;o Paulo, implemented pursuant to Law 13.316/2002, came into effect in May 2008.&nbsp; This regulation requires us to collect for recycling a specified annual percentage of plastic bottles made from PET sold in the City of S&#227;o Paulo; such percentage increases each year.&nbsp; As of May 2009, we were required to collect for recycling 50% of the PET bottles sold in the City of S&#227;o Paulo, as of May 2010, we were required to collect 75%, and as of May 2011, we were required to collect 90%.&nbsp; Currently, we are not able to collect the entire required volume of PET bottles we sell in the City of S&#227;o Paulo for recycling.&nbsp; If we do not meet the requirements of this regulation, which we believe to be more onerous than those imposed by the countries with <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the highest recycling standards, we could be fined and be subject to other sanctions, such as the suspension of operations in any of our plants and/or distribution centers located in the City of S&#227;o Paulo.&nbsp; In May 2008, we and other bottlers in the City of S&#227;o Paulo, through the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Associa&#231;&#227;o Brasileira das Ind&#250;strias de Refrigerantes e de Bebidas N&#227;o-alco&#243;licas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Brazilian Soft Drink and Non-Alcoholic Beverage Association, or ABIR), filed a motion requesting a court to overturn this regulation due to the impossibility of compliance.&nbsp; In addition, in November 2009, in response to a municipal authority request for us to demonstrate the destination of the PET bottles sold in S&#227;o Paulo, we filed a motion presenting all of our recycling programs and requesting a more practical timeline to comply with the requirements of the law.&nbsp; In October 2010 the municipal authority of S&#227;o Paulo levied a fine on our Brazilian operating subsidiary of 250,000 Brazilian reais (approximately Ps. 1,750,000 as of December 31, 2010) on the grounds that the report submitted by our Brazilian operating subsidiary did not comply with the 75% proper disposal requirement for the period from May 2008 to May 2010.&nbsp; We filed an appeal against this fine.&nbsp;We are currently awaiting resolution of both matters. </FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">In August 2010, Law No. 12.305/2010 established the Brazilian National Solid Waste Policy.&nbsp; This policy is based on the principle of shared responsibility between the government, companies and the public, and provides for the post-consumption return of products to companies and requires public authorities to implement waste management programs.&nbsp; This law is regulated by Federal Decree No. 7.404/2010, and was published in December 2010.&nbsp; We are currently discussing with the relevant authorities the impact this law may have on Brazilian companies in complying with the regulation in effect in the City of S&#227;o Paulo.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Argentine operations are subject to federal and municipal laws and regulations relating to the protection of the environment.&nbsp; The most significant of these are regulations concerning waste water discharge, which are enforced by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Secretar&#237;a de Ambiente y Desarrollo Sustentable </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(the Ministry of Natural Resources and Sustainable Development) and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Organismo Provincial para el Desarrollo Sostenible</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Provincial Organization for Sustainable Development) for the province of Buenos Aires.&nbsp; Our Alcorta plant is in compliance with environmental standards and we have been certified for ISO 14001:2004 for the plants and operative units in Buenos Aires. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For all of our plant operations, we employ an environmental management system:&nbsp; </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sistema de Administraci&#243;n Ambiental</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Environmental Administration System, or EKOSYSTEM) that is contained within the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sistema Integral de Calidad</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Integral Quality System or SICKOF).</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have expended, and may be required to expend in the future, funds for compliance with and remediation under local environmental laws and regulations.&nbsp; Currently, we do not believe that such costs will have a material adverse effect on our results from operations or financial condition.&nbsp; However, since environmental laws and regulations and their enforcement are becoming increasingly stringent in our territories, and there is increased recognition by local authorities of the need for higher environmental standards in the countries where we operate, changes in current regulations may result in an increase in costs, which may have an adverse effect on our future results from operations or financial condition.&nbsp; Management is not aware of any significant pending regulatory changes that would require a significant amount of additional remedial capital expenditures.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We do not believe that our business activities pose a material risk to the environment, and we believe that we are in material compliance with all applicable environmental laws and regulations.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other regulations</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December 2009, the Venezuelan government issued a decree requiring a reduction in energy consumption by at least 20% for industrial companies whose consumption is greater than two megawatts per hour and to submit an energy-usage reduction plan.&nbsp; Some of our bottling operations in Venezuela outside of Caracas met this threshold and we submitted a plan, which included the purchase of generators for our plants.&nbsp; In January 2010, the Venezuelan government subsequently implemented power cuts and other measures for all industries in Caracas whose consumption was above 35 kilowatts per hour.</FONT></P>

<P style="TEXT-INDENT: 35.45pt; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">In January 2010, the Venezuelan government amended the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Ley para la Defensa y Acceso a las Personas a los Bienes y Servicios</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> (Access to Goods and Services Defense Law).&nbsp; Any violation by a company that produces, <FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">distributes and sells goods and services could lead to fines, penalties or the confiscation of the assets used to produce, distribute and sell these goods without compensation.&nbsp; Although we believe we are in compliance with this law, consumer protection laws in Venezuela are subject to continuing review and changes, and any such changes could lead to an adverse impact on us. </FONT></FONT></P>

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<P style="TEXT-INDENT: 35.45pt; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">In July 2011 the Venezuelan government passed the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Ley de Costos y Precios Justos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> (Fair Costs and Prices Law). The purpose of this law is to establish the regulations and administrative processes necessary to maintain the price stability of, and equal access to, goods and services. The law also creates the National Ministry of Costs and Prices, whose main role is to oversee price controls and set maximum retail prices on certain consumer goods and services. Of our products, only certain of our still water beverages were affected by these regulations, which mandated <FONT style="FONT-SIZE: 10pt" face="Times New Roman">to lower </FONT>our sale prices as of April 2012.&nbsp; Any failure to comply with this law would result in fines, temporary suspension or the closure of operations. While we are <FONT style="FONT-SIZE: 10pt" face="Times New Roman">currently </FONT>in compliance with this law, we cannot assure you that the Venezuelan government&#8217;s future regulation of goods and services will not result in a forced reduction of prices in other of our products, which could have a negative effect on our results of operations.</FONT></P>

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<P style="TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In&nbsp;January 2012, the Costa Rican government approved a decree which regulates the sale of food and beverages in schools. The decree came into effect in 2012.&nbsp; Enforcement of this law will be gradual, from 2012 to 2014, depending on the specific characteristics of the food and beverage in question. According to the decree, the sale of specific sparkling beverages and still beverages that contain sugar, syrup or&nbsp;HFCS in any type of presentation in schools is prohibited. We will still be allowed to sell water and certain still beverages in schools. We cannot assure you that the Costa Rican government will not further restrict sales of other of our products in schools in the future; any such further restrictions could lead to an adverse impact on our results of operations.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">BOTTLER AGREEMENTS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Coca-Cola Bottler Agreements</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bottler agreements are the standard agreements for each territory that The Coca-Cola Company enters into with bottlers outside the United States.&nbsp; Pursuant to our bottler agreements, we are authorized to manufacture, sell and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages within specific geographic areas, and we are required to purchase in some of our territories for all </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages concentrate from companies designated by The Coca-Cola Company and artificial sweeteners from companies authorized by The Coca-Cola Company.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">These bottler agreements also provide that we will purchase our entire requirement of concentrate for </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark beverages from The Coca-Cola Company and other authorized suppliers at prices, terms of payment and on other terms and conditions of supply as determined from time to time by The Coca-Cola Company at its sole discretion.&nbsp; Concentrate prices for sparkling beverages are determined as a percentage of the weighted average retail price in local currency, net of applicable taxes.&nbsp; Although the price multipliers used to calculate the cost of concentrate and the currency of payment, among other terms, are set by The Coca-Cola Company at its sole discretion, we set the price of products sold to customers at our discretion, subject to the applicability of price restraints.&nbsp; We have the exclusive right to distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages for sale in our territories in authorized containers of the nature prescribed by the bottler agreements and currently used by our company.&nbsp; These containers include various configurations of cans and returnable and non-returnable bottles made of glass and plastic and fountain containers.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The bottler agreements include an acknowledgment by us that The Coca-Cola Company is the sole owner of the trademarks that identify the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages and of the secret formulas with which The Coca-Cola Company&#8217;s concentrates are made.&nbsp; Subject to our exclusive right to distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages in our territories, The Coca-Cola Company reserves the right to import and export </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages to and from each of our territories.&nbsp; Our bottler agreements do not contain restrictions on The Coca-Cola Company&#8217;s ability to set the price of concentrates charged to our subsidiaries and do not impose minimum marketing obligations on The Coca-Cola Company.&nbsp; The prices at which we purchase concentrates under the bottler agreements may vary materially from the prices we have historically paid.&nbsp; However, under our bylaws and the shareholders agreement among certain subsidiaries of The Coca-Cola Company and certain subsidiaries of FEMSA, an adverse action by The Coca-Cola Company under any of the bottler agreements may result in a suspension of certain voting rights of the directors appointed by The Coca-Cola Company.&nbsp; This provides us with limited protection against The Coca-Cola Company&#8217;s ability to raise concentrate prices to the extent that such increase is deemed detrimental to us pursuant to such shareholder agreement and our bylaws.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company has the ability, at its sole discretion, to reformulate any of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages and to discontinue any of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages, subject to certain limitations, so long as all </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages are not discontinued.&nbsp; The Coca-Cola Company may also introduce new beverages in our territories in which case we have a right of first refusal with respect to the manufacturing, packaging, distribution and sale of such new beverages subject to the same obligations as then exist with respect to the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages under the bottler agreements.&nbsp; The bottler agreements prohibit us from producing, bottling or handling beverages other than </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages, or other products or packages that would imitate, infringe upon, or cause confusion with the products, trade dress, containers or trademarks of The Coca-Cola Company, except under the authority of, or with the consent of, The Coca-Cola Company. The bottler agreements also prohibit us from acquiring or holding an interest in a party that engages in such restricted activities.&nbsp; The bottler agreements impose restrictions concerning the use of certain trademarks, authorized containers, packaging and labeling of The Coca-Cola Company so as to conform to policies prescribed by The Coca-Cola Company.&nbsp; In particular, we are obligated to:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">maintain plant and equipment, staff and distribution facilities capable of manufacturing, packaging and distributing the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages in authorized containers in accordance with our bottler agreements and in sufficient quantities to satisfy fully the demand in our territories;</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">undertake adequate quality control measures prescribed by The Coca-Cola Company;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">develop, stimulate and satisfy fully the demand for </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages using all approved means, which includes the investment in advertising and marketing plans;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">maintain a sound financial capacity as may be reasonably necessary to assure performance by us and our affiliates of our obligations to The Coca-Cola Company; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">submit annually to The Coca-Cola Company our marketing, management, promotional and advertising plans for the ensuing year.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company contributed a significant portion of our total marketing expenses in our territories during 2011and has reiterated its intention to continue providing such support as part of our cooperation framework.&nbsp; Although we believe that The Coca-Cola Company will continue to provide funds for advertising and marketing, it is not obligated to do so.&nbsp; Consequently, future levels of advertising and marketing support provided by The Coca-Cola Company may vary materially from the levels historically provided.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;Cooperation Framework with The Coca-Cola Company.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have separate bottler agreements with The Coca-Cola Company for each of the territories in which we operate, on substantially the same terms and conditions.&nbsp; These bottler agreements are automatically renewable for ten-year terms, subject to the right of either party to give prior notice that it does not wish to renew a specific agreement.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, we had seven bottler agreements in Mexico, with each one corresponding to a different territory: (i) the agreements for Mexico&#180;s Valley territory expires in June 2013 andApril 2016, (ii) the agreements for the Central territory expires in May 2015 and July 2016, (iii)&nbsp;the agreement for the Northeast territory expires in September 2014, (iv) the agreement for the Bajio territory expires in May 2015, and (v) the agreement for the Southeast territory expires in June 2013. Our bottler agreements with The Coca-Cola Company will expire for our territories in other countries as follows:&nbsp; Argentina in September 2014; Brazil in April 2014; Colombia in June 2014; Venezuela in August 2016; Guatemala in March 2015; Costa Rica in September 2017; Nicaragua in May 2016; and Panama in November 2014.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The bottler agreements are subject to termination by The Coca-Cola Company in the event of default by us.&nbsp; The default provisions include limitations on the change in ownership or control of our company and the assignment or transfer of the bottler agreements and are designed to preclude any person not acceptable to The Coca-Cola Company from obtaining an assignment of a bottler agreement or from acquiring our company independently of other rights set forth in the shareholders&#8217; agreement.&nbsp; These provisions may prevent changes in our principal shareholders, including mergers or acquisitions involving sales or dispositions of our capital stock, which will involve an effective change of control, without the consent of The Coca-Cola Company.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">We have also entered into tradename license agreements with The Coca-Cola Company pursuant to which we are authorized to use certain trademark names of The Coca-Cola Company with our corporate name.&nbsp; These agreements have a ten-year term, but are terminated if we cease to manufacture, market, sell and distribute </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">trademark products pursuant to the bottler agreements or if the shareholders agreement is terminated.&nbsp; The Coca-Cola Company also has the right to terminate a license agreement if we use its trademark names in a manner not authorized by the bottler agreements. </FONT>


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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman Bold">DESCRIPTION OF PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Over the past several years, we made significant capital investments to modernize our facilities and improve operating efficiency and productivity, including:</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">increasing the annual capacity of our bottling plants by installing new production lines;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">installing clarification facilities to process different types of sweeteners;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">installing plastic bottle-blowing equipment;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">modifying equipment to increase flexibility to produce different presentations, including faster sanitation and changeover times on production lines; and</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">closing obsolete production facilities.</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 5.&nbsp; Operating and Financial Review and Prospects&#8212;Capital Expenditures.&#8221; </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, we owned 35 bottling plants company-wide.&nbsp; By country, we have fourteen bottling facilities in Mexico, five in Central America, six in Colombia, four in Venezuela, four in Brazil and two in Argentina. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, we operated 249 distribution centers, approximately 51% of which were in our Mexican territories.&nbsp; We own more than 86% of these distribution centers and lease the remainder.&nbsp; See &#8220;&#8212;The Company&#8212;Product Sales and Distribution.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We maintain an &#8220;all risk&#8221; insurance policy covering our properties (owned and leased), machinery and equipment and inventories as well as losses due to business interruptions.&nbsp; The policy covers damages caused by natural disaster, including hurricane, hail, earthquake and damages caused by human acts, including explosion, fire, vandalism, riot and losses incurred in connection with goods in transit.&nbsp; In addition, we maintain an &#8220;all risk&#8221; liability insurance policy that covers product liability.&nbsp; We purchase our insurance coverage through an insurance broker.&nbsp; In most cases the policies are issued by Allianz M&#233;xico, S.A., Compa&#241;&#237;a de Seguros, and the coverage is partially reinsured in the international reinsurance market.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below summarizes by country principal use, installed capacity and percentage utilization of our production facilities:</FONT></P>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Country</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman Bold">Bottling Facility Summary<BR>As of December 31, 2011</FONT></B></P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt">&nbsp;</P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Installed Capacity (thousands of unit cases)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">% Utilization</FONT></B><SUP><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,897,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">70%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face="Times New Roman">Guatemala</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">34,544</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">80%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face="Times New Roman">Nicaragua</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">65,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">58%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face="Times New Roman">Costa Rica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">84,238</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">54%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Panama</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">40,754</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">64%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Colombia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">531,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">47%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Venezuela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">296,052</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">63%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">650,356</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">68%</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=IT face="Times New Roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">316,040</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="27%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">66%</FONT></P></TD></TR></TABLE></DIV>

<DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 90%; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Annualized rate.</FONT></P>

<a name="_bclFooter41"></a><DIV>

<DIV align=left>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">39</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_42"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader42"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-BEFORE: always; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below summarizes by country plant location and facility area of our production facilities:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman Bold">Bottling Facility by Location<BR>As of December 31, 2011</FONT></B></P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Country</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Plant</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Facility Area<BR>(thousands of sq. </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">meters)&nbsp;</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">San Crist&#243;bal de las Casas, Chiapas </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">45</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Cuautitl&#225;n, Estado de M&#233;xico </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">35</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Los Reyes la Paz, Estado de M&#233;xico </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">50</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Toluca, Estado de M&#233;xico </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">242</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Le&#243;n, Guanajuato </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">124</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Morelia, Michoac&#225;n </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">50</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Ixtacomit&#225;n, Tabasco </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">117</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Apizaco, Tlaxcala </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">80</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Coatepec, Veracruz &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">142</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">La Pureza Altamira, Tamaulipas </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">300</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 13.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Poza Rica, Veracruz </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.95pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">42</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Pac&#237;fico, Estado de M&#233;xico </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">89</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Cuernavaca, Morelos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">37</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Toluca, Estado de M&#233;xico </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">41</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 16.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Guatemala</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Guatemala City </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">47</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Nicaragua</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Managua </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">54</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Costa Rica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Calle Blancos (San Jos&#233;) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">52</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Coronado (San Jos&#233;) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">14</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Panama</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Panama City </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">29</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Colombia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Barranquilla </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">37</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Bogot&#225; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">105</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Bucaramanga </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">26</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Cali </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">76</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Manantial </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">67</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Medell&#237;n </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">47</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Venezuela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Ant&#237;mano </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">15</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Barcelona </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">141</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Maracaibo </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">68</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Valencia </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">100</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Campo Grande </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">36</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Jundia&#237; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">191</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Mogi das Cruzes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">119</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Belo Horizonte </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">73</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Alcorta </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" align=center>

   <P style="MARGIN: 6pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">73</FONT></P></TD></TR>

<TR style="HEIGHT: 3.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.1pt; PADDING-TOP: 0cm" vAlign=top width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.1pt; PADDING-TOP: 0cm" vAlign=top width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">Monte Grande (Buenos Aires) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.1pt; PADDING-TOP: 0cm" vAlign=top width="30%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">32</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman"></FONT>&nbsp;</P><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">40</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></FONT>

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<P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">SIGNIFICANT SUBSIDIARIES</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below sets forth all of our direct and indirect significant subsidiaries and the percentage of equity of each subsidiary we owned directly or indirectly as of December 31, 2011:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name of Company</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Jurisdiction of Incorporation</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Percentage Owned</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Description</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 7.75pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Propimex, S. de R.L. de C.V.<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 12.25pt 12pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Manufacturer of bottles and distributor of bottled beverages.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-INDENT: -7.75pt; MARGIN: 0cm 7.75pt 12pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Controladora Interamericana de Bebidas, S.A. de C.V. </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman"><BR><BR></FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holding company of manufacturers and distributors of beverages.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-INDENT: -7.75pt; MARGIN: 0cm 7.75pt 12pt"><FONT style="FONT-SIZE: 10pt" lang=PT face="Times New Roman">Spal Industria Brasileira de Bebidas, S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=PT face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Manufacturer of cans and related products for bottling beverages and distributor of bottled beverages.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-INDENT: -7.75pt; MARGIN: 0cm 7.75pt 12pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Coca-Cola FEMSA de Venezuela S.A. (formerly, Panamco Venezuela, S.A. de C.V.) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 12pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 12pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Manufacturer of bottles and related products for bottling beverages and distributor of bottled beverages.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 7.75pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="43%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 108pt; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 0.9pt; MARGIN: 0cm 36pt 12pt 4.5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; On March 2, 2012, Propimex, S.A. </FONT><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">de C.V. was converted into Propimex, S. de R.L. de C.V. (a limited liability company).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">41</FONT></P>

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<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 4A.&nbsp; Unresolved Staff Comments&nbsp;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None.</FONT></P>

<P style="PAGE-BREAK-AFTER: auto; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 5.&nbsp; Operating and Financial Review and Prospects</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">General</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following discussion should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements including the notes thereto.&nbsp; Our consolidated financial statements were prepared in accordance with Mexican Financial Reporting Standards, which differ in certain respects from U.S. GAAP.&nbsp; Notes 26 and 27 to our consolidated financial statements provide a description of the principal differences between Mexican Financial Reporting Standards and U.S. GAAP as they relate to us, together with reconciliation to U.S. GAAP of net income and equity.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Average Price Per Unit Case</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We use average price per unit case to analyze average pricing trends in the different territories in which we operate.&nbsp; We calculate average price per unit case by dividing net sales by total sales volume.&nbsp; Sales of beer in Brazil, which are not included in our sales volumes, are excluded from this calculation.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Effects of Changes in Economic Conditions</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Our results from operations are affected by changes in economic conditions in Mexico and in the other countries in which we operate.&nbsp; For the years ended December 31, 2011, 2010, and 2009, 35.7%, 37.5%, and 35.8%, respectively, of our total revenues were attributable to Mexico.&nbsp; In addition to Mexico, we also conduct operations in Central America, Colombia, Venezuela, Brazil and Argentina.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our future results may be significantly affected by the general economic and financial conditions in the countries where we operate.&nbsp; Decreases in economic growth rates, periods of negative growth, devaluation of local currencies, increases in inflation or interest rates and political developments may result in lower demand for our products, lower real pricing or a shift to lower margin products or lower margin presentations.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Mexican economy continues to be heavily influenced by the U.S. economy, and therefore, further deterioration in economic conditions in, or delays in recovery of, the U.S. economy may hinder any recovery in Mexico.&nbsp; In addition, an increase in interest rates in Mexico would increase our cost of Mexican peso-denominated variable interest rate indebtedness and would have an adverse effect on our financial condition.&nbsp; Depreciation of the Mexican peso relative to the U.S. dollar increases the cost to us of a portion of the raw materials we acquire, the price of which is paid in or determined with reference to U.S. dollars, and of our debt obligations denominated in U.S. dollars and thereby may negatively affect our financial condition.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Recent Developments</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As previously announced by the CNBV, commencing in 2012, all Mexican public companies must report their financial information in accordance with IFRS.&nbsp; Since 2006, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consejo Mexicano para la Investigaci&#243;n y Desarollo de Normas de Informaci&#243;n Financiera</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mexican Board of Research and Development of Financial Reporting Standards) has been modifying Mexican FRS in order to ensure their convergeance with IFRS. &nbsp;As required, starting on January 1, 2012, we are reporting our financial information in accordance with IFRS on a comparable basis.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On December 15, 2011, the Company&nbsp;entered into an agreement to merge the beverage division of Grupo Fomento Queretano into the Company. Grupo Fomento Queretano&#8217;s beverage division operates mainly in the state of Queretaro, as well as in parts of the states of Mexico, Hidalgo and Guanajuato. The merger agreement was approved by both&nbsp;Coca-Cola FEMSA&#8217;s&nbsp;and Grupo Fomento Queretano&#8217;s boards of directors and&nbsp;is subject to the approval of the Mexican Antitrust Commission, and the shareholder&#8217;s meetings of both companies. The transaction will involve the issuance of approximately 45.1 million of&nbsp;the company&#8217;s&nbsp;newly issued series L shares, and in addition&nbsp;the company&nbsp;will assume Ps. 1,221 in net debt. This transaction is expected to be completed in second quarter of 2012.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February&nbsp;2012, our Board of Directors proposed an ordinary dividend of Ps. 2.77 per share outstanding on the payment date, which, at the time of filing,&nbsp;is ancipated to be May 30, 2012. This dividend was approved at the Annual Shareholders&#8217; meeting on March 20, 2012.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February 2012, we entered into a 12-month exclusivity agreement with The Coca-Cola Company to evaluate the potential acquisition of a controlling ownership stake in the bottling operations owned by The Coca-Cola Company in the Philippines. We remain in the process of evaluating this potential acquisition.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On March 29, 2012,&nbsp;we issued a press release containing Non-Audit Financial Results for the year 2011 prepared in accordance with Mexican FRS and translated to IFRS for comparison purposes.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Critical Accounting Estimates </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The preparation of our consolidated financial statements requires that we make estimates and assumptions that affect (1)&nbsp;the recorded amounts of our assets and liabilities, (2)&nbsp;the disclosure of our estimates of assets and contingent liabilities as of the date of the financial statements and (3)&nbsp;the recorded amounts of revenues and expenses during the reporting period.&nbsp; We base our estimates and judgments on our historical experience and on various other reasonable factors, which together form the basis for making judgments about the carrying values of our assets and liabilities.&nbsp; Our actual conclusions may differ from these estimates under different assumptions or conditions.&nbsp; We evaluate our estimates and judgments on an on&#8209;going basis.&nbsp; Our significant accounting policies are described in Note 4 to our consolidated financial statements.&nbsp; We believe our most critical accounting policies that imply the application of estimates and/or judgments are: </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Allowance for Doubtful Accounts.&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We determine our allowance for doubtful accounts based on an evaluation of the aging of our receivables portfolio.&nbsp; The amount of the allowance is based on an analysis of recoverability of each balance.&nbsp; Most of our sales, however, are realized on a cash basis and consequently do not give rise to doubtful accounts.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Returnable and Non-Returnable Bottles and Cases</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company has two types of bottles; returnable and non-returnable.</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">&#8226;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Non returnable: Are recorded in the results of operations at the time of product sale; and</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">&#8226;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Returnable: Are classified as long-lived assets as a component of property, plant and equipment.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Returnable bottles are recorded at acquisition cost for countries with inflationary economy then restated applying inflation factors as of the balance sheet date, according to NIF B-10. There are two types of returnable bottles:</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">&#8226;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Those that are in the Company&#8217;s control within its facilities, plants and distribution centers; and</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">&#8226;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Those that have been placed in the hands of customers, but still belong to the Company.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation of returnable bottles is computed using the straight-line method over acquisition cost. The Company estimates depreciation rates considering their estimated useful lives.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Returnable bottles that have been placed in the hands of customers are subject to an agreement with a retailer pursuant to which the Company retains ownership. These bottles are monitored by sales personnel during periodic visits to retailers and the Company has the right to charge any breakage identified to the retailer. Bottles that are not subject to such agreements are expensed when placed in the hands of retailers. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company&#8217;s returnable bottles in the market and for which a deposit from customers has been received are presented net of such deposits, and the difference between the cost of these assets and the deposits received is depreciated according to their useful lives.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property, Plant and Equipment and Other Assets.&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We depreciate property, plant and equipment and other assets over their useful lives.&nbsp; The estimated useful lives represent the period we expect the assets to remain in <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">service and to generate revenues. Where an item of Property Plant and Equipment comprises major components having different useful lives, they are accounted and depreciated for as a separate item (major components) of Property Plant and Equipment.We base our estimates on the experience of our technical personnel.&nbsp; Depreciation is computed using the straight-line method.&nbsp; </FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Valuation of Intangible Assets.&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our intangible assets mainly consist of rights to produce and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark products in our territories, recognized at their fair value at the date of acquisition, in accordance with Mexican FRS.&nbsp; Intangible assets with indefinite life also includes good will. We separate intangible assets between those with a finite useful life and those with an indefinite useful life, in accordance with the period over which we expect to receive the benefits.&nbsp; </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We value at fair value all assets and liabilities as of the date of acquisition and we conduct an analysis of the excess purchase price over the fair value of the net assets.&nbsp; This analysis results in the recognition of an intangible asset with indefinite life for the right to produce and distribute </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca&#8209;Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages, which are subject to annual impairment tests under Mexican Financial Reporting Standards.&nbsp; Intangible assets are recorded in the functional currency of the subsidiary in which the investment was made and are subsequently translated into Mexican pesos applying the closing exchange rate of each period.&nbsp; Beginning in 2008, for operations in an inflationary economic environment the intangible assets are restated by applying inflation factors of the country of origin and are translated into Mexican pesos at the year-end exchange rate.&nbsp; Through 2007, the intangible assets with indefinite lives were restated by applying inflation factors of the country of origin, regardless of the economic environment, and were translated at the year-end exchange rate.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Intangible assets with indefinite life are no longer subject to amortization, but instead are subject to an initial impairment review and subsequent impairment test.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Historically, our bottler agreements have been automatically renewed, and we have not experienced any&nbsp;termination of our bottler agreements. All of our bottler agreements provide for automatic renewal at no cost and without any change in their terms and conditions. We also do not believe that any law or regulation could oppose or otherwise adversely affect the renewal of such agreements.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Impairment of Intangible Assets (with indefinite and definitive lives) and Long-Lived Assets</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We continually review the carrying value of our intangible assets and long-lived assets for accuracy.&nbsp; We review for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on our projections of anticipated future cash flows. While we believe that our estimates of future cash flows are reasonable, different assumptions regarding such cash flows could materially affect our evaluations.&nbsp; This test is performed annually or more frequently if deemed necessary. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our evaluations indicate that no significant impairment of intangible assets or long-lived assets has been required.&nbsp; We can give no assurance that our expectations will not change as a result of new information or developments.&nbsp; Changes in economic or political conditions in all the countries in which we operate or in the industries in which we participate, however, may cause us to change our current assessment.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Labor Liabilities.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Our labor liabilities include obligations for pension and retirement plans, seniority premiums and severance payments from causes other than restructuring.&nbsp; Labor liabilities are determined using long-term assumptions.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We evaluate our assumptions at least annually.&nbsp; Those assumptions include the discount rate, expected long-term rate of return on plan assets, rates of increase in compensation costs and certain employee-related factors, such as turnover, retirement age and mortality rate.&nbsp; The assumptions include the economic risks existing in the countries in which our business operates.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with Mexican FRS, actual results that differ from our assumptions are accumulated and amortized over future periods and, therefore, generally affect our recognized expenses and recorded obligations in such future periods.&nbsp; While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our labor obligations and our future expense.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table is a summary of the three key assumptions used in determining 2011 annual labor cost, along with the impact on pension cost of a 1% change in each assumed rate:&nbsp; </FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011 real rates for inflationary countries<SUP>(1)</SUP></FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011 nominal rates for noninflationary countries<SUP>(1)</SUP></FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Impact of 1% change<BR>(millions)<SUP>(2)</SUP></FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.5% - 2.2%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.5% - 9.7%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">+ Ps. (208)</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">- Ps. 304</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Salary increase </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.0% - 1.5%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.0% - 6.5%</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">+ Ps. 217</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">- Ps. 144</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Estimated return on plan assets </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.5%<SUP>(3)</SUP></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.0% - 9.7%<SUP>(3)</SUP></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">+ Ps. 30</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Calculated using a measurement date of December 2011. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; &#8220;+&#8221; indicates an increase of 1%; &#8220;-&#8221; indicates a decrease of 1%. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable for Colombia and Guatemala.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The total period cost related to the pension plan is recorded as an operating expense.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Deferred Income Taxes &#8211; Valuation Allowance.&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities.&nbsp; We regularly review our deferred tax assets for recoverability and establish a valuation allowance based on historical taxable income, projected future taxable income and the expected timing of the reversals of existing temporary differences.&nbsp; If these estimates and related assumptions change in the future, we may be required to adjust valuation allowances.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax, Legal and Labor Contingencies.&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are subject to various claims and contingencies related to tax, labor and other legal proceedings.&nbsp; Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions.&nbsp; Management periodically assesses the probability of loss for such contingencies and accrues a liability and/or discloses the applicable relevant circumstances, as appropriate.&nbsp; We accrue a liability for the estimated loss in accordance with accounting rules.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">New Accounting Pronouncements</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Presented below is a summary of recently issued accounting pronouncements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican Financial Reporting Standards</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">a) NIF B-5 &#8220;Financial Information by Segment&#8221;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, the Company adopted NIF B-5 &#8220;Financial Information by Segment&#8221;, which superseded Bulletin B-5. NIF B-5 establishes that an operating segment shall meet the following criteria: i) the segment engages in business activities from which it earns, or is in the process of obtaining revenues, and incurs related costs and expenses; </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ii</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) the operating results are reviewed regularly by the entity&#8217;s primary decision maker; and iii) specific financial information is available. NIF B-5 also requires disclosure of operating segments subject to reporting, including details of earnings, assets and liabilities, reconciliations, information about products and services, and geographical areas. This pronouncement was applied retrospectively for comparative purposes, although it had no impact, on the key segment indicators already disclosed in Note 25.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)&nbsp;&nbsp;&nbsp; NIF B-9 &#8220;Interim Financial Reporting&#8221;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company adopted NIF B-9 &#8220;Interim Financial Reporting&#8221;, which prescribes the content to be included in a complete or condensed set of financial statements for an interim period. The adoption of NIF B-9 did not impact the Company&#8217;s annual financial statements.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">45</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) NIF C-4 &#8220;Inventories&#8221;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2011, the Company adopted NIF C-4 &#8220;Inventories&#8221;, which replaces Mexican accounting Bulletin C-4, Inventories. NIF C-4 does not allow the use of direct costs as the inventory valuation method nor does it allow the use of the LIFO cost method. NIF C-4 establishes that inventories must be valued at the lower of acquisition cost or net realizable value. This standard also establishes that advances to suppliers for the acquisition of merchandise must be classified as inventories provided the risks and benefits of the inventories are transferred to the Company. The </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">application&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> of this standard did not impact the actual inventory valuation of the Company. NIF C-4 was applied retrospectively causing a reclassification between &#8220;advances to suppliers&#8221; and &#8220;inventory balances&#8221; reported as of December 31, 2010 of Ps. 123 million. Similar reclassifications were made in the 2010 and 2009 consolidated statement of cash flows.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) NIF C-5 &#8220;Prepaid Expenses&#8221;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2011, the Company adopted NIF C-5 &#8220;Prepaid Expenses&#8221;, which replaced Mexican accounting Bulletin C-5, Prepaid Expenses. This standard establishes that the main characteristic of prepaid expenses is that they do not result in the transfer to the entity of the benefits and risks inherent to the goods or services to be received. Consequently, prepaid expenses must be recognized in the balance sheet as either current or non-current assets, depending on the item&#180;s classification in the statement of financial position. Moreover, NIF C-5 establishes that prepaid expenses made for goods or services whose inherent benefits and risks have already been transferred to the entity must be carried to the appropriate caption. The accounting changes resulting from the adoption of this standard were recognized retrospectively, causing a reclassification between &#8220;other current assets&#8221; (see Note 8) and &#8220;other assets&#8221; (see Note 12). This standard also resulted in reclassifications to prepaid expenses of Ps. 349 million which were reclassified from &#8220;inventories&#8221; of Ps. 123 million, and property, plant, and equipment of Ps. 226 million, as of December 31, 2010. Similar reclassifications were made in the 2010 and 2009 consolidated statement of cash flows.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e) NIF C-6, &#8220;Property, Plant and Equipment&#8221;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, the Company adopted NIF C-6 &#8220;Property, Plant and Equipment&#8221;, which replaced Mexican accounting Bulletin C-6, Property, Machinery and Equipment. This new standard was effective for fiscal years beginning on or after January 1, 2011. The component of the new standard related to the segregation of property, plant and equipment into separate components for those assets with different useful lives could optionally have been deferred until 2012, although this requirement has been applied by the Company since prior years and will not impact the consolidated financial statements.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the case of asset exchanges, NIF C-6 requires entities to determine the commercial substance of the transaction, and the depreciation of all assets must be applied against the components of the assets, and the amount to be depreciated is the cost of acquisition less the asset&#8217;s residual value. Moreover, NIF C-6 clarifies that regardless of whether the use or non-use of the asset is temporary or indefinite, it should not cease the depreciation </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">charge</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. There are also specific disclosures for public entities such as: additions, disposals, depreciation, impairments, among others. This standard was adopted and did not impact the Company&#180;s financial statements, except for reclassification to property, plant and equipment as of December 31, 2010 as a result of the presentation of prepaid expenses (see Note 2 d) and additional disclosures, and the incremental disclosures presented in Note 10.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 1pt 0cm 0cm"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">f) NIF C-18, &#8220;Obligations related to retirement of property, plant and equipment&#8221;</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On January 1, 2011, the Company adopted NIF C-18, which establishes the accounting treatment for the initial and subsequent recognition of a liability for legal obligations related to the retirement of property, plant and equipment recognized as a result of the acquisition, construction, development and/or normal operation of such components.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This standard also establishes that an entity must initially recognize a provision for obligations related to retirement of property, plant and equipment based on its best estimate of the disbursements required to settle the <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">present obligation at the time it is assumed, provided a reliable estimate can be made of the amount of the obligation. The best estimate of a provision for an obligation associated with the retirement of property, plant and equipment components should be determined using the expected present value method. The adoption of NIF C-18 did not impact the Company&#8217;s financial statements.</FONT></FONT></P>

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<P style="TEXT-INDENT: 13.5pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. GAAP</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt 13.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no significant new accounting standards effective in year 2011 impacting the Company.</FONT></P>

<P style="TEXT-INDENT: 13.5pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Implementation of IFRS</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As described in Note 28 to our audited consolidated financial statements, we have adopted IFRS for the preparation of our financial information beginning in 2012.&nbsp; Pursuant to current SEC reporting requirements, foreign private issuers may provide in their SEC filings financial statements prepared in accordance with IFRS, without a reconciliation to U.S. GAAP.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The consolidated financial statements that we issue for the year ending December 31, 2012 will be our first annual financial statements prepared in accordance with IFRS.&nbsp; Our IFRS transition date is January 1, 2011, and accordingly, the year ended December 31, 2011 will constitute part of the comparative period covered by IFRS 1, &#8220;First-Time Adoption of International Financial Reporting Standards&#8221; (which we refer to as IFRS 1).&nbsp; We have therefore applied all mandatory exemptions and certain optional exemptions from the retrospective application of IFRS provided by IFRS 1.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have applied the following mandatory exemptions from retrospective application of IFRS, effective as of our IFRS transition date: </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Estimates </FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The estimates conducted by the Company under IFRS 1 as of the Transition Date are consistent with the estimates previously recorded under Mexican FRS at that same date.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Derecognition of financial assets and liabilities</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At the Transition Date, the Company was required to apply the rules under IAS 39, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial Instruments: Recognition and Measurement, </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and derecognize financial assets and liabilities that occurred at such date which do not comply with the classification criteria under IAS 39. However, there was no impact related to the application of this exception.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hedge accounting</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of the transition date, the Company measured at fair value all derivative financial instruments and hedging relationships designated and documented effectively as accounting hedges as required by IAS 39, which is consistent with the treatment under Mexican FRS. As a result, there was no impact in the Company&#8217;s consolidated financial statements due to the application of this exception.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-controlling interest</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company applied the requirements under IAS 27, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated and Separate Financial Statements</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, related to non-controlling interest equity prospectively beginning on the Transition Date. There was no impact related to the application of this exception.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have applied the following optional exemptions from retrospective application of IFRS: </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business Combinations</FONT></I></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to IFRS 1, an entity may elect not to apply IFRS 3 &#8220;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business Combinations</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8221; retrospectively to business combinations made prior of the transition date to IFRS. The Company adopted this exemption and did not amend its business combination accounting prior of the Transition Date. Accordingly, it did not re-measure the values determined at the previous acquisition dates, including the amount of distribution rights previously recorded.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Deemed Cost</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">An entity may elect to measure an item or all of property, plant and equipment at the Transition Date at its fair value and use that fair value as its deemed cost at that date. In addition, a first-time adopter may elect to use a previous GAAP&#8217;s revaluation of an item of property, plant and equipment at, or before, of the Transition Date as deemed cost at the date of the revaluation, if the revaluation was, at the date of the revaluation, broadly comparable to: (i) fair value; or (ii) cost or depreciated cost in accordance with IFRS, adjusted to reflect changes in a general or specific price index. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company has presented both its property, plant, and equipment and its intangible assets at IFRS historical cost in all countries. In Venezuela, this IFRS historical cost represents actual historical cost in the year of acquisition, indexed for inflation in a hyper-inflationary economy based on the provisions of IAS 29.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cumulative Translation Effect</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A first-time adopter is neither required to recognize translation differences in other comprehensive income and accumulate these in a separate component of equity, nor on disposal of a foreign operation, to reclassify the cumulative translation difference for that foreign operation from equity to profit or loss as part of the gain or loss on disposal.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company applied this exemption and consequently it reclassified the accumulated translation effect recorded under Mexican FRS to retained earnings and beginning January 1, 2011, it will calculate the translation effect prospectively according to International Accounting Standard (&#8220;IAS&#8221;) 21, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Effects of Changes in Foreign Exchange Rates</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Borrowing Costs</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A first-time adopter may apply the transitional provisions set out in IAS 23 related to the effective date which shall be interpreted as January 1, 2009 or of the transition date to IFRS, whichever is later.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company applied the exemption set out for borrowing costs maintaining the qualifiable assets existing at the transition date and beginning January 1, 2011 it will capitalize its interest costs in accordance with IAS 23, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Borrowing Costs</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Recording Effects of the Transition from Mexican FRS to IFRS</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following disclosures provide a qualitative description of the most significant expected effects of the transition to IFRS determined as of the date of the issuance of these consolidated financial statements:</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Inflation Effects</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the purposes of Mexican FRS B-10, the effects of inflation on financial information must be recognized when the economic environment of the entity is inflationary, that is, when cumulative inflation of the three preceding years is equal to or larger than the 26%. On the other hand, IAS 29 considers an economy as hyper-inflationary when the cumulative inflation over three years approaches or exceeds 100% among other indicators. The last hyperinflationary period for Mexico was 1997, for Brazil was in 1997 prior to the Company&#8217;s acquisition of its Brazilian operations, and for Argentina was 1994. Accordingly, the Company has eliminated previously recorded inflationary effects in Mexico for the period 1998 through 2007. For foreign subsidiaries, the accumulated inflation from the acquisition date was eliminated (except in the case of Venezuela, which was deemed a hyperinflationary economy) from the date the Company began to consolidate them.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Employee Benefits</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to Mexican FRS D-3, a severance provision and the corresponding expenditure must be recognized as the entity intends to terminate the employment relationship before the retirement date, or intends to pay benefits as a result of an offer made to employees to encourage a voluntary termination. For IFRS purposes, this provision is recorded pursuant to IAS 19 (revised), Employee Benefits, when the actions of the Company has demonstrated commitment to end the relationship with the employee or a bid to encourage voluntary retirement. This action is shown with a formal plan that describes the characteristics of the termination of employment. Accordingly, at the Transition Date, the Company eliminated its severance indemnity liability against retained earnings.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company has also anticipated the application of IAS 19 (revised), which eliminates the use of the fluctuation band (i.e. corridor method), which tends to defer the actuarial gains/losses, and requires recording them in other comprehensive income. IAS 19 (revised) also eliminates the possibility of deferring the recognition of past services and requires recording them in operations. This resulted in the Company increasing in its liability for employee benefits against retained earnings at the Transition Date.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bonus Program</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under Mexican FRS the Company recognizes its bonus program plan offered to certain key executives as a defined contribution plan, according to Mexican FRS D-3, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Employee benefits</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Meanwhile IFRS considers this bonus program plan, shall be recorded under the principles set forth IFRS 2, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sharebased&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Payments.&nbsp;</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company recorded its bonus program plan according to IFRS 2 </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Share-based Payment</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. The most significant difference for changing the accounting treatment is related to the period during which a compensation expense is recognized, under Mexican FRS D-3 the total amount of the share is recorded in the period in which it was granted, while in IFRS 2 it shall be recognized in the gains or losses during the period the employee vests rights related to such awards. In recording the adoption of IFRS 2, the Company applied transitional provisions whereby it did not record vested amounts prior to the Transition Date.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Deferred income Tax</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The IFRS adjustments recognized by the Company had an impact on the calculation of deferred income taxes according to the requirements established by IAS 12, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income Taxes</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Retained Earnings</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">All the adjustments arising from the Company&#8217;s conversion to IFRS as of the Transition Date were recorded in retained earnings.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other differences in presentation and disclosures in the financial statements</FONT></I></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Generally, IFRS disclosure requirements are more extensive than those of NIF, which will result in increased disclosures about accounting policies, significant judgments and estimates, financial instruments and management risks, among others. In addition, there may be differences in presentation.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are other differences between Mexican FRS and IFRS, however, the Company considers differences mentioned above describe the significant effects identified as of the Transition Date.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The effects of the foregoing are as follows, as of the January 2011 Transition Date:</FONT></P>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Preliminary IFRS</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<FONT size=2>Ps.</FONT></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">&nbsp;26,436</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">(38)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">26,398</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-current assets </FONT></P></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">87,625</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">(10,523)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">77,102</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total assets </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<STRONG><FONT size=2>Ps.</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;114,061</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">(10,561)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">103,500</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right><FONT size=2>Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">17,646</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">6</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">17,652</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">22,534</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">(1,871)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">20,663</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">40,180</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">(1,865)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">38,315</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="38%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total equity </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<STRONG><FONT size=2>Ps. </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">73,881</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<STRONG><FONT size=2>Ps. </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">(8,696)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=right>&nbsp;<STRONG><FONT size=2>Ps.</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;65,185</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The above IFRS figures should be construed as &#8220;preliminary IFRS&#8221; as the Company will be adopting IFRS as of December 31, 2012 based on the IFRS that are outstanding and in-force as of that date. The information presented above has been prepared based on the IFRS that the Company believes will be effective at December 31, 2012, or issued and early adopted by the Company at the date of preparation of these consolidated financial statements. The standards and interpretations that will actually be applicable to December 31, 2012, including those that will be applicable on an optional basis, are not known with certainty at the time of preparing the consolidated financial statements. Additionally, the accounting policies selected by the Company may change as a result of changes in the economic or industry trends that are observable after the issuance of these consolidated financial statements. Accordingly, the above disclosed information is subject to change.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The information presented above, does not intend to comply with IFRS, in that under IFRS, only one set of financial statements comprising the balance sheet, comprehensive income statement, statement of changes in equity and cash flow, together with comparative information and explanatory notes, can provide a fair presentation of the financial position of the Company, the results of its operations and cash flows. Not all such information is presented above.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">50</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Results from Operations</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our consolidated income statement for the years ended December 31, 2011, 2010 and 2009.&nbsp; </FONT></P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="59%" colSpan=11>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Year Ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=5>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="14%" colSpan=2>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="1%">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT></B></P>

   <P>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="14%" colSpan=2>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">2009</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="59%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 7.15pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(2011, 2010 and 2009 in millions of Mexican pesos or millions of<BR>U.S. dollars except share and per share data)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Revenues:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Net sales </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">8,893</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">124,066</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">102,988</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">102,229</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Other operating revenues </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">47</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">649</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">468</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">538</FONT></P>

   <DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Total revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">8,940</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">124,715</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">103,456</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">102,767</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Cost of goods sold </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">4,838</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">67,488</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">55,534</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">54,952</FONT></P>

   <DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Gross profit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">4,102</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">57,227</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">47,922</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">47,815</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Operating expenses:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Administrative </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">372</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">5,184</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">4,449</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">5,308</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Selling </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">2,285</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">31,891</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">26,394</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">26,672</FONT></P>

   <DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">2,657</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">37,075</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">30,843</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">31,980</FONT></P>

   <DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="MARGIN: 0cm 7.2pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Income from operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,445</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">20,152</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">17,079</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">15,835</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Other expenses, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">167</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">2,326</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,292</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,449</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Comprehensive financing result: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Interest expense </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">124</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,736</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,748</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,895</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Interest income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(43)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(601)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(285)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(286)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Foreign exchange loss </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(4)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(62)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">423</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">370</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Gain on monetary position in inflationary subsidiaries </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(11)</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(155)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(414)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(488)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Market value loss (gain) on ineffective portion of derivative financial instruments </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">10</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">140</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(244)</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">(118)</FONT></P>

   <DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">76</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,058</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,228</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,373</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Income before income taxes. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">1,202</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">16,768</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">14,559</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">13,013</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Income taxes </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">401</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">5,599</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">4,260</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">4,043</FONT></P>

   <DIV></DIV></TD></TR>

<TR style="HEIGHT: 5.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Consolidated net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">801</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">&nbsp;11,169</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">&nbsp;10,299</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.85pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">&nbsp;8,970</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Controlling interest net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">761</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">10,615</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">9,800</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">8,523</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-controlling interest net income </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">40</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">554</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">499</FONT></P>

   <DIV></DIV></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="3%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">447</FONT></P>

   <DIV></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Consolidated net income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">801</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">11,169</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps.</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">&nbsp;10,299</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">8,970</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Net controlling income (U.S. dollars and Mexican pesos):</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="41%">

   <P style="TEXT-INDENT: -7.2pt; MARGIN: 0cm 7.2pt 0pt 18pt"><FONT style="LINE-HEIGHT: 85%; FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Data per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>US$ </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">0.41</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">5.69</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="3%" align=right>&nbsp;<FONT size=2>Ps. </FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">5.31</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">Ps </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES-MX face="Times New Roman">4.62</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Translation to U.S. dollar amounts at an exchange rate of Ps. 13.95 per US$ 1.00 solely for the convenience of the reader.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">51</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Operations by Reportable Segment</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth certain financial information for each of our reportable segments for the years ended December 31, 2011, 2010 and 2009.&nbsp; See Note 25 to our consolidated financial statements for additional information by reporting segment.</FONT></P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year Ended December 31,</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 6pt 4.3pt 0pt 27.35pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(2011, 2010 and 2009 in millions of Mexican pesos)</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 6pt 4.3pt 0pt 27.35pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 4.3pt 0pt 27pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 52,196</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. &nbsp;45,213</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 43,034</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-INDENT: -17.6pt; MARGIN: 0cm 4.3pt 0pt 44.6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">South America (excluding Venezuela)<SUP>(2)</SUP></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">52,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">44,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">37,303</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-INDENT: 44.6pt; MARGIN: 0cm 4.3pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">20,111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">14,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">22,430</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 6pt 4.3pt 0pt 27.35pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 4.3pt 0pt 27pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">24,775&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. &nbsp; 22,035</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 21,286</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-INDENT: -17.6pt; MARGIN: 0cm 4.3pt 0pt 44.6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">South America (excluding Venezuela)<SUP>(2)</SUP></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">22,498</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">19,415</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16,579</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 4.3pt 0pt 27pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9,954</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9,950</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 6pt 4.3pt 0pt 27.35pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income from operations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 4.3pt 0pt 27pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 8,906</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. &nbsp;7,714</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 7,998</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-INDENT: -17.6pt; MARGIN: 0cm 4.3pt 0pt 44.6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">South America (excluding Venezuela)<SUP>(2)</SUP></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7,943</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6,921</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6,022</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 4.3pt 0pt 27pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3,303</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;2,444</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,815</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Includes Mexico, Guatemala, Nicaragua, Costa Rica and Panama. </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Includes results of Grupo Tampico from October 2011 and Grupo CIMSA from December 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Includes Colombia, Brazil and Argentina</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Results from Operations for the Year Ended December 31, 2011 Compared to the Year Ended December 31, 2010</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated Results from Operations</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;Consolidated total revenues increased 20.5% to Ps. 124,715 million in 2011, as compared to 2010, driven by double-digit total revenue growth in our South America division, including Venezuela, and the Mexico &amp; Central America division, including the integration of Grupo Tampico and Grupo CIMSA into our Mexican operations during the fourth quarter of 2011. Excluding the integration of the newly merged territories into our Mexican operations, total revenues grew approximately 19%. On a currency neutral basis and excluding the territories of Grupo Tampico and Grupo CIMSA in Mexico, total revenues increased approximately 16%.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total sales volume increased 6.0% to 2,648.6 million unit cases in 2011, as compared to 2010. The integration of Grupo Tampico and Grupo CIMSA into our Mexico operations in the fourth quarter of 2011 accounted for 48.9 million unit cases, of which sparkling beverages represented 63.0%, water 5.2%, bulk water 27.4% and still beverages 4.4%. Excluding this non-comparable effect, total sales volumes grew 4.0% to 2,599.7 million unit cases. The sparkling beverage category organically grew 4.0%, mainly driven by the Coca-Cola brand, which accounted for approximately 80% of incremental volumes. The still beverage category grew 10.8%, mainly driven by the performance of the Jugos del Valle line of business in Mexico, Brazil and Venezuela, and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Hi-C&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> orangeade and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Cepita&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> juice brand in Argentina, representing close to 15% of incremental volumes. Our bottled water portfolio, including bulk water, grew 1.9%, and contributed the balance. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated average price per unit case incremented 13.8%, reaching Ps. 45.38 in 2011, as compared to Ps. 39.89 in 2010. In local currency, average price per unit case increased in all of our territories mainly driven by <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">price increases implemented during the year and higher volumes of sparkling beverages, which carry higher average price per unit case.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross Profit.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp; Our gross profit increased 19.4% to Ps. 57,227 million in 2011, as compared to 2010. Cost of goods sold increased 21.5% mainly as a result of higher sweetener and PET costs across our operations, which were partially offset by the appreciation of the average exchange rate of the Brazilian real, the Colombian peso and the Mexican peso as applied to our U.S. dollar-denominated raw material costs. Gross margin reached 45.9% in 2011 as compared to 46.3% in 2010.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">The components of cost of goods sold include raw materials (principally soft drink concentrate and sweeteners), packaging materials, depreciation costs attributable to our production facilities, wages and other employment costs associated with the labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency net of applicable taxes. Packaging materials, mainly PET and aluminum, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Expenses.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated operating expenses as a percentage of total revenues remained flat at 29.7% in 2011 as compared to 29.8% in 2010. Operating expenses</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">in absolute terms increased 20.2%, mainly as a result of higher labor costs in Venezuela, higher labor and freight costs in Argentina and continued marketing investments designed to reinforce our presence in the marketplace, widen our cooler coverage and broaden our availability of returnable-base packaging.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income from Operations.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Our consolidated operating income increased 18.0% to Ps. 20,152 million in 2011, as compared to 2010. Our South America division, including Venezuela, accounted for more than 60% of this growth. Our operating margin was 16.2% in 2011, as compared to 16.5% in 2010.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Expenses, Net.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">During 2011, we recorded Ps. 2,326 million in other expenses, net. These expenses were mainly composed of employee profit sharing, the loss on sale of fixed assets and the write-off of certain non-productive assets.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comprehensive Financing Result.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;The term &#8220;comprehensive financing result&#8221; refers to the combined financial effects of net interest expense, net foreign exchange gains or losses, and net gains or losses on monetary position from our countries which qualify as inflationary economies.&nbsp; Net foreign exchange gains or losses represent the impact of changes in foreign-exchange rates on assets or liabilities denominated in currencies other than local currencies and gains or losses resulting from derivative financial instruments.&nbsp; A foreign exchange loss arises if a liability is denominated in a foreign currency that appreciates relative to the local currency between the date the liability is incurred or the beginning of the period, whichever comes first, and the date it is repaid or the end of the period, whichever comes first, as the appreciation of the foreign currency results in an increase in the amount of local currency, which must be exchanged to repay the specified amount of the foreign currency liability.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Comprehensive financing results in 2011 recorded an expense of Ps. 1,058 million, as compared to an expense of Ps. 1,228 million in</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2010, mainly due to lower net interest cost.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income Taxes</FONT></I></B><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">.&nbsp;</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Income taxes increased to Ps. 5,599 million in 2011 from Ps. 4,260 million in 2010. During 2011, taxes as a percentage of income before</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">taxes were 33.4% as compared to 29.3% in the previous year.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Controlling Interest Net Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Our consolidated net controlling interest income increased 8.3% to Ps. 10,615 million in 2011 as compared to 2010. Earnings per share (EPS) in 2011 were Ps. 5.69 (Ps. 56.91 per ADS) computed on the basis of 1,865.3 million shares outstanding as of December 31, 2011 (each ADS represents 10 local shares).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">53</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated Results from Operations by Reporting Segment</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Mexico and Central America</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total revenues from our Mexico and Central America division increased 15.4% to Ps. 52,196 million in 2011, as compared to 2010; such growth was supported by the integration of Grupo Tampico and Grupo CIMSA in our Mexican operations during the fourth quarter of 2011. Higher volumes, including the recently integrated franchises into our Mexican operations, accounted for approximately 65% of incremental revenues during the year, and increased average price per unit case represented the balance. Average price per unit case reached Ps. 34.39, an increase of 5.2%, as compared to 2010, mainly reflecting selective price increases across our product portfolio implemented in Mexico and Central America over the year. Excluding the integration of Grupo Tampico and Grupo CIMSA in Mexico, total revenues grew approximately 12%. On a currency neutral basis and excluding the recently integrated territories into our Mexican territories, total revenues increased approximately 11%.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total sales volume increased 9.5% to 1,510.8 million unit cases in 2011, as compared to 2010. Excluding the integration of Grupo Tampico and Grupo CIMSA in Mexico, volumes grew 6.0% to 1,461.8 million unit cases. Sparkling beverage volume organically increased 6.0%, driven by a 7% growth of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> brand and a 3% increase in flavored sparkling beverages, accounting for 75% of incremental volumes. Our bottled water portfolio, including bulk water, grew 5.6%, representing more than 15% of incremental volumes. Still beverages grew 7.5% mainly driven by the Jugos del Valle line of products, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Nestea&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">PowerAde</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">, contributing the balance. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Gross profit increased 12.4% to Ps. 24,775 million in 2011, as compared to 2010. Cost of goods sold increased 18.3% mainly as a result</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">of higher sweetener and PET costs, which were partially offset by the appreciation of the average exchange rate of the Mexican peso as applied to our U.S.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">dollar-denominated raw material costs. Gross margin decreased from 48.7% in 2010 to 47.5% in 2011.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Operating income increased 15.5% to 8,906 million in 2011, compared to Ps. 7,714 million in 2010. Operating expenses grew 10.8%.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Operating leverage achieved through higher revenues, in combination with controlled operating expenses in Mexico, resulted in an operating margin of 17.1% in 2011, the same margin achieved in 2010.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">South America (excluding Venezuela)</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total revenues were Ps. 52,408 million in 2011, an increase of 18.5% as compared to 2010 as a result of double-digit total revenue growth in every territory. Excluding beer, which accounted for Ps. 3,868 million during the year, revenues increased 18.6% to Ps. 48,540 million. Excluding beer, higher average prices per unit case across our operations accounted for close to 75% of incremental revenues and volume growth in every territory contributed the balance. On a currency neutral basis, total revenues increased approximately 15%.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total sales volume in our South America division, excluding Venezuela, increased 4.3% to 948.1 million unit cases in 2011 as compared to 2010, as a result of growth in every operation. Our sparkling beverage portfolio grew 4.7%, driven by the strong performance of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand in Argentina and Colombia, which grew 11% and 9%, respectively and a 6% growth in flavored sparkling beverages. The still beverage category grew 16.4%, mainly driven by the Jugos del Valle line of business and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Matte Leao</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand in Brazil and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cepita&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> juice brand and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hi-C&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> orangeade in Argentina. These increases compensated for a 4.8% decline in the bottled water portfolio, including bulk water.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit reached Ps. 22,498 million, an increase of 15.9% in 2011, as compared to 2010. Cost of goods sold increased 20.6% mainly driven by higher year-over-year sweetener and PET costs across these territories, which were partially compensated by the appreciation of the average exchange rate of the Brazilian real and the Colombian peso as applied to our U.S. dollar-denominated raw material costs. Gross profit reached 42.9% in 2011, as compared to 43.9% in 2010.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our operating income increased 14.8% to Ps. 7,943 million in 2011, compared to 2010. Operating expenses increased 16.5%, mainly as a result of higher labor and freight costs in Argentina in combination with normalized <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">marketing expenses in Colombia. Our operating margin was 15.2% in 2011, a decline of 50 basis points as compared to the same period of 2010, due to gross margin pressures.</FONT></FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Venezuela</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total revenues in Venezuela reached Ps. 20,111 million in 2011, an increase of 43.3% as compared to 2010, due to increased average price per unit case.&nbsp; Average price per unit case was Ps. 105.84 in 2011, representing an increase of 59.4% as compared to</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2010. In local currency, higher average price per unit case accounted for incremental revenues during the year.&nbsp; On a currency neutral</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">basis, our revenues in Venezuela increased by approximately 41%.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total sales volume decreased 10.0% to 189.8 million unit cases in 2011, as compared to 211.0 million unit cases in 2010.&nbsp; The sales volume in the sparkling beverage category declined 9.6%, while the bottled water category, including bulk water, declined 24.8%. Sales volume in the still beverage category increased 14.9%, due to the introduction of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">del Valle Fresh&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> orangeade and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Kapo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">, and partially compensated for the volume decline.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Gross profit was Ps. 9,954 million in 2011, an increase of 53.8% compared to 2010. Cost of goods sold increased 34.3% mainly due to higher sweetener</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">costs. Gross margin expanded 340 basis points to 49.5% in 2011, as compared to 46.1% in 2010.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Operating income increased 35.1% to Ps. 3,303 million in 2011 compared to the previous year. Operating expenses incremented 65.1%,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">principally due to higher labor costs and increased marketing and administrative expenses.&nbsp; Operating margin was 16.4% in 2011, as compared to 17.4% in 2010.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Results from Operations for the Year Ended December 31, 2010 Compared to the Year Ended December 31, 2009</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated Results from Operations</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;Consolidated total revenues increased 0.7% to Ps. 103,456 million in 2010, as compared to 2009, as a result of revenue growth in every operation except Venezuela, a country in which we experienced a revenue decline as a consequence of the devaluation of the Venezuelan bolivar. On a currency neutral basis and excluding the acquisition of Brisa in Colombia, our consolidated revenues for 2010 increased by approximately 15%. </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total sales volume increased 2.9% to 2,499.5 million unit cases in 2010, as compared to 2009.&nbsp; The sparkling beverage category, driven by a 4% growth of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">brand, grew 2.6% and&nbsp;contributed more than 70% of incremental volumes. The still beverage category, mainly driven by the performance of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Jugos del Valle </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">line of business across our territories, grew 11.1% and accounted for approximately 20% of incremental volumes. The consolidation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Brisa </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">water brand in Colombia drove a 1.6% growth in our bottled water portfolio and represented the balance. Excluding the non-comparable effect of Brisa, total sales volume increased 1.6% to reach 2,479.6 million unit cases.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated average price per unit case declined 2.6%, reaching Ps. 39.89 in 2010, as compared to Ps. 40.95 in 2009 as a consequence of the devaluation of the Venezuelan bolivar. In local currency, average price per unit case increased in all of our territories mainly driven by price increases implemented during the year and higher volumes of sparkling beverages, which carry higher average price per unit case.&nbsp; </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross Profit.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp; Gross profit increased 0.2% to Ps. 47,922 million in 2010, as compared to 2009, despite the devaluation of the Venezuelan bolivar. Cost of goods sold increased 1.1% as a result of increases in the cost of sweetener across our operations, which were partially offset by the appreciation of the Brazilian real, the Colombian peso and the Mexican peso as applied to our U.S. dollar-denominated raw material costs.&nbsp; Gross margin reached 46.3% for 2010, a decrease of 20 basis points as compared to 2009.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Expenses.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated operating expenses as a percentage of total revenues decreased to 29.8% in 2010 from 31.1% in 2009. Operating expenses</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">in absolute terms decreased 3.6%, mainly as a result of the <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">devaluation of the Venezuelan bolivar.&nbsp; In local currency, operating</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">expenses increased mainly as a result of (i) continued marketing investment in our Mexico division to support our execution in the</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">marketplace, widen our cooler coverage and broaden our returnable base availability, (ii) higher labor and freight costs in Argentina,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">and (iii) higher labor costs in Venezuela.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income from Operations.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Our consolidated operating income increased 7.9% to Ps. 17,079 million in 2010, as compared to 2009. Our South America division, including Venezuela,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">accounted for&nbsp;19.2%</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> incremental operating income in 2010. These increases compensated for an operating income decline in our Mexico and Central America division. Our operating margin was 16.5% in</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2010, an expansion of 110 basis points as compared to 2009.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Expenses, Net.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">During 2010, we recorded Ps. 1,292 million in other expenses, net. These expenses were mainly composed of employee profit sharing</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">and the loss on sale of certain fixed assets.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comprehensive Financing Result</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Comprehensive financing results in 2010 recorded an expense of Ps. 1,228 million, as compared to an expense of Ps. 1,373 million in</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2009, mainly due to lower net interest cost.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income Taxes</FONT></I></B><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">.&nbsp;</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Income taxes increased to Ps. 4,260 million in 2010 from Ps. 4,043 million in 2009. During 2010, taxes as a percentage of income before</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">taxes were 29.3% as compared to 31.1% in the previous year.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Controlling Interest Net Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated controlling interest net income increased 15.0% to Ps. 9,800 million in 2010 as compared to 2009, mainly as a result of</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">higher operating income. Earnings per share (EPS) in 2010 was Ps. 5.31 (Ps. 53.07 per ADS) computed on the basis of 1,846.5 million</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">shares outstanding as of December 31, 2010 (each ADS represents 10 local shares).</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consolidated Results from Operations by Reporting Segment</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total revenues from our Mexico and Central America division increased 5.1% to Ps. 45,213 million in 2010, as compared to 2009. Higher average price per</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">unit case accounted for more than 75% of the incremental revenues during this period. Average price per unit case increased to Ps. 32.69,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">a 3.9% increase, as compared to 2009, mainly reflecting selective price increases implemented during the year, higher volumes from</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">brand, which carries higher average prices per unit case and, to a lesser extent, higher average prices per unit case</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">from our growing still beverage portfolio.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total sales volume increased 1.2% to 1,379.3 million unit cases in 2010, as compared to 1,363.0 million unit cases in 2009, resulting from (i) incremental volume of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">brand, that grew more than 2%, (ii) an increase of&nbsp; 5.6% in the still beverage category, mainly driven by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Jugos del Valle </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">product line and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Nestea</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">, our ready-to-drink tea line and (iii) a 1.8% increase in the bottled water portfolio, excluding bulk water.&nbsp; These increases more than compensated for a 4.2% decline in the bulk water category.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Gross profit increased 3.5% to Ps. 22,035 million in 2010, as compared to 2009. Cost of goods sold increased 6.6% mainly as a result</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">of higher sweetener and PET costs, which were partially offset by the appreciation of the Mexican peso as applied to our U.S.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">dollar-denominated raw material costs. Gross margin decreased from 49.5% in 2009 to 48.7% in 2010.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Operating income decreased 3.6% to Ps. 7,714 million in 2010, compared to Ps. 7,998 million in 2009. Operating expenses grew 7.8%</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">mainly due to continued marketing investment to support our execution in the marketplace, widen our cooler coverage and broaden</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">our returnable base availability. Our operating margin was 17.1% in 2010, a decrease of 150 basis points as compared to 2009.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">South America (excluding Venezuela)</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total revenues increased 18.5% to Ps. 44,210 million in 2010, as compared to 2009. Excluding beer sales, which accounted for Ps. 3,285</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">million during 2010, total revenues increased 18.6% to Ps. 40,925 million compared to 2009. Higher average price per unit case accounted</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">for approximately 55% of <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">incremental revenues, excluding beer. On a currency neutral basis and excluding the integration of Brisa in Colombia, revenues for 2010 increased by</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">approximately 16%. </FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Sales volume, excluding beer, increased 8.2% to 909.2 million unit cases in 2010, as compared to 2009. The sparkling beverage category grew 6.2%, mainly driven by a 7% increase in the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">brand, accounting for&nbsp;more than&nbsp;65% of incremental volumes. The bottled water category grew 20.4%, mainly driven by to the integration of Brisa in Colombia and volumes of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Aquarius</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">,&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">our flavored water brand in Argentina, contributing more than 25% of incremental volumes. The still beverage category grew 23.5%, mainly driven by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Jugos del Valle </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">line of products in Brazil and Colombia, representing the balance.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">In 2010, gross profit increased 17.1% to Ps. 19,415 million, as compared to the previous year. Cost of goods sold increased 19.6%,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">mainly due to higher cost of sweetener in the division and higher cost of PET in Argentina, which was partially offset by the appreciation of the average exchange rate of the Brazilian real and the Colombian peso as applied to our U.S. dollar-denominated raw material cost. Gross margin reached 43.9% in 2010 as compared to 44.4% in 2009.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Operating income increased 14.9% to Ps. 6,921 million in 2010, as compared to Ps. 6,022 million in 2009. Operating expenses grew 18.3% mainly due to higher labor and freight costs in Argentina and the integration of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Brisa </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">portfolio and the continued expansion of the Jugos del Valle line of business in Colombia. Operating margin was 15.7% in 2010, a decrease of 40 basis points as compared to 2009.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Venezuela</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total Revenues.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total revenues in Venezuela reached Ps. 14,033 million in 2010, a decline of 37.4% as compared to 2009, due principally to the devaluation</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">of the Venezuelan bolivar.&nbsp; Average price per unit case was Ps. 66.41 in 2010, representing a decrease of 33.2% as compared to</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2009.&nbsp; In local currency, higher average price per unit case accounted for incremental revenues during the year.&nbsp; On a currency neutral</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">basis, our revenues in Venezuela increased by approximately 32%.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Total sales volume decreased 6.3% to 211.0 million unit cases in 2010, as compared to 225.2 million unit cases in 2009.&nbsp; The sales volume in the sparkling beverages and still beverages categories declined&nbsp;6.8% and 2.7%, respectively, while sales volume in the bottled water category, including bulk water, remained flat.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Gross profit was Ps. 6,472 million in 2010, a decrease of 35.0% compared to 2009, principally due to the devaluation of the Venezuelan</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">bolivar. Cost of goods sold decreased 39.4%.&nbsp; In local currency, cost of goods sold increased mainly due to higher sweetener</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">costs. Gross margin increased from 44.4% in 2009 to 46.1% in 2010, an expansion of 170 basis points.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> &nbsp;</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Operating income increased 34.7% to Ps. 2,444 million in 2010 compared to the previous year. Operating expenses declined 50.5%,</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">principally due to the devaluation of the Venezuelan bolivar.&nbsp;&nbsp; In local currency, higher labor costs were partially offset by lower</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#818386 face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">marketing and administrative expenses.&nbsp; Operating margin was 17.4% in 2010, as compared to 8.1% in 2009.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Liquidity and Capital Resources</FONT></B></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Liquidity</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The principal source of our liquidity is cash generated from operations.&nbsp; A significant majority of our sales are on a cash basis with the remainder on a short-term credit basis.&nbsp; We have traditionally been able to rely on cash generated from operations to fund our working capital requirements and our capital expenditures.&nbsp; Our working capital benefits from the fact that most of our sales are made on a cash basis, while we generally pay our suppliers on credit.&nbsp; In recent periods, we have mainly used cash generated from operations to fund acquisitions.&nbsp; We have also used a combination of borrowings from Mexican and international banks and issuances in the Mexican and international capital markets.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our total indebtedness was Ps. 22,574 million as of December 31, 2011, as compared to Ps. 17,351 million as of December 31, 2010.&nbsp; Short-term debt and long-term debt were Ps. 5,540 million and Ps. 17,034 million, <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">respectively, as of December 31, 2011, as compared to Ps. 1,840 million and Ps. 15,511 million, respectively, as of December 31, 2010.&nbsp; Total debt increased Ps. 5,223 million in 2011, compared to year end 2010. In April 2011, we issued two Mexican peso-denominated bonds, in 5-year floating rate and 10-year fixed rate tranches of Ps. 2,500 million each, priced at TIIE + 0.13% and 8.27%, respectively.&nbsp; Proceeds from such issuances were used for general corporate purposes, as well as to pay down existing debt.&nbsp; Net debt increased Ps. 5,096 million in 2011 mainly as a result of the assumption of debt resulting from recent mergers and dividend payments made during the year.&nbsp; As of December 31, 2011, cash and cash equivalents, were Ps.&nbsp;12,331 million, as compared to Ps.&nbsp;12,534 million as of December 31, 2010.&nbsp; As of December 31, 2011, our cash and cash equivalents were comprised of 47.0% U.S. dollars, 23.2% Mexican pesos, 13.4% Brazilian reais, 13.1% Venezuelan bolivars, 1.6% Colombian pesos and 1.0% Argentinean pesos. As of March 31, 2012, our cash and cash equivalents balance was Ps.10,993 million, including US$ 296 million denominated in U.S. dollars.&nbsp; These funds, in addition to the cash generated by our operations, are sufficient to meet our operating requirements.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In January 2010, the Venezuelan government announced a devaluation of its official exchange rate and the establishment of a multiple exchange rate system which was set at 2.60 bolivars to US$ 1.00 for high priority categories and 4.30 bolivars to US$ 1.00 for non-priority categories, and which recognized the existence of other exchange rates in which the government will intervene. In December 2010, the Venezuelan government announced its decision to implement a new singular fixed exchange rate of 4.30 bolivars to US$ 1.00, which resulted in a devaluation of the bolivar against the U.S. dollar.&nbsp; For further information, please see Note 3 to our consolidated financial statements.&nbsp; Future changes in the Venezuelan exchange control regime, and future currency devaluations or the imposition of exchange controls in any of the countries in which we have operations could have an adverse effect on our financial position and results from operations. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As part of our financing policy, we expect to continue to finance our liquidity needs with cash from operations.&nbsp; Nonetheless, as a result of regulations in certain countries in which we operate, it may not be beneficial or, as in the case of exchange controls in Venezuela, practicable for us to remit cash generated in local operations to fund cash requirements in other countries.&nbsp; Exchange controls like those in Venezuela may also increase the real price of remitting cash from operations to fund debt requirements in other countries.&nbsp; In the event that cash from operations in these countries is not sufficient to fund future working capital requirements and capital expenditures, we may decide, or be required, to fund cash requirements in these countries through local borrowings rather than remitting funds from another country.&nbsp; In addition, our liquidity in Venezuela could be affected by changes in the rules applicable to exchange rates as well as other regulations, such as exchange controls.&nbsp; In the future we may finance our working capital and capital expenditure needs with short-term or other borrowings. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We continuously evaluate opportunities to pursue acquisitions or engage in strategic transactions.&nbsp; We would expect to finance any significant future transactions with a combination of any of cash from operations, long-term indebtedness and the issuance of shares of our Company.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sources and Uses of Cash</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The following table summarizes the sources and uses of cash for the years in the periods ended December 31, 2011, 2010 and 2009, from our consolidated statements of cash flows:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B></P>

   <P>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B></P>

   <P>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash flows from operating activities</FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;15,307</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;14,350</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;16,663</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash flows used in investing activities<SUP>(1)</SUP></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(14,140)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(6,845)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(8,900)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net cash flows used in financing activities<SUP>(2)</SUP></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2,206)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2,011)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(6,029)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividends declared and paid </FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(4,366)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2,612)</FONT></P></TD>

   <TD vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="3%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt 13.05pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1,344)</FONT></P></TD></TR>

<TR>

   <TD width="65%">&nbsp;</TD>

   <TD width="3%"></TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%"></TD>

   <TD width="3%"></TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%"></TD>

   <TD width="3%"></TD>

   <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>

<DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 90%; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 18pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp; Includes property, plant and equipment, investment in shares and other assets.</FONT></P>

<P style="TEXT-INDENT: -3.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp; Includes dividends declared and paid.</FONT></P>

<P style="TEXT-INDENT: -3.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<DIV align=left>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">58</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="PAGE-BREAK-AFTER: avoid; PAGE-BREAK-BEFORE: always; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Contractual Obligations</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below sets forth our contractual obligations as of December 31, 2011:&nbsp; </FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" colSpan=5>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" colSpan=5>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(in millions of Mexican pesos)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Less than 1 year</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1-3 years</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4 &#8211;5 years</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In excess of 5 years</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Debt</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 8.6pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 8.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,067</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 8.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,483</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 8.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 8.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 8.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,550</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7,241</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian reais&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">82</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombian pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,230</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,230</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentine pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">968</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,049</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capital Leases</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican peso </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian reais </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombian peso </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">205</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">386</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest Payments on Debt</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">619</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">448</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">675</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3,282</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">324</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">970</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">647</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">687</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2,628</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian reais </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombian pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">67</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentine pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">88</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest Rate Swaps</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(3)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos float to fixed </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(282)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cross Currency Swaps</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(4)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos to U.S. dollars<SUP>(5)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(130)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(130)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Forwards</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars to </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">Brazilian reais</FONT><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(6)</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">U.S. dollars to Colombian pesos</FONT><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(7)</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Collar Options</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(8)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman">U.S. dollars to Mexican pesos</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">300</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Leases</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">339</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">636</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,830</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">91</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commodity Hedge Contracts</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sugar<SUP>(9)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(14)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(19)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: -13.5pt; MARGIN: 0cm 0cm 0pt 14.5pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Expected Benefits to be Paid for Pension and Retirement Plans and Seniority Premium</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">345</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">711</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,366</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Long-Term Liabilities</FONT></B><SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(10)</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Excludes the effect of cross currency swaps.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Interest was calculated using debt as of and nominal interest rate amounts in effect on December 31, 2011.&nbsp; Liabilities denominated in U.S. dollars were translated to Mexican pesos at an exchange rate of Ps.&nbsp;13.98 per U.S. dollar, the exchange rate reported by </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Banco de M&#233;xico</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> quoted to us by dealers for the settlement of obligations in foreign currencies on December 30, 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3) &nbsp;&nbsp;&nbsp; Reflects the market value as of December 31, 2011 of interest rates swaps that are considered hedges for accounting purposes.&nbsp; The amounts shown in the table are fair value figures as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp; Includes cross currency swap contracts held as of December 31, 2011.&nbsp; U.S. dollar&#8209;denominated amounts were translated to Mexican pesos as described in footnote (2) above.&nbsp; The amounts shown in the table are fair value figures as of December 30, 2011. </FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp; Cross&#8209;currency swaps used to convert Mexican peso&#8209;denominated floating rate debt into U.S. dollar&#8209;denominated floating rate debt with a notional amount of Ps.&nbsp;357 million with maturity date as of March 2, 2012. These cross-currency swaps are not considered hedges for accounting purposes. </FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(6)&nbsp;&nbsp;&nbsp;&nbsp; Reflects the market value as of December 31, 2011 of forward derivative instruments used to hedge against fluctuation in the Brazilian reais.&nbsp; These instruments are considered hedges for accounting purposes.&nbsp; The amounts shown in the table are fair value figures as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(7)&nbsp;&nbsp;&nbsp;&nbsp; Reflects the market value as of December 31, 2011 of forward derivative instruments used to hedge against fluctuation in the Colombian peso.&nbsp; These instruments are considered hedges for accounting purposes.&nbsp; The amounts shown in the table are fair value figures as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(8)&nbsp;&nbsp;&nbsp;&nbsp; Reflects the market value as of December 31, 2011 of FX collar options used to hedge against fluctuation in the Mexican peso.&nbsp; These instruments are considered hedges for accounting purposes.&nbsp; The amounts shown in the table are fair value figures as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(9)&nbsp;&nbsp;&nbsp;&nbsp; Reflects the market value as of December 31, 2011 of futures contracts used to hedge sugar cost.&nbsp; These instruments are considered hedges for accounting purposes.&nbsp; The amounts shown in the table are fair value figures as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(10)&nbsp;&nbsp; Other long-term liabilities reflects liabilities whose maturity dates are undefined and depends on a series of circumstances out of our control, therefore these liabilities have been considered to have a maturity of more than five years.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">59</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Debt Structure</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following chart sets forth the&nbsp;debt breakdown of our company and its subsidiaries by currency and interest rate type as of December 31, 2011: </FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Currency</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Percentage of Total Debt<SUP>(1)</SUP></FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Average Nominal Rate<SUP>(2)</SUP></FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Average Adjusted Rate<SUP>(1)(3)</SUP></FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">53.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6.8%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">34.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.7%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombian pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.1%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian reais </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentine pesos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15.7%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuelan bolivar&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="21%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.4%</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0cm 0cm 0cm 58.5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Includes the effect of derivative contracts held by us as of December 31, 2011, including cross currency swaps from Mexican pesos to U.S. dollars and U.S. dollar.</FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0cm 0cm 0cm 58.5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Annual weighted average interest rate per currency as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0cm 0cm 12pt 58.5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp; Annual weighted average interest rate per currency as of December 31, 2011 after giving effect to interest rate&nbsp; swaps and cross currency swaps.&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">See &#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures about Market Risk&#8211;&#8211;Interest Rate Risk.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Summary of Significant Debt Instruments </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following is a brief summary of our significant long-term indebtedness with restrictive covenants outstanding as of April 20, 2012: </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 12pt 0cm"><B><I><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Mexican Peso-Denominated Bonds (Certificados Burs&#225;tiles)</FONT></I></B><I><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">.&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On April 18, 2011, we issued </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">certificados burs&#225;tiles</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> guaranteed by Propimex, S. de R.L. de C.V. (formerly Propimex, S.A. de C.V.), our main operating subsidiary in Mexico, in 5-year floating rate and 10-year fixed rate tranches of Ps. 2,500 million each, priced at TIIE + 0.13% and 8.27%, respectively.&nbsp; We have the following </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">certificados burs&#225;tiles</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> outstanding in the Mexican securities markets: </FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Issue Date</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amount</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Rate</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 7.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2007<SUP>(2)</SUP> </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">March 2, 2012</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;3,000 million</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">28-day TIIE<SUP>(1)</SUP> &#8211; 6 bps</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011 </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 11, 2016</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;2,500 million</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">28-day TIIE<SUP>(1)</SUP> + 13 bps</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011 </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 5, 2021</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;2,500 million</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8.27%</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: -20.9pt; MARGIN: 0cm 0cm 12pt 20.9pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; TIIE means the </FONT><I><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">Tasa de Inter&#233;s Interbancaria de Equilibrio</FONT></I><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman"> (the Equilibrium Interbank Interest Rate).</FONT></P>

<P style="TEXT-INDENT: -20.9pt; MARGIN: 0cm 0cm 12pt 20.9pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Paid in full at maturity.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">certificados burs&#225;tiles</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> contain reporting obligations in which we will furnish to the bondholders consolidated audited annual financial reports and consolidated quarterly financial reports. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.625% Notes due 2020</FONT></I></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; On February 5, 2010, we issued 4.625% Senior Notes due on February 15, 2020, in an aggregate principal amount of US$ 500 million.&nbsp; The indenture imposes certain conditions upon a <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">consolidation or merger by us and restricts the incurrence of liens and sale and leaseback transactions by us or our significant subsidiaries.&nbsp; Propimex guaranteed these notes on April 1, 2011.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">60</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bank Loans</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; As of April 20, 2012, we had a number of loans with individual banks in Mexican pesos, U.S. dollars, Colombian pesos, Brazilian reais, and Argentine pesos, with an aggregate principal amount of Ps. 7,163 million.&nbsp; The bank loans denominated in Mexican pesos and U.S. dollars guaranteed by Propimex contain restrictions on liens, fundamental changes such as mergers and sale of certain assets.&nbsp; In addition, we are required to comply with a maximum net leverage ratio.&nbsp; Finally, some of our bank loans include a mandatory prepayment clause in which the lender has the option to require us to prepay such loans upon a change of control.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During April 2012, we executed a new loan agreement, for a total aggregate amount of US$75 million, with&nbsp;The Bank of Tokyo Mitsubishi UFJ LTD, New York Branch. This loan agreement is substantially on the same terms as our bank loans mentioned in the previous paragraph, is guaranteed by Propimex S. de R.L. de C.V. (formerly Propimex S.A. de C.V.), and has a&nbsp;2 year term.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are in compliance with all of our restrictive covenants as of the date of filing of this annual report.&nbsp; A significant and prolonged deterioration in our consolidated results from operations could cause us to cease to be in compliance under certain indebtedness in the future.&nbsp; We can provide no assurances that we will be able to incur indebtedness or to refinance existing indebtedness on similar terms in the future.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Off-Balance Sheet Arrangements</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We do not have any material off-balance sheet arrangements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Contingencies</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are party to a number of tax, legal and labor proceedings that have arisen throughout the normal course of our business and which are common in the industry in which we operate.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We recognize a liability for a loss contingency when it is probable that certain effects related to past events would materialize and can be reasonably quantified. The following table presents in millions of Mexican pesos the nature and amount of the recorded loss contingencies as of December 31, 2011:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Long-Term</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax, primarily indirect taxes </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Legal </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">231</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Labor </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,128</FONT></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 2pt 9pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></B></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,284</FONT></B></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We do not recognize an asset as a contingency gain until the gain is realized. When the risk of loss is deemed to be other than remote, but less than probable, according to a legal assessment, its financial impact is disclosed as loss contingencies in the notes of the consolidated financial statements. The estimated amount of the damages sought in these proceedings is Ps. 6,781 million.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In recent years, our Mexican, Costa Rican and Brazilian subsidiaries have been required to submit certain information to relevant authorities regarding possible monopolistic practices. </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 8.&nbsp; Financial Information&#8212;Legal Proceedings&#8212;Mexico&#8212;Antitrust Matters.&#8221;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Such proceedings are a normal occurrence in the beverage industry and we do not expect any significant liability to arise from these contingencies.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As is customary in Brazil, we have been required by the tax authorities to collateralize tax contingencies currently in litigation amounting to Ps. 2,418 million and Ps. 2,292 million as of December 31, 2011 and 2010, respectively, by pledging fixed assets, or providing bank guarantees. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">61</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In connection with certain past business combinations, we have been indemnified by the sellers for certain contingencies. We have agreed to&nbsp;comparable indemnifications&nbsp;provisions in our agreements&nbsp;in connection with our recent mergers with Grupo Tampico and Grupo CIMSA. </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 4. Information on the Company&#8212;The Company&#8212;Recent mergers&nbsp;and acquisitions.&#8221;</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Capital Expenditures</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our capital expenditures, including investment in property, plant and equipment, deferred charges and other investments for the periods indicated on a consolidated and by reporting segment basis:</FONT></P>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year Ended December 31,</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of Mexican pesos)</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property, plant and equipment, deferred charges and other investments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,826</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,478</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,282</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year Ended December 31,</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of Mexican pesos)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico and Central America<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,117 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,427</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,086</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">South America (excluding Venezuela)<SUP>(2)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3,067</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3,547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,948</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 13pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">642</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">504</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,248</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="MARGIN: 0cm 13pt 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>Total </STRONG></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,826</STRONG></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,478</STRONG></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,282</STRONG></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -20.9pt; MARGIN: 0cm 0cm 0cm 20.4pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Includes Mexico Guatemala, Nicaragua, Costa Rica and Panama.</FONT></P>

<P style="TEXT-INDENT: -20.9pt; MARGIN: 0cm 0cm 12pt 20.4pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Includes Colombia, Brazil and Argentina.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we focused our capital expenditures on investments in (1) increasing production capacity, (2) placing coolers with retailers, (3) returnable bottles and cases, (4) improving the efficiency of our distribution infrastructure and (5) information technology.&nbsp; Through these measures, we strive to improve our profit margins and overall profitability. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have budgeted approximately US$700 million for our capital expenditures in 2012.&nbsp; Our capital expenditures in 2012 are primarily intended for: </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">investments in production capacity (primarily for a plant in Brazil);</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">market investments (primarily for the placement of coolers); </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">returnable bottles and cases;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">improvements throughout our distribution network; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">investments in information technology.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We estimate that of our projected capital expenditures for 2012, approximately 35.0% will be for our Mexican territories and the remaining will be for our non-Mexican territories.&nbsp; We believe that internally generated funds will be sufficient to meet our budgeted capital expenditure for 2012.&nbsp; Our capital expenditure plan for 2012 may change based on market and other conditions and our results from operations and financial resources.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">62</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December 2011, we began the construction of a production plant in Minas Gerais, Brazil, which will require an investment of 250 million Brazilian reais (equivalent to approximately US$ 140 million).&nbsp; We expect that the construction will generate 800 direct and indirect jobs.&nbsp; It is anticipated that the new plant will be completed within 18&nbsp;months as of December 31, 2011 and begin operations in June 2013.&nbsp; The plant will be located on a parcel of land 300,000 square meters in size, and it is expected that by 2015 the annual production capacity will be approximately 2.1 billion liters of sparkling beverages, representing an increase of approximately 47% as compared to the current installed capacity of our plant in Belo Horizonte, Brazil.&nbsp; The new plant will produce all of our existing brands and presentations of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> products.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Historically, The Coca-Cola Company has contributed resources in addition to our own capital expenditures. We generally utilize these contributions for initiatives that promote volume growth of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages, including the placement of coolers with retailers. Such payments may result in a reduction in our selling expenses line.&nbsp; Contributions by The Coca-Cola Company are made on a discretionary basis.&nbsp; Although we believe that The Coca-Cola Company will make additional contributions in the future to assist our capital expenditure program based on past practice and the benefits to The Coca-Cola Company as owner of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brands from investments that support the strength of the brands in our territories, we can give no assurance that any such contributions will be made.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Hedging Activities </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We hold or issue derivative instruments to hedge our exposure to market risks related to changes in interest rates, foreign currency exchange rates and commodity price risk. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 11. Quantitative and Qualitative Disclosures about Market Risk.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table provides a summary of the fair value of derivative instruments as of December 31, 2011.&nbsp; The fair market value is estimated using market prices that would apply to terminate the contracts at the end of the&nbsp;period and are confirmed by external sources, which are also our counterparties to the relevant contracts.</FONT></P>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="61%" colSpan=5>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fair Value <BR>At December 31, 2011</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity less than 1 year</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity <BR>1 </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=pmingliu>&#8211;&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> 3<BR>years</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity <BR>4 </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=pmingliu>&#8211;&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> 5 years</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity in excess of 5 years</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total<BR>fair<BR>value</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(millions of Mexican pesos)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest Rate Swaps</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos float to fixed </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(282)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cross Currency Swaps</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 14.2pt">

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   <P style="MARGIN: 0cm 0cm 0pt 14.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican pesos to U.S. Dollars </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(130)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(130)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Forwards</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars to Brazilian reais </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars to Colombian pesos </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commodity Hedge Contracts</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sugar </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(14)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(5)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(19)</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">U.S. GAAP Reconciliation </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The principal differences between Mexican FRS and U.S. GAAP that affect our net income and equity are explained in Note 26 to our consolidated financial statements and primarily relate to the accounting and disclosure for: </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">63</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reversal of inflationary adjustments in countries considered inflationary under Mexican FRS, but not considered hyper-inflationary under U.S. GAAP;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">certain balance sheet and income statement classification differences;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">deferred promotional expenses;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">intangible assets;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">restatement of imported equipment;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">capitalization of comprehensive financing result;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">disclosures related to the fair value of financial instruments;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">accounting and disclosures for deferred income tax, employee profit sharing and uncertain tax positions;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">employee benefits;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">non-controlling interest acquisition; and </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">presentation aspects of statement of cash flows.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A more detailed description of the differences between Mexican FRS and U.S. GAAP as they relate to us and a reconciliation of net income and shareholders&#8217; equity under Mexican FRS to net income and equity under U.S. GAAP are contained in Notes 26 and 27 to our consolidated financial statements.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Mexican FRS, our consolidated financial statements recognize effects of inflation in inflationary countries in accordance with Bulletin B-10. These effects were not reversed in the reconciliation to U.S. GAAP.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under U.S. GAAP, we had consolidated net income of Ps. 11,015 million in 2011, Ps. 10,105 million in 2010, and Ps. 8,853 million in 2009.&nbsp; Consolidated net income as reconciled to U.S. GAAP was lower than consolidated net income as reported under Mexican FRS by Ps. 154 million in 2011, Ps. 194 million in 2010, and Ps. 117 million in 2009.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Equity under U.S. GAAP was Ps. 99,794 million, Ps. 73,468 million, and Ps. 66,037 million in 2011, 2010, and 2009, respectively. Compared to shareholders&#8217; equity under Mexican FRS, equity under U.S. GAAP was lower by Ps. 986 million, Ps. 413 million, and Ps. 2,435 million in 2011, 2010 and 2009, respectively. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 6.&nbsp; Directors, Senior Management and Employees</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Directors</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Management of our business is vested in our board of directors and in our chief executive officer.&nbsp; Our bylaws provide that our board of directors will consist of no more than 21 directors and their respective alternates, elected at the annual ordinary shareholders meeting for renewable terms of one year.&nbsp; Our board of directors currently consists of 19 directors and 18 alternate directors:&nbsp;13 directors and their respective alternate directors are elected by holders of the Series A shares voting as a class; five directors and their respective&nbsp;alternate directors are elected by holders of the Series D shares voting as a class; and up to three directors and their respective alternate directors are elected by holders of the Series L shares voting as a class.&nbsp; Directors may only be elected by a majority of shareholders of the appropriate series, voting as a class.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">64</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with our bylaws and article 24 of the Mexican Securities Market Law, at least 25% of the members of our board of directors must be independent (as defined by the Mexican Securities Market Law).&nbsp; The board of directors may designate interim directors in the case that a director is absent or an elected director and corresponding alternate are unable to serve; the interim directors serve until the next shareholders meeting, at which the shareholders elect a replacement.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our bylaws, as recently amended, provide that when Series B shares are issued, which has&nbsp;yet&nbsp;occured, the shareholders of such Series B issued and paid shares that individually or as a group, hold</FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> at least 10% of the issued and paid shares of the capital stock of the Company shall have the right to designate and revoke one director and the corresponding alternate, pursuant to Article 50 of the Mexican Securities Law.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our bylaws provide that the board of directors shall meet at least four times a year. Since our major shareholders amended their Shareholders Agreement in February 2010, our bylaws were modified accordingly establishing that actions by the board of directors must be approved by at least a majority of the directors present and voting, except under certain limited circumstances which must include the favorable vote of at least two directors elected by the Series D shares.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; The chairman of the board of directors, the chairman of our audit or Corporate Practices Committee, or at least 25% of our directors may call a board of directors&#8217; meeting to include matters in the meeting agenda.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At our ordinary shareholders meeting held on March 20, 2012, the following directors were appointed: 11 directors and their respective alternates were appointed by holders of Series A shares, five directors and their respective alternates were appointed by holders of Series D shares and three directors and their respective alternates were appointed by holders of Series L shares. We currently have appointed 19 of the maximum 21 directors that can be appointed pursuant to our bylaws.</FONT></FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Related Party Transactions&#8221; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">for information on relationships with certain directors and senior management.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of the date of this annual report, our board of directors had the following members:</FONT></P>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series A Directors</FONT></B></P></DIV></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jos&#233; Antonio Fern&#225;ndez Carbajal</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">February 1954</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chairman</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1993, as director; 2001 as chairman</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer, FEMSA.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chairman of the board of FEMSA and Fundaci&#243;n FEMSA A.C., Vice-Chairman of the supervisory board of Heineken N.V. and member of the board of Heineken Holding N.V., Chairman of the board of Instituto Tecnol&#243;gico y de Estudios Superiores de Monterrey, (ITESM), and member of the boards of Industrias Pe&#241;oles, S.A.B. de C.V. (Pe&#241;oles), Grupo Televisa, S.A.B. (Televisa) and Controladora Vuela Compa&#241;ia de Aviaci&#243;n, S.A. de C.V. (Volaris), US Mexico Foundation and Co-chairman of the Advisory Board of Woodrow Wilson Center, Mexico Institute.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined FEMSA&#8217;s strategic planning department in 1988, held managerial positions at FEMSA Cerveza&#8217;s commercial division and OXXO and&nbsp;was appointed Deputy Chief Executive Officer of FEMSA in 1991 and Chief Executive Officer.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Industrial Engineering and a Masters in Business Administration (MBA) from ITESM.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alfredo Livas Cant&#250;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alfonso Garza Garza<SUP>(1)</SUP></FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">July 1962</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1996</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Officer of &nbsp;Human Resources, Procurement and Information Technology, FEMSA.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of FEMSA, ITESM and Nutec, S.A. de C.V., vice chairman of the communications council of COPARMEX and chairman of COPARMEX Nuevo Le&#243;n</FONT> </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has experience in several FEMSA business units and departments, including domestic sales, international sales, procurement and marketing, mainly at FEMSA Empaques, S.A. de C.V.&nbsp;or FEMSA Empaques&nbsp;and&nbsp;FEMSA Cerveza, and was Chief Executive Officer of FEMSA Empaques.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Industrial Engineering from ITESM and an MBA from Instituto Panamericano de Alta Direcci&#243;n de Empresa (IPADE).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">B&#225;rbara Garza Lag&#252;era Gonda<SUP>(2)</SUP></FONT></P></TD></TR></TABLE></DIV>

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   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series A Directors</FONT></B></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jos&#233; Luis Cutrale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">September 1946</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2004</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer of Sucoc&#237;trico Cutrale.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of Cutrale North America, Cutrale Citrus Juice, and Citrus Products.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Founding partner of Sucocitrico Cutrale and member of ABECITRUS (the Brazilian Association of Citrus Exporters) and CDES (the Brazilian Government&#8217;s Counsel for Economic and Social Development).</FONT></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Education:</FONT></P></TD>

   <TD vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>&nbsp;Holds a degree in business management</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director :</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jos&#233; Luis Cutrale, Jr.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Carlos Salazar Lomel&#237;n</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1951</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2001</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer, Coca-Cola FEMSA.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of BBVA Bancomer, AFORE Bancomer, S.A. de C.V., Seguros Bancomer, S.A. de C.V., member of the advisory board of Premio Eugenio Garza Sada, Centro Internacional de Negocios Monterrey A.C. (CINTERMEX), Apex and the ITESM&#8217;s EGADE Business School</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has held managerial positions in several subsidiaries of FEMSA, including Grafo Regia, S.A. de C.V. and Pl&#225;sticos T&#233;cnicos Mexicanos, S.A. de C.V., served as Chief Executive Officer of FEMSA Cerveza, where he also held various management positions in the Commercial Planning and Export divisions</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a bachelor&#8217;s degree in economics from ITESM, and performed postgraduate studies in business administration at ITESM and economic development in Italy</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Max Michel Gonz&#225;lez</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ricardo Guajardo Touch&#233;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">May 1948</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1993</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chairman of the board of directors of Solfi, S.A.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the board of directors of Grupo Valores Monterrey,&nbsp;El Puerto de&nbsp;Liverpool. S.A. de C.V., Alfa, BBVA Bancomer and&nbsp;Grupo Aeroportuario del Sureste, S.A. de C.V. (ASUR), Bimbo, Bancomer, Grupo Coppel.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has held senior executive positions in FEMSA, Grupo AXA, S.A. de C.V. (Grupo AXA) and Valores de Monterrey.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds degrees in electrical engineering from ITESM and the University of Wisconsin and a master's degree from the University of California at Berkeley</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Eduardo Padilla Silva</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">67</FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT></P></DIV>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series A Directors</FONT></B></P></DIV></TD>

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   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mariana&nbsp;Garza Lag&#252;era Gonda<SUP>(2)</SUP></FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April&nbsp;1970</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2001</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Private investor </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of FEMSA, Hospital San Jos&#233; Tec de Monterrey and Museo de Historia Mexicana</FONT></FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a business administration degree in Industrial Engineering from ITESM and a Master of International Management from the Thunderbird American Graduate School of International Management</FONT></FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Paulina&nbsp;Garza Lag&#252;era Gonda<SUP>(2)</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Federico Reyes Garc&#237;a</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">September 1945</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1992</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Corporate Development Officer of FEMSA.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Served as Vice President of Finance and Corporate Development of FEMSA, Director of Corporate Staff at Grupo AXA, a major manufacturer of electrical equipment&nbsp;. Has extensive experience in the insurance sector.<BR>Chairman of the board of directors of Valores de Monterrey.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT></P></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=PT-BR color=blue face=timesnewromanpsmt><FONT style="FONT-SIZE: 10pt"><FONT style="COLOR: #000000">&nbsp;&nbsp;Other directorships:</FONT></FONT></FONT></P></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN-LEFT: 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=blue face=timesnewromanpsmt><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 10pt">Member of the board of directors of Optima Energia.</FONT></FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Business and Finance from ITESM.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alejandro Bailleres Gual</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Javier Gerardo Astaburuaga Sanjines</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">July 1959</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2006</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Financial and Strategic Development Officer of FEMSA.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined FEMSA as a financial information analyst and later acquired experience in corporate development, administration and finance, held various senior positions at FEMSA Cerveza between 1993 and 2001, including Chief Financial <FONT style="FONT-SIZE: 10pt">Officer <FONT style="COLOR: #000000">and&nbsp;<FONT style="LINE-HEIGHT: normal" lang=EN-US face=timesnewromanpsmt>for</FONT></FONT></FONT></FONT></P><FONT style="FONT-SIZE: 10pt"><FONT style="COLOR: #000000">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=timesnewromanpsmt>two years was FEMSA Cerveza&#8217;s </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director of Sales for the north region of Mexico&nbsp;<FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>until 2003 </FONT></FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>in which he was appointed </FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FEMSA Cerveza&#8217;s Co-Chief Executive Officer.</FONT></P></FONT></FONT></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the board of Heineken N.V. and supervisory board of Heineken N.V.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in&nbsp;CPA from ITESM.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Francisco Jos&#233; Calder&#243;n Rojas</FONT></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">68</FONT></FONT></P>

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   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series A Directors</FONT></B></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alfonso Gonz&#225;lez Migoya</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">January 1945</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Independent Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2006</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chairman of the board of directors and Chief Executive Officer of Grupo Industrial Saltillo, S.A.B. de C.V.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=timesnewromanpsmt>Member of the board of directors of several </FONT></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=black face=timesnewromanpsmt>Mexican companies, including </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt><FONT style="COLOR: #000000; FONT-SIZE: 10pt">the</FONT> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=black face=timesnewromanpsmt>Bolsa&nbsp;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=black face=timesnewromanpsmt>Mexicana de Valores</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=red face=timesnewromanpsmt> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=black face=timesnewromanpsmt>S.A.B. de C.V. </FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>among other financial institutes</FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>.&nbsp;</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Served from 1995 until 2005 as Corporate Director of Alfa.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Mechanical Engineering from ITESM and an MBA from the Stanford Graduate School of Business.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Ernesto Cruz </FONT></FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Vel&#225;zquez de Le&#243;n</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Daniel Servitje Montull</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1959</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Independent Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1998</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer, Bimbo. </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of Banco Nacional de Mexico and Bimbo.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Served as Vice President of Bimbo.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Business from the Universidad Iberoamericana in Mexico and an MBA from the Stanford Graduate School of Business.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sergio Deschamps Ebergenyi</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Enrique F. Senior Hern&#225;ndez</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">August 1943</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2004</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Managing Director of Allen &amp; Company.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorship:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Member of the boards of directors of </FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Grupo&nbsp;</FONT></FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Televisa </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>S.A.B. de C.V, </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Cinemark&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>USA, Inc. and Univision Comunication </FONT></FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Inc</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>.&nbsp;</FONT></FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Among other clients, has provided financial advisory services to FEMSA and Coca-Cola FEMSA.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Herbert Allen III</FONT></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">69</FONT></P>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series D Directors</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gary Fayard</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1952</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2003</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Financial Officer, The Coca-Cola Company.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of Coca-Cola Enterprises and Coca-Cola Sabco.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Senior Vice President of The Coca-Cola Company and former Partner of Ernst &amp; Young.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree from the University of Alabama and is licensed as a Certified Public Accountant (CPA).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Wendy </FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Clark&nbsp;</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Irial Finan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">June 1957</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2004</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">President of Bottling Investments Group and Supply Chain, The Coca-Cola Company.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of Coca-Cola Enterprises, Coca-Cola Amatil and Coca-Cola Hellenic.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer of Coca-Cola Hellenic. Has experience in several Coca-Cola bottlers, mainly in Europe.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a Bachelor&#8217;s degree from National University of Ireland.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Sunil </FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Ghatnekar&nbsp;</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Charles H. McTier</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">January 1939</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Independent Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1998</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trustee, Robert W. Woodruff Foundation.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Member of the </FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Board </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>of&nbsp;</FONT></FONT></FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Directors </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>of AGL Resources.</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Served as a President of Robert W. Woodruff Foundation during the period 1971-2007 and on the&nbsp;board of directors of nine U.S. Coca-Cola bottling companies in the&nbsp;1970s and 1980s.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Business Administration from Emory University.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Marie </FONT></FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Quintero-Johnson</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: white; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;<FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>October 1966</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND-COLOR: #ffff00" size=2></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD vAlign=top>&nbsp;<FONT size=2>2012</FONT></TD></TR>

<TR>

   <TD vAlign=top>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD vAlign=top>&nbsp;<FONT size=2>2013</FONT></TD></TR>

<TR>

   <TD vAlign=top>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD vAlign=top>&nbsp;<FONT size=2>Merger and Acquisitions Vice-president of </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>The Coca-Cola Company.</FONT></TD></TR>

<TR>

   <TD vAlign=top>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD vAlign=top>&nbsp;<FONT size=2>Member of the Board of Directors of Zico.</FONT></TD></TR>

<TR>

   <TD vAlign=top>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD vAlign=top>&nbsp;<FONT size=2>MBA from Darden School</FONT></TD></TR>

<TR>

   <TD vAlign=top width="33%">&nbsp;</TD>

   <TD vAlign=top width="28%">&nbsp;<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director: </FONT></TD>

   <TD vAlign=top width="39%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Gloria Bowden</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Eva Mar&#237;a Garza Lag&#252;era Gonda<SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1958</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Private Investor</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of FEMSA, ITESM and Premio Eugenio Garza Sada</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Communication Sciences from ITESM</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Kathy Waller</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">70</FONT></FONT></P></DIV>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series L Directors</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD vAlign=middle width="33%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt>Robert Alan Fleishman Cahn</FONT></P></TD>

   <TD vAlign=top width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal" lang=PT-BR color=#0000ff face=timesnewromanpsmt><FONT style="FONT-SIZE: 10pt"><FONT style="COLOR: #000000">Born:</FONT></FONT></FONT></FONT></P></TD>

   <TD vAlign=top width="39%"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>February 1962</FONT></FONT></P></TD></TR>

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   <TD vAlign=middle width="33%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><I><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face="times new roman">Independent Director</FONT></I></P></TD>

   <TD vAlign=top width="28%"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 10pt">First elected:</FONT></FONT></FONT></FONT></P></TD>

   <TD vAlign=top width="39%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000; FONT-SIZE: 10pt">2012</FONT></P></TD></TR>

<TR style="HEIGHT: 0px" height=20>

   <TD vAlign=top width="33%"></TD>

   <TD vAlign=top width="28%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt>Term expires:</FONT></P></TD>

   <TD vAlign=top width="39%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000; FONT-SIZE: 10pt">2013</FONT></P></TD></TR>

<TR style="HEIGHT: 0px" height=20>

   <TD vAlign=top width="33%"></TD>

   <TD vAlign=top width="28%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt>Principal occupation:</FONT></P></TD>

   <TD vAlign=top width="39%"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Chief Executive Officer of Grupo Tampico, </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>S.A. de C.V.</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 0px" height=20>

   <TD vAlign=top width="33%"></TD>

   <TD vAlign=top width="28%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt>Other directorships:</FONT></P></TD>

   <TD vAlign=top width="39%"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Member of the Board of Directors of Grupo </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Tampico S.A. de C.V. and its subsidiaries. </FONT></FONT></P></TD></TR>

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   <TD vAlign=top width="33%"></TD>

   <TD vAlign=top width="28%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="39%"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Holds a degree in Business Administration</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 0px" height=20>

   <TD vAlign=top width="33%"></TD>

   <TD vAlign=top width="28%">

   <P style="MARGIN-LEFT: 5pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR color=#0000ff face=timesnewromanpsmt>Education:</FONT></P></TD>

   <TD vAlign=top width="39%"><FONT style="COLOR: #000000">

   <P style="MARGIN-LEFT: 5pt"></P></FONT>

   <P style="MARGIN-LEFT: 5pt"><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Holds a degree in Business Administration </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>from The University of Texas and </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Post-bachelor degrees from Wharton </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>School, University of Pennsylvania, </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Georgia Institute of Technology and </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Harvard University. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Herman H. Fleishman Cahn</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jos&#233; Manuel Canal Hernando</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">February 1940</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Independent Director</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2003</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Private consultant.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Member of the board of directors of </FONT></FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>FEMSA,&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Banco&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Compartamos, S.A</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>, </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Kuo, Consorcio Comex </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>, </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Grupo Industrial Saltillo, S.A.B. de C.V., </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Grupo Acir, S.A. de C.V., Satelites </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Mexicanos, S.A. de C.V. and Grupo </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Diagnostico </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Proa</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>, S.A. de C.V.</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Former managing partner at Ruiz, Urquiza y C&#237;a, S.C. from 1981 to 1999, acted as our statutory examiner from 1984 to 2002, presided in the Committee of Surveillance of the Mexican Institute of Finance Executives, has participated in several commissions at the Mexican Institute of Public Accountants and has extensive experience in financial auditing for holding companies, banks and financial brokers.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a Public Accounting degree from UNAM.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Helmut Paul</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Francisco Zambrano Rodr&#237;guez</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">January 1953</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Independent Director</FONT></I></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First elected:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2003</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Term expires:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal occupation:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Chief Executive Officer of Desarrollo de Fondos Inmobiliarios S.A. de C.V. (DFI) and Vice-president of Desarrollo Inmobiliarios y de Valores, S.A. de C.V. (DIV). </FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other directorships:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Member of the boards of directors of several Mexican companies, including DFI, DIV&nbsp;and&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=blue face=timesnewromanpsmt><FONT style="FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt">ITESM</FONT></FONT>.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has extensive experience in investment banking and private investment services in M&#233;xico.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Chemical Engineering from ITESM and an MBA from The University of Texas at Austin.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alternate director:</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Karl Frei Buechi</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Cousin of Eva Mar&#237;a Garza Lag&#252;era Gonda, Paulina Garza Lag&#252;era Gonda, Mariana Garza Lag&#252;era Gonda and B&#225;rbara Garza Lag&#252;era Gonda.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Sister of Eva Maria Garza Lag&#252;era Gonda and sister-in-law of Jos&#233; Antonio Fern&#225;ndez Carbajal.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wife of Jos&#233; Antonio Fern&#225;ndez Carbajal.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexis Rovzar passed away on January 7, 2012.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The secretary of the board of directors is Carlos Eduardo Aldrete Ancira and the alternate secretary of the board of directors is Carlos Luis D&#237;az S&#225;enz.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In June 2004, a group of Brazilian investors, among them Jos&#233; Luis Cutrale, a member of our board of directors, made a capital contribution equivalent to approximately US$50 million to our Brazilian operations in exchange for approximately 16.9% equity stake in these operations.&nbsp; We have entered into an agreement with Mr. Cutrale pursuant to which he was invited to serve as a director of our company.&nbsp; The agreement also provides for a right of first offer on transfers by the investors, tag-along and drag-along rights and certain rights upon a change of control of either party, with respect to our Brazilian operations.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Pursuant to a shareholders&#8217; agreement dated October 10, 2011, by and among Mr. Herman Harris </FONT></FONT><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Fleishman Cahn, Mr. Robert Alan Fleishman Cahn and FEMSA, Mr. Herman Harris Fleishman Cahn and Mr. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Robert Alan Fleishman Cahn will be elected as director and alternate director, respectively, of the board of directors </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>of the Company for six consecutive one-year terms, beginning in October 2011. In addition, on such date, Mr. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Herman Harris Fleishman </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Cahn </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>was appointed for an initial period of six months, after which Mr. Robert Alan </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Fleishman</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>&#180; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>Cahn&#8217;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>s one year term began.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">71</FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Executive Officers</FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following are the principal executive officers of our company:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Carlos Salazar Lomel&#237;n<SUP>(1)</SUP></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1951</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2000</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2000</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">H&#233;ctor Trevi&#241;o Guti&#233;rrez</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">August 1956</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Financial and Administrative Officer</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1993</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1993</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At FEMSA, was in charge of International Financing, served as General Manager of Financial Planning, General Manager of Strategic Planning and General Manager of Business Development and headed the Corporate Development department.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Chemical and Administrative Engineering from ITESM and an MBA from the Wharton School of Business.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Rafael Alberto Su&#225;rez Olaguibel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1960</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Corporate Project Officer</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1986</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has held several director positions with us, including Commercial Planning and Strategic Development Officer and Chief Operating Officer in Mexico and Argentina. Also served as Distribution and Marketing Director for the Valley of Mexico and Corporate Planning Manager of FEMSA&#8217;s sparkling beverages division.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has worked in the Administrative, Distribution and Marketing departments of The Coca-Cola Export Company.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Economics from ITESM and an MBA-ONE from ITESM and the partner schools from each continent.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alejandro Duncan Ancira</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">May 1957</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Technical Officer</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1995</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2002</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Infrastructure Planning Director of Mexico.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has undertaken responsibilities in different production, logistics, engineering, project planning and manufacturing departments of FEMSA and was a Plant Manager in central Mexico and Manufacturing Director in Buenos Aires.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Mechanical Engineering from ITESM and an MBA from the Universidad de Monterrey.</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">72</FONT></FONT></P>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Eulalio Cerda Delgadillo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">July 1958</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Human Resources Officer</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1996</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>2001</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Manager, positions in several departments, including maintenance, projects, packaging and human resources.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At FEMSA Cerveza, served as New Projects Executive and worked in several departments including marketing, maintenance, packaging, bottling, human resources, technical development and projects.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Mechanical Engineering from ITESM.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">John Anthony Santa Mar&#237;a Otaz&#250;a</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">August 1957</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Operating Officer &#8211; South America</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1995</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has served as Strategic Planning and Business Development Officer and Chief Operating Officer of Mexican operations. He has experience in several areas of the company, namely development of new products and mergers and acquisitions.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has experience with different bottler companies in Mexico in areas such as Strategic Planning and General Management.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Business Administration and an MBA with a major in Finance from Southern Methodist University.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ernesto Silva Almaguer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 12pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">March 1955</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Operating Officer &#8211; Mexico / Central America</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1996</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has served as Chief Operating Officer&nbsp;in Buenos Aires and New Business Development and Information Technology Director.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has worked as General Director of packaging subsidiaries of FEMSA (F&#225;bricas de Monterrey, S.A. de C.V. and Quimiproductos), served as Vice President of International Sales at FEMSA Empaques and Manager of FEMSA&#8217;s Corporate Planning and held several positions at Alfa.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Mechanical and Administrative Engineering from Universidad Aut&#243;noma de Nuevo Le&#243;n and an MBA from The University of Texas at Austin.</FONT></P></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">73</FONT></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Juan Carlos Villacis Mart&#237;nez</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 1969</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Strategic Planning Officer </FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1999</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 62.55pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 62.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has served as Strategic Planning Officer, Manager of several projects, Divisional Director of Finance and Administration.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Associate at BAIN &amp; Co.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Economics from the Pontificia Universidad Catolica del Ecuador and a MBA in the Instituto Centroamericano de Administraci&#243;n de Empresas.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hermilo Zuart Ru&#237;z</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">March 1949</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Strategic Supply Officer</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1992</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has served as former New Business Officer, Chief Operating Officer in the Latincentro division, Chief Operating Officer in the Valley of Mexico and Chief Operating Officer in the Southeast Mexico.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has undertaken several responsibilities in the manufacturing, commercialization, planning and administrative areas of FEMSA: Franquicias Officer, mainly in charge of Mundet products.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Public Accounting from UNAM and completed a graduate course in Business Management from IPADE.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Juan Ram&#243;n Felix Casta&#241;eda</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Born:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">December 1961</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">New Businesses and Commercial Development Officer</FONT></I></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Joined:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1997</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appointed to current position:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business experience with us:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Former Commercial Director in Mexico, Commercial Development Director in Brazil, Commercial Director for the Baj&#237;o division in Mexico, Commercial Director for the southeast in Mexico, Logistics Director and Sales Manager of the Valley of Mexico.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other business experience:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Has worked as the Franchises Director at Cadbury Beverages, several positions in sales and operating areas in Cadbury Aguas Minerales and MFG Supervisor at Procter &amp; Gamble.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Education:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holds a degree in Industrial and Systems Engineering from ITESM and an MBA from The Garvin School of International Management/ITESM. </FONT></P></TD></TR>

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<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; See &#8220;&#8212;Directors.&#8221;</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">74</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Compensation of Directors and Officers</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the year ended December 31, 2011, the aggregate compensation of all of our executive officers paid or accrued for services in all capacities was approximately Ps.&nbsp;200.7 million.&nbsp; The aggregate compensation amount includes approximately Ps.&nbsp;107.5 million of cash bonus awards and bonuses paid to certain of our executive officers pursuant to our incentive plan for stock purchases.&nbsp; See &#8220;&#8211;&#8211;EVA-Based Bonus Program.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The aggregate compensation for directors during 2011 was Ps.&nbsp;9.1 million.&nbsp; For each meeting attended we paid US$10,000 to each director with foreign residence and US$6,500 to all other directors with residence in Mexico in 2011.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We paid US$3,500 to each of the members of the Audit Committee per each meeting attended, and we paid US$2,500 per meeting attended to each of the members of the Finance and Planning and the Corporate Practices Committees.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our senior management and executive officers participate in our benefit plans on the same basis as our other employees.&nbsp; Members of our board of directors do not participate in our benefit plans.&nbsp; As of December 31, 2011, amounts accrued for all employees under these pension and retirement plans were Ps.&nbsp;2,160 million, of which Ps.&nbsp;1,068 million is already funded. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">EVA-Based Bonus Program</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0.05pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our bonus program for executives is based on meeting certain goals established annually by management, which include quantitative and qualitative objectives as well as the completion of special projects.</FONT></P>

<P style="MARGIN: 0cm 0.05pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0.05pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximately 50% of the bonus is based on quantitative objectives determined by the Economic Value Added, or EVA, methodology.&nbsp; The objectives established for executives are based on a combination of the EVA generated by us and FEMSA on a consolidated basis, calculated at approximately 70% and 30%, respectively.&nbsp; Qualitative objectives and special projects represent the remaining 50% of the annual bonus and are based on the critical success factors established at the beginning of the year for each executive.</FONT></P>

<P style="MARGIN: 0cm 0.05pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0.05pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, we provide a defined contribution plan of share compensation to certain key executives, consisting of an annual cash bonus to purchase FEMSA and our Company&#8217;s shares or options, based on the executive&#8217;s responsibility in the organization, the EVA result achieved by the business unit that the executive works within, and the executive&#8217;s individual performance.&nbsp; The acquired shares or options are deposited in a trust, and executives may access them one year after they are vested at 20% per year.&nbsp; Fifty percent of our annual executive bonus is permitted to be used to purchase FEMSA shares or options and the remaining 50% to purchase our shares or options.&nbsp; As of December 31, 2011, 2010 and 2009, no options have been granted to employees.</FONT></P>

<P style="MARGIN: 0cm 0.05pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The incentive plan target is expressed in months of salary, and the final amount payable is computed based on a percentage of the completion of goals established each year.&nbsp; The bonuses are recorded as income from operations and are paid in cash for the acquisition of shares of the trust the following year.&nbsp; During the years ended December 31, 2011, 2010 and 2009, the bonus expense recorded amounted to Ps. 599 million, Ps. 547 million, and Ps. 630 million, respectively.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Share Ownership</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of April 20, 2012, several of our directors and alternate directors serve on the technical committee as trust participants under the Irrevocable Trust No. 463 established at INVEX, S.A., Instituci&#243;n de Banca M&#250;ltiple, Invex Grupo Financiero, as Trustee, which is the owner of 74.86% of the voting stock of FEMSA, which in turn owns&nbsp;50.0%</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of our outstanding capital stock.&nbsp; As a result of the technical committee&#8217;s internal procedures, the technical committee as a whole is deemed to have beneficial ownership with sole voting power of all the shares deposited in the voting trust, and the trust participants, as technical committee members, are deemed to have beneficial ownership with shared voting power over those same deposited shares.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">These directors and alternate directors are Alfonso Garza Garza, Paulina Garza de Marroqu&#237;n, B&#225;rbara Garza Gonda de Braniff, Mariana Garza de Trevi&#241;o, Max Michel Suberville and Eva Garza de Fern&#225;ndez.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7. Major Shareholders and Related Party </FONT></B>


<B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transactions&#8212;Major Shareholders.&#8221;&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None of our other directors, alternate directors or executive officers is the beneficial owner of more than 1% of any class of our capital stock. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Board Practices</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our bylaws state that the board of directors will meet at least four times a year to discuss our operating results and progress in achieving strategic objectives.&nbsp; It is the practice of our board of directors to meet following the end of each quarter.&nbsp; Our board of directors can also hold extraordinary meetings.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 10.&nbsp; Additional Information&#8212;Bylaws.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our bylaws, directors serve one-year terms although they continue in office for up to 30 days until successors are appointed.&nbsp; If no successor is appointed during this period, the board of directors may appoint interim members, who will be ratified or substituted at the next shareholders meeting after such event occurs.&nbsp; None of the members of our board of directors or senior management of our subsidiaries has service agreements providing for benefits upon termination of employment.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our board of directors is supported by committees, which are working groups that analyze issues and provide recommendations to the board of directors regarding their respective areas of focus.&nbsp; The executive officers interact periodically with the committees to address management issues.&nbsp; The following are the three committees of the board of directors:</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Finance and Planning Committee</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The Finance and Planning Committee works with management to set annual and long-term strategic and financial plans of the company and monitors adherence to these plans.&nbsp; It is responsible for setting our optimal capital structure and recommends the appropriate level of borrowing as well as the issuance of securities.&nbsp; Financial risk management is another responsibility of the Finance and Planning Committee.&nbsp; Irial Finan is the chairman of the Finance and Planning Committee.&nbsp; The additional members include:&nbsp; Javier Astaburuaga Sanjines, Federico Reyes Garc&#237;a, Ricardo Guajardo Touch&#233; and Enrique Senior Hern&#225;ndez.&nbsp; The secretary of the Finance and Planning Committee is H&#233;ctor Trevi&#241;o Guti&#233;rrez, our Chief Financial Officer.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit Committee</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The Audit Committee is responsible for reviewing the accuracy and integrity of quarterly and annual financial statements in accordance with accounting, internal control and auditing requirements.&nbsp; The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the independent auditor, who reports directly to the Audit Committee; the internal auditing function also reports to the Audit Committee. The Audit Committee has implemented procedures for receiving, retaining and addressing complaints regarding accounting, internal control and auditing matters, including the submission of confidential, anonymous complaints from employees regarding questionable accounting or auditing matters.&nbsp; To carry out its duties, the Audit Committee may hire independent counsel and other advisors.&nbsp; As necessary, the company compensates the independent auditor and any outside advisor hired by the Audit Committee and provides funding for ordinary administrative expenses incurred by the Audit Committee in the course of its duties.&nbsp; Jos&#233; Manuel Canal Hernando is the chairman of the Audit Committee and the &#8220;audit committee financial expert&#8221;. </FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">The additional members are: Alfonso Gonz&#225;lez Migoya, Charles H. McTier,&nbsp; Francisco Zambrano Rodr&#237;guez and Ernesto Cruz Vel</FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX color=black face="Times New Roman">&#225;</FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">zquez de Le</FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX color=black face="Times New Roman">&#243;</FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">n. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Each member of the Audit Committee is an independent director, as required by the Mexican Securities Market Law and applicable New York Stock Exchange listing standards. The secretary of the Audit Committee, who is not a member, is Jos&#233; Gonz&#225;lez Ornelas, head of FEMSA&#8217;s auditing and operating control area.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Corporate Practices Committee</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The Corporate Practices Committee, which consists of exclusively of independent directors, is responsible for preventing or reducing the risk of performing operations that could damage the value of our company or that benefit a particular group of shareholders.&nbsp; The committee may call a shareholders meeting and include matters on the agenda for that meeting that it deems appropriate, approve policies on related party transactions, approve the compensation plan of the chief executive officer and relevant officers, and support our board of directors in the elaboration of related reports.&nbsp; The chairman of the Corporate Practices Committee is Daniel Servitje Montul.&nbsp; The additional members include:&nbsp; Helmut Paul and Karl Frei Buechi.&nbsp; The secretaries of the Corporate Practices Committee are Gary Fayard and Alfonso Garza Garza.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Advisory Board</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Our board of directors approved the creation of a committee whose main role will be to advise and propose initiatives to our board of directors through the Chief Executive Officer. This committee will mainly be comprised of former shareholders of the various bottling businesses that merged with us, whose experience will constitute an important contribution to our operations.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Employees </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, our headcount was as follows:&nbsp; 44,661 in Mexico and Central America, 26,047 in South America and 8,271 in Venezuela.&nbsp; In the headcount we include the employees of third party distributors.&nbsp; The table below sets forth headcount by category for the periods indicated:</FONT></P>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31,</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Executives </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">939</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">708</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-union </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">22,380</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17,258</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17,633</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Union </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">37,517</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">33,085</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">31,692</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Employees of third party distributors </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18,143</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17,347</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17,393</FONT></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 14.4pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">78,979</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">68,449</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">67,426</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, approximately 48% of our employees, most of whom were employed in Mexico, were members of labor unions.&nbsp; We had 117 separate collective bargaining agreements with 67 labor unions.&nbsp; In general, we have a good relationship with the labor unions throughout our operations, except in Colombia, Venezuela and Guatemala, which are or have been the subjects of significant labor-related litigation.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 8.&nbsp; Financial Information&#8212;Consolidated Statements and Other Financial Information&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Item 8.&nbsp; Financial Information&#8212;Legal Proceedings.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; We believe we have appropriate reserves for these litigation proceedings and do not currently expect them to have a material adverse effect.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During January 2011, a production and distribution facility in Venezuela that produces approximately 50% of the total sales volume in Venezuela went on strike for 26 days, completely halting production. Productivity resumed when a final agreement was reached with the union that resulted in additional expenses for our Venezuelan subsidiary through increases in wages and expenditures associated with improving work conditions for employees. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Insurance Policies</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We maintain a number of different types of insurance policies for all employees.&nbsp; These policies mitigate the risk of having to pay death benefits in the event of an industrial accident.&nbsp; We maintain directors&#8217; and officers&#8217; insurance policies covering all directors and certain key executive officers for liabilities incurred in their capacities as directors and officers.</FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 7.&nbsp; Major Shareholders and Related Party Transactions&nbsp;&nbsp;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">MAJOR SHAREHOLDERS</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our outstanding capital stock consists of three classes of securities:&nbsp; Series A shares held by FEMSA, Series D shares held by The Coca-Cola Company and Series L shares held by the public.&nbsp; The following table sets forth our major shareholders as of April 20, 2012:</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Owner</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Outstanding<BR>Capital Stock</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Percentage Ownership of<BR>Outstanding<BR>Capital Stock</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Percentage of<BR>Voting Rights</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -7.2pt; MARGIN: 0cm 14.4pt 0pt 7.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">FEMSA (Series A shares)<SUP>(1)</SUP> </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">992,078,519</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">50.0%</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">63.0%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -7.2pt; MARGIN: 0cm 14.4pt 0pt 7.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">The Coca-Cola Company (Series D Shares)<SUP>(2)</SUP> </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">583,545,678</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">29.4%</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">37.0%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -7.2pt; MARGIN: 0cm 14.4pt 0pt 7.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Public (Series L shares)<SUP>(3)</SUP> </FONT></P></TD>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">409,829,732</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="18%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">20.6%</FONT></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 14.4pt 2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total </FONT></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1,985,453,929</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; FEMSA owns these shares through its wholly-owned subsidiary Compa&#241;&#237;a Internacional de Bebidas, S.A. de C.V., which we refer to in this annual report as CIBSA. 74.86% of the voting stock of FEMSA is owned by the technical committee and trust participants under Irrevocable Trust No. 463 established at Banco Invex, S.A. Instituci&#243;n de Banca M&#250;ltiple, Invex Grupo Financiero, as Trustee.&nbsp; As a consequence of the voting trust&#8217;s internal procedures, the following trust participants are deemed to have beneficial ownership with shared voting power of the shares deposited in the voting trust: BBVA Bancomer Servicios, S.A., as Trustee under Trust No. </FONT><FONT style="FONT-SIZE: 8pt" lang=ES-MX face="Times New Roman">F/25078-7 (controlled by Max Michel Suberville), Paulina Garza Lag&#252;era Gonda, B&#225;rbara Garza Lag&#252;era Gonda, Mariana Garza Lag&#252;era Gonda, Eva Gonda Rivera, Eva Maria Garza Lag&#252;era Gonda, Consuelo Garza Lag&#252;era de Garza, Alfonso Garza Garza, Patricio Garza Garza, Juan Carlos Garza Garza, Eduardo Garza Garza, Eugenio Garza Garza, Alberto Bailleres Gonzalez, Maria Teresa Gual Aspe de Bailleres, Inversiones Burs&#225;tiles Industriales, S.A. de C.V. (controlled by the Garza Lag&#252;era family), Corbal, S.A. de C.V. (controlled by Alberto Bailleres Gonz&#225;lez), Magdalena Michel de David, Alepage, S.A. (controlled by Consuelo Garza Lag&#252;era), BBVA Bancomer Servicios, S.A. as Trustee under Trust No.&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">F/29013-0 (controlled by the estate of Jos&#233; Calder&#243;n Ayala, late father of Jos&#233; Calder&#243;n Rojas), Max Michel Suberville, Max David Michel, Juan David Michel, Monique David de VanLathem, Renee Michel de Guichard, Magdalena Guichard Michel, Rene Guichard Michel, Miguel Guichard Michel, Graciano Guichard Michel, Juan Guichard Michel, Franca Servicios, S.A. de C.V. (controlled by the estate of Jos&#233; Calder&#243;n Ayala, late father of Jos&#233; Calder&#243;n Rojas), BBVA Bancomer Servicios, S.A., as Trustee under Trust No. F/29490-0 (controlled by Alberto, Susana and Cecilia Bailleres), BBVA Bancomer Servicios, S.A., as Trustee under Trust No. F/710004 (controlled by Magdalena Michel de David) and BBVA Bancomer Servicios, S.A., as Trustee under Trust No. F/700005 (controlled by Renee Michel de Guichard).</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Company indirectly owns these shares through its wholly-owned subsidiaries, The Inmex Corporation and Dulux CBAI 2003 B.V. </FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 12pt 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp; Holders of Series L shares are only entitled to vote in limited circumstances.&nbsp; </FONT><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">See &#8220;Item 10. Additional Information&#8212;Bylaws.&#8221;</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp; Holders of ADSs are entitled, subject to certain exceptions, to instruct The Bank of New York, a depositary, as to the exercise of the limited voting rights pertaining to the Series L shares underlying their ADSs.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Series A shares, owned by FEMSA, are held in Mexico and our Series D shares, owned by The Coca-Cola Company, are held outside of Mexico.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, there were 22,401,383 of our ADSs outstanding, each ADS representing ten Series L shares. 67.0% of our outstanding Series L shares were represented by ADSs.&nbsp; As of April 20, 2012, 53.6</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">% of our outstanding Series L shares were represented by ADSs, held by 365 holders (including The Depositary Trust Company) with registered addresses outside of Mexico. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Shareholders Agreement</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We operate pursuant to a shareholders agreement among two subsidiaries of FEMSA, The Coca-Cola Company and certain of its subsidiaries.&nbsp; This agreement, together with our bylaws, sets forth the basic rules under which we operate.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February 2010, our main shareholders, FEMSA and The Coca-Cola Company, amended the shareholders agreement, and our bylaws were amended accordingly.&nbsp; The amendment mainly relates to changes in the voting requirements for decisions on:&nbsp; (1) ordinary operations within an annual business plan and (2) appointment of the chief executive officer and all officers reporting to him, all of which now may be taken by the board of directors by simple majority voting.&nbsp;Also, the amendment provides that payment of dividends, up to an <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">amount equivalent to 20% of the preceding years&#8217; retained earnings, may be approved by a simple majority of the shareholders.&nbsp;Any decision on extraordinary matters, as they are defined by our bylaws and which include any new business acquisition, business combinations or any change in the existing line of business, among other things, shall require the approval of the majority of the members of the board of directors, with the vote of two of the members appointed by The Coca-Cola Company.&nbsp;Also, any decision related to such extraordinary matters or any payment of dividends above 20% of the preceding years&#8217; retained earnings shall require the approval of a majority of shareholders of each of Series A and Series D shares voting together as a single class.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our bylaws and shareholders agreement, our Series A shares and Series D shares are the only shares with full voting rights and, therefore, control actions by our shareholders.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The shareholders agreement also sets forth the principal shareholders&#8217; understanding as to the effect of adverse actions of The Coca-Cola Company under the bottler agreements. Our bylaws and shareholders agreement provide that a majority of the directors appointed by the holders of Series A shares, upon making a reasonable, good faith determination that any action of The Coca-Cola Company under any bottler agreement between The Coca-Cola Company and our company or any of our subsidiaries is materially adverse to our business interests and that The Coca-Cola Company has failed to cure such action within 60 days of notice, may declare a simple majority period at any time within 90 days after giving notice. During the simple majority period, as defined in our bylaws, certain decisions, namely the approval of material changes in our business plans, the introduction of a new, or termination of an existing, line of business, and related party transactions outside the ordinary course of business, to the extent the presence and approval of at least two Series D directors would otherwise be required, can be made by a simple majority vote of our entire board of directors, without requiring the presence or approval of any Series D director. A majority of the Series A directors may terminate a simple majority period but, once having done so, cannot declare another simple majority period for one year after the termination. If a simple majority period persists for one year or more, the provisions of the shareholders agreement for resolution of irreconcilable differences may be triggered, with the consequences outlined in the following paragraph.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to the rights of first refusal provided for in our bylaws regarding proposed transfers of Series A shares or Series D shares, the shareholders agreement contemplates three circumstances under which one principal shareholder may purchase the interest of the other in our company:&nbsp; (1) a change in control in a principal shareholder, (2) the existence of irreconcilable differences between the principal shareholders or (3) the occurrence of certain specified events of default.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the event that (1) one of the principal shareholders buys the other&#8217;s interest in our company in any of the circumstances described above or (2) the ownership of our shares of capital stock other than the Series L shares of the subsidiaries of The Coca-Cola Company or FEMSA is reduced below 20% and upon the request of the shareholder whose interest is not so reduced, the shareholders agreement requires that our bylaws be amended to eliminate all share transfer restrictions and all special-majority voting and quorum requirements, after which the shareholders agreement would terminate.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The shareholders agreement also contains provisions relating to the principal shareholders understanding as to our growth.&nbsp; It states that it is The Coca-Cola Company&#8217;s intention that we will be viewed as one of a small number of its &#8220;anchor&#8221; bottlers in Latin America.&nbsp; In particular, the parties agree that it is desirable that we expand by acquiring additional bottler territories in Mexico and other Latin American countries in the event any become available through horizontal growth.&nbsp; In addition, The Coca-Cola Company has agreed, subject to a number of conditions, that if it obtains ownership of a bottler territory that fits with our operations, it will give us the option to acquire such territory.&nbsp; The Coca-Cola Company has also agreed to support prudent and sound modifications to our capital structure to support horizontal growth.&nbsp; The Coca-Cola Company&#8217;s agreement as to horizontal growth expires upon either the elimination of the super-majority voting requirements described above or The Coca-Cola Company&#8217;s election to terminate the agreement as a result of a default.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="times new roman">The Coca-Cola Memorandum </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In connection with the acquisition of Panamco in 2003, we established certain understandings primarily relating to operational and business issues with both The Coca-Cola Company and FEMSA that were memorialized in writing prior to completion of the acquisition.&nbsp; Although The Coca-Cola Memorandum has not been amended, we <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">continue to develop our relationship with The Coca-Cola Company (i.e. through, inter alia, acquisitions and taking on new product categories), and we therefore believe that The Coca-Cola Memorandum should be interpreted in the context of subsequent events, some of which have been noted in the description below.&nbsp; The terms are as follows:</FONT></FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The shareholder arrangements between directly wholly owned subsidiaries of FEMSA and The Coca-Cola Company will continue in place.&nbsp; On February 1, 2010, FEMSA amended its shareholders agreement with The Coca-Cola Company.&nbsp; See &#8220;&#8212;The Shareholders Agreement.&#8221;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FEMSA will continue to consolidate our financial results under Mexican FRS.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company and FEMSA will continue to discuss in good faith the possibility of implementing changes to our capital structure in the future.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There will be no changes in concentrate pricing or marketing support by The Coca-Cola Company up to May 2004. After such time, The Coca-Cola Company has complete discretion to implement any changes with respect to these matters, but any decision in this regard will be discussed with us and will take our operating condition into consideration. In 2005, The Coca-Cola Company decided to gradually increase concentrate prices for sparkling beverages over a three-year period in Brazil beginning in 2006 and in Mexico beginning in 2007. These increases were fully implemented in Brazil 2008 and in Mexico in 2009. </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company may require the establishment of a different long-term strategy for Brazil.&nbsp; If, after taking into account our performance in Brazil, The Coca-Cola Company does not consider us to be part of this long-term strategic solution for Brazil, then we will sell our Brazilian franchise to The Coca-Cola Company or its designee at fair market value.&nbsp; Fair market value would be determined by independent investment bankers retained by each party at their own expense pursuant to specified procedures.&nbsp; We currently believe the likelihood of this term applying is remote.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FEMSA, The Coca-Cola Company and us will meet to discuss the optimal Latin American territorial configuration for the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottler system.&nbsp; During these meetings, we will consider all possible combinations and any asset swap transactions that may arise from these discussions.&nbsp; In addition, we will entertain any potential combination as long as it is strategically sound and done at fair market value.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We would like to keep open strategic alternatives that relate to the integration of sparkling beverages and beer.&nbsp; The Coca-Cola Company, FEMSA and us would explore these alternatives on a market-by-market basis at the appropriate time.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company agreed to sell to a subsidiary of FEMSA sufficient shares to permit FEMSA to beneficially own 51% of our outstanding capital stock (assuming that this subsidiary of FEMSA does not sell any shares and that there are no issuances of our stock other than as contemplated by the acquisition).&nbsp; As a result of this understanding, in November 2006, FEMSA acquired, through a subsidiary, 148,000,000 of our Series D shares from certain subsidiaries of The Coca-Cola Company, representing 9.4% of the total outstanding voting shares and 8.02% of the total outstanding equity of Coca-Cola FEMSA, at a price of US$ 2.888 per share for an aggregate amount of US$ 427.4 million.&nbsp; Pursuant to our bylaws, the acquired shares were converted from Series D shares to Series A shares.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We may be entering some markets where significant infrastructure investment may be required.&nbsp; The Coca-Cola Company and FEMSA will conduct a joint study that will outline strategies for these markets, as well as the investment levels required to execute these strategies.&nbsp; Subsequently, it is intended that FEMSA and The Coca-Cola Company will reach agreement on the level of funding to be provided by each of the partners.&nbsp; The parties intend that this allocation of funding responsibilities would not be overly burdensome for either partner.</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We entered into a stand-by credit facility in December 2003 with The Coca-Cola Export Corporation, which expired in December 2006 and was never used.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Cooperation Framework with The Coca-Cola Company</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In September 2006, The Coca-Cola Company and we reached at a comprehensive cooperation framework for a new stage of collaboration going forward.&nbsp; This new framework includes the main aspects of our relationship with The Coca-Cola Company and defines the terms for the new collaborative business model.&nbsp; The framework is structured around three main objectives, which have been implemented as outlined below:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt" align=justify><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sustainable growth of sparkling beverages, still beverages and waters:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Together with The Coca-Cola Company, we have defined a platform to jointly pursue incremental growth in the sparkling beverages category, as well as accelerated development of still beverages and waters across Latin America.&nbsp; To this end, The Coca-Cola Company will provide a relevant portion of the funds derived from the concentrate increase for marketing support of the entire portfolio.&nbsp; In addition, the framework contemplates a new, all-encompassing business model for the development, organically and through acquisitions, of still beverages and waters that further aligns our and The Coca-Cola Company&#8217;s objectives and should contribute to incremental long-term value creation for both companies.&nbsp; With this objective in mind, we have jointly acquired the Brisa bottled water business in Colombia, we have formalized a joint venture for the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jugos del Valle</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> products in Mexico and Brazil and we have formalized&nbsp;certain agreements to develop the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Crystal&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> water business&nbsp;and the Matte Leao business in Brazil with other bottlers and the business of Grupo Estrella Azul, a leading dairy and juice-based beverage company in Panama. In addition, during 2011 we formalized a joint venture to develop certain coffee products in our territories.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our horizontal growth:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; The framework includes The Coca-Cola Company&#8217;s endorsement of our aspiration to continue being a leading participant in the consolidation of the Coca-Cola system in Latin America, as well as our exploration of potential opportunities in other markets where our operating model and strong execution capabilities could be leveraged.&nbsp; For example, in 2008 we entered into a transaction with The Coca-Cola Company to acquire from it, REMIL, which was The Coca-Cola Company&#8217;s wholly owned bottling franchise in the majority of the State of Minas Gerais of Brazil.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Long-term vision in relationship economics:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; We and The Coca-Cola Company understand each other&#8217;s business objectives and growth plans, and the new framework provides long-term perspective on the economics of our relationship.&nbsp; This will allow us and The Coca-Cola Company to focus on continuing to drive the business forward and generating profitable growth.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">RELATED PARTY TRANSACTIONS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">We believe that our transactions with related party transactions are on terms comparable to those that would result from arm&#8217;s length negotiations with unaffiliated parties and are reviewed and approved by our Corporate Practices Committee.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">FEMSA </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We regularly engage in transactions with FEMSA and its subsidiaries.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We sell our products to certain FEMSA subsidiaries, substantially all of which consists of our sales to a chain of convenience stores under the name Oxxo.&nbsp; The aggregate amount of these sales to Oxxo was Ps. 2,088 million, Ps. 1,623 million, and Ps. 1,263 million in 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also purchase products from FEMSA and its subsidiaries.&nbsp; The aggregate amount of these purchases was Ps. 3,665 million, Ps. 5,412 million, and Ps. 5,941 million in 2011, 2010 and 2009, respectively.&nbsp; These amounts principally relate to raw materials, beer, assets and services provided to us by FEMSA.&nbsp; In January 2008, we renewed our service agreement with another subsidiary of FEMSA, which provides for the continued provision of administrative services relating to insurance, legal and tax advice, relations with governmental authorities and certain administrative and internal auditing services that it has been providing since June 1993.&nbsp; In November 2000, we entered into a service agreement with a subsidiary of FEMSA for the transportation of finished products from our production facilities to our distribution centers within Mexico.&nbsp; In November 2001, we entered into two franchise bottler agreements with Promotora de Marcas Nacionales, S.A. de C.V., an indirect subsidiary of FEMSA, under which we became the sole franchisee for the production, bottling, distribution and sale of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mundet&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brands in the valley of Mexico and in most of our operations in Southeast Mexico. In September 2010, FEMSA sold the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mundet&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand in Mexico to The Coca-Cola Company through The Coca-Cola Company&#8217;s acquisition of 100% of the equity interest of Promotora de Marcas Nacionales, S.A. de C.V. We remain the licensee of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mundet&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> trademark under the license agreements with Promotora de Marcas Nacionales, S.A. de C.V.&nbsp; Both agreements are renewable for ten-year terms, subject to non-renewal by either party with notice to the other party.&nbsp; We recently expanded the territories covered by these agreements to certain of our operations outside of Mexico.&nbsp; We primarily purchase our glass bottles in Mexico from Glass &amp; Silice S.A. de C.V. (formerly VICHISA), a wholly-owned subsidiary of Cuauht&#233;moc Moctezuma Holding, S.A. de C.V. (formerly FEMSA Cerveza), currently a wholly-owned subsidiary of the Heineken Group.&nbsp; The aggregate amount of our purchases from Glass &amp; Silice S.A. de C.V. (formerly VICHISA) amounted to Ps. 320.2 million, Ps.&nbsp;304.5 million and Ps.&nbsp;335.1 million in 2011, 2010 and 2009, respectively.&nbsp; Finally, we&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">continue to distribute and sell the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Kaiser&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> beer portfolio in our Brazilian territories through the 20-year term, consistent with&nbsp;arrangements in place with Cervejarias Kaiser since 2006, prior the acquisition&nbsp;of Cervejarias Kaiser by Cuauht&#233;moc Moctezuma Holding, S.A. de C.V., formerly&nbsp;known as FEMSA Cerveza. On April 30, 2010, the transaction pursuant to which FEMSA agreed to exchange 100% of its beer operations for a 20% economic interest in the Heineken Group closed.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 3. Key Information&#8212;Risk Factors&#8212;Risks Related to Our Company&#8212;</FONT></B><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have significant transactions with affiliates, particularly The Coca-Cola Company and FEMSA, which may create the potential for conflicts of interest and could result in less favorable terms to us.&#8221;</FONT></I></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">FEMSA is also a party to the understandings we have with The Coca-Cola Company relating to specified operational and business issues.&nbsp; A summary of these understandings is set forth under </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;&#8212;Major Shareholders&#8212;The Coca-Cola Memorandum.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Coca-Cola Company</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We regularly engage in transactions with The Coca-Cola Company and its affiliates.&nbsp; We purchase all of our concentrate requirements for </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">trademark beverages from The Coca-Cola Company.&nbsp; Total expenses charged to us by The Coca-Cola Company for concentrates were approximately Ps. 21,183 million, Ps. 19,371 million, and Ps. 16,863 million in 2011, 2010 and 2009, respectively.&nbsp; Our company and The Coca-Cola Company pay and reimburse each other for marketing expenditures.&nbsp; The Coca-Cola Company also contributes to our coolers, and bottles and cases investment program.&nbsp; We received contributions to our marketing expenses and coolers, and bottles and cases investment program of Ps. 2,561 million, Ps. 2,386 million, and Ps. 1,945 million in 2011, 2010 and 2009, respectively.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December 2007 and May 2008, we sold most of our proprietary brands to The Coca-Cola Company.&nbsp; The proprietary brands are licensed back to us by The Coca-Cola Company pursuant to our bottler agreements.&nbsp; The December 2007 transaction was valued at US$ 48 million and the May 2008 transaction was valued at US$&nbsp;16 million.&nbsp; We believe that both of these transactions were conducted on an arm&#8217;s length basis.&nbsp; Revenues from the sale of proprietary brands realized in prior years in which we have a significant continuing involvement are deferred and amortized against the related costs of future sales over the estimated sales period.&nbsp; The balance to be amortized amounted to Ps. 302 million, Ps. 547 million, and Ps. 616 million as of December 31, 2011, 2010 and 2009, respectively.&nbsp; The short-term portions to be amortized amounted to Ps. 197 million, Ps. 276 million, and Ps. 203 million at December 31, 2011, 2010 and 2009, respectively.&nbsp; The short-term portions are included in other current liabilities.&nbsp; The long-term positions are included in other liabilities.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Argentina, we purchase pre-formed plastic ingots, as well as returnable plastic bottles from Embotelladora del Atl&#225;ntico S.A., a local subsidiary of Embotelladora Andina S.A., a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottler with operations in Argentina, Chile and Brazil in which The Coca-Cola Company has a substantial interest.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Argentina, we mainly use HFCS that we purchase from several different local suppliers as a sweetener in our products instead of sugar.&nbsp; We purchase glass bottles, plastic cases and other raw materials from several domestic sources.&nbsp; We purchase pre-formed plastic ingots, as well as returnable plastic bottles, at competitive prices from Embotelladora del Atl&#225;ntico S.A., a local subsidiary of Embotelladora Andina S.A., a bottler of The Coca-Cola Company with operations in Argentina, Chile and Brazil, and other local suppliers.&nbsp; We also acquire pre-formed plastic ingots from ALPLA Avellaneda S.A. and other suppliers.&nbsp; We produce our own can presentations, aseptic packaging and hot filled products for distribution </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">of our products </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to </FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">our&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> customers in Buenos Aires. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In November 2007, Administraci&#243;n, a Mexican company owned directly or indirectly by us and The Coca-Cola Company, acquired 100% of the shares of capital stock of Jugos del Valle.&nbsp; The business of Jugos del Valle in the United States was acquired and sold by The Coca-Cola Company.&nbsp; Subsequently, we and The Coca-Cola Company and all Mexican and Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers entered into a joint business for the Mexican and the Brazilian operations, respectively, of Jugos del Valle, through transactions completed during 2008.&nbsp; Taking into account the participations held by Grupo Tampico and Grupo CIMSA, we currently hold an interest of 24.0% in the Mexican joint business and approximately 19.7% in the Brazilian joint businesses.&nbsp; Jugos del Valle sells fruit juice-based beverages and fruit derivatives. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February 2009, we acquired with The Coca-Cola Company the Brisa bottled water business in Colombia from Bavaria, a subsidiary of SABMiller.&nbsp; We acquired the production assets and the distribution territory, and The Coca-Cola Company acquired the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brisa&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> brand.&nbsp; We and The Coca-Cola Company equally shared in paying the purchase price of US$&nbsp;92 million.&nbsp; Following a transition period, in June 2009, we started to sell and distribute the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brisa&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> portfolio of products in Colombia.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">In May 2009, we entered into an agreement to develop the </FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">Crystal&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> trademark water products in Brazil jointly with The Coca-Cola Company. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In August 2010, we acquired from The Coca-Cola Company along with other Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers the business operations of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Matte Leao </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tea brand.&nbsp;As of April 20, 2012, we have a 19.4% indirect interest in the Matte Leao business in Brazil. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In March 2011, we acquired with The Coca-Cola Company, through Compa&#241;&#237;a Paname&#241;a de Bebidas S.A.P.I. de C.V., Estrella Azul, a Panamanian conglomerate that participates in the dairy and juice-based beverage categories in Panama. We will continue to develop this business with The Coca-Cola Company.</FONT><B><I><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> &nbsp;</FONT></I></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In March 2011, with The Coca-Cola Company, through Compa&#241;&#237;a de Bebidas Paname&#241;as S.A.P.I. de C.V. we entered into several credit agreements (the &#8220;Credit Facilities&#8221;), pursuant to which we lent an aggregate amount of US$112,257,620 to Estrella Azul. Subject to certain events which could lead to an acceleration of payments, the principal balance of the Credit Facilities is payable in one installment on March 24, 2021. </FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In February 2012, we entered into a 12-month exclusivity agreement with The Coca-Cola Company to evaluate the potential acquisition of a controlling ownership stake in the bottling operations owned by The Coca-Cola Company in the Philippines. We remain in the process of evaluating this potential acquisition.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Associated Companies</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also regularly engage in transactions with companies in which we own an equity interest that are not affiliated with The Coca-Cola Company, as described under &#8220;&#8212;The Coca-Cola Company.&#8221; We believe these transactions are on terms comparable to those that would result from arm&#8217;s length negotiations with unaffiliated third parties.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Mexico, we purchase sparkling beverages in cans from Industria Envasadora de Quer&#233;taro, S.A. de C.V., or IEQSA, in which we hold an equity interest of 19.2%.&nbsp; We paid IEQSA Ps. 262 million, Ps. 196 million, and Ps. 208 million in 2011, 2010 and 2009, respectively.&nbsp; IEQSA purchases aluminum cans from FEMSA.&nbsp; We also purchase sugar from Beta San Miguel and Piasa, both sugar-cane producers in which, as of April 20, 2012, we hold a 2.5% and 13.2% equity interest, respectively.&nbsp; We paid Ps. 1,398 million, Ps. 1,307 million, and Ps. 713 million to Beta San Miguel in 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Mexico, we participate with certain </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> bottlers in PROMESA, in which, as of April 20, 2012, we hold a 25.0% interest.&nbsp; Through PROMESA, we purchase our cans for our Mexican operations, which are manufactured by F&#225;bricas de Monterrey, S.A. de C.V., or FAMOSA, a wholly-owned subsidiary of&nbsp;Cuauht&#233;moc Moctezuma Holding, S.A. de C.V. (formerly FEMSA Cerveza), currently a wholly-owned subsidiary of the Heineken Group.&nbsp; We purchased from PROMESA approximately Ps. 701 million, Ps. 684 million, and Ps. 783 million in 2011, 2010, and 2009, respectively.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jos&#233; Antonio Fern&#225;ndez Carbajal, a director of Coca-Cola FEMSA, is also the chairman of the board of directors of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Instituto Tecnol&#243;gico de Estudios Superiores de Monterrey</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, or ITESM, a Mexican private university that routinely receives donations from us. Ricardo Guajardo Touch&#233;, a director of Coca-Cola FEMSA, is also a member of the board of directors of ITESM.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Allen &amp; Company LLC provides investment banking services to us and our affiliates in the ordinary course of its business.&nbsp; Enrique Senior, one of our directors, is a Managing Director of Allen &amp; Company LLC, and Herbert Allen III, an alternate director, is the president of Allen &amp; Company LLC.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are insured in Mexico primarily under certain of FEMSA&#8217;s insurance policies with Grupo Nacional Provincial S.A., of which the son of the chairman of its board of directors, Alejandro Bailleres Gual is one of our alternate directors.&nbsp; The policies were purchased pursuant to a competitive bidding process.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In October 2011, we executed certain agreements with affiliates of Grupo Tampico to acquire specific products and services such as plastic cases, certain trucks and car brands, as well as autoparts exclusively for the territories of Grupo Tampico, which agreements provide for certain preferences to be elected as suppliers in our suppliers' bidding processes.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 8.&nbsp; Financial Information</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Consolidated Financial Statements</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG>See &#8220;Item 18.&nbsp; Financial Statements&#8221; </STRONG>beginning on page F-1.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Dividend Policy</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For a discussion of our dividend policy, see </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Item 3.&nbsp; Key Information&#8212;Dividends and Dividend Policy.&#8221;</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">No significant changes have occurred since the date of the annual financial statements included in this annual report. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">LEGAL PROCEEDINGS&nbsp;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are party to various legal proceedings in the ordinary course of business.&nbsp; Other than as disclosed in this annual report, we are not currently involved in any litigation or arbitration proceeding, including any proceeding that is pending or threatened of which we are aware, which we believe will have, or has had, a material adverse effect on our company.&nbsp; Other legal proceedings that are pending against or involve us and our subsidiaries are incidental to the conduct of our and their business.&nbsp; We believe that the ultimate disposition of such other proceedings individually or in an aggregate basis will not have a material adverse effect on our consolidated financial condition or results from operations.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Mexico</FONT></B></P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Antitrust Matters</FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">.&nbsp; During 2000, the CFC,</FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> pursuant to complaints filed by PepsiCo and certain of its bottlers in Mexico, began an investigation of The Coca-Cola Company Export Corporation (TCECC) and its bottlers for alleged monopolistic practices through exclusivity arrangements with certain retailers.&nbsp; After the corresponding legal proceedings&nbsp;in 2008, a Mexican Federal Court, rendered a final adverse judgment&nbsp;against two out of our eight Mexican subsidiaries involved in the proceedings (including Grupo CIMSA and Grupo Tampico), upholding a fine of approximately Ps.10.5 million imposed by CFC on each of the two subsidiaries and ordering the immediate suspension of such practices of alleged exclusivity arrangements and conditional dealing.&nbsp; With respect to the complaints against the remaining six subsidiaries (including Grupo CIMSA and Grupo Tampico), a final favorable resolution was rendered in Mexican Federal Court and the CFC,&nbsp;which ruling dropped the fines and ruled in favor of&nbsp;all of our subsidiaries, on the grounds of insufficient evidence to prove individual and specific liability in the alleged antitrust violations.&nbsp; These resolutions are final and unappealable. </FONT></P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In February 2009, the CFC began a new investigation of alleged monopolistic practices consisting of sparkling beverage sales subject to exclusivity agreements and the granting of discounts and/or benefits in exchange for exclusivity arrangements with certain retailers.&nbsp; In December 2011, the CFC closed this investigation on the grounds of insufficient evidence of monopolistic practices by The Coca-Cola Company and its bottlers.&nbsp; However, on February 9, 2012 the plaintiff appealed the decision of the CFC. The CFC has not yet ruled on whether to accept or deny the appeal.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Antitrust Matters in Costa Rica</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; During August 2001, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comisi&#243;n para Promover la Competencia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> in Costa Rica (Costa Rican Antitrust Commission) pursuant to a complaint filed by PepsiCo. and its bottler in Costa Rica initiated an investigation of the sales practices of The Coca-Cola Company and our Costa Rican subsidiary for alleged monopolistic practices in retail distribution, including sales exclusivity arrangements.&nbsp; A ruling from the Costa Rican Antitrust Commission was issued in July 2004, which found our subsidiary in Costa Rica engaged in monopolistic practices with respect to exclusivity arrangements, pricing and the sharing of coolers under certain limited circumstances and imposed a fine of US$ 130,000 (approximately Ps.&nbsp;1.5 million. The court dismissed our appeal of the ruling. On August 30, 2011, we appealed the court&#8217;s dismissal before the Supreme Court, but the Supreme Court affirmed the dismissal on December 1, 2011. Notwithstanding the above, the above resolutions will not have a material adverse effect on our financial condition and operations because we have already paid the Costa Rican Antitrust Commission&#8217;s fine and are currently complying with its resolution.</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></I></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In November 2004, Ajecen del Sur S.A., the bottler of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Big Cola</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> in Costa Rica, filed a complaint before the Costa Rican Antitrust Commission related to monopolistic practices in retail distribution and exclusivity agreements against The Coca-Cola Company and our Costa Rican subsidiary.&nbsp; The Costa Rican Antitrust Commission has decided to pursue an investigation.&nbsp; The period for gathering of evidence ended in August 2008, and the final arguments have been filed.&nbsp; Based on our experience, we expect that the maximum fine that could be imposed is US$ 300,000 (approximately Ps. 3.5 million).&nbsp; The final resolution issued by the Costa Rican Antitrust Commission ruled in our favor, imposing no fine.&nbsp; </FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Labor Matters</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; During July 2001, a labor union and several individuals from the Republic of Colombia filed a lawsuit in the U.S. District Court for the Southern District of Florida against certain of our subsidiaries.&nbsp; The plaintiffs alleged that the subsidiaries engaged in wrongful acts against the labor union and its members in Colombia, including kidnapping, torture, death threats and intimidation.&nbsp; The complaint alleges claims under the U.S. Alien Tort Claims Act, Torture Victim Protection Act, Racketeer Influenced and Corrupt Organizations Act and state tort law and seeks injunctive and declaratory relief and damages of more than US$ 500 million, including treble and punitive damages and the cost of the suit, including attorney fees.&nbsp; In September 2006, the federal district court dismissed the complaint with respect to all claims.&nbsp; The plaintiffs appealed and in August 2009, the Appellate Court affirmed the decision in favor of our subsidiaries. The plaintiffs moved for a rehearing, and in September 2009, the rehearing motion was denied.&nbsp; Plaintiffs attempted to seek reconsideration </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">en banc</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, but so far, the court has not considered it.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Venezuela</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax Matters</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In 1999, some of our Venezuelan subsidiaries received notice of indirect tax claims asserted by the Venezuelan tax authorities.&nbsp; These subsidiaries have taken the appropriate measures against these claims at the administrative level and filed appeals with the Venezuelan courts.&nbsp; The claims currently amount to approximately US$ 21.1 million (approximately Ps. 250 million).&nbsp; We have certain rights to indemnification from Venbottling Holding, Inc., a former shareholder of Panamco and The Coca-Cola Company, for a substantial portion of the claims.&nbsp; We do not believe that the ultimate resolution of these cases will have a material adverse effect on our financial condition or results from operations.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Antitrust Matters</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Several claims have been filed against us by private parties that allege anticompetitive practices by our Brazilian subsidiaries.&nbsp; The plaintiffs are Ragi (Dolly), a Brazilian producer of &#8220;B Brands,&#8221; and PepsiCo, alleging anticompetitive practices by Spal Ind&#250;stria Brasileira de Bebidas S.A. and Recofarma Ind&#250;stria do Amazonas Ltda.&nbsp; Of the four claims Dolly filed against us, the only one remaining concerns a denial of access to common suppliers.&nbsp; Of the two claims made by PepsiCo, the first concerns exclusivity arrangements at the point of sale, and the second is an alleged corporate espionage allegation against the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pepsi </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">bottler, BAESA, which the Ministry of Economy recommended to be dismissed for lack of evidence.&nbsp; Under Brazilian law, each of these claims could result in substantial monetary fines and other penalties although we believe each of the claims is without merit. </FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">87</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 9.&nbsp; The Offer and Listing</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">TRADING MARKETS</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth, for the periods indicated, the reported high and low nominal sale prices for the Series L shares on the Mexican Stock Exchange and the reported high and low nominal sale prices for the ADSs on the New York Stock Exchange:</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican Stock Exchange</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">New York Stock Exchange</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman">Mexican pesos per Series L Share</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollars per ADS</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High<SUP>(1)</SUP></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low<SUP>(1)</SUP></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High<SUP>(1)</SUP></FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low<SUP>(1)</SUP></FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2007:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Full year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 53.65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 37.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 49.28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 34.05</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2008:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Full year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 64.49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 38.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 62.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 27.74</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First quarter &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 62.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 40.96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 45.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 26.41</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">56.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">48.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">43.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">35.16</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">65.81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">53.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">49.47</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">39.03</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">86.71</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">66.43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">66.87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">47.75</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 88.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 74.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 69.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 57.67</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">94.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">79.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">70.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">62.59</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Third quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">103.37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">81.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">81.26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">62.76</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">103.36</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">92.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">83.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">76.96</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 102.34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 87.40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 83.65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 72.08</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">110.48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">91.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">93.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">78.47</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">126.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">104.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">98.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">84.84</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">135.91</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">116.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">83.34</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2012:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">January </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 133.58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps. 125.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 98.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$ 94.30</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">February </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">130.46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">126.59</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">101.46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">98.95</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">March </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">135.92</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">125.91</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">105.91</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97.75</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -12pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">135.92</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">125.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">105.91</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 22.5pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">94.30</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; High and low closing prices for the periods presented.</FONT></P>

<P style="TEXT-INDENT: -24.5pt; MARGIN: 0cm 0cm 0pt 24.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-INDENT: -24.5pt; MARGIN: 0cm 0cm 0pt 24.45pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">88</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Mexican Stock Exchange or the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bolsa Mexicana de Valores, S.A.B. de C.V.</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, located in Mexico City, is the only stock exchange in Mexico.&nbsp; Trading takes place principally through automated systems that are open between the hours of 8:30 a.m. and 3:00 p.m. Mexico City time, each business day.&nbsp; Beginning in March 2008, during daylight savings time, trading hours change to match the New York Stock Exchange trading hours, opening at 7:30 a.m. and closing at 2:00 p.m. local time.&nbsp; The Mexican Stock Exchange operates a system of automatic suspension of trading in shares of a particular issuer as a means of controlling excessive price volatility, but under current regulations this system does not apply to securities such as the Series L shares that are directly or indirectly (for example, through ADSs) quoted on a stock exchange outside of Mexico.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Settlement is effected three business days after a share transaction on the Mexican Stock Exchange.&nbsp; Deferred settlement, even by mutual agreement, is not permitted without the approval of the Mexican Stock Exchange.&nbsp; Most securities traded on the Mexican Stock Exchange, including our shares, are on deposit with S.D. Indeval, S.A. de C.V., Instituto para el Dep&#243;sito de Valores, which we refer to as Indeval, a privately owned securities depositary that acts as a clearinghouse for Mexican Stock Exchange transactions.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 10.&nbsp; Additional</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Information&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">&nbsp;&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">BYLAWS</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following is a summary of the material provisions of our bylaws and applicable Mexican law.&nbsp; The last amendment of our bylaws was approved on October 10, 2011.&nbsp; For a description of the provisions of our bylaws relating to our board of directors and executive officers, </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">see &#8220;Item 6.&nbsp; Directors, Senior Management and Employees.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The main changes made to our bylaws on October 10, 2011, were to Article 25, which increased the number of our board members from 18 to 21 and the number of&nbsp;directors that each series is entitled to appoint, and Article 26 which provides that the shareholders meeting that approves Series B shares issuance will determine which series of shares is to reduce the number of directors that such series is entitled to appoint. Article 6 of our bylaws was also amended to include the number of shares included in our minimum fixed capital stock without the right to withdraw.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Organization and Register</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We were incorporated on October 30, 1991, as a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedad an&#243;nima de capital variable</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mexican variable stock corporation) in accordance with the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ley General de Sociedades Mercantiles </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Mexican General Corporations Law).&nbsp; On December 5, 2006, we became a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedad an&#243;nima burs&#225;til de capital variable</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mexican variable capital listed stock company) and amended our bylaws in accordance with the Mexican Securities Market Law.&nbsp; We were registered in the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Registro P&#250;blico de la Propiedad y del Comercio</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Public Registry of Property and Commerce) of Monterrey, Nuevo Le&#243;n, Mexico on November 22, 1991 under mercantile number 2986, folio 171, volume 365, third book of the Commerce section. In addition, due to the change of address of our company to Mexico City, we are also registered in the Public Registry of Property and Commerce of Mexico City since June 28, 1993 under mercantile number 176, 543.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Purposes</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The main corporate purposes of our company include the following:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to establish, promote and organize corporations or companies of any type, as well as to acquire and possess shares or equity participations in them;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to carry out all types of active and passive transactions involving bonds, shares, participations and securities of any type;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to provide or receive advisory, consulting or other types of services in business matters;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to conduct business with equipment, raw materials and any other items necessary to the companies in which we have an interest in or with which we have commercial relations;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to acquire and dispose of trademarks, tradenames, commercial names, copyrights, patents, inventions, franchises, distributions, concessions and processes;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to possess, build, lease and operate real and personal property, install or by any other title operate plants, warehouses, workshops, retail or deposits necessary for our corporate purpose;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to subscribe, buy and sell stocks, bonds and securities among other things; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to draw, accept, make, endorse or guarantee negotiable instruments, issue bonds secured with real property or unsecured, and to make us jointly liable, to grant security of any type with regard to obligations entered into by us or by third parties, and in general, to perform the acts, enter into the agreements and carry out other transactions as may be necessary or conducive to our business purpose.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Voting Rights, Transfer Restrictions and Certain Minority Rights</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Series A and Series D shares have full voting rights and are subject to transfer restrictions.&nbsp; Although no Series B shares have been issued, our bylaws provide for the issuance of Series B shares with full voting rights that are freely transferable.&nbsp; Series L shares are freely transferable but have limited voting rights.&nbsp; None of our shares are exchangeable for shares of a different series.&nbsp; The rights of all series of our capital stock are substantially identical except for:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">restrictions on transfer of the Series A and Series D shares;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">limitations on the voting rights of Series L shares;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the respective rights of the Series A, Series D and Series L shares, voting as separate classes in a special meeting, to elect specified numbers of our directors and alternate directors; </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the respective rights of Series D shares to participate in the voting of extraordinary matters, as they are defined by our bylaws; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">prohibitions on non-Mexican ownership of Series A shares.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 6.&nbsp; Directors, Senior Management and Employees,&#8221; and &#8220;&#8212;Additional Transfer Restrictions Applicable to Series A and Series D shares.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our bylaws, holders of Series L shares are entitled to vote in limited circumstances.&nbsp; They may appoint for election and elect up to three of our maximum of 21 directors and, in certain circumstances where holders of Series L shares have not voted for the director elected by holders of the majority of these series of shares, they may be entitled to elect and remove one director, through a general shareholders meeting, if they own 10% or more of all issued, subscribed and paid shares of the capital stock of the company, pursuant to the Mexican Securities Market Law.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 6.&nbsp; Directors, Senior Management and Employees.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; In addition, they are entitled to vote on certain matters, including certain changes in our corporate form, mergers involving our company when our company is the merged entity or when the principal corporate purpose of the merged entity is not related to the corporate purpose of our company, the cancellation of the registration of the Series &#8220;L&#8221; shares in the Mexican Stock Exchange or any other foreign stock exchange and those matters for which the Mexican Securities Market Law expressly allow them to vote. </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of our shares in the form of ADSs will receive notice of shareholders meetings from our ADS depositary in sufficient time to enable such holders to return voting instructions to the ADS depositary in a timely manner.&nbsp; Our past practice, which we intend to continue, has been to inform the depositary to timely notify holders of our shares in the form of ADSs of upcoming votes and ask for their instructions.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A quorum of 82% of our subscribed and paid shares of capital stock (including the Series L shares) and the vote of at least a majority of our capital stock voting (and not abstaining) at such extraordinary meeting is required for:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the transformation of our company from one type of company to another (other than changing from a variable capital to fixed-capital corporation and vice versa);</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">any merger where we are not the surviving entity or any merger with an entity whose principal corporate purposes are different from those of our company or our subsidiaries; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">cancellation of the registration of our the Series &#8220;L&#8221; shares with the Mexican Registry of Securities, or RNV, maintained by the CNBV or with other foreign stock exchanges on which our shares may be listed.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the event of cancellation of the registration of any of our shares in the RNV, whether by order of the CNBV or at our request with the prior consent of 95% of the holders of our outstanding capital stock, our bylaws <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and the Mexican Securities Market Law require us to make a public offer to acquire these shares prior to their cancellation.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of Series L shares may attend, but not address, meetings of shareholders at which they are not entitled to vote.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our bylaws and the Mexican General Corporations Law, holders of shares of any series are entitled to vote as a class in a special meeting governed by the same rules that apply to extraordinary meetings on any action that would have an effect on the rights of holders of shares of such series.&nbsp; There are no procedures for determining whether a particular proposed shareholder action requires a class vote, and Mexican law does not provide extensive guidance on the criteria to be applied in making such a determination.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to the Mexican Securities Market Law, we are subject to a number of minority shareholder protections.&nbsp; These minority protections include provisions that permit:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">holders of at least 10% of our outstanding capital stock entitled to vote (including in a limited or restricted manner) may require the chairman of the board of directors or of the Audit or Corporate Practices Committees to call a shareholders meeting;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">holders of at least 5% of our outstanding capital stock may bring an action for liability against our directors, the secretary of the board of directors or certain key officers;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">holders of at least 10% of our outstanding capital stock who are entitled to vote, including limited or restricted vote, at any shareholders meeting to request that resolutions with respect to any matter on which they considered they were not sufficiently informed be postponed;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">holders of 20% of our outstanding capital stock to oppose any resolution adopted at a shareholders meeting in which they are entitled to vote and file a petition for a court order to suspend the resolution temporarily within 15 days following the adjournment of the meeting at which the action was taken, provided that (1) the challenged resolution violates Mexican law or our bylaws, (2) the opposing shareholders neither attended the meeting nor voted in favor of the challenged resolution and (3) the opposing shareholders deliver a bond to the court to secure payment of any damages that we may suffer as a result of suspending the resolution in the event that the court ultimately rules against the opposing shareholder; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">holders of at least 10% of our outstanding capital stock who are entitled to vote, including limited or restricted vote, to appoint one member of our board of directors and one alternate member of our board of directors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Shareholders Meetings</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">General shareholders meetings may be ordinary meetings or extraordinary meetings.&nbsp; Extraordinary meetings are those called to consider certain matters specified in Article 182 of the Mexican General Corporations Law, Article 53 of the Mexican Securities Market Law and in our bylaws.&nbsp; These matters include, among others: amendments to the bylaws, liquidation, dissolution, merger and transformation from one form of company to another, issuance of preferred stock and increases and reductions of the fixed portion of our capital stock.&nbsp; In addition, our bylaws require an extraordinary meeting to consider the cancellation of the registration of our shares with the RNV or with other foreign stock exchanges on which our shares may be listed, the amortization of distributable earnings into capital stock, and an increase in our capital stock.&nbsp; All other matters, including increases or decreases affecting the variable portion of our capital stock, are considered at an ordinary meeting.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">An ordinary meeting of the holders of Series A and Series D shares must be held at least once each year (1) to consider the approval of the financial statements of our Company for the preceding fiscal year and (2) to determine the allocation of the profits of the preceding year.&nbsp; Further, any transaction to be entered into by us or our <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">subsidiaries within the next fiscal year that represents 20% or more of our consolidated assets must be approved at an ordinary shareholders meeting at which holders of Series L shares shall be entitled to vote.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican law provides for a special meeting of shareholders to allow holders of shares of a series to vote as a class on any action that would prejudice exclusively the rights of holders of such series.&nbsp; Holders of Series A, Series D and Series L shares at their respective special meetings must appoint, remove or ratify directors, as well as determine their compensation.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The quorum for ordinary and extraordinary meetings at which holders of Series L shares are not entitled to vote is 76% of the holders of subscribed and paid Series A and Series D shares, and the quorum for an extraordinary meeting at which holders of Series L shares are entitled to vote is 82% of the subscribed and paid shares of capital stock.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The quorum for special meetings of any series of shares is 75% of the holders of the subscribed and paid capital stock of such shares, and action may be taken by holders of a majority of such series of shares.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Resolutions adopted at an ordinary or extraordinary shareholders meeting are valid when adopted by holders of at least a majority of the subscribed and paid in capital stock voting (and not abstaining) at the meeting, unless in the event of any decisions defined as extraordinary matters by the bylaws or any payment of dividends above 20% of the preceding years&#8217; retained earnings, which shall require the approval of a majority of shareholders of each of Series A and Series D shares voting together as a single class.&nbsp; Resolutions adopted at a special shareholders meeting are valid when adopted by the holders of at least a majority of the subscribed and paid shares of the series of shares entitled to attend the special meeting.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholders meetings may be called by the board of directors, the Audit Committee or the Corporate Practices Committee and, under certain circumstances, a Mexican court.&nbsp; Holders of 10% or more of our capital stock may require the chairman of the board of directors, or the chairmen of the Audit Committee or Corporate Practices Committee to call a shareholders meeting.&nbsp; A notice of meeting and an agenda must be published in a newspaper of general circulation in Mexico City at least 15 days prior to the meeting.&nbsp; Notices must set forth the place, date and time of the meeting and the matters to be addressed and must be signed by whomever convened the meeting.&nbsp; All relevant information relating to the shareholders meeting must be made available to shareholders starting on the date of publication of the notice.&nbsp; To attend a meeting, shareholders must deposit their shares with the company or with Indeval or an institution for the deposit of securities prior to the meeting as indicated in the notice.&nbsp; If entitled to attend the meeting, a shareholder may be represented by an attorney-in-fact.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Additional Transfer Restrictions Applicable to Series A and Series D Shares</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our bylaws provide that no holder of Series A or Series D shares may sell its shares unless it has disclosed the terms of the proposed sale and the name of the proposed buyer and has previously offered to sell the shares to the holders of the other series for the same price and terms as it intended to sell the shares to a third party.&nbsp; If the shareholders being offered shares do not choose to purchase the shares within 90 days of the offer, the selling shareholder is free to sell the shares to the third party at the price and under the specified terms.&nbsp; In addition, our bylaws impose certain procedures in connection with the pledge of any Series A or Series D shares to any financial institution that are designed, among other things, to ensure that the pledged shares will be offered to the holders of the other series at market value prior to any foreclosure.&nbsp; Finally, a proposed transfer of Series A or Series D shares other than a proposed sale or a pledge, or a change of control of a holder of Series A or Series D shares that is a subsidiary of a principal shareholder, would trigger rights of first refusal to purchase the shares at market value.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Dividend Rights</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At the annual ordinary meeting of holders of Series A and Series D shares, the board of directors submits our financial statements for the previous fiscal year, together with a report thereon by the board of directors.&nbsp; Once the holders of Series A and Series D shares have approved the financial statements, they determine the allocation of <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">our net income for the preceding year.&nbsp; Mexican law requires the allocation of at least 5% of net income to a legal reserve, which is not subsequently available for distribution until the amount of the legal reserve equals 20% of our capital stock.&nbsp; Thereafter, the holders of Series A and Series D shares may determine and allocate a certain percentage of net income to any general or special reserve, including a reserve for open-market purchases of our shares.&nbsp; The remainder of net income is available for distribution in the form of dividends to the shareholders.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">All shares outstanding and fully paid (including Series L shares) at the time a dividend or other distribution is declared are entitled to share equally in the dividend or other distribution.&nbsp; No series of shares is entitled to a preferred dividend.&nbsp; Shares that are only partially paid participate in a dividend or other distributions in the same proportion that the shares have been paid at the time of the dividend or other distributions.&nbsp; Treasury shares are not entitled to dividends or other distributions.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Change in Capital</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to our bylaws, any change in our authorized capital stock requires a resolution of an extraordinary meeting of shareholders.&nbsp; We are permitted to issue shares constituting fixed capital and shares constituting variable capital.&nbsp; The fixed portion of our capital stock may be increased or decreased only by amendment of our bylaws adopted by a resolution at an extraordinary meeting of the shareholders.&nbsp; The variable portion of our capital stock may be increased or decreased by resolution of an ordinary meeting of the shareholders without amending our bylaws.&nbsp; All changes in the fixed or variable capital have to be registered in our capital variation registry.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A capital stock increase may be effected through the issuance of new shares for payment in cash or in kind, or by capitalization of indebtedness or of certain items of shareholders&#8217; equity.&nbsp; Treasury stock may only be sold pursuant to a public offering.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Preemptive Rights</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Mexican Securities Market Law permits the issuance and sale of shares through a public offering without granting shareholders preemptive rights, if permitted by the bylaws and upon, among other things, express authorization of the CNBV and the approval of the extraordinary shareholders meeting called for such purpose.&nbsp; Under Mexican law and our bylaws, except in these circumstances and other limited circumstances (including mergers, sales of repurchased shares, conversion into shares of convertible securities and capital increases by means of payment in kind for shares or shares issued in return for the cancellation of debt), in the event of an increase in our capital stock, a holder of record generally has the right to subscribe to shares of a series held by such holder sufficient to maintain such holder&#8217;s existing proportionate holding of shares of that series.&nbsp; Preemptive rights must be exercised during a term fixed by the shareholders at the meeting declaring the capital increase, which term must last at least 15 days following the publication of notice of the capital increase in the Mexican Official State Gazette.&nbsp; As a result of applicable United States securities laws, holders of ADSs may be restricted in their ability to participate in the exercise of preemptive rights under the terms of the deposit agreement.&nbsp; Shares subject to a preemptive rights offering, with respect to which preemptive rights have not been exercised, may be sold by us to third parties on the same terms and conditions previously approved by the shareholders or the board of directors.&nbsp; Under Mexican law, preemptive rights cannot be waived in advance or be assigned, or be represented by an instrument that is negotiable separately from the corresponding shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Limitations on Share Ownership</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ownership by non-Mexican nationals of shares of Mexican companies is regulated by the 1993 Foreign Investment Law and its regulations.&nbsp; The Mexican Foreign Investment Commission is responsible for the administration of the Mexican Foreign Investment Law and its regulations.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a general rule, the Mexican Foreign Investment Law allows foreign holdings of up to 100% of the capital stock of Mexican companies, except for those companies engaged in certain specified restricted industries.&nbsp; The Mexican Foreign Investment Law and its regulations require that Mexican shareholders retain the power to determine the administrative control and the management of corporations in industries in which special restrictions <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">on foreign holdings are applicable.&nbsp; Foreign investment in our shares is not limited under either the Mexican Foreign Investment Law or its regulations.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Although the Mexican Foreign Investment Law grants broad authority to the Mexican Foreign Investment Commission to allow foreign investors to own more than 49% of the capital of Mexican enterprises after taking into consideration public policy and economic concerns, our bylaws provide that Series A shares must at all times constitute no less than 51% of all outstanding common shares (excluding Series L shares) and may only be held by Mexican investors.&nbsp; Under our bylaws, in the event Series A shares are subscribed or acquired by any other shareholders holding shares of any other series, and the shareholder is of a nationality other than Mexican, these Series A shares are automatically converted into shares of the same series of stock that this shareholder owns, and this conversion will be considered perfected at the same time as the subscription or acquisition.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Other Provisions</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Authority of the Board of Directors</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The board of directors is our legal representative and is authorized to take any action in connection with our operations not expressly reserved to our shareholders.&nbsp; Pursuant to the Mexican Securities Market Law, the board of directors must approve, observing at all moments their duty of care and duty of loyalty, among other matters:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">any transactions with related parties outside the ordinary course of our business;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">significant asset transfers or acquisitions;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">material guarantees or collateral;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">appointment of officers and managers deemed necessary, as well as the necessary committees;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the five-year business plan and the annual business plan;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">internal policies; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">other material transactions.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Meetings of the board of directors are validly convened and held if a majority of the members are present.&nbsp; Resolutions passed at these meetings will be valid if approved by a majority of the directors voting (and not abstaining).&nbsp; The majority of the members, which shall include the vote of at least two Series D Shares directors, shall approve any extraordinary decision including any new business acquisition or combination or any change in the existing line of business, among others.&nbsp; If required, the chairman of the board of directors may cast a tie-breaking vote.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 6.&nbsp; Directors, Senior Management and Employees&#8212;Directors&#8221; and &#8220;Item 6.&nbsp; Directors, Senior Management and Employees&#8212;Board Practices.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Redemption</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Our fully paid shares are subject to redemption in connection with either (1) a reduction of capital stock or (2) a redemption with distributable earnings, which, in either case, must be approved by our shareholders at an extraordinary shareholders meeting.&nbsp; The shares subject to any such redemption would be selected by us by lot or in the case of redemption with distributable earnings, by purchasing shares by means of a tender offer conducted on the Mexican Stock Exchange, in accordance with the Mexican General Corporations Law and the Mexican Securities Market Law.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Repurchase of Shares</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; According to our bylaws, and subject to the provisions of the Mexican Securities Market Law and under rules promulgated by the CNBV, we may repurchase our shares.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with the Mexican Securities Market Law, our subsidiaries may not purchase, directly or indirectly, shares of our capital stock or any security that represents such shares.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Forfeiture of Shares</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; As required by Mexican law, our bylaws provide that non-Mexican holders of our shares are (1) considered to be Mexican with respect to such shares that they acquire or hold and (2) may not invoke the protection of their own governments in respect of the investment represented by those shares.&nbsp; Failure to comply with our bylaws may result in a penalty of forfeiture of a shareholder&#8217;s capital stock in favor of the Mexican state.&nbsp; Under this provision, a non-Mexican holder of our shares (including a non-Mexican holder of ADSs) is deemed to have agreed not to invoke the protection of its own government by asking such government to interpose a diplomatic claim against the Mexican state with respect to its rights as a shareholder, but is not deemed to have waived any other rights it may have, including any rights under the United States securities laws, with respect to its investment in our company.&nbsp; If a shareholder should invoke governmental protection in violation of this agreement, its shares could be forfeited to the Mexican state.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Duration</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Our bylaws provide that our company&#8217;s term is for 99 years from its date of incorporation, unless extended through a resolution of an extraordinary shareholders meeting.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fiduciary Duties&#8212;Duty of Care</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The Mexican Securities Market Law provides that the directors shall act in good faith and in our best interest and in the best interest of our subsidiaries.&nbsp; In order to fulfill its duty, the board of directors may:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">request information about us or our subsidiaries that is reasonably necessary to fulfill its duties;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">require our officers and certain other persons, including the external auditors, to appear at board of directors&#8217; meetings to report to the board of directors;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">postpone board of directors&#8217; meetings for up to three days when a director has not been given sufficient notice of the meeting or in the event that a director has not been provided with the information provided to the other directors; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">require a matter be discussed and voted upon by the full board of directors in the presence of the secretary of the board of directors.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our directors may be liable for damages for failing to comply their duty of care if such failure causes economic damage to us or our subsidiaries and the director (1) failed to attend, board of directors&#8217; or committee meetings and as a result of, such failure, the board of directors was unable to take action, unless such absence is approved by the shareholders meeting, (2) failed to disclose to the board of directors or the committees material information necessary for the board of directors to reach a decision, unless legally prohibited from doing so or required to do so to maintain confidentiality, and (3) failed to comply with the duties imposed by the Mexican Securities Market Law or our bylaws.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fiduciary Duties&#8212;Duty of Loyalty</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The Mexican Securities Market Law provides that the directors and secretary of the board of directors shall keep confidential any non-public information and matters about which they have knowledge as a result of their position.&nbsp; Also, directors should abstain from participating, attending or voting at meetings related to matters where they have a conflict of interest.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The directors and secretary of the board of directors will be deemed to have violated the duty of loyalty, and will be liable for damages, when they obtain an economic benefit by virtue of their position.&nbsp; Further, the directors will fail to comply with their duty of loyalty if they:</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">vote at a board of directors&#8217; meeting or take any action on a matter involving our assets where there is a conflict of interest;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">fail to disclose a conflict of interest during a board of directors&#8217; meeting;</FONT></P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">enter into an voting arrangement to support a particular shareholder or group of shareholders against the other shareholders;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">approve transactions without complying with the requirements of the Mexican Securities Market Law;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">use company property in violation of the policies approved by the board of directors;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">unlawfully use material non-public information; and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">usurp a corporate opportunity for their own benefit or the benefit of a third party, without the prior approval of the board of directors.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Appraisal Rights</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Whenever the shareholders approve a change of corporate purpose, change of nationality or the transformation from one form of company to another, any shareholder entitled to vote on such change that has voted against it, may withdraw as a shareholder of our company and have its shares redeemed at a price per share calculated as specified under applicable Mexican law, provided that it exercises its right within 15 days following the adjournment of the meeting at which the change was approved.&nbsp; In this case, the shareholder would be entitled to the reimbursement of its shares, in proportion to the company&#8217;s assets in accordance with the last approved balance sheet.&nbsp; Because holders of Series L shares are not entitled to vote on certain types of these changes, these withdrawal rights are available to holders of Series L shares in fewer cases than to holders of other series of our capital stock.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Liquidation</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Upon our liquidation, one or more liquidators may be appointed to wind up our affairs.&nbsp; All fully paid and outstanding shares of capital stock (including Series L shares) will be entitled to participate equally in any distribution upon liquidation.&nbsp; Shares that are only partially paid participate in any distribution upon liquidation in the proportion that they have been paid at the time of liquidation.&nbsp; There are no liquidation preferences for any series of our shares.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Actions Against Directors</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Shareholders (including holders of Series L shares) representing, in the aggregate, not less than 5% of the capital stock may directly bring an action against directors</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the event of actions derived from any breach of the duty of care and the duty of loyalty, liability is exclusively in favor of the company.&nbsp; The Mexican Securities Market Law, contrary to the previous securities law, establishes that liability may be imposed on the members and the secretary of the board of directors, as well as to the relevant officers.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Notwithstanding, the Mexican Securities Market Law provides that the members of the board of directors will not incur, individually or jointly, in liability for damages and losses caused to the company, when their acts were made in good faith, provided that (1) the directors complied with the requirements of the Mexican Securities Market Law and with the company&#8217;s bylaws, (2) the decision making or voting was based on information provided by the relevant officers, the external auditor or the independent experts, whose capacity and credibility do not offer reasonable doubt; (3) the negative economic effects could not have been foreseen, based on the information available; and (4) the resolutions of the shareholders meeting were observed.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Limited Liability</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The liability of shareholders for our company&#8217;s losses is limited to their shareholdings in our company.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">MATERIAL AGREEMENTS</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We manufacture, package, distribute and sell sparkling beverages, still beverages, value-added dairy products, coffee products, and bottled water under bottler agreements with The Coca-Cola Company.&nbsp; In addition, pursuant to a tradename license agreement with The Coca-Cola Company, we are authorized to use certain trademark names of The Coca-Cola Company.&nbsp; For a discussion of the terms of these agreements, </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">see &#8220;Item 4. Information on the Company&#8212;Bottler Agreements.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We operate pursuant to a shareholders agreement, as amended from time to time, among two subsidiaries of FEMSA, The Coca-Cola Company and certain of its subsidiaries.&nbsp; For a discussion of the terms of this agreement, </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">see &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;The Shareholders Agreement.&#8221;</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We purchase the majority of our non-returnable plastic bottles from ALPLA, a provider authorized by The Coca-Cola Company, pursuant to an agreement we entered into in April 1998 for our original operations in Mexico.&nbsp; Under this agreement, we rent plant space to ALPLA, where it produces plastic bottles to certain specifications and quantities for our use.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In September 2010, we renewed and extended our existing agreements with Hewlett Packard (formerly known as Electronic Data Systems before acquisition by Hewlett Packard), for the outsourcing of technology services in all of our territories. These agreements are valid until August 2015, unless terminated by us through previous notice to Hewlett Packard.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 5.&nbsp; Operating and Financial Review and Prospects&#8212;Summary of Significant Debt Instruments&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> for a brief discussion of certain terms of our significant debt agreements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8212;Related Party Transactions&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman"> for a discussion of other transactions and agreements with our affiliates and associated companies.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">TAXATION</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following summary contains a description of certain U.S. federal income and Mexican federal tax consequences of the purchase, ownership and disposition of our Series L shares or ADSs by a holder that is a citizen or resident of the United States, a U.S. domestic corporation or a person or entity that otherwise will be subject to U.S. federal income tax on a net income basis in respect of the Series L shares or ADSs, which we refer to as a U.S. holder, but it does not purport to be a description of all of the possible tax considerations that may be relevant to a decision to purchase the Series L shares or ADSs.&nbsp; In particular, this discussion does not address all Mexican or U.S. federal income tax considerations that may be relevant to a particular investor, nor does it address the special tax rules applicable to certain categories of investors, such as banks, dealers, traders who elect to mark to market, tax-exempt entities, insurance companies, certain short-term holders of Series L shares or ADSs or investors who hold the Series L shares or ADSs as part of a hedge, straddle, conversion or integrated transaction or investors who have a &#8220;functional currency&#8221; other than the U.S. dollar.&nbsp; U.S. holders should be aware that the tax consequences of holding the Series L shares or ADSs may be materially different for investors described in the preceding sentence.&nbsp; This summary deals only with U.S. holders that will hold the Series L shares or ADSs as capital assets and does not address the tax treatment of a U.S. holder that owns or is treated as owning 10% or more of the voting shares (including Series L shares) of our company.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This summary is based upon the federal tax laws of the United States and Mexico as in effect on the date of this annual report, including the provisions of the income tax treaty between the United States and Mexico and the protocols thereto, which we refer in this annual report as the Tax Treaty, which are subject to change.&nbsp; The summary does not address any tax consequences under the laws of any state or locality of Mexico or the United States or the laws of any taxing jurisdiction other than the federal laws of Mexico and the United States.&nbsp; Holders of the Series L shares or ADSs should consult their tax advisers as to the U.S., Mexican or other tax consequences of the purchase, ownership and disposition of Series L shares or ADSs, including, in particular, the effect of any foreign, state or local tax laws.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Mexican Taxation</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For purposes of this summary<FONT style="COLOR: #000000; FONT-SIZE: 10pt">, the term &#8220;non-resident holder&#8221; means a holder that is not a resident of Mexico and that does not hold the Series L shares, or ADSs in connection with the conduct of a trade or business through a permanent establishment in Mexico.&nbsp; For purposes of Mexican taxation, an individual is a resident of Mexico if he or she has established his or her home in Mexico, or if he or she has another home outside Mexico but his or her &#8220;center of vital interests&#8221; (as defined in the Mexican Tax Code) is located in Mexico.&nbsp; The &#8220;center of vital interests&#8221; of an individual is situated in Mexico when, among other circumstances, more than 50% of that person&#8217;s total income during a calendar year originates from within Mexico.&nbsp; A legal entity is a resident of Mexico if&nbsp; it has its principal </FONT>place of business or its place of effective management in Mexico.&nbsp; A Mexican citizen is presumed to be a resident of Mexico unless such a person can demonstrate that the contrary is true.&nbsp; If a legal entity or an individual is deemed to have a permanent establishment in Mexico for tax purposes, all income attributable to such a permanent establishment will be subject to Mexican taxes, in accordance with applicable tax laws.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Tax Considerations Relating to the Series L shares and the ADSs</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Dividends</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Under Mexican income tax law, dividends, either in cash or in kind, paid with respect to the Series L shares represented by ADSs or the Series L shares are not subject to Mexican withholding tax.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Dispositions of ADSs or Series L shares</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Gains from the sale or disposition of ADSs by non-resident holders will not be subject to Mexican withholding tax.&nbsp; Gains from the sale of Series L shares carried out by non resident holders through the Mexican Stock Exchange or other securities markets situated in countries that have a tax treaty with Mexico will generally be exempt from Mexican tax provided certain additional requirements are met.&nbsp; Also, certain restrictions will apply if the Series L shares are transferred as a consequence of public offerings.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gains on the sale or other disposition of Series L shares or ADSs made in other circumstances generally would be subject to Mexican tax, regardless of the nationality or residence of the transferor.&nbsp; However, under the <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax Treaty, a holder that is eligible to claim the benefits of the Tax Treaty will be exempt from Mexican tax on gains realized on a sale or other disposition of Series L shares or ADSs in a transaction that is not carried out through the Mexican Stock Exchange or other approved securities markets, so long as the holder did not own, directly or indirectly, 25% or more of our total capital stock (including Series L shares represented by ADSs) within the 12-month period preceding such sale or other disposition and provided that the gains are not attributable to a permanent establishment or a fixed base in Mexico.&nbsp; Deposits of Series L shares in exchange for ADSs and withdrawals of Series L shares in exchange for ADSs will not give rise to Mexican tax.</FONT></FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-resident holders that do not meet the requirements referred to above are subject to a 5% withholding tax on the gross sales price received upon the sale of Series L shares through the Mexican Stock Exchange.&nbsp; Alternatively, non-resident holders may elect to be subject to a 20% tax rate on their net gains from the sale as calculated pursuant to the Mexican Income Tax Law provisions. &nbsp;In both cases, the financial institutions involved in the transfers must withhold the tax.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Other Mexican Taxes</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no Mexican inheritance, gift, succession or value added taxes applicable to the ownership, transfer, exchange or disposition of the ADSs or the Series L shares, although gratuitous transfers of Series L shares may in certain circumstances cause a Mexican federal tax to be imposed upon the recipient.&nbsp; There are no Mexican stamp, issue, registration or similar taxes or duties payable by holders of the ADSs or Series L shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">United States Taxation </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Tax Considerations Relating to the Series L shares and the ADSs</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In general, for U.S. federal income tax purposes, holders of ADSs will be treated as the owners of the Series L shares represented by those ADSs.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Dividends</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; The gross amount of any dividends paid with respect to the Series L shares represented by ADSs or the Series L shares generally will be included in the gross income of a U.S. holder as ordinary income on the day on which the dividends are received by the U.S. holder, in the case of the Series L shares, or by the depositary, in the case of the Series L shares represented by ADSs, and will not be eligible for the dividends received deduction allowed to corporations under the Internal Revenue Code of 1986, as amended.&nbsp; Dividends, which will be paid in Mexican pesos, will be includible in the income of a U.S. holder in a U.S. dollar amount calculated, in general, by reference to the exchange rate in effect on the date that they are received by the U.S. holder, in the case of the Series L shares, or by the depositary, in the case of the Series L shares represented by the ADSs (regardless of whether such Mexican pesos are in fact converted into U.S. dollars on such date).&nbsp; If such dividends are converted into U.S. dollars on the date of receipt, a U.S. holder generally should not be required to recognize foreign currency gain or loss in respect of the dividends.&nbsp; Subject to certain exceptions for short-term and hedged positions, the U.S. dollar amount of dividends received by an individual U.S. holder in respect of Series L shares or ADSs for taxable years beginning before January 1, 2013 is subject to taxation at a maximum rate of 15% if the dividends are &#8220;qualified dividends.&#8221;&nbsp; Dividends paid on the ADSs will be treated as qualified dividends if (1) the issuer is eligible for the benefits of a comprehensive income tax treaty with the United States that the Internal Revenue Service has approved for the purposes of the qualified dividend rules and (2) the issuer was not, in the year prior to the year in which the dividend was paid, and is not, in the year in which the dividend is paid a passive foreign investment company.&nbsp; The income tax treaty between Mexico and the United States has been approved for the purposes of the qualified dividend rules.&nbsp; Based on our audited consolidated financial statements and relevant market and shareholder data, we believe that we were not treated as a passive foreign investment company for U.S. federal income tax purposes with respect to our 2011 taxable year.&nbsp; In addition, based on our audited financial statements and our current expectations regarding the value and nature of our assets, the sources and nature of our income, and relevant market and shareholder data, we do not anticipate becoming a passive foreign investment company for our 2012 taxable year.&nbsp; U.S. holders should consult their tax advisers regarding the treatment of the foreign currency gain or loss, if any, on any Mexican pesos received that are converted into U.S. dollars on a date subsequent to the date of receipt.&nbsp; Dividends generally will constitute foreign source &#8220;passive income&#8221; for U.S. foreign tax credit purposes.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Distributions to holders of additional Series L shares with respect to their ADSs that are made as part of a pro rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A holder of Series L shares or ADSs that is, with respect to the United States, a foreign corporation or non-U.S. holder generally will not be subject to U.S. federal income or withholding tax on dividends received on Series L shares or ADSs unless such income is effectively connected with the conduct by the non-U.S. holder of a trade or business in the United States.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Capital Gains</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; A gain or loss realized by a U.S. holder on the sale or other disposition of ADSs or Series L shares will be subject to U.S. federal income taxation as capital gain or loss in an amount equal to the difference between the amount realized on the disposition and such U.S. holder&#8217;s tax basis in the ADSs or the Series L shares.&nbsp; Any such gain or loss will be a long-term capital gain or loss if the ADSs or Series L shares were held for more than one year on the date of such sale.&nbsp; Long-term capital gain recognized by a U.S. holder that is an individual is subject to reduced rates of federal income taxation.&nbsp; The deduction of capital loss is subject to limitations for U.S. federal income tax purposes.&nbsp; Deposits and withdrawals of Series L shares by U.S. holders in exchange for ADSs will not result in the realization of gain or loss for U.S. federal income tax purposes.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gain, if any, realized by a U.S. holder on the sale or other disposition of Series L shares or ADSs will be treated as U.S. source income for U.S. foreign tax credit purposes.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A non-U.S. holder of Series L shares or ADSs will not be subject to U.S. federal income or withholding tax on any gain realized on the sale of Series L shares or ADSs, unless (1) such gain is effectively connected with the conduct by the non-U.S. holder of a trade or business in the United States, or (2) in the case of gain realized by an individual non-U.S. holder, the non-U.S. holder is present in the United States for 183 days or more in the taxable year of the sale and certain other conditions are met.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">United States Backup Withholding and Information Reporting</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A U.S. holder of Series L shares or ADSs may, under certain circumstances, be subject to &#8220;backup withholding&#8221; with respect to certain payments to such U.S. holder, such as dividends or the proceeds of a sale or disposition of Series L shares or ADSs unless such holder (1) is a corporation or comes within certain exempt categories, and demonstrates this fact when so required, or (2) provides a correct taxpayer identification number, certifies that it is not subject to backup withholding and otherwise complies with applicable requirements of the backup withholding rules.&nbsp; Any amount withheld under these rules does not constitute a separate tax and will be creditable against the holder&#8217;s U.S. federal income tax liability.&nbsp; While non-U.S. holders generally are exempt from backup withholding, a non-U.S. holder may, in certain circumstances, be required to comply with certain information and identification procedures in order to prove this exemption.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">DOCUMENTS ON DISPLAY</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We file reports, including annual reports on Form 20-F, and other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers.&nbsp; You may read and copy any materials filed with the SEC at its public reference room in Washington, D.C., at 100 F Street, N.E., Washington, D.C.&nbsp; 20549.&nbsp; </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Please call the SEC at 1-800-SEC-0330 for further information on the public reference room.&nbsp; Filings we make electronically with the SEC are also available to the public on the Internet at the SEC&#8217;s website at www.sec.gov and at our website at www.coca-colafemsa.com.&nbsp; (This URL is intended to be an inactive textual reference only.&nbsp; It is not intended to be an active hyperlink to our website.&nbsp; The information on our website, which might be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be incorporated into this annual report.)</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 11.&nbsp; Quantitative and Qualitative Disclosures about Market Risk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a part of our risk management strategy, we use derivative financial instruments with the purpose of (1) achieving a desired liability structure with a balanced risk profile, (2) managing the exposure to production input and raw material costs and (3) hedging balance sheet and cash flow exposures to foreign currency fluctuation.&nbsp; We do not use derivative financial instruments for speculative or profit-generating purposes.&nbsp; We track the fair value (mark to market) of our derivative financial instruments and its possible changes using the Value at Risk methodology, as well as by generating scenario analyses.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Interest Rate Risk</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest rate risk exists principally with respect to our indebtedness that bears interest at floating rates.&nbsp; At December 31, 2011, we had total indebtedness of Ps. 22,574 million, of which 47% bore interest at fixed interest rates and 53% bore interest at variable interest rates.&nbsp; After giving effect to our swap and forward contracts, as of December 31, 2011, 65% of our debt was fixed-rate and 35% of our debt was variable-rate, calculated by weighting each year'</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">s outstanding debt balance mix.&nbsp; The interest rate on our variable rate debt denominated in U.S. dollars is generally determined by reference to the London Interbank Offer Rate, or LIBOR, and the interest rate on our variable rate debt denominated in Mexican pesos is generally determined by reference to the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tasa de Inter&#233;s Interbancaria de Equilibrio</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (the Equilibrium Interbank Interest Rate), or TIIE.&nbsp; If these reference rates increase, our interest payments would consequently increase.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below provides information about our financial instruments that are sensitive to changes in interest rates, without giving effect to interest rate swaps.&nbsp; The table presents weighted average interest rates by expected contractual maturity dates.&nbsp; Weighted average variable rates are based on the reference rates on December 30, 2011, plus spreads, contracted by us.&nbsp; The instruments&#8217; actual payments are denominated in U.S. dollars, Mexican pesos, Brazilian reais, Colombian pesos and Argentine pesos.&nbsp; All of the payments in the table are presented in Mexican pesos, our reporting currency, assuming the foreign exchange of Ps.&nbsp;13.98 Mexican pesos per U.S. dollar reported by Banco de M&#233;xico quoted to us by dealers for the settlement of obligations in foreign currencies on December 30, 2011</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below also includes the fair value of long-term debt based on the discounted value of contractual cash flows.&nbsp; The discount rate is estimated using rates currently offered for debt with similar terms and remaining maturities.&nbsp; Furthermore, the fair value of long-term notes payable is based on quoted market prices on December 31, 2011.&nbsp; As of December 31, 2011, the fair value represents a loss amount of Ps.716 million.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Principal by Year of Maturity <BR>(millions of Mexican pesos)</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">At December 31, 2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">At Dec. </FONT></B></P><FONT style="FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">31, 2010</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2012</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2017 and thereafter</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Total <BR>Carrying Value</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Total <BR>Carrying Value</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Long-Term Debt and Notes:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Fixed Rate Debt and Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">U. S. dollars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">7,737</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6,183</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mexican pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Brazilian reais</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">36</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">102</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Argentine pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">514</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">595</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">570</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">684</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">16.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">15.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">18.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">16.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Total Fixed Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">523</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">9,526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">10,184</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">11,026</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6,969</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Variable Rate Debt</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">U.S. dollars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">250</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">222</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">0.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">0.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">0.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">0.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mexican pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,550</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,456</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">7,550</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Notes (Certificados Burs&#225;tiles)</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">3,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Brazilian reais</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Colombian pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,321</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">994 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">6.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.7% </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Argentine pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate</FONT></I><FONT style="FONT-SIZE: 7pt"></FONT><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">27.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">27.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Total Variable Rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,379</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">656</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">11,752</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">11,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8,767</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Long Term Debt </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,902</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">752</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,839</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,510</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">9,526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">21,936</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">22,659</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">15,736</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Current portion of long term debt </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,902</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,902</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4,951</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">225</FONT></P></TD></TR>

<TR height=20>

   <TD width="29%"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt"><FONT style="COLOR: #000000">

   <P style="MARGIN: 0cm 0cm 0pt"></P>

   <P style="MARGIN: 0cm 0cm 0pt"></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="COLOR: #000000"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt"><FONT lang=PT-BR>Total Long-Term debt</FONT></FONT></FONT><FONT style="LINE-HEIGHT: normal" lang=PT-BR></FONT></P></TD>

   <TD width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">752</FONT></P></TD>

   <TD width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,407</FONT></P></TD>

   <TD width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,839</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2,510</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">9,526</FONT></P></TD>

   <TD width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">17,034</FONT></P></TD>

   <TD width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">17,708</FONT></P></TD>

   <TD width="1%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT></P></TD>

   <TD width="7%">

   <P style="TEXT-ALIGN: right; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">15,511</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=center><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt" align=center><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 5pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Derivative Instruments:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest Rate Swaps Mexican pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Variable to fixed<SUP>(3)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,600&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,312&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">575&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,963&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(282)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5,450&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest pay rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.06%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.48%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.43%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.63%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.41%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8.41%&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Interest receive rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.74% &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.04%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.02% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.91%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">4.95% /&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">28dTIIE</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">28dTIIE </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">28dTIIE</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">+0.22%<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">+0.22%<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">+0.14%<SUP>(2)</SUP></FONT></P></TD></TR>

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   <TD width="29%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0pt 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 5pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Calculated by a weighted average annual rate.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp; Forward starting swaps in which the receive rate is not known, until the start of the validity period.</FONT></P>

<P style="TEXT-INDENT: -21.6pt; MARGIN: 0cm 0cm 0cm 21.6pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp; Notional amount.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">104</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A hypothetical, instantaneous and unfavorable change of 100 basis points in the average interest rate applicable to our floating-rate financial instruments held during 2011 would have increased our interest expense by approximately Ps.&nbsp;92 million, or 7.7% over our interest expense of 2011, assuming no additional debt is incurred during such period, in each case after giving effect to all of our interest rate swap and cross-currency swap agreements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Foreign Currency Exchange Rate Risk</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our principal exchange rate risk involves changes in the value of the local currencies of each country in which we operate, relative to the U.S. dollar.&nbsp; In 2011, the percentage of our consolidated total revenues was denominated as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total Revenues by Currency</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">At December 31, 2011</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Currency</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">%</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexican peso</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">35.7%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombian peso</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.6%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuelan bolivar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16.1%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentine peso</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.5%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian real</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">25.0%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other (Central America)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6.1%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT color=#0000ff size=2></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We estimate that approximately 19.7% of our consolidated costs of goods sold are denominated in U.S. dollars for Mexican subsidiaries and in the aforementioned currencies for our non-Mexican subsidiaries.</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Substantially all of our costs denominated in a foreign currency, other than the functional currency of each country in which we operate, are denominated in U.S. dollars.&nbsp; During 2011, we entered into forward derivative instruments to hedge part of our Mexican peso fluctuation risk relative to our raw material costs denominated in U.S. dollars.&nbsp; These instruments are considered hedges for accounting purposes.&nbsp; As of December 31, 2011, 34.0% of our indebtedness was denominated in U.S. dollars, 53.8% in Mexican pesos and the remaining 12.2% in Brazilian reais, Colombian pesos and Argentine pesos (including the effect of derivative contracts held by us as of December 31, 2011, including cross currency swaps from Mexican pesos to U.S. dollars).&nbsp; Decreases in the value of the different currencies relative to the U.S. dollar will increase the cost of our foreign currency-denominated operating costs and expenses and of the debt service obligations with respect to our foreign currency-denominated debt.&nbsp; A depreciation of the Mexican peso relative to the U.S. dollar will also result in foreign exchange losses, as the Mexican peso value of our foreign currency denominated-indebtedness is increased.&nbsp; See also &#8220;Item 3.&nbsp; Key Information&#8212;Risk Factors&#8212;Depreciation of the Mexican peso relative to the U.S. dollar could adversely affect our financial condition and results from operations.&#8221;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A hypothetical, instantaneous and unfavorable 10% devaluation in the value of the Mexican peso relative to the U.S. dollar occurring on December 31, 2011, would have resulted in an increase in our net consolidated comprehensive financing result expense of approximately Ps.&nbsp;48.8 million, reflecting higher interest expense and foreign exchange gain generated by the cash balances held in U.S. dollars as of that date, net of the loss based on our U.S. dollar-denominated indebtedness at December 31, 2011.&nbsp; However, this result does not take into account any gain on monetary position that would be expected to result from an increase in the inflation rate generated by a devaluation of the Mexican peso relative to the U.S. dollar, which gain on monetary position would reduce the consolidated net comprehensive financing result, after giving effect to all of our interest rate swap and cross-currency swap agreements.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">105</FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of April 20, 2012, the exchange rates relative to the U.S. dollar of all the countries in which we operate have appreciated or depreciated compared to December 31, 2011 as follows: </FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Exchange Rate<BR>As of April 20, 2012</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(Depreciation) or<BR>Appreciation</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6.16</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Guatemala</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.41%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nicaragua</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">23.32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1.49)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Costa Rica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">509.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.79</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Panama</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,776.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8.58%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">0.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.88</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(0.15)%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 22.95pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -20.25pt; MARGIN: 0cm 21.15pt 0pt 20.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(2.37)%</FONT></P></TD></TR></TABLE></DIV></FONT></DIV>

<DIV align=center></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A hypothetical, instantaneous and unfavorable 10% devaluation in the value of the currencies of each of the countries in which we operate relative to the U.S. dollar at December 31, 2011, would produce a reduction in shareholders&#8217; equity of approximately the following amounts:</FONT></P>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Reduction in Shareholders&#8217; Equity</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(millions of Mexican pesos)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="80%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="80%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Colombia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">979</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="80%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Venezuela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">733</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="80%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,791</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="80%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">122</FONT></P></TD></TR>

<TR style="HEIGHT: 3.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.9pt; PADDING-TOP: 0cm" vAlign=top width="80%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other (Central America)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.9pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">793</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Equity Risk</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011 we did not have any equity risk derivatives. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Commodity Price Risk</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During 2011, we entered into futures contracts to hedge the cost of sugar in Brazil and Colombia with a notional value of Ps. 754 million, maturing in 2012 and 2013.&nbsp; The result of these commodity price contracts was a fair market value gain of Ps. 19 million as of December 31, 2011.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=X-NONE face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 12. Description of Securities Other than Equity Securities</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 12.A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Securities</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 12.B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants and Rights</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 12.C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Securities</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 12.D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Shares </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Bank of New York Mellon serves as the depositary for our ADSs.&nbsp; Holders of our ADSs, evidenced by American Depositary Receipts, or ADRs, are required to pay various fees to the depositary, and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ADS holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf of ADS holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, cable, telex and facsimile transmission, or conversion of foreign currency into U.S. dollars.&nbsp; The depositary may decide in its sole discretion to seek payment by either billing holders or by deducting the fee from one or more cash dividends or other cash distributions.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ADS holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below.</FONT></P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 1.8pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="LINE-HEIGHT: 12.55pt; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Depositary service</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 1.8pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="LINE-HEIGHT: 12.55pt; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Fee payable by ADS holders</FONT></B></P></DIV></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 3pt 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Issuance and delivery of ADRs, including in connection with share distributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Up to US$ 5.00 per 100 ADSs (or portion thereof)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.6pt; PADDING-TOP: 0cm" vAlign=top width="68%">

   <P style="MARGIN: 3pt 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Withdrawal of shares underlying ADSs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.6pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Up to US$ 5.00 per 100 ADSs (or portion thereof)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="68%">

   <P style="MARGIN: 3pt 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Registration for the transfer of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Registration or transfer fees that may from time to time be in effect</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, holders may be required to pay a fee for the distribution or sale of securities.&nbsp; Such fee (which may be deducted from such proceeds) would be for an amount equal to the lesser of (1) the fee for the issuance of ADSs that would be charged as if the securities were treated as deposited shares and (2) the amount of such proceeds.</FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Direct and indirect payments by the depositary</FONT></B></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The depositary reimburses us for certain expenses we incur in connection with the ADS program, subject to a ceiling agreed between us and the depositary.&nbsp; These reimbursable expenses include listing fees and fees payable to service providers for the distribution of material to ADR holders.&nbsp; For the year ended December 31, 2011, this amount was approximately US$ 108,000. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Items 13-14. &nbsp;Not Applicable</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 15.&nbsp; Controls and Procedures</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Disclosure Controls and Procedures</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of December 31, 2011.&nbsp; There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.&nbsp; Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.&nbsp; Based upon our evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Management&#8217;s Annual Report on Internal Control Over Financial Reporting</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a&#8211;15(f) and 15d&#8211;15(f) under the Securities Exchange Act of 1934, as amended.&nbsp; Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of effectiveness of our internal control over financial reporting based on the framework in Internal Control &#8211; Integrated Framework issued by the Committee of Sponsoring Organizations of the Tread way Commission.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&nbsp; Our internal control over financial reporting includes those policies and procedures that (i) pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions or our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts an expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.&nbsp; Based on our evaluation under the framework in Internal Controls &#8211; Integrated framework issued by the Committee of Sponsoring Organizations of the Tread way Commission, our management concluded that our internal control over financial reporting was effective as of December 31, 2011.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>Our management assessment and conclusion on the effectiveness of internal control over financial </FONT><FONT style="COLOR: #000000"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>reporting as of December 31, 2011 excludes, in accordance with applicable guidance provided by the SEC, an </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>assessment of the internal control over financial reporting of Grupo Tampico and Grupo CIMSA, which we </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>acquired in October and December 2011, respectively. Grupo Tampico and Grupo CIMSA represented 4.3% and </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>5.2% of our total and net assets, respectively, as of December 31, 2011, and 1.2% and 0.5% of our revenues and net </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>income, respectively for the year ended December 31, 2011. No material changes in our internal control over </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>financial reporting were identified as a result of these mergers.</FONT></FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Attestation Report of the Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROL OVER FINANCIAL REPORTING </FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">THE BOARD OF DIRECTORS AND SHAREHOLDERS OF</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Coca-Cola FEMSA, S.A.B. DE C.V.:</FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have audited Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries&#8217; internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations of the Tread way Commission (the COSO criteria).&nbsp; Coca-Cola FEMSA, S.A.B. de C.V.&nbsp; and subsidiaries&#8217; management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management&#8217;s Annual Report on Internal Control over Financial Reporting.&nbsp; Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit.</FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).&nbsp; Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.&nbsp; Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.&nbsp; We believe that our audit provides a reasonable basis for our opinion.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Mexican Financial Reporting Standards, including the reconciliation to U.S. GAAP in accordance with Item&nbsp;18 of Form 20F.&nbsp;&nbsp; A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with Mexican Financial Reporting Standards, including the reconciliation to U.S. GAAP in accordance with Item&nbsp;18 of Form 20F, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=timesnewromanpsmt>As indicated in the accompanying Management&#8217;s Annual Report on Internal Control over Financial Reporting, </FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>management&#8217;s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Administradora de Acciones del Noroeste, S.A. de C.V. and its subsidiaries (collectively &#8220;Grupo Tampico&#8221;) and Corporaci&#243;n de los Angeles, S.A. de C.V. and its subsidiaries (collectively &#8220;Grupo CIMSA&#8221;), both subsidiaries in Mexico,&nbsp;acquired&nbsp;in October and December 2011, respectively, which are included in the 2011 consolidated financial statements of Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries, and constituted 4.3% and 5.2% of total and net assets, respectively, as of December 31, 2011 and 1.2% and 0.5% of revenues and net income, respectively, for the year then ended. Our audit of internal control over financial reporting of Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries, also did not include an evaluation of the internal control over financial reporting of Grupo Tampico and Grupo CIMSA.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In our opinion, Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in shareholders&#8217; equity, and cash flows for each of the three years in the period ended December 31, 2011 and our report dated&nbsp;April 25, 2012 expressed an unqualified opinion thereon. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mancera, S.C.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A member practice of </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Ernst &amp; Young Global </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><U><FONT size=2>/s/ </FONT><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Oscar Aguirre Hernandez</FONT></U></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Oscar Aguirre Hernandez</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Mexico City, Mexico</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 25, 2012</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Changes in Internal Control Over Financial Reporting.</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;There has been no change&nbsp;in our internal control over financial reporting <FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>during 2011 that has </FONT></FONT><FONT style="LINE-HEIGHT: normal; COLOR: #000000; FONT-SIZE: 10pt" lang=PT-BR face=timesnewromanpsmt>materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16A.&nbsp; Audit Committee Financial Expert</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our shareholders and our board of directors have designated Jos&#233; Manuel Canal Hernando, an independent director as required by the Mexican Securities Market Law and applicable New York Stock Exchange listing standards, as an &#8220;audit committee financial expert&#8221; within the meaning of this Item 16A.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 6.&nbsp; Directors, Senior Management and Employees&#8212;Directors.&#8221;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16B.&nbsp; Code of Ethics</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have adopted a code of ethics, within the meaning of this Item 16B of Form 20-F under the Securities Exchange Act of 1934, as amended.&nbsp; Our code of ethics applies to our chief executive officer, chief financial officer and persons performing similar functions as well as to our directors and other officers and employees.&nbsp; Our code of ethics is available on our website at www.coca-colafemsa.com.&nbsp; If we amend the provisions of our code of ethics that apply to our chief executive officer, chief financial officer and persons performing similar functions, or if we grant any waiver of such provisions, we will disclose such amendment or waiver on our website at the same address.&nbsp; In accordance with our code of ethics, we have developed a voice mailbox available to our employees to which complaints may be reported.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16C.&nbsp; Principal Accountant Fees and Services&nbsp;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Audit and Non-Audit Fees </FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table summarizes the aggregate fees billed to us by Mancera, S.C. and other Ernst &amp; Young practices (collectively, Ernst and Young) during the fiscal years ended December 31, 2011 and December 31, 2010:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(millions of Mexican pesos)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit-related fees </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other fees </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8212;</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 10.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-INDENT: 36pt; MARGIN: 12pt 0cm"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit Fees</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Audit fees in the above table are the aggregate fees billed by Ernst &amp; Young in connection with the audit of our annual financial statements, the review of our quarterly financial statements, and statutory and regulatory audits.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit-related Fees</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Audit-related fees in the above table are the aggregate fees billed by Ernst &amp; Young for assurance and other services related to the performance of the audit, mainly in connection with special audits and reviews.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">110</FONT></FONT></P></DIV>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax Fees</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Tax fees in the above table are fees billed by Ernst &amp; Young for services based upon existing facts and prior transactions in order to assist us in documenting, computing and obtaining government approval for amounts included in tax filings such as value-added tax return assistance, transfer pricing documentation and requests for technical advice from taxing authorities.</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other fees.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; <FONT style="COLOR: #000000; FONT-SIZE: 10pt">Other fees in the above table consulting related fees. For the years ended December 31, 2011 and 2010, there were no other fees<FONT style="LINE-HEIGHT: normal" lang=EN-US face=timesnewromanpsmt>.&nbsp;</FONT></FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Audit Committee Pre-Approval Policies and Procedures</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have adopted pre-approval policies and procedures under which all audit and non-audit services provided by our external auditors must be pre-approved by the Audit Committee as set forth in the Audit Committee&#8217;s charter.&nbsp; Any service proposals submitted by external auditors need to be discussed and approved by the Audit Committee during its meetings, which take place at least four times a year.&nbsp; Once the proposed service is approved, we or our subsidiaries formalize the engagement of services.&nbsp; The approval of any audit and non-audit services to be provided by our external auditors is specified in the minutes of our Audit Committee.&nbsp; In addition, the members of our Audit Committee are briefed on matters discussed by the different committees of our board of directors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16D.&nbsp; Not Applicable</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16E.&nbsp; Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We did not directly purchase any of our equity securities in 2011.&nbsp; The following table presents purchases by trusts that FEMSA administers in connection with our bonus incentive plans, which purchases may be deemed to be purchases by an affiliated purchaser of us.&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 6.&nbsp; Directors, Senior Management and Employees&#8212;EVA-Based Bonus Program.&#8221;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Purchases of Equity Securities</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Period</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total Number of Series L shares Purchased by trusts that FEMSA administers in connection with our bonus incentive plans</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Average Price Paid per Series L Share</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total Number of Shares Purchased as part of Publicly Announced Plans or Programs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Maximum Number (or Appropriate U.S. Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jan. 5</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&#8211; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mar. 19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">993,500</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Ps. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">76.15&nbsp;</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&#9472;</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&#9472;</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total</FONT></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">993,500</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Ps. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">76.15&nbsp;</FONT></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&#9472;</FONT></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 6pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&#9472;</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16F.&nbsp; Not Applicable</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16G.&nbsp; Corporate Governance</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Rule 303A.11 of the Listed Company Manual of the New York Stock Exchange (NYSE), we are required to provide a summary of the significant ways in which our corporate governance practices differ from those required for U.S. companies under the NYSE listing standards.&nbsp; We are a Mexican corporation with shares listed on the Mexican Stock Exchange. Our corporate governance practices are governed by our bylaws, the Mexican Securities Market Law and the regulations issued by the CNBV.&nbsp; We also disclose the extent to which we comply with the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">C&#243;digo de Mejores Pr&#225;cticas Corporativas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (Mexican Code of Best Corporate Practices), which was created by a group of Mexican business leaders and was endorsed by the BMV.</FONT></P>

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<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below discloses the significant differences between our corporate governance practices and the NYSE standards. </FONT></P>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Directors Independence:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> A majority of the board of directors must be independent. There is an exemption for &#8220;controlled companies&#8221; (companies in which more than 50% of the voting power is held by an individual, group or another company rather than the public), which would include our company if we were a U.S. issuer.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Directors Independence:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Pursuant to the Mexican Securities Market Law, we are required to have a board of directors with a maximum of 21 members, 25% of whom must be independent. </FONT></P>

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Mexican Securities Market Law sets forth, in article 26, the definition of &#8220;independence,&#8221; which differs from the one set forth in Section 303A.02 of the Listed Company Manual of the NYSE. Generally, under the Mexican Securities Market Law, a director is not independent if such director: (i) is an employee or a relevant officer of the company or its subsidiaries; (ii) is an individual with significant influence over the company or its subsidiaries; (iii) is a shareholder or participant of the controlling group of the company; (iv) is a client, supplier, debtor, creditor, partner or employee of an important client, supplier, debtor or creditor of the company; or (v) is a family member of any of the aforementioned persons. </FONT></P>

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with the Mexican Securities Market Law, our shareholders are required to make a determination as to the independence of our directors at an ordinary meeting of our shareholders, though the CNBV may challenge that determination. Our board of directors is not required to make a determination as to the independence of our directors.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Executive sessions: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-management directors must meet at regularly scheduled executive sessions without management.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Executive sessions: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our bylaws and applicable Mexican law, our non-management and independent directors are not required to meet in executive sessions.</FONT></P>

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our bylaws state that the board of directors will meet at least four times a year, following the end of each quarter, to discuss our operating results and progress in achieving strategic objectives. Our board of directors can also hold extraordinary meetings.</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nominating/Corporate Governance Committee: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A nominating/corporate governance committee composed entirely of independent directors is required. As a &#8220;controlled company,&#8221; we would be exempt from this requirement if we were a U.S. issuer.</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nominating/Corporate Governance Committee: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are not required to have a nominating committee, and the Mexican Code of Best Corporate Practices does not provide for a nominating committee. </FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">However, Mexican law requires us to have a Corporate Practices Committee. Our Corporate Practices Committee is composed of three members, and as required by the Mexican Securities Market Law and our bylaws, the three members are independent. </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Compensation committee: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A&nbsp;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">compensation committee composed entirely of independent directors is required. As a &#8220;controlled company,&#8221; we would be exempt from this requirement if we were a U.S. issuer.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Compensation committee:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> We do not have a committee that exclusively oversees compensation issues. Our Corporate Practices Committee, composed entirely of independent directors, reviews and recommends management compensation programs in order to ensure that they are aligned with shareholders&#8217; interests and corporate performance.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE Standards</FONT></U></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Corporate Governance Practices</FONT></U></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit committee: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Listed companies must have an audit committee satisfying the independence and other requirements of Rule 10A-3 under the Exchange Act and the NYSE independence standards.</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit committee: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have an Audit Committee</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">of five members</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Each member of the Audit Committee is an independent director, as required by the Mexican Securities Market Law. </FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Equity compensation plan: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Equity compensation plans require shareholder approval, subject to limited exemptions.</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Equity compensation plan: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholder approval is not required under Mexican law or our bylaws for the adoption and amendment of an equity compensation plan. Such plans should provide for general application to all executives. </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Code of business conduct and ethics: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Corporate governance guidelines and a code of conduct and ethics are required, with disclosure of any waiver for directors or executive officers.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Code of business conduct and ethics:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> We have adopted a code of ethics, within the meaning of Item 16B of SEC Form 20-F. Our code of ethics applies to our chief executive officer, chief financial officer and persons performing similar functions as well as to our directors and other officers and employees. Our code of ethics is available on our website at www.coca-colafemsa.com. If we amend the provisions of our code of ethics that apply to our chief executive officer, chief financial officer and persons performing similar functions, or if we grant any waiver of such provisions, we will disclose such amendment or waiver on our website at the same address.</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 16H.&nbsp; Not Applicable</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 17.&nbsp; Not Applicable</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 18.&nbsp; Financial Statements</FONT></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Reference is made to Item 19(a) for a list of all financial statements filed as part of this annual report.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Item 19.&nbsp; Exhibits</FONT></B></P>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a) </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">List of Financial Statements</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Report of Mancera S.C., A Member Practice of Ernst &amp; Young Global </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">F-1</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated Balance Sheets at December 31, 2011 and 2010 </FONT></P></TD>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated Income Statements For the Years Ended December 31, 2011, 2010 and 2009 </FONT></P></TD>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated Statement of Cash Flows For the Years Ended December 31, 2011, 2010 and 2009. </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">F-4</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated Statements of Changes in Shareholders&#8217; Equity For the Years Ended December 31, 2011, 2010 and 2009 </FONT></P></TD>

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   <P style="MARGIN: 0cm 35.1pt 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Notes to the Consolidated Financial Statements* </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">F-7</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 12pt 21.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">*&nbsp;&nbsp;&nbsp; All supplementary schedules relating to the registrant are omitted because they are not required or because the required information, where material, is contained in the Financial Statements or Notes thereto.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">List of Exhibits</FONT></U></P>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amended and restated bylaws (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Estatutos Sociales</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) of Coca-Cola FEMSA, S.A.B. de C.V., approved February 16, 2012 (English translation).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 2.1</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Deposit Agreement, dated as of September 1, 1993, among Coca-Cola FEMSA, the Bank of New York, as Depositary, and Holders and Beneficial Owners of American Depository Receipts (incorporated by reference to Exhibit 3.5 to the Registration Statement of FEMSA on Form F-4 filed on April 9, 1998 (File No. 333-8618)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 2.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indenture dated as of February 5, 2010 among Coca-Cola FEMSA, S.A.B. de C.V., and The Bank of New York Mellon (incorporated by reference to Exhibit 2.2 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 10, 2010 (File No. 1-12260)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">First Supplemental Indenture dated as of February 5, 2010 among Coca-Cola FEMSA, S.A.B. de C.V., and The Bank of New York Mellon and the Bank of New York Mellon (Luxembourg) S.A. (incorporated by reference to Exhibit 2.3 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 10, 2010 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 2.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Supplemental Indenture dated as of April 1, 2011 among Coca-Cola FEMSA, S.A.B. de C.V., Propimex, S. de R.L. de C.V. (</FONT><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">formerly&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Propimex, S.A. de C.V., as Guarantor, and The Bank of New York Mellon (incorporated by reference to Exhibit 2.4 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 17, 2011 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amended and Restated Shareholders Agreement dated as of July 6, 2002, by and among CIBSA, Emprex, The Coca-Cola Company and Inmex, (incorporated by reference to Exhibit 4.13 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 27, 2003 (File No. 1-12260)).</FONT></P></TD></TR></TABLE></DIV>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit No:</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Description</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment, dated May 6, 2003, to the Amended and Restated Shareholders Agreement, dated as of July 6, 2002, among CIBSA, Emprex, The Coca-Cola Company, Inmex, Atlantic Industries, Dulux CBAI 2003 B.V. and Dulux CBEXINMX 2003 B.V. (incorporated by reference to Exhibit 4.14 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 27, 2003 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Second Amendment, dated as of February 1, 2010, to the to the Amended and Restated Shareholders Agreement, dated as of July 6, 2002, by and among CIBSA, Emprex, The Coca-Cola Company, Inmex and Dulux CBAI 2003 B.V. (incorporated by reference to Exhibit 4.3 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 10, 2010 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amended and Restated Bottler Agreement, dated June 21, 2003, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in the valley of Mexico (incorporated by reference to Exhibit 4.3 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on April 5, 2004 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supplemental Agreement, dated June 21, 1993, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in the valley of Mexico (with English translation) (incorporated by reference to Exhibit 10.3 to Coca-Cola FEMSA&#8217;s Registration Statement on Form F-1 filed on August 13, 1993 (File No. 333-67380)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amended and Restated Bottler Agreement, dated June 21, 2003, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in the southeast of Mexico (incorporated by reference to Exhibit 4.5 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on April 5, 2004 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supplemental Agreement, dated June 21, 1993, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in the southeast of Mexico (with English translation) (incorporated by reference to Exhibit 10.4 to Coca-Cola FEMSA&#8217;s Registration Statement on Form F-1 filed on August 13, 1993 (File No. 333-67380)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bottler Agreement and Side Letter dated June 1, 2005, between Panamco Golfo, S.A. de C.V. and The Coca-Cola Company with respect to operations in Golfo, Mexico (English translation) (incorporated by reference to Exhibit 4.7 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on April 18, 2006 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bottler Agreement and Side Letter dated June 1, 2005, between Panamco Bajio, S.A. de C.V., and The Coca-Cola Company with respect to operations in Bajio, Mexico (English translation) (incorporated by reference to Exhibit 4.8 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on April 18, 2006 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bottler Agreement, dated August 22, 1994, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in Argentina (with English translation) (incorporated by reference to Exhibit 10.1 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 30, 1995 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supplemental Agreement, dated August 22, 1994, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in Argentina (with English translation) (incorporated by reference to Exhibit 10.2 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 30, 1995 (File No. 1-12260)).</FONT></P></TD></TR></TABLE>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit No:</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Description</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendments, dated May 17 and July 20, 1995, to Bottler Agreement and Letter of Agreement, dated August 22, 1994, each with respect to operations in Argentina, between Coca-Cola FEMSA and The Coca-Cola Company (with English translation) (incorporated by reference to Exhibit 10.3 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 28, 1996 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bottler Agreement, dated December 1, 1995, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in SIRSA (with English translation) (incorporated by reference to Exhibit 10.4 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 28, 1996 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supplemental Agreement, dated December 1, 1995, between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in SIRSA (with English translation) (incorporated by reference to Exhibit 10.6 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 28, 1996 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment, dated February 1, 1996, to Bottler Agreement between Coca-Cola FEMSA and The Coca-Cola Company with respect to operations in SIRSA, dated December 1, 1995 (with English translation) (incorporated by reference to Exhibit 10.5 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 28, 1996 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment, dated May 22, 1998, to Bottler Agreement with respect to the former SIRSA territory, dated December 1, 1995, between Coca-Cola FEMSA and The Coca-Cola Company (with English translation) (incorporated by reference to Exhibit 4.12 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 20, 2001 (File No. 1-12260)).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coca-Cola Tradename License Agreement dated June 21, 1993, between Coca-Cola FEMSA and The Coca-Cola Company (with English translation) (incorporated by reference to Exhibit 10.40 to FEMSA&#8217;s Registration Statement on Form F-4 filed on April 9, 1998 (File No. 333-8618)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment to the Trademark License Agreement, dated December 1, 2002, entered by and among Administraci&#243;n de Marcas S.A. de C.V., as proprietor, and The Coca-Cola Export Corporation Mexico branch, as licensee (incorporated by reference to Exhibit 10.3 of Panamco&#8217;s Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File No. 1-12290)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trademark Sub-License Agreement, dated January 4, 2003, entered by and among Panamco Golfo S.A. de C.V., as licensor, and The Coca-Cola Company, as licensee (incorporated by reference to Exhibit 10.6 of Panamco&#8217;s Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File No. 1-12290)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trademark Sub-License Agreement, dated January 4, 2003, entered by and among Panamco Bajio S.A. de C.V., as licensor, and The Coca-Cola Company, as licensee (incorporated by reference to Exhibit 10.7 of Panamco&#8217;s Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File No. 1-12290)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supply Agreement dated June 21, 1993, between Coca-Cola FEMSA and FEMSA Empaques, (incorporated by reference to Exhibit 10.7 to Coca-Cola FEMSA&#8217;s Registration Statement on Form F-1 filed on August 13, 1993 (File No. 333-67380)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.22</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supply Agreement dated April 3, 1998, between ALPLA F&#225;brica de Pl&#225;sticos, S.A. de C.V. and Industria Embotelladora de M&#233;xico, S.A. de C.V. (with English translation) (incorporated by reference to Exhibit 4.18 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on July 1, 2002 (File No. 1-12260)).*</FONT></P></TD></TR></TABLE>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit No:</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Description</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Services Agreement, dated November 7, 2000, between Coca-Cola FEMSA and FEMSA Log&#237;stica (with English translation) (incorporated by reference to Exhibit 4.15 to Coca-Cola FEMSA&#8217;s Annual Report on Form 20-F filed on June 20, 2001 (File No. 1-12260)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.24</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Promotion and Non-Compete Agreement, dated March 11, 2003, entered by and among The Coca-Cola Export Corporation Mexico branch and Panamco Bajio S.A. de C.V. (with English translation) (incorporated by reference to Exhibit 10.8 of Panamco&#8217;s Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File No. 1-12290)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.25</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Promotion and Non-Compete Agreement, dated March 11, 2003, entered by and among The Coca-Cola Export Corporation Mexico branch and Panamco Golfo S.A. de C.V. (with English translation) (incorporated by reference to Exhibit 10.9 of Panamco&#8217;s Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File No. 1-12290)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 4.26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Memorandum of Understanding, dated as of March 11, 2003, by and among Panamco, as seller, and The Coca-Cola Company, as buyer (incorporated by reference to Exhibit 10.14 of Panamco&#8217;s Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File No. 1-12290)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 7.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Coca-Cola Company memorandum, to Steve Heyer from Jos&#233; Antonio Fern&#225;ndez, dated December 22, 2002 (incorporated by reference to Exhibit 10.1 to FEMSA&#8217;s Registration Statement on Amendment No. 1 to the Form F-3 filed on September 20, 2004 (File No. 333-117795)).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Significant Subsidiaries.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 12.1</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated&nbsp;April 25,<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=blue face=timesnewromanpsmt>&nbsp;</FONT>2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 12.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated&nbsp;April 25, 2012.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 13.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="81%">

   <P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated&nbsp;April 25, 2012.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 12pt 23.75pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">*&nbsp; Portions of Exhibit 4.22 were omitted pursuant to a request for confidential treatment.&nbsp; Such omitted portions were filed separately with the Securities and Exchange Commission.</FONT></P>

<P style="TEXT-INDENT: -13.5pt; MARGIN: 0cm 0cm 12pt 13.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omitted from the exhibits filed with this annual report are certain instruments and agreements with respect to long-term debt of Coca-Cola FEMSA, none of which authorizes securities in a total amount that exceeds 10% of the total assets of Coca-Cola FEMSA.&nbsp; We hereby agree to furnish to the SEC copies of any such omitted instruments or agreements as the SEC requests.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">SIGNATURE</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman">Coca-Cola FEMSA, S.A.B. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">de C.V.</FONT></P></TD></TR>

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   <P style="MARGIN: 18pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">By:</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> /s/ H&#233;ctor Trevi&#241;o Guti&#233;rrez </FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 21.6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">H&#233;ctor Trevi&#241;o Guti&#233;rrez<BR>Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Date:&nbsp;April 25, 2012</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Report of Independent Registered Public Accounting Firm</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Board of Directors and Shareholders of</FONT><BR><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA, S.A.B. de C.V.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>We have audited the accompanying consolidated balance sheets of Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in shareholders&#8217; equity and cash flows for each of the three years in the period ended December 31, 2011. These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries at December 31, 2011 and 2010, and the consolidated results of their operations and consolidated cash flows, for each of the three years in the period ended December 31, 2011, in conformity with Mexican Financial Reporting Standards, which differ in certain respects from accounting principles generally accepted in the United States (See Notes 26 and 27 to the consolidated financial statements).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries&#8217; internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control- Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 25, 2012 expressed an unqualified opinion thereon.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mancera, S.C.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A member practice of</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ernst &amp; Young Global</FONT><BR><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><U>/s/ Oscar Aguirre Hernandez</U><BR>Oscar Aguirre Hernandez</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico City, Mexico</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>April 25, 2012</FONT></P></DIV>

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   <TD width="9%"></TD></TR>

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   <TD width="100%" colSpan=7 align=left><FONT size=5 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated balance sheets</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>At December 31, 2011 and 2010.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.).</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>

   <DIV align=center>&nbsp;</DIV></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right>

   <DIV align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</DIV></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>

   <DIV align=center>&nbsp;</DIV></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right>

   <DIV align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</DIV></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Assets:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>$ </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>883</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,331</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marketable securities (Note 4c)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>330</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable, net (Note 6)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>619</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,634</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories, net (Note 7)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>543</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,573</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,529</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,658</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other current assets (Note 8)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,677</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total current assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,299</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,074</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,436</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in shares (Note 9)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>262</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,656</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment, net (Note 10)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,975</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,502</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets, net (Note 11)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,066</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,675</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,213</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax asset (Note 23d)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>451</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>345</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets, net (Note 12)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>233</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><STRONG><FONT size=1 face=Arial>$</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,867</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><STRONG><FONT size=1 face=Arial>Ps. </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><STRONG><FONT size=1 face=Arial>151,608</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Ps. </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>114,061</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities and shareholders&#8217; equity</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans and notes payable (Note 17)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>$ </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current portion of long-term debt (Note 17)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>351</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,902</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest payable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>206</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>850</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,852</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,988</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>262</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,661</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,785</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,931</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other current liabilities (Note 24a)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,033</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total current liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,798</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,077</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,646</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-Term Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans and notes payable (Note 17)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,034</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor liabilities (Note 15b)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,537</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax liability (Note 23d)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,485</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contingencies and other liabilities (Note 24b)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,695</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,912</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total long-term liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,845</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,751</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,643</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,828</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders&#8217; Equity:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interest in consolidated subsidiaries (Note 20)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>221</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,089</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,602</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Controlling interest:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital stock (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>228</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,178</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional paid-in capital (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,146</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,936</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings from prior years (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,552</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,550</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>761</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,615</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income (Note 21)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>316</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,412</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total controlling interest</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,003</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,691</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,279</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total shareholders&#8217; equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,224</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,780</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>$ </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,867</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Ps. </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>151,608</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Ps. </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>114,061</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated balance sheets</FONT></I></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="56%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><FONT size=5 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated income statements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>For the years ended December 31, 2011, 2010 and 2009.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.), except for data per share.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="22%" colSpan=4 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net sales</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>8,893</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>124,066</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>102,988</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>102,229</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating revenues</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>649</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>468</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>538</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total revenues</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,940</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124,715</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,456</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,767</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of goods sold</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,838</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,488</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gross profit</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,102</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,227</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,922</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Operating expenses:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Administrative</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>372</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,184</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,449</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,285</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,891</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,394</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,672</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Operating expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,657</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,075</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,843</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from operations</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,445</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,152</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,079</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses, net (Note 18)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,326</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,292</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,449</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive financing result:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,736</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,748</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,895</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest income</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(601)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(286)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange (gain) loss, net</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(62)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>423</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on monetary position in inflationary subsidiaries</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(155)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(414)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(488)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value loss (gain) on ineffective portion</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>of derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>140</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(244)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(118)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive financing result</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,058</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,228</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,373</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before income taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,202</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,768</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,559</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxes (Note 23e)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>401</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,043</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated net income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$ </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><STRONG><FONT size=1 face=Arial>801</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,169</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,299</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,970</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Controlling interest net income</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>761</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,615</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,800</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interest net income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>554</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>499</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated net income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><STRONG><FONT size=1 face=Arial>801</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,169</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,299</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,970</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net controlling income (U.S. dollars and Mexican pesos):</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Data per share</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>$ </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><STRONG><FONT size=1 face=Arial>0.41</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.69</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.31</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.62</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated income statements.</FONT></I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="56%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><FONT size=5 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated statements of cash flows</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>For the years ended December 31, 2011, 2010 and 2009.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.).</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="19%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Activities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before income taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>1,202</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,768</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,559</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-cash operating expenses</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>208</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity in earnings associated companies</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(217)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(142)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized gain on marketable securities</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(112)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments regarding investing activities:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,163</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,333</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>396</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>694</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loss on sale of long-lived assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of long-lived assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>606</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(601)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(286)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments regarding financing activities:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,616</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,579</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange (gain) loss, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(62)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>424</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary position gain, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(155)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(413)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(488)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments loss (gain)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(468)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(318)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,651</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,028</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,692</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,146</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase in accounts receivable</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(118)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,640)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,092)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(394)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Increase) decrease in inventories</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(128)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,782)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease (increase) in other assets</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,002</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(562)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(153)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Decrease) increase in suppliers and other accounts payable</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(301)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>585</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,808</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in other liabilities</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(205)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(209)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(424)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in labor liabilities</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(192)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(169)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax paid</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(327)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,565)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,882)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,061)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net cash flows from operating activities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,098</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,307</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investing Activities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo Tampico business (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(173)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,414)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo CIMSA business (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(137)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,912)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Brisa business (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(717)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases of investment available-for-sale</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,001)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from investment available-for-sale</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,108</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest received</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>601</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>285</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of long-lived assets</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(526)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,344)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,845)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,883)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from the sale of long-lived assets</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>377</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>477</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(111)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,546)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(545)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in shares Grupo Estrella Azul (Note 9)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(45)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(620)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(69)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(956)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,325)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,355)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash flows from investing activities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,014)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,140)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,845)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,900)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash flows available for financing activities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,167</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,505</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,763</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="56%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financing Activities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans obtained</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,934</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,251</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,641</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans repaid</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(198)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,755)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,824)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,376)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(112)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,567)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,436)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,047)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(313)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,366)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,612)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,344)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of non-controlling interests</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(282)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(338)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash flows from financing activities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(158)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,206)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,011)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,029)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Decrease) increase in cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(74)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,039)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,494</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,734</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Translation and restatement effects</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>836</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(801)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(476)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Initial balance of cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>898</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,841</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,583</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ending balance of cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>884</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,331</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,534</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,841</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated statements of cash flows.</FONT></I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=5 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated statements of changes in shareholders&#8217; equity</FONT></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>For the years ended December 31, 2011, 2010 and 2009.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Amounts expressed in millions of Mexican pesos (Ps.).</FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated statements of changes in shareholders&#8217; equity.</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Capital</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Stock</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Additional</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Paid-in</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Capital</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Retained</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Earnings</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>from Prior</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Years</STRONG></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balances at December 31, 2008</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,116</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,220</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,935</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer of prior year net income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends declared (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,344)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balances at December 31, 2009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,116</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,220</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer of prior year net income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends declared (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,604)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions of non-controlling interest</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balances at December 31, 2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,116</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,239</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer of prior year net income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends declared (Note 21)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,358)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions of non-controlling interest</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo Tampico</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,799</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo CIMSA</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,984</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balances at December 31, 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,178</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,936</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49,550</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></TD>

   <TD width="12%"></TD>

   <TD width="3%"></TD>

   <TD width="12%"></TD>

   <TD width="3%"></TD>

   <TD width="12%"></TD>

   <TD width="3%"></TD>

   <TD width="12%"></TD>

   <TD width="3%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Net</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Income</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Cumulative</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Other</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Comprehensive</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Income (Loss)</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Total</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Controlling</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Interest</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Non-controlling</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Interest in</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Consolidated</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Subsidiaries</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Total</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>shareholders&#8217;</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Equity</STRONG></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,598</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,913</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,703</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,616</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,598)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,344)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,344)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,523</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,084</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,607</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>593</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,523</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,128</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66,176</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,296</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,523)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,604)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,604)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(301)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(282)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,112)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,688</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>607</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,295</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,279</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,602</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,800)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,358)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,366)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,827</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,828</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,018</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,615</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,396</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>522</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,533</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,615</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,412</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,691</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,089</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100,780</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated statements of changes in shareholder&#180;s equity</FONT></I></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=5 face=ArialMT,Arial,Helvetica,sans-serif>Notes to the consolidated financial statements</FONT></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>For the years ended December 31, 2011, 2010 and 2009.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.).</FONT></I></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 1. Activities of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA, S.A.B. de C.V. (&#8220;Coca-Cola FEMSA&#8221; or &#8220;the Company&#8221;) is a Mexican corporation, mainly engaged in acquiring, holding and transferring all types of bonds, capital stock, shares and marketable securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA is indirectly owned by Fomento Economico Mexicano, S.A.B. de C.V. (&#8220;FEMSA&#8221;), which at December 31, 2011 holds 50% of its capital stock and 63% of its voting shares and The Coca-Cola Company (&#8220;TCCC&#8221;), which at December 31, 2011 indirectly owns 29.4% of its capital stock and 37% of the voting shares. The remaining 20.6% of Coca-Cola FEMSA&#8217;s shares trade on the Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV: KOFL) and 0.00002% is owned by other individuals. Its American Depositary Shares (ADS) trade on the New York Stock Exchange, Inc. (NYSE: KOF).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In February 2010, the Company&#8217;s main shareholders, FEMSA and The Coca-Cola Company, amended the shareholders agreement, and the Company&#8217;s bylaws were amended accordingly. The amendment related to changes in the voting requirements for decisions on: (1) ordinary operations within an annual business plan and (2) appointment of the chief executive officer and all officers reporting to him, all of which now may be taken by the board of directors by simple majority voting.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA and its subsidiaries (the &#8220;Company&#8221;), as an economic unit, are engaged in the production, distribution and marketing of certain Coca-Cola trademark beverages in Mexico, Central America (Guatemala, Nicaragua, Costa Rica and Panama), Colombia, Venezuela, Brazil and Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011 and 2010, the most significant companies over which the Company exercises control are:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%"></TD>

   <TD width="25%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="25%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="20%" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ownership</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="25%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="20%" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Percentage</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Company</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="25%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Propimex, S.A. de C.V.</FONT>&nbsp;</TD>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacturing and distribution</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00%</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Controladora Interamericana de<FONT size=3 face="Times New Roman">&nbsp;</FONT>Bebidas, S.A. de C.V.</FONT>&nbsp;</TD>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00%</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spal Industria Brasileira de Bebidas, S.A.</FONT>&nbsp;</TD>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacturing and distribution</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97.93%</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97.71%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola Femsa de Venezuela, S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacturing and distribution</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 2. Basis of Presentation.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The consolidated financial statements include the financial statements of Coca-Cola FEMSA and those companies over which it exercises control. All intercompany account balances and transactions have been eliminated in consolidation process.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying consolidated financial statements were prepared in accordance with Mexican Financial Reporting Standards (&#8220;Mexican FRS&#8221;), individually referred to as &#8220;NIFs,&#8221; and are stated in millions of Mexican pesos (&#8220;Ps.&#8221;). The translation of Mexican pesos into U.S. dollars (&#8220;$&#8221;) is included solely for the convenience of the reader, using the noon buying exchange rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the U.S. Federal Reserve, Ps. 13.9510 per U.S. dollar as of December 31, 2011, the last day in 2011 for which information is available, according to the U.S. Federal Reserve Board.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company classifies its costs and expenses by function in the consolidated income statement, in order to conform to the industry practices where the Company operates. The income from operations line in the income statement is the result of subtracting cost of goods sold and operating expenses from total revenues and it has been included for a better understanding of the Company&#8217;s financial and economic performance.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying consolidated financial statements and its notes were approved for issuance by the Company&#8217;s Chief Executive Officer and Chief Financial and Administrative Officer on April 25, 2012 and subsequent events have been considered through that date (see Note 29).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 1, 2011, 2010 and 2009 several new NIF&#8217;s came into effect. Such changes and their application are described as follows:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>New NIF&#8217;s adopted in 2011:</FONT></B><BR><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) NIF B-5 &#8220;Financial Information by Segment&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2011, the Company adopted NIF B-5 &#8220;Financial Information by Segment&#8221;, which superseded Bulletin B-5. NIF B-5 establishes that an operating segment shall meet the following criteria: i) the segment engages in business activities from which it earns, or is in the process of obtaining revenues, and incurs related costs and expenses; ii) the operating results are reviewed regularly by entity&#8217;s primary decision maker; and iii) specific financial information is available. NIF B-5 also requires disclosures related to operating segments subject to reporting, including details of earnings, assets and liabilities, reconciliations, information about products and services, and geographical areas. This pronouncement was applied retrospectively for comparative purposes, although it had no impact, on the key segment indicators already disclosed in Note 25.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) NIF B-9 &#8220;Interim Financial Reporting&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company adopted NIF B-9 &#8220;Interim Financial Reporting&#8221;, which prescribes the content to be included in a complete or condensed set of financial statements for an interim period. The adoption of NIF B-9 did not impact the Company&#8217;s annual financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) NIF C-4 &#8220;Inventories&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2011, the Company adopted NIF C-4 &#8220;Inventories&#8221;, which replaces Mexican accounting Bulletin C-4, Inventories. NIF C-4, does not allow the use of direct costs as the inventory valuation method nor does it allow the use of the LIFO cost method. NIF C-4 establishes that inventories must be valued at the lower of acquisition cost or net realizable value. This standard also establishes that advances to suppliers for the acquisition of merchandise must be classified as inventories provided the risks and benefits of the inventories are transferred to the Company. The application of this standard did not impact the actual inventory valuation of the Company. NIF C-4 was applied retrospectively causing a reclassification between the advances to suppliers and inventory balances reported as of December 31, 2010 of Ps. 123. Similar reclassifications were made in the 2010 and 2009 consolidated statement of cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) NIF C-5 &#8220;Prepaid Expenses&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2011, the Company adopted NIF C-5 &#8220;Prepaid Expenses&#8221;, which replaced Mexican accounting Bulletin C-5, Prepaid Expenses. This standard establishes that the main characteristic of prepaid expenses is that they do not result in the transfer to the entity of the benefits and risks inherent to the goods or services to be received. Consequently, prepaid expenses must be recognized in the balance sheet as either current or non-current assets, depending on the item&#180;s classification in the statement of financial position. Moreover, NIF C-5 establishes that prepaid expenses made for goods or services whose inherent benefits and risks have already been transferred to the entity must be carried to the appropriate caption.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accounting changes resulting from the adoption of this standard were recognized retrospectively, causing a reclassification between the &#8220;other current assets&#8221; caption (see Note 8) and &#8220;other assets&#8221; (see Note 12). They also resulted in reclassifications to prepaid expenses of Ps. 349 which were reclassified from &#8220;inventories&#8221; of Ps. 123, and property, plant, and equipment of Ps. 226, as of December 31, 2010. Similar reclassifications were made in the 2010 and 2009 <FONT size=1 face=Arial>consolidated </FONT>statement of cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) NIF C-6, &#8220;Property, Plant and Equipment&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2011, the Company adopted NIF C-6 &#8220;Property, Plant and Equipment&#8221;, which replaced Mexican accounting Bulletin C-6, Property, Machinery and Equipment. This new standard was effective for fiscal years beginning on or after January 1, 2011. The component of the new standard related to the segregation of property, plant and equipment into separate components for those assets with different useful lives could optionally have been deferred until 2012, although this requirement has been applied by the Company since prior years and will not impact the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In the case of asset exchanges, NIF C-6 requires entities to determine the commercial substance of the transaction, and the depreciation of all assets must be applied against the components of the assets, and the amount to be depreciated is the cost of acquisition less the asset&#8217;s residual value. Moreover, NIF C-6 clarifies that regardless of whether the use or non-use of the asset is temporary or indefinite, it should not cease the depreciation charge. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. There are also specific disclosures for public entities such as: additions, disposals, depreciation, impairments, among others.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This standard was adopted and did not impact the Company&#180;s financial statements, except for reclassification to property, plant and equipment as of December 31, 2010 as a result of the presentation of prepaid expenses (see Note 2d) and additional disclosures, and the incremental disclosures presented in Note 10.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) NIF C-18, &#8220;Obligations related to retirement of property, plant and equipment&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 1, 2011, the Company adopted NIF C-18, which establishes the accounting treatment for the initial and subsequent recognition of a liability for legal obligations related to the retirement of property, plant and equipment recognized as a result of the acquisition, construction, development and/or normal operation of such components.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This standard also establishes that an entity must initially recognize a provision for obligations related to retirement of property, plant and equipment based on its best estimate of the disbursements required to settle the present obligation at the time it is assumed, provided a reliable estimate can be made of the amount of the obligation. The best estimate of a provision for an obligation associated with the retirement of property, plant and equipment components should be determined using the expected present value method. The adoption of NIF C-18 did not impact the Company&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>New NIF&#8217;s adopted in 2010:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>g) NIF C-1 &#8220;Cash and Cash Equivalents&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2010, the Company adopted NIF C-1 &#8220;Cash and Cash Equivalents&#8221;, which superseded Bulletin C-1 &#8220;Cash&#8221;. NIF C-1 establishes that cash shall be measured at nominal value, and cash equivalents shall be measured at acquisition cost for initial recognition. Subsequently, cash equivalents should be measured according to its designation: precious metals shall be measured at fair value, foreign currencies shall be translated to the functional and reporting currency applying the closing exchange rate. Cash and cash equivalents are presented in the first line of assets, including restricted cash. This pronouncement was applied retrospectively, causing an increase in the cash balances reported as a result of the treatment of presentation of restricted cash, which was reclassified from &#8220;other current assets&#8221; for an amount of Ps.394 as of December 31, 2010 (see Note 4b).</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>h) Interpretation to Mexican Financial Reporting Standards (&#8220;Interpretaci&#243;n a las Normas de Informaci&#243;n Financiera&#8221; or INIF 19, &#8220;Accounting change as a result of IFRS adoption&#8221;:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On September 30, 2010, the Consejo Mexicano de Normas de Informaci&#243;n Financiera (CINIF) issued the INIF 19 &#8220;Accounting change as a result of International Financial Reporting Standards (IFRS) adoption.&#8221; This INIF states disclosure requirements for: (a) financial statements based on Mexican FRS that were issued before IFRS adoption and (b) financial statements based on Mexican FRS that are issued within the IFRS period adoption. The adoption of this INIF resulted in additional disclosures regarding IFRS adoption, such as date of adoption, significant financial impact, significant changes in accounting policies, among others (see Note 28).</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>New NIF&#8217;s adopted in 2009:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>i) NIF B-7, &#8220;Business Acquisitions&#8221;:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2009, the Company adopted NIF B-7 &#8220;Business Acquisitions&#8221;, which is an amendment to the previous Bulletin B-7 &#8220;Business Acquisitions&#8221;. NIF B-7 establishes general rules for recognizing the fair value of net assets of businesses acquired as well as the fair value of non-controlling interests, at the purchase date. This statement differs from the previous Bulletin B-7 in the following ways: a) to recognize all assets and liabilities acquired at their fair value, including the non-controlling interest based on the acquirer accounting policies, b) acquisition-related costs and restructuring expenses should not be part of the purchase price, and c) changes to tax amounts recorded in acquisitions must be recognized as part of the income tax provision. This pronouncement was applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>j) NIF B-8, &#8220;Consolidated and Combined Financial Statements&#8221;:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2009, the Company adopted NIF B-8 &#8220;Consolidated or combined financial statements&#8221;, which was issued in 2008, and amends Bulletin B-8 &#8220;Consolidated and combined financial statements and valuation of permanent share investments&#8221;. NIF B-8 is similar to previous Bulletin B-8; however, this statement differs from the previous Bulletin B-8 in the following ways: a) defines control as the power to govern financial and operating policies, b) establishes that there are other facts, such as contractual agreements that have to be considered to determine whether an entity exercises control or not, c) defines &#8220;Specific-Purpose Entity&#8221; (&#8220;SPE&#8221;), as those entities that are created to achieve a specific purpose and are considered within the scope of this pronouncement, d) establishes new terms, such as &#8220;controlling interest&#8221; instead of &#8220;majority interest&#8221; and &#8220;non-controlling interest&#8221; instead &#8220;minority interest&#8221;, and e) confirms that non-controlling interest must be assessed at fair value at the subsidiary acquisition date. NIF B-8 was applied prospectively beginning on January 1, 2009.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>k) NIF C-7, &#8220;Investment in Associates and Other Permanent Investments&#8221;:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2009, the Company adopted NIF C-7 &#8220;Investment in Associates and Other Permanent Investments&#8221;. NIF C-7 establishes general rules of accounting recognition for the investment in associates and other permanent investments not joint or fully controlled or significantly influenced by an entity. This pronouncement includes guidance to determine the existence of significant influence. Previous Bulletin B-8 &#8220;Consolidated and Combined Financial Statements and Valuation of Permanent Share Investments&#8221;, defined that permanent share investments were accounted for using the equity method if the entity held 10% or more of its outstanding shares. NIF C-7 establishes that permanent share investments should be accounted by equity method if: a) an entity holds 10% or more of a public entity, b) an entity holds 25% or more of a private company, and c) an entity exercise significant influence over the investments of a company, as described in NIF C-7. As disclosed in Note 9, the Company owns certain privately held investments for which it owns less than 25% but still applies the equity method of accounting as it has determined that it exercises significant influence over those entities. Accordingly, the adoption of NIF C-7 did not have an impact on the Company&#8217;s consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>l) NIF C-8, &#8220;Intangible Assets&#8221;:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2009, the Company adopted NIF C-8 &#8220;Intangible Assets&#8221; which is similar to previous Bulletin C-8 &#8220;Intangible Assets&#8221;. NIF C-8, establishes the rules of valuation, presentation and disclosure for the initial and subsequent recognition of intangible assets that are acquired individually or through acquisition of an entity, or generated internally in the course of the entity&#8217;s operations. This NIF considers intangible assets as nonmonetary items, broaden the criteria of identification to include not only if they are separable (asset could be sold, transferred or used by&#8217;s the entity) but also whether they come from contractual or legal rights. NIF C-8 establishes that preoperative costs capitalized before this standard went into effect have to be accomplished with intangible assets characteristics, otherwise preoperative costs must be expensed as incurred. The adoption of NIF C-8 did not have an impact on the Company&#8217;s consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>m) NIF D-8, &#8220;Share-Based Payments&#8221;:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In 2009, the Company adopted NIF D-8 &#8220;Share-Based Payments&#8221; which establishes the recognition of share-based payments. When an entity purchases goods or pays services with equity instruments, the NIF D-8 requires the entity to recognize those goods and services at fair value and the corresponding increase in equity. If an entity cannot determine the fair value of goods and services, it should determine it using an indirect method, based on fair value of the equity instruments. The adoption of NIF D-8 did not have an impact on the Company&#8217;s consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adoption of IFRS</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Comisi&#243;n Nacional Bancaria y de Valores </FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Mexican National Banking and Securities Commission, or CNBV) announced that from 2012, all public companies listed in Mexico must report their financial information in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;). Since 2006, the CINIF (Mexican Board of Research and Development of Financial Reporting Standards) has been modifying Mexican Financial Reporting Standards in order to ensure their convergence with IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA will adopt IFRS beginning in January 1, 2012 with a transition date to IFRS of January 1, 2011. The consolidated financial statements of the Company for 2012 will be presented in accordance with IFRS as issued by the International Accounting Standards Board (IASB). The SEC has previously changed its rules to allow foreign private issuers that report under IFRS as issued by the IASB to not reconcile their financial statements to Generally Accepted Accounting Principles in the United States of America (U.S. GAAP).</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 3. Incorporation of Foreign Subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accounting records of foreign subsidiaries are maintained in the local currency and in accordance with the local accounting principles of each country. For incorporation into the Company&#8217;s consolidated financial statements, each foreign subsidiary&#8217;s individual financial statements are adjusted to Mexican FRS and beginning in 2008, they are restated into Mexican pesos, as described as follows: </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; For inflationary economic environments- the inflation effects of the country of origin are recognized, and the financial statements are subsequently translated into Mexican pesos using the year-end exchange rate.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; For non-inflationary economic environments- assets and liabilities are translated into Mexican pesos using the period-end exchange rate, shareholders&#8217; equity is translated into Mexican pesos using the historical exchange rate, and the income statement is translated using the average exchange rate of each month.</FONT></P>

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   <TD width="15%"></TD>

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   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

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   <TD width="8%"></TD>

   <TD width="3%"></TD>

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   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="55%" colSpan=10 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local Currencies to Mexican Pesos</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="33%" colSpan=6 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Average Exchange Rate for</FONT></B>&nbsp;</TD>

   <TD width="22%" colSpan=4 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Exchange Rate</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>as of December 31</STRONG></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="30%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Functional / Recording Currency</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011(1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010 (1)</FONT></B>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexican peso</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guatemala</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Quetzal</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.59</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.57</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.66</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.79</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.54</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costa Rica</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colon</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.02</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.02</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.02</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.03</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.02</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panama</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. dollar</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.43</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.64</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.52</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.98</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.36</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colombia</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colombian peso</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.01</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.01</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.01</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.01</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.01</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nicaragua</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cordoba</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.55</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.59</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.67</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.61</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.56</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentine peso</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.01</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.23</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.63</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.25</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.11</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela (2)</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bolivar</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.89</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.97</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.29</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.25</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.87</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reais</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.18</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.83</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.45</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.42</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Year-end exchange rates used for translation of financial information.<BR></FONT></I><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Equals 4.30 in 2010 (2.15 in 2009) bolivars per one U.S. dollar, translated to Mexican pesos applying the average exchange rate or period-end rate.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variances in the net investment in foreign subsidiaries generated in the translation process are included in the cumulative translation adjustment, which is recorded in shareholders&#8217; equity as a cumulative other comprehensive income item.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning in 2003, the government of Venezuela established a fixed exchange rate control of 2.15 bolivars per U.S. dollar. The Company has operated under exchange controls in Venezuela since 2003 that affect its ability to remit dividends abroad or make payments other than in local currencies and that may increase the real price to us of raw materials purchased in local currency.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In January 2010, the Venezuelan government announced a devaluation of its official exchange rates and the establishment of a multiple exchange rate system which considers 2.60 bolivars to one U.S. dollar for high priority categories, 4.30 bolivars to one U.S. dollar for non-priority categories, and recognizes the existence of other exchange rates in which the government shall intervene. As a result of this devaluation, the balance sheet of the Company&#8217;s Venezuelan subsidiary reflected a reduction in shareholders&#8217; equity of Ps. 3,700 million which was accounted for as a component of other comprehensive income (cumulative translation adjustment), in accordance with MFRS B-15 &#8220;Translation of Foreign Currencies&#8221;, at the time of the devaluation in January 2010.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In December 2010, the Venezuelan Government authorities announced a change in the authorized exchange rates, by which the preferential rate of 2.60 bolivars to one U.S. dollar was eliminated.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intercompany financing balances with foreign subsidiaries are considered as long-term investments, since there is no plan to pay down such financing in the foreseeable future. Monetary gain and losses and exchange gain and losses on these balances are recorded in shareholders&#8217; equity as part of the cumulative translation adjustment, which is presented as part of cumulative other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value equity to its shareholders.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 4. Significant Accounting Policies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s accounting policies are in accordance with Mexican FRS, which require that the Company&#8217;s management use estimates and assumptions in valuing certain items included in the consolidated financial statements. The Company&#8217;s management believes that the estimates and assumptions used were appropriate as of the date of these consolidated financial statements. However, actual results are dependent on the outcome of future events and uncertainties, which could materially affect the Company&#8217;s real performance.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The significant accounting policies are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Recognition of the Effects of Inflation in Countries with Inflationary Economic Environments:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company recognizes the effects of inflation on the financial information of its subsidiaries that operate in inflationary economic environments (when cumulative inflation of the three preceding years is 26% or more) using the comprehensive method, which consists of: </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Using inflation factors to restate non-monetary assets, such as inventories, fixed assets, intangible assets, including related costs and expenses when such assets are consumed or depreciated; </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Applying the appropriate inflation factors to restate capital stock, additional paid-in capital and retained earnings by the necessary amount to maintain the purchasing power equivalent in Mexican pesos on the dates such capital was contributed or income was generated up to the date of these consolidated financial statements are presented; and </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Including the monetary position gain or loss in the comprehensive financing result (see Note 4u).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company restates the financial information of its subsidiaries that operate in inflationary economic environments using the consumer price index of each country.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011, the operations of the Company are classified as follows considering the cumulative inflation of the three preceding years. The following classification also applies to 2010:</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cumulative Inflation</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Type of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Inflation 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2008-2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Economy</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.8%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.2%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-Inflationary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guatemala</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.2%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.0%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-Inflationary</FONT>&nbsp;</TD></TR>

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   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colombia</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.7%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.3%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-Inflationary</FONT>&nbsp;</TD></TR>

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   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.5%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.4%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-Inflationary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panama</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.3%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.1%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-Inflationary</FONT>&nbsp;</TD></TR>

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   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.6%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108.2%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflationary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nicaragua (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.6%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.4%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflationary</FONT>&nbsp;</TD></TR>

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   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costa Rica (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.7%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.4%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflationary</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflationary</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Costa Rica and Nicaragua have been considered inflationary economies in 2009, 2010 and 2011. While the cumulative inflation for 2008-2010 was less than 26%, inflationary trends in these countries continue to support this classification.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Cash and Cash Equivalents <BR>Cash and Cash Equivalents:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash consists of bank deposits. Cash equivalents consist principally of short-term bank deposits and highly liquid investments, for example those with purchased maturities of three months or less and are recorded at their acquisition cost plus interest income not yet received, which is similar to market prices. As of December 31, 2011, and 2010, cash equivalents were Ps. 8,773 and Ps. 9,938, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restricted Cash:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additionally, as of December 31, 2011 and 2010, the Company has restricted cash as collateral against accounts payable in different currencies.</FONT></P>

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<TR>

   <TD width="74%"></TD>

   <TD width="3%"></TD>

   <TD width="10%"></TD>

   <TD width="3%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="74%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

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   <TD width="74%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuelan bolivars</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>324</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>143</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="74%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazilian reais</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>249</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="74%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentinian Pesos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="74%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>488</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>394</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Marketable Securities:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Marketable debt securities are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses and exchange rate fluctuation net of tax, reported in other comprehensive income. Interest and dividends on securities classified as available-for-sale are included in investment income. The fair values of the investments are readily available based on quoted market prices.</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD></TR>

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   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following is a detail of available-for-sale securities:</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 3px double" width="64%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cost</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Gross</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>unrealized</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>gain</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Fair</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Value</STRONG></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 3px double" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debt securities, USD denominated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>326</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>330</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Allowance for doubtful accounts</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for doubtful accounts is based on an evaluation of the aging of the receivable portfolio and the economic situation of the Company&#8217;s clients, as well as the Company&#8217;s historical loss rate on receivables and the economic environment in which the Company operates. The carrying value of accounts receivable approximates its fair value as of both December 31, 2011 and 2010.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) Inventories and Cost of Goods Sold:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories represent the acquisition or production cost which is incurred when purchasing or producing a product, and are valued using the average cost method. Inventories are measured at the lower of cost or net realizable value. Advances to suppliers of raw materials that do not transfer the risks and benefits to the Company are included as part of other current assets. Advances from prior years that met this feature have been reclassified from inventories to other current assets for comparison purposes.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of goods sold is based on average cost of the inventories at the time of sale. Cost of goods sold includes expenses related to the purchase of raw materials used in the production process, as well as labor costs (wages and other benefits), depreciation of production facilities, equipment and other costs, including fuel, electricity, depreciation of returnable bottles during the production process, equipment maintenance, inspection and plant transfer costs.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Other Current Assets:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other current assets are comprised of payments for goods and services whose inherent risks and benefits have not been transferred to the Company and that will be received over the next 12 months, the fair market value of derivative financial instruments with maturity dates of less than one year (see Note 4v), and long-lived assets available for sale that will be sold within the following year.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses principally consist of advances to suppliers of raw materials, advertising, promotional, leasing and insurance expenses, and are recognized in the appropriate balance sheet or income statement caption when the risks and benefits have already been transferred to the Company and/or goods, services or benefits are received.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid advertising costs consist of television and radio advertising airtime paid in advance. These expenses are generally amortized over a 12-month period based on the transmission of the television and radio spots. The related production costs are recognized in income from operations as of the first date the advertising is broadcasted.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Promotional costs are expensed as incurred, except for those promotional costs related to the launching of new products or presentations before it is on the market. These costs are recorded as prepaid expenses and amortized over the period during which they are estimated to increase sales of the related products or container presentations to normal operating levels, which is generally no longer than one year.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>g) Investment in Shares:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in shares of associated companies over which the Company exercises significant influence are initially recorded at their acquisition cost and are subsequently accounted for using the equity method. Investment in affiliated companies over which the Company does not have significant influence are recorded at acquisition cost and restated using the consumer price index if that entity operates in an inflationary environment. The other investments in affiliated are valued at acquisition cost.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>h) Returnable and Non-Returnable Bottles:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has two types of bottles; returnable and non-returnable.</FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Non-returnable: Are recorded in the results of operations at the time of product sale.</FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Returnable: Are classified as long-lived assets as a component of property, plant and equipment.</FONT> </P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Returnable bottles are recorded at acquisition cost for countries with inflationary economy then restated applying inflation factors as of the balance sheet date, according to NIF B-10.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; There are two types of returnable bottles:</FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Those that are in the Company&#8217;s control within its facilities, plants and distribution centers; and</FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Those that have been placed in the hands of customers, but still belong to the Company.</FONT> </P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation of returnable bottles is computed using the straight-line method over acquisition cost. The Company estimates depreciation rates considering their estimated useful lives.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Returnable bottles that have been placed in the hands of customers are subject to an agreement with a retailer pursuant to which the Company retains ownership. These bottles are monitored by sales personnel during periodic visits to retailers and the Company has the right to charge any breakage identified to the retailer. Bottles that are not subject to such agreements are expensed when placed in the hands of retailers.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s returnable bottles in the market and for which a deposit from customers has been received are presented net of such deposits, and the difference between the cost of these assets and the deposits received is depreciated according to their useful lives.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>i) Property, Plant and Equipment, net:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment are initially recorded at their cost of acquisition and/or construction. The comprehensive financing result related to the acquisition or construction of qualifying asset is capitalized as part of the cost of that asset.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Major maintenance costs are capitalized as part of total acquisition cost. Routine maintenance and repair costs are expensed as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in progress consist of long-lived assets not yet in service, in other words, that are not yet used for the purpose that they were bought, built or developed. The Company expects to complete those investments during the following 12 months.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation is computed using the straight-line method over acquisition cost. Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted and depreciated for as separate items (major components) of property, plant and equipment. The Company estimates depreciation rates, considering the estimated useful lives of the assets.</FONT></P>

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<TR>

   <TD width="80%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimated useful lives of the Company&#8217;s principal assets are as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="80%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Years</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Buildings and construction</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40&#8211;50</FONT>&nbsp;</TD></TR>

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   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Machinery and equipment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10&#8211;20</FONT>&nbsp;</TD></TR>

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   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution equipment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7&#8211;15</FONT>&nbsp;</TD></TR>

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   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Refrigeration equipment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5&#8211;7</FONT>&nbsp;</TD></TR>

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   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Returnable bottles</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5&#8211;4</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 3px double" width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other equipment</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3&#8211;10</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>j) Other Assets:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets represent payments whose benefits will be received in future years and consists of the following:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Agreements with customers for the right to sell and promote the Company&#8217;s products over a certain period. The majority of the agreements have terms of more than one year, and the related costs are amortized using the straight-line method over the term of the contract, with the amortization presented as a reduction of net sales. During the years ended December 31, 2011, 2010 and 2009, such amortization aggregated to Ps. 803, Ps. 553 and Ps. 604, respectively. The costs of agreements with terms of less than one year are recorded as a reduction in net sales when incurred.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Leasehold improvements are amortized using the straight-line method over the shorter of either the useful life of the assets or the related lease term. In countries considered inflationary, these assets are restated for inflation. The amortization of leasehold improvements for the years ended December 31, 2011, 2010 and 2009 was Ps. 18, Ps. 19 and Ps. 20, respectively.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>k) Leases:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Building and equipment leases are capitalized if: i) the contract transfers ownership of the leased asset to the lessee at the end of the lease, ii) the contract contains an option to purchase the asset at a reduced price, iii) the lease period is substantially equal to the remaining useful life of the leased asset (75% or more) or iv) the present value of future minimum payments at the inception of the lease is substantially equal to the market value of the leased asset, net of any residual value (90% or more).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>When the inherent risks and benefits of a leased asset remains substantially with the lessor, leases are classified as operating and rent is charged to results of operations as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>l) Intangible Assets:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets represent payments whose benefits will be received in future years. These assets are classified as either intangible assets with defined useful lives or intangible assets with indefinite useful lives, in accordance with the period over which the Company expects to receive the benefits.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets with defined useful lives are amortized and mainly consist of:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Information technology and management system costs incurred during the development stage which are currently in use. Such amounts are capitalized and then amortized using the straight-line method over seven years. Expenses that do not fulfill the requirements for capitalization are expensed as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Other computer system costs in the development stage, that are not yet in use. Such amounts are capitalized as they are expected to add value such as income or cost savings in the future. Such amounts will be amortized on a straight-line basis over their estimated economic life after they are placed into service.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets with indefinite life are not amortized and are subject to impairment tests on an annual basis or more frequently if deemed necessary. These assets are recorded in the functional currency of the subsidiary in which the investment was made and are subsequently translated into Mexican pesos using the closing exchange rate of each period. In countries with inflationary economic environments intangible assets are restated by applying inflation factors of the country of origin and are translated into Mexican pesos at the year-end exchange rate.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s intangible assets with indefinite life mainly consist of rights to produce and distribute Coca-Cola trademark products in the Company&#8217;s territories. Intangible assets with indefinite life also include goodwill. Distribution rights are contained in agreements that are standard contracts that The Coca-Cola Company has with its bottlers. In Mexico, the Company has seven bottler agreements; the agreements for two territories expire in June 2013, for other two territories expire in May 2015 and, additionally, three contracts that arose from the acquisition of Grupo Tampico and Grupo CIMSA businesses, which expire in September 2014, April 2016 and July 2016. The Company&#8217;s bottler agreements with The Coca-Cola Company will expire for our territories in the following countries: Argentina in September 2014; Brazil in April 2014; Colombia in June 2014; Venezuela in August 2016; Guatemala in March 2015; Costa Rica in September 2017; Nicaragua in May 2016; and Panama in November 2014. All of the Company&#8217;s bottler agreements are renewable for ten-year terms. These bottler agreements are automatically renewable for ten-year terms, subject to the right of either party to give prior notice that it does not wish to renew the agreement. In addition, these agreements generally may be terminated in the case of material breach. Termination would prevent the Company from selling Coca-Cola trademark beverages in the affected territory and would have an adverse effect on the Company&#8217;s business, financial conditions, results from operations and prospects.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill represents the excess of the acquisition cost over the fair value of identifiable net assets of the territory on the acquisition date. It equates to synergies both existing in the acquired operations and those further expected to be realized upon integration. Goodwill recognized separately is tested annually for impairment and is carried at cost, less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of the goodwill related to that entity. Goodwill is allocated to cash-generating units (CGU) in order to test for impairment losses. The allocation is made to CGUs that are expected to benefit from the business combination that generated the goodwill.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>m) Impairment of Long-Lived Assets:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciated tangible long-lived assets, such as property, plant and equipment are reviewed for impairment whenever certain circumstances indicate that the carrying amount of those tangible long-lived assets exceeds its recoverable value.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortized intangible assets, such as definite lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable through its expected future cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For assets with indefinite useful lives, such as distribution rights, the Company tests for impairment on an annual basis as well as whenever certain circumstances indicate that the carrying amount of those intangible assets exceeds its recoverable value.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These evaluations are performed by comparing the carrying value of the assets with its recoverable amount. The recoverable amount is calculated using various recognized methodologies, primarily an evaluation of expected future cash flows.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For the years ended December 31, 2011, 2010 and 2009, the Company has not recorded any impairment related to its long-lived assets.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>n) Payments from The Coca-Cola Company:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Coca-Cola Company participates in certain advertising and promotional programs as well as in the Company&#8217;s refrigeration equipment and returnable bottles investment program. Contributions received by the Company for advertising and promotional incentives are recognized as a reduction in selling expenses and contributions received for the refrigeration equipment and returnable bottles investment program are recorded as a reduction in the investment in refrigeration equipment and returnable bottles items. Contributions received were Ps. 2,561, Ps. 2,386 and Ps. 1,945; during the years ended December 31, 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>o) Labor Liabilities:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor liabilities include obligations for pension and retirement plans, seniority premiums and severance indemnity liabilities other than restructuring, all based on actuarial calculations, and are computed using the projected unit credit method.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costs related to compensated absences, such as vacations and vacation premiums, are accrued on a cumulative basis, for which an accrual is made.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor liabilities are considered to be non-monetary and are determined using long-term assumptions. The yearly cost of labor liabilities is charged to income from operations and labor cost of past services is recorded as expenses over the remaining working life period of the employees during which they will receive the benefits of the plan.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Certain subsidiaries of the Company have established funds for the payment of pension benefits through irrevocable trusts of which the employees are named as beneficiaries.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>p) Contingencies:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company recognizes a liability for a loss contingency when it is probable (i.e. the probability that the event will occur is greater than the probability that it will not) that certain effects related to past events, would materialize and can be reasonably quantified. These events and their financial impact are also disclosed as loss contingencies in the consolidated financial statements when the risk of loss is deemed to be other than remote. The Company does not recognize an asset for a gain contingency until the gain is realized. In connection with certain past business combinations, the Company has been indemnified by the sellers related to certain contingencies.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>q) Revenue Recognition:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales of products are recognized as revenue upon delivery to the customer, and once the customer has taken ownership of the goods. Net sales reflect units delivered at list prices reduced by promotional allowances, discounts and the amortization of the agreements with customers to obtain the rights to sell and promote the Company&#8217;s products.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During 2007 and 2008, the Company sold certain of its private label brands to The Coca-Cola Company. Because the Company has significant continuing involvement with these brands, proceeds received from The Coca-Cola Company were initially deferred and are being amortized against the related costs of future product sales over the estimated period of such sales. The balance of unearned revenues as of December 31, 2011 and 2010 amounted to Ps. 302 and Ps. 547, respectively. The short-term portions of such amounts are presented as other current liabilities, amounted Ps. 197 and Ps. 276 at December 31, 2011 and 2010, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>r) Operating Expenses:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Operating expenses are comprised of administrative and selling expenses. Administrative expenses include labor costs (salaries and other benefits) of employees not directly involved in the sale of the Company&#8217;s products, as well as professional service fees, the depreciation of office facilities and the amortization of capitalized information technology system implementation costs. Selling expenses include: </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Distribution: labor costs (salaries and other benefits), outbound freight costs, warehousing costs of finished products, depreciation of returnable bottles, depreciation and maintenance of trucks and other distribution facilities and equipment. For the years ended December 31, 2011, 2010 and 2009, these distribution costs amounted to Ps. 15,125, Ps. 12,774 and Ps. 13,395, respectively;</FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Sales: labor costs (salaries and other benefits) and sales commissions paid to sales personnel;</FONT></P>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Marketing: labor costs (salaries and other benefits), promotional expenses and advertising costs.</FONT> </P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>s) Other Expenses:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses include Employee Profit Sharing (&#8220;PTU&#8221;), equity interest in affiliated companies, gains or losses on sales of fixed assets and contingencies reserves as well as their related subsequent interest and penalties, severance payments from restructuring programs and all other non-recurring expenses related to activities that are different from the Company&#8217;s main business activities and that are not recognized as part of the comprehensive financing result.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PTU is applicable to Mexico and Venezuela. In Mexico, employee profit sharing is computed at the rate of 10% of the individual company taxable income, excluding the restatement of depreciation expense, foreign exchange gains and losses, which are not included until the asset is disposed of or the liability is due and other effects of inflation are also excluded. In Venezuela, employee profit sharing is computed at 15% of taxable income, not in excess of four months of salary per employee. The Company has not recorded a provision for deferred employee profit sharing during any of the periods presented herein as the Company does not expect the relevant deferred items to materialize.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance payments resulting from restructuring programs and associated with an ongoing benefit arrangement are charged to other expenses on the date when it is decided to dismiss personnel under a formal program or for specific causes. These severance payments are included in other expenses (see Note 18).</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>t) Income Taxes:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxes (including deferred income taxes) are charged to results of operations as they are incurred. For the purposes of recognizing the effects of deferred income taxes in the consolidated financial statements, the Company utilizes both retrospective and prospective analysis of taxable income over the medium term when more than one tax regime exists per jurisdiction. The Company then recognizes the tax expense amount based on the tax regime it expects to be subject to in the future.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax assets and liabilities are recognized for temporary differences resulting from the comparison of the book values and tax values of assets and liabilities (including any future benefits from tax loss carry-forwards). Deferred income taxes are recorded by applying the income tax rate enacted at the balance sheet date that will be in effect when the deferred tax assets and liabilities are expected to be recovered or settled. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that they will not be recovered.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The balance of deferred taxes is comprised of both monetary and non-monetary items, based on the temporary differences that gave rise to them. Deferred income taxes are classified as a long-term asset or liability, regardless of when the temporary differences are expected to reverse.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 1, 2010 an amendment to Mexican Tax Reform became effective. The most important effects in the Company are described as follows: the value added tax rate (IVA) increases from 15% to 16%; and income tax rate changes from 28% in 2009 to 30% for 2010, 2011 and 2012, and then in 2013 and 2014 will decrease to 29% and 28%, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>u) Comprehensive Financing Result:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The comprehensive financing result includes interest, foreign exchange gain and losses, market value gain or loss on ineffective portion of derivative financial instruments and gain or loss on monetary position, except for those amounts capitalized and those that are recognized as part of the cumulative other comprehensive income, and are described as follows: </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Interest: Interest income and expenses are recorded when earned or incurred except for capitalized interest incurred on the financing of longterm assets; </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Foreign Exchange Gains and Losses: Transactions in foreign currencies are recorded in local currencies using the exchange rate applicable on the date they occur. Assets and liabilities in foreign currencies are adjusted to the year-end exchange rate, recording the resulting foreign exchange gain or loss directly in the income statement, except for the foreign exchange gains or losses arising on intercompany financing foreign currency denominated balances, which are considered to be of a long-term investment nature and the foreign exchange gains or losses on the financing of long-term assets (see Note 3); </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Market Value Gain or Loss on Ineffective Portion of Derivative Financial Instruments: this represents the net change in the fair value of the ineffective portion of derivative financial instruments and the net change in the fair value of embedded derivative financial instruments; and </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; Monetary Position Gain or Loss: The gain or loss on monetary position is the result of changes in the general price level of monetary accounts of those subsidiaries that operate in inflationary environments. Monetary position gain or loss is calculated by applying inflation factors of the country of origin to the net monetary position at the beginning of each month, excluding the intercompany financing in foreign currency, which is considered to be a long-term investment because of its nature (see Note 3), and the monetary position gain or loss on long-term debt taken on to finance long-term assets.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8226; During the year ended December 31, 2011, the Company capitalized Ps. 156 in comprehensive financing result. Capitalization of comprehensive financing result is based on a capitalization rate of 5.8%, applied to the long-term assets investments that require one year or more for the Company to ready the asset for its intended use. For the years ended December 31, 2010 and 2009, the Company capitalized Ps. 12 and Ps. 55, based on a capitalization rate of 5.3% and 7.2%, respectively.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>v) Derivative Financial Instruments:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is exposed to different risks related to cash flows, liquidity, market and credit. As a result, the Company contracts different derivative financial instruments in order to reduce its exposure to the risk of exchange rate fluctuations between the Mexican peso and other currencies, the risk of exchange rate and interest rate fluctuations associated with its borrowings denominated in foreign currencies and the exposure to the risk of fluctuation in the costs of certain U.S. dollar denominated raw materials.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company values and records all derivative financial instruments and hedging activities, including certain derivative financial instruments embedded in other contracts, in the balance sheet as either an asset or liability measured at fair value, considering quoted prices in recognized markets. If such instruments are not traded in a formal market, fair value is determined by applying techniques based upon technical models supported by sufficient, reliable and verifiable market data, recognized in the financial sector. Changes in the fair value of derivative financial instruments are recorded each year in current earnings or as a component of cumulative other comprehensive income based on the item being hedged and the effectiveness of the hedge.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011 and 2010, the balance in other current assets of derivative financial instruments was Ps. 345 and Ps. 16 (see Note 8), and in other assets Ps. 1 at December 31, 2010 (see Note 12). The Company recognized liabilities regarding derivative financial instruments in other current liabilities of Ps. 8 and Ps. 19, at December 31, 2011 and 2010, respectively (see note 24a), and other liabilities of Ps. 424 and Ps. 498 as of the same dates (see note 24b).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company designates its financial instruments as cash flow hedges at the inception of the hedging relationship, when transactions meet all hedging accounting requirements. For cash flow hedges, the effective portion is recognized temporarily in cumulative other comprehensive income within shareholders&#8217; equity and subsequently reclassified to current earnings at the same time the hedged item is recorded in earnings. When derivative financial instruments do not meet all of the accounting requirements for hedging purposes, the change in fair value is immediately recognized in net income. For fair value hedges, the changes in the fair value are recorded in the consolidated results in the period the change occurs as part of the market value gain or loss on ineffective portion of derivative financial instruments.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company identifies embedded derivatives that should be segregated from the host contract for purposes of valuation and recognition. When an embedded derivative is identified and the host contract has not been stated at fair value the embedded derivative is segregated from the host contract, stated at fair value and is classified as trading. Changes in the fair value of the embedded derivatives at the closing of each period are recognized in the consolidated results.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>w) Cumulative Other Comprehensive Income:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The cumulative other comprehensive income represents the period net income as described in NIF B-3 &#8220;Income Statement&#8221;, plus the cumulative translation adjustment resulted from translation of foreign subsidiaries to Mexican pesos and the effect of unrealized gain/ loss on cash flow hedges from derivative financial instruments.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The cumulative balances of the Company&#8217;s components of controlling other comprehensive income (loss), net of deferred income taxes (see Note 23d), are as follows:</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative translation adjustment&nbsp;(net of deferred income tax of Ps. 804 in 2011 and Ps. 134 in 2010)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,364</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized gain on marketable securities</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized loss on cash flow hedges</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,412</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The changes in the cumulative translation adjustment balance were as follows:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,055</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Translation effect</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,343</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,078)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,877</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange effect from intercompany long-term loans</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,364</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,055</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>x) Issuance of Stock:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company recognizes the issuance of own or a subsidiary&#8217;s stock as a capital transaction. The difference between the book value of the shares issued and the amount contributed by the non-controlling interest holder or third party is recorded as additional paid-in capital.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>y) Earnings per Share:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Earnings per share are computed by dividing net controlling income by the average weighted number of shares outstanding during the period.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>z) </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Business Combinations:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has entered into certain acquisitions. These business combinations have been accounted for using the acquisition method of accounting which includes an allocation of the estimated fair value of the purchase price to the net assets acquired. The Company&#8217;s financial statements are impacted by the manner in which the Company allocates the purchase price in a business combination. Assets that are considered to be depreciable in nature (such as the fair value of acquired property, plant and equipment) will reduce future operating results as they are depreciated. Conversely, goodwill, distribution rights, and certain other intangible assets are of a non- amortizing nature, therefore there is no prospective income statement impact presuming such amounts remain recoverable. The purchase price allocation includes the purchase price which is the fair value of securities issued and any contingent consideration. The valuation of the individual assets, in particular intangible assets related to assets such as distribution rights, etc., require the Company to make significant assumptions, an also require judgments and estimates. A change in any of these estimates or judgments could change the amount of the purchase price to be allocated to the particular asset or liability. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 5. Acquisitions.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has made certain business acquisitions that were recorded using the purchase method. The results of the acquired the business, as disclosed below. Therefore, the consolidated income statements and the consolidated balance sheets in the years of such acquisitions are not comparable with previous periods. i) On October 10, 2011, the Company completed the acquisition of 100% of Administradora de Acciones del Noreste, S.A. de C.V. (&#8220;Grupo Tampico&#8221;), a bottler of Coca-Cola trademark products in the states of Tamaulipas, San Luis Potos&#237;, and Veracruz, as well as in parts of the states of Hidalgo, Puebla and Queretaro. This acquisition was made so as to reinforce the Company&#8217;s leadership position in Mexico and Latin America. The transaction involved: (i) the issuance of 63,500,000 shares of previously unissued Company L shares and (ii) the assumption of certain debt of Ps. 2,436, in exchange for 100% share ownership of Grupo Tampico, which was accomplished through a merger. The total purchase price was Ps. 10,264, based on a share price of Ps. 123.27 per share on October 10, 2011. Transaction related costs of Ps. 20 were expensed by the Company as incurred as required by Mexican FRS, and recorded as a component of administrative expenses in the accompanying consolidated statements of income. Grupo Tampico was included in operating results from October, 2011.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="89%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="100%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s estimate of fair value of the Grupo Tampico&#8217;s net assets acquired is as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance Sheet</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total current assets, including cash acquired of Ps. 22</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total non-current assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>5</FONT>,499</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,489</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(804)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net assets acquired</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,279</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total purchase price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,264</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>.</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="100%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The condensed income statement of Grupo Tampico for the period from October to December, 2011 is as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Statement</FONT></B>&nbsp;</TD>

   <TD width="3%" align=center>&nbsp;</TD>

   <TD width="8%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total revenues</FONT>&nbsp;</TD>

   <TD width="3%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,056</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from operations</FONT>&nbsp;</TD>

   <TD width="3%" align=center>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=center>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ii) On December 9, 2011, the Company completed the acquisition of 100% of Corporaci&#243;n de los Angeles, S.A. de C.V (&#8220;Grupo CIMSA&#8221;) a bottler of Coca-Cola trademark products which operates mainly in the states of Morelos and Mexico, as well as in parts of the states of Guerrero and Michoacan, Mexico. This acquisition was also made so as to reinforce the Company&#8217;s leadership position in Mexico and Latin America. The transaction involved the issuance of 75,423,728 shares of previously unissued Company L shares along with the cash payment prior to closing of Ps. 2,100 in exchange for 100% share ownership of Grupo CIMSA, which was accomplished through a merger. The total purchase price was Ps. 11,117 based on a share price of Ps. 119.55 per share on December 9, 2011. Transaction related costs of Ps. 24 were expensed by the Company as incurred as required by Mexican FRS, and recorded as a component of administrative expenses in the accompanying consolidated statements of income. Grupo CIMSA was included in operating results from December, 2011.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="89%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="100%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s preliminary estimate of fair value of the Grupo CIMSA&#8217;s net assets acquired is as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance Sheet</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total current assets, including cash acquired of Ps. 188</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>737</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total non-current assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,802</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,767</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(586)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net assets acquired</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,936</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total purchase price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,117</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s purchase price allocation is preliminary in nature in that its estimation of the fair value of property and equipment and distribution rights is pending receipt of final valuation reports by a third-party valuation experts. To date, only draft reports have been received.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="89%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="100%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The condensed income statement of Grupo CIMSA for December, 2011 is as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Statement</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total revenues</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>429</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from operations</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>iii) In February 2009, the Company, along with The Coca-Cola Company, completed the acquisition of certain assets of the Brisa bottled water business in Colombia. This acquisition was made so as to strengthen the Company position in the local water business in Colombia. The Brisa bottled water business was previously owned by a subsidiary of SABMiller. The terms of the transaction called for an initial purchase price of $92, of which $46 was paid by the Company, and $46 by The Coca-Cola Company. The Brisa brand and certain other intangible assets were acquired by The Coca-Cola Company, while production related property and equipment and inventory was acquired by the Company. The Company also acquired the distribution rights over Brisa products in its Colombian territory. In addition to the initial purchase price, contingent purchase consideration also existed related to the net revenues of the Brisa bottled water business subsequent to the acquisition. The total purchase price incurred by the Company was Ps. 730, consisting of Ps. 717 in cash payments, and accrued liabilities of Ps. 13. Transaction related costs were expensed by the Company as incurred as required by Mexican FRS. Following a transition period, Brisa was included in operating results beginning June 1, 2009.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="89%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="92%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimated fair value of the Brisa net assets acquired by the Company is as follows:</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production related property and equipment, at fair value</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights, at relative fair value, with an indefinite life</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="89%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net assets acquired / purchase price</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>730</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The results of operation of Brisa for the period from the acquisition through December 31, 2009 were not material to the Company&#180;s consolidated results of operations.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>iv) Unaudited Pro Forma Financial Data.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following unaudited consolidated pro forma financial data represent the Company&#8217;s historical financial statements, adjusted to give effect to (i) the acquisition of Grupo Tampico and Grupo CIMSA mentioned in the preceding paragraphs; and (ii) certain accounting adjustments mainly related to the pro forma depreciation of fixed assets of the acquired companies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The unaudited pro forma adjustments assume that the acquisitions were made at the beginning of the year immediately preceding the year of acquisition and are based upon available information and other assumptions that management considers reasonable. The pro forma financial information data does not purport to represent what the effect on the Company&#8217;s consolidated operations would have been, had the transactions in fact occurred at the beginning of each year, nor are they intended to predict the Company&#8217;s future results of operations.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="22%" colSpan=4 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Unaudited pro forma</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>consolidated financial data for the</FONT></B><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>period January 1 - December 31,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total revenues</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132,552</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>111,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,866</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,019</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Earnings per share</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.67</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brisa business is not included for this pro forma consolidated financial data since it was acquired in 2009.</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 6. Accounts Receivable, net.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,533</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,616</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term trade customer notes receivable</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(298)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(223)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Coca-Cola Company (related party) (Note 13)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,157</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FEMSA and subsidiaries (Note 13)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>314</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other related parties (Note 13)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>157</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>433</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,634</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,363</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The changes in the allowance for doubtful accounts are as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for the year</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Charges and write-offs of uncollectible accounts</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(95)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(73)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restatement of beginning balance in inflationary economies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 7. Inventories, net.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finished products</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,559</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,732</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw materials</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,835</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,032</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spare parts</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>626</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Packing material</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories in transit</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,428</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>422</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for obsolescence</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(106)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(105)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>202</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,573</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,007</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 8. Other Current Assets.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,070</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>528</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long-lived assets available for sale</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>123</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Agreements with customers</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>194</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments (Note 19)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>345</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,677</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>874</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses as of December 31, 2011 and 2010 are as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances for inventories</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>449</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advertising and promotional expenses paid in advance</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>209</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances to service suppliers</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid insurance</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,070</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>528</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advertising and deferred promotional expenses recorded in the consolidated income statements for the years ended December 31, 2011, 2010 and 2009 amounted to Ps. 4,508, Ps. 3,979 and Ps. 3,278, respectively.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="63%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 9. Investment in Shares.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="63%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investee</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ownership%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Industria Envasadora de Queretaro, S.A. de C.V.(&#8220;IEQSA&#8221;) (1)(3)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.2%</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Jugos del Valle, S.A.P.I. de C.V. (1)(3)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>819</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>KSP Parti&#231;ipa&#231;&#245;es, LTDA (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sistema de Alimentos e Bebidas Do Brasil, LTDA (SABB) (1)(3)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>931</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sucos del Valle do Brasil, LTDA (1)(3)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.9%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mais Industria de Alimentos, LTDA (1)(3)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.9%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>474</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estancia Hidromineral Itabirito, LTDA (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>142</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holdfab2 Parti&#231;ipa&#231;&#245;es Societ&#225;rias, LTDA (&#8220;Holdfab2&#8221;) (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>262</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Industria Mexicana de Reciclaje, S.A. de C.V. (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beta San Miguel, S.A. de C.V. (&#8220;Beta San Miguel&#8221;) (2)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Paname&#241;a de Bebidas, S.A.P.I., S.A. de C.V. (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>703</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dispensadoras de Caf&#233;, S.A.P.I. de C.V. (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Promotora Industrial Azucarera, S.A. de C.V. (2)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.2%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>281</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Various</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="63%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,656</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,108</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accounting method:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Equity method. The date of the financial statements of the investees used to account for the equity method is December 2011 and 2010. </FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) Lower of acquisition cost and estimated fair value.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(3) The Company has significant influence due to the fact that it has representation on the Board of Directors and the ability to influence operating decisions of the investee.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In August 2010, the Company made an investment for approximately Ps. 295 (R$ 40 million) in Holdfab2 representing 27.7%. Holdfab2 has a 50% investment in Leao Junior, a tea production company in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During 2010, the shareholders of Jugos del Valle, including the Company, agreed to a restructuring which resulted in a spin-off the distribution rights to the various shareholders. This reorganization resulted in a decrease of the Company&#180;s investment in shares of Ps. 735 and an increase to in its intangible assets (distribution rights of a separate legal entity) for the same amount. During 2011, the Company increased its ownership percentage in Jugos del Valle from 19.8% to 24% as a result of the holdings of the acquired companies disclosed in Note 5.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On March 28, 2011 the Company made an initial investment for Ps. 620, together with The Coca-Cola Company in Compa&#241;&#237;a Paname&#241;a de Bebidas S.A.P.I. de C.V. (Grupo Estrella Azul), a Panamanian conglomerate in the dairy and juice-based beverage categories business in Panama. The investment represents 50% of ownership percentage.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During June 2011, a reorganization of the Brazilian investments occurred by way of a merger of the companies Sucos del Valle do Brasil, LTDA and Mais Industria de Alimentos, LTDA giving rise to a new company by the name of Sistema de Alimentos e Bebidas do Brasil, LTDA.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As mentioned in Note 5, on December 9, 2011, the Company completed the acquisition of 100% of Corporaci&#243;n de los Angeles, S.A. de C.V. (&#8220;Grupo CIMSA&#8221;). As part of the acquisition of Grupo CIMSA, the Company also acquired a 13.2% equity interest in Promotora Industrial Azucarera S.A de C.V.</FONT></P></DIV>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

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   <TD width="3%"></TD>

   <TD width="5%"></TD></TR>

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   <TD width="100%" colSpan=19 align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Note 10. Property, Plant and Equipment, net</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Land</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT face=Arial><STRONG><FONT style="FONT-SIZE: 7pt">Machinery</FONT></STRONG><FONT style="FONT-SIZE: 7pt"><FONT face="Times New Roman">&nbsp;<BR></FONT><STRONG>and</STRONG><FONT face="Times New Roman">&nbsp;<BR></FONT><STRONG>equipment</STRONG></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><STRONG><FONT face=Arial>Refrigeration <BR>equipment</FONT></STRONG><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial><STRONG>Construction</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>in progress</STRONG></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Assets stated</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>at net</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>realizable</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>value</STRONG></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Bottles</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Balance at January 1, 2010</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial>Ps.&nbsp;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,661</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,905 </FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>30,564</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,173</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,364</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>288</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,029</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.</FONT>&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;527</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>58,511</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchases</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>196</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,091</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>977</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,454</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,013</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>115</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6,846</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transfer (to)/from assets</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>classified as held for sale</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(64)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>71</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>34</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(27)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(112)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,340)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(540)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(30)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(611)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(32)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2,692)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Effects of changes in foreign</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>exchange rates</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(269)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(5,093)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(730)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(496)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(140)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(214)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(6,942)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Changes in value on the</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>recognition of inflation effects</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>98</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>467</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,042</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>249</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>47</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>14</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>64</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,981</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transfer of completed</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>projects in progress</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>235</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,702</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>700</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3,046)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>409</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Capitalization of comprehensive</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>financing result</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(33)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(33)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Balance at</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>December 31, 2010</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,399</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10,698 </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>27,986</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,829</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,290</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>189</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,854</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial>Ps.</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;460</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>57,705</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=19><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=19><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Land</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT face=Arial><STRONG><FONT style="FONT-SIZE: 7pt">Machinery</FONT></STRONG><FONT style="FONT-SIZE: 7pt"><FONT face="Times New Roman">&nbsp;<BR></FONT><STRONG>and</STRONG><FONT face="Times New Roman">&nbsp;<BR></FONT><STRONG>equipment</STRONG></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><STRONG><FONT face=Arial>Refrigeration <BR>equipment</FONT></STRONG><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><FONT face=Arial><STRONG>Construction</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>in progress</STRONG></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Assets stated</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>at net</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>realizable</STRONG><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<BR></FONT><STRONG>value</STRONG></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Bottles</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Balance at January 1, 2011</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,399 </FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10,698</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>27,986</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,829</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,290</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>189</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,854</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>460</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>57,705</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchases</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>228</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>645</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,364</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,664</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,258</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>184</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,344</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transfer (to)/from assets</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>classified as held for sale</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>125</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>108</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(42)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>197</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(51)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(26)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1,813)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(463)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(89)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(694)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(114)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3,250)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Assets acquired in business</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>combinations</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>597</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,103</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,309</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>314</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>202</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>183</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,708</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Effects of changes in</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>foreign exchange rates</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>183</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,686</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>481</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>107</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>110</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>44</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,631</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Changes in value on the</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>recognition of inflation effects</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>113</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>571</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,345</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>301</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>83</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>31</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>11</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,455</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transfer of completed</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>projects in progress</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>23</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>244</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,281</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>380</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3,326)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>398</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Capitalization of comprehensive</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>financing result</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(14)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(14)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Balance at December 31, 2011</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,390</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>12,926 </FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>34,445</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>12,206</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,006</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>78</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,140</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt"><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>585</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>71,776</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Depreciation -2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Machinery and</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>equipment</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Refrigeration</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>equipment</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Bottles</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balance as at January 1, 2010</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,045)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,141)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,016)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(171)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(195)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,568)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer from assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>classified as held for sale</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,165</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>528</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation for the period</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(228)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,528)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(826)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(701)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,334)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effects of changes in foreign exchange rates</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,233</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>642</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in value on the</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>recognition of inflation effects</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(224)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(533)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(177)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(949)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balance at December 31, 2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,466)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,740)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,849)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(601)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(175)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,831)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Depreciation -2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Machinery and</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>equipment</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Refrigeration</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>equipment</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Bottles</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balance as at January 1, 2011</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,466)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,740)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,849)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(601)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Arial>(175)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,831)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer to/(from) assets classified as held for sale</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(46)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,704</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>206</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>201</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,176</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation for the period</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(267)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,882)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,080)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(894)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,179)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effects of changes in</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>foreign exchange rates</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(936)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(340)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,272)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in value on the</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>recognition of inflation effects</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(300)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(646)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(166)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,129)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balance at December 31, 2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,078)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,493)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,229)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,272)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(202)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,274)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Carrying Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Land</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Machinery</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>and</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Equipment</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Refrigeration</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Equipment</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Construction</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>in progress</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Assets Stated</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>in Net</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Realizable</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Value</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Bottles</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>and</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Cases</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at January 1, 2010</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,661</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,860</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,423</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,157</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,364</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>288</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,858</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>332</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2010</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,399</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,232</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,246</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,980</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,290</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,253</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>285</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As at December 31, 2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,390</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,848</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,952</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,977</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,006</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,868</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>383</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,502</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has identified certain long-lived assets that are not strategic to its current or future business and are not being used. Such assets are comprised of land, buildings and equipment, in accordance with an approved program for the disposal of certain investments. These longlived assets have been recorded at their estimated net realizable value without exceeding their acquisition cost and are presented in the property, plant and equipment caption, as shown below by location:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panama</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costa Rica</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nicaragua</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guatemala</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Buildings, machinery and equipment</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_147"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As a result of selling certain long-lived assets, the Company recognized losses (gains) of Ps. 5, Ps. 41 and Ps. (8), for the years ended December 31, 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimated total amount of the construction projects in process is Ps. 2,007, which is expected to be completed within a period not exceeding one year.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As mentioned in Note 4u), during the years ended December 31, 2011, 2010 and 2009 the Company capitalized Ps. (14), Ps. (33), and 13, respectively in comprehensive financing costs in relation to Ps. 256, Ps. 708 and Ps. 158 in qualifying assets. Amounts were capitalized assuming an annual capitalization rate of 5.8%, 5.3%, and 7.2%, respectively. For the years ended December 31, 2011, 2010 and 2009 the comprehensive financing result is analyzed as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive financing result</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,214</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,240</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amount capitalized (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net amount in income statements</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,058</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,228</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,373</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT style="FONT-FAMILY: Arial" size=1>(1)Amount capitalized in property, plant and equipment and amortized intangible assets.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 11. Intangible Assets, net.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD width="3%" align=center></TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 3px double" width="100%" colSpan=5 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Unamortized intangible assets:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rights to produce and distribute Coca-Cola trademark products in the territories of (1):</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico, Central America (2), Venezuela, Colombia and Brazil</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,413</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina, Buenos Aires</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico, Tapachula, Chiapas</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costa Rica, Compa&#241;&#237;a Latinoamericana de Bebidas</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>142</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina (CICAN)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico (Agua de los Angeles)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil (REMIL)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,880</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,866</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colombia (Brisa) (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>786</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>705</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights of Jugos del Valle trademark products</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>886</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>735</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights of Mundet trademark beverages in Puebla, Mexico</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights of Grupo Tampico (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>5</FONT>,499</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution rights of Grupo CIMSA (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,228</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill from Grupo Tampico acquisition - Mexico (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,579</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill from Grupo CIMSA acquisition - Mexico (Note 5)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,936</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amortized intangible assets:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Systems in development costs</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,743</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of systems implementation, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>891</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,675</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,213</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px" align=justify><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><EM>(1) Territories in the table above are grouped based upon their specific acquisition transaction. For example, production and distribution rights in Mexico, Central America, Venezuela, Colombia and Brazil were all purchased from Panamco in 2003 and thus presented together.<BR></EM></FONT><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><EM>(2) Includes Guatemala, Nicaragua, Costa Rica and Panama.</EM><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></P>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The changes in the carrying amount of unamortized intangible assets are as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,169</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,520</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,892</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,478</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>832</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Translation adjustment of foreign currency denominated intangible assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,389</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,183)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,933</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,036</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,169</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,520</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="29%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=17 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The changes in the carrying amount of amortized intangible assets are as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=17 align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Investments</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Accumulated</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>at the</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Beginning</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>the Year</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Additions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="8%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Transfer to</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>of completed</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>projects</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Amortization</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Accumulated</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>at the</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Beginning of</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>the Year</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>For the</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Year</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Capitalization</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>of comprehensive</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>financing</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Result</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>N et</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" colSpan=2 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Estimated</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Amortization</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR></FONT><STRONG>Per Year</STRONG></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Systems in development costs</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,788</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>249</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="5%" align=right><FONT size=1 face=Arial>(464)</FONT>&nbsp;&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,743</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of systems</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>implementation, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>882</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>326</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>464</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(634)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(147)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>891</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Systems in development costs</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,188</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>706</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="5%" align=right><FONT size=1 face=Arial>(151)</FONT>&nbsp;&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45&nbsp; </FONT></TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial>1,788</FONT>&nbsp;&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of systems</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>implementation, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>694</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="3%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(515) </FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(119)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Systems in development costs</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>813</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,188</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of systems</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>implementation, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>558</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(344)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(171)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>179</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="29%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As mentioned in Note 4u), during the years ended December 31, 2011, 2010 and 2009 the Company capitalized Ps. 170, Ps. 45 and Ps. 42, respectively in comprehensive financing costs in relation to Ps. 1,761, Ps. 1,221 and Ps. 687 in qualifying assets. Amounts were capitalized assuming an annual capitalization rate of 5.8%, 5.3%, and 7.2%, respectively and an estimated life of the qualifying assets of seven years.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="45%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=11 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimated amortization over the next five years of intangible assets with defined useful lives is as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="45%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Systems amortization</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425 </FONT></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>365 </FONT></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333 </FONT></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>314</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>285</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 12. Other Assets.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Agreements with customers, net (Note 4j)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>256</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Leasehold improvements, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>309</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long&#8211;term notes receivable to Grupo Estrella Azul, due 2021 (Note 13)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>785</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long&#8211;term accounts receivable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments (Note 19)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loan fees, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long&#8211;term prepaid advertising expenses</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantee deposits</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>942</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>893</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances for acquisitions of property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>296</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>226</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid bonuses</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>375</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,085</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_149"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 13. Balances and Transactions with Related Parties and Affiliated Companies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The consolidated balance sheets and income statements include the following balances and transactions with related parties and affiliated companies:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balances</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets (short-term included in accounts receivable)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FEMSA and subsidiaries</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>314</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Coca-Cola Company</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,157</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>163</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Estrella Azul</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets (long-term included in other assets):</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Estrella Azul</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>785</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,421</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,325</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liabilities (included in suppliers and other liabilities and loans)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FEMSA and subsidiaries</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>753</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Coca-Cola Company</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,853</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,911</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BBVA Bancomer, S.A. (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Nacional de Mexico, S.A. (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Tampico</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Estrella Azul</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>704</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>388</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,334</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,402</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_150"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Regarding the tax consolidation with FEMSA, the balance to be transferred to its holding is for the amount Ps. 150 at December 31,2011 and is included in the taxes payable caption.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balances due from related parties are considered to be recoverable. Accordingly, for the years ended December 31, 2011, 2010 and 2009, there was no expense resulting from the uncollectibility of balances due from related parties.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transactions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales to affiliated parties</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,186</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,665</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenses:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases of raw material, beer, assets and operating expenses</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>with FEMSA and subsidiaries</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,665</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,412</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases of concentrate from The Coca-Cola Company</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,183</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,371</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,863</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchase of raw materials, beer and operating expenses with Heineken Group</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,343</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,619</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advertisement expenses refunded to The Coca-Cola Company</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>874</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,117</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases of sugar from Beta San Miguel</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,398</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,307</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>713</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchase of sugar, cans and caps from Promotora Mexicana</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>de Embotelladores, S.A. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>701</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>684</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases from Jugos del Valle, S.A.P.I. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,248</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,206</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,044</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchase of canned products from IEQSA</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>262</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>196</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>208</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid to The Coca-Cola Company</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchase of plastic bottles from Embotelladora del Atlantico, S.A.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(formerly Complejo Industrial Pet, S.A.)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchase of juice and milk powder from Grupo Estrella Azul</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest expenses related to debt with BBVA Bancomer, S.A. (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest expenses related to debt with Banco Nacional de Mexico, S.A. (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Donations to Instituto Tecnologico y de Estudios Superiores de Monterrey, A.C. (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Insurance premiums for policies with Grupo Nacional Provincial, S.A.B. (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases from affiliated companies of Grupo Tampico</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>175</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses with related parties</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) One or more members of the Board of Directors or senior management of the Company are also members of the Board of Directors or senior management of the counterparties to these transactions.</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The benefits and aggregate compensation paid to executive officers and senior management of the Company were as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short- and long-term benefits paid</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;<FONT size=1 face=Arial>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>743 </FONT></TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT>&nbsp;&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>748&nbsp;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>762</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_151"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 14. Balances and Transactions in Foreign Currencies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In accordance with NIF B-15, assets, liabilities and transactions denominated in foreign currencies are those realized in a currency different than the recording, functional or reporting currency of each reporting unit. As of the end of December 31, 2011 and 2010, assets, liabilities and transactions denominated in foreign currencies, expressed in Mexican pesos are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balances</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. Dollars</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Euros</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. Dollars</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Euros</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,167</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,167</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,154</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,154</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long-term</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>785</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>785</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,964</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,005</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>245</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long-term</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,199</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,199</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,401</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,401</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transactions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. Dollars</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. Dollars</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. Dollars</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>418</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>429</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>571</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenses:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases of raw materials</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,753</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,197</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>282</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets acquisitions</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>226</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>258</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>623</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>651</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,940</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,388</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,910</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of&nbsp;April 2<FONT size=1 face=Arial>5</FONT>, 2012, the issuance date of these consolidated financial statements, the exchange rate published by &#8220;Banco de M&#233;xico&#8221; was Ps. 1<FONT size=1 face=Arial>3</FONT>.2087 Mexican pesos per one U.S. Dollar, and the foreign currency position was similar to that as of December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 15. Labor Liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has various labor liabilities in connection with pension, seniority and severance benefits. Benefits vary depending upon country.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Assumptions:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company annually evaluates the reasonableness of the assumptions used in its labor liability computations. Actuarial calculations for the liability for pension and retirement plans, seniority premiums and severance indemnities, as well as the net cost of labor obligations for the period, were determined using the following long-term assumptions:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Real</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nominal</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Real</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nominal</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Real</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nominal</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rates for</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rates for</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rates for</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rates for</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rates for</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rates for</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>inflationary&nbsp;</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><STRONG><FONT size=1 face=Arial>noninflationary</FONT></STRONG>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>inflationary&nbsp;&nbsp;</FONT></B></TD>

   <TD width="12%" align=right><STRONG><FONT size=1 face=Arial>noninflationary</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>inflationary&nbsp;</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><STRONG><FONT size=1 face=Arial>noninflationary</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>countries</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>countries</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>countries</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>countries</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>countries</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>countries</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Annual discount rate</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5%-2.2%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.5%-9.7%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5% - 2.6%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.5% - 9.7%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5% - 3.0%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.5% - 9.8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salary increase</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.0%-1.5%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.0%-6.5%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.0% - 6.5%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5%</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5% - 8.0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estimated return on plan assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.0%-9.7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.0% - 11.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5% - 3.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.2% - 9.8%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The long-term rate of return associated with the return on assets percentages shown above were determined based on an historical analysis of average returns in real terms for the last 30 years of Mexican Federal Government Treasury Bond (known as CETES in Mexico) and in the case of investments in foreign markets, the performance of the treasury bill of the country in question, as well as the expected long-term yields of the Company&#8217;s current pension plan investment portfolio.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_152"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Based on these assumptions, the amounts of benefits expected to be paid out in the following years are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retirement</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Severance</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Plans</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Premiums</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indemnities</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>194</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 13px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2017 to 2021</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>640</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>415</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Balances of the Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and retirement plans:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vested benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>586</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>569</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-vested benefit obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>702</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated benefit obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,288</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,160</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan funds at fair value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,068)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(774)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unfunded projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,092</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>862</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized past services</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(188)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(198)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unamortized actuarial net loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>899</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority premiums:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vested benefit obligation for personnel with more than 15 years seniority</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-vested benefit obligation for personnel with less than 15 years seniority</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated benefit obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premium funds at fair value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unfunded projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unamortized actuarial net loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Severance indemnities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>483</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>421</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized net transition obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(73)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total labor liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,537</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,210</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated actuarial gains and losses are generated by differences in the assumptions used for the actuarial calculations at the beginning of the year versus the actual behavior of those variables at the end of the year.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_153"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Trust Assets:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trust assets consist of fixed and variable-return financial instruments recorded at market value. Trust assets are invested as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="80%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="80%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Type of instrument</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fixed Return:</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Traded securities</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2%</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank instruments</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1%</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Federal government instruments of the respective countries</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84%</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Variable Return:</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Publicly-traded shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="80%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has a policy of maintaining at least 30% of trust assets in treasury bills and/or fixed income investment companies. Objective portfolio guidelines have been established for the remaining percentage, and investment decisions are made to comply with those guidelines to the extent that market conditions and available funds allow.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="81%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The amounts of securities of the Company and related parties included in plan assets are as follows:</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Debt:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Industrial Bimbo, S.A.B. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Televisa, S.A.B. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA, S.A.B. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Financiero BBVA Bancomer, S.A.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grupo Financiero Banorte, S.A.B. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fomento Econ&#243;mico Mexicano, S.A.B. de C.V.</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA, S.A.B. de C.V.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During the years ended December 31, 2011, 2010 and 2009, the Company did not make significant contributions to the plan assets and does not expect to make material contributions to the plan assets during the following fiscal year.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Net Cost for the Year:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and retirement plans:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return on trust assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of prior year services</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of actuarial loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority premiums:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of net actuarial loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_154"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Severance indemnities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of unrecognized transition obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of net actuarial loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>346</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>313</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) Changes in the Balance of the Obligations:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and retirement plans:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,636</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,424</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial loss</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange rate valuation loss (gain)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(91)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,160</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority premiums:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (gain) loss</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Severance indemnities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>421</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>426</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial loss</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(96)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(129)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>421</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=7 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Changes in the Balance of the Trust Assets:</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and retirement plans:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>774</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>727</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actual return on trust assets</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange rate valuation loss (gain)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>229</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Life annuities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 13px" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,068</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>774</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_155"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority premiums:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actual return on trust assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Following is presented the annual information relative to the different defined benefit obligations, for the year ended December 31, 2011 and the 4 preceding years:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD>

   <TD width="3%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and retirement plans at December 31:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,160</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,636</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,424</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,351</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan funds at fair value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,068)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(774)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(727)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(517)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(566)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unfunded projected benefit obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,092</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>862</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>834</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>622</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority premiums at December 31:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected benefit obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premium funds at fair value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unfunded projected benefit obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Severance indemnities at December 31:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected benefit obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>421</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>426</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>392</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>308</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=11 align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 16. Bonus Program.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The bonus program for executives is based on complying with certain goals established annually by management, which include quantitative and qualitative objectives and special projects.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The quantitative objectives represent approximately 50% of the bonus, and are based on the Economic Value Added (&#8220;EVA&#8221;) methodology. The objective established for the executives at each entity is based on a combination of the EVA generated by the Company and FEMSA consolidated, calculated at approximately 70% and 30%, respectively. The qualitative objectives and special projects represent the remaining 50% of the annual bonus and are based on the critical success factors established at the beginning of the year for each executive.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In addition, the Company provides a defined contribution plan of share compensation to certain key executives, consisting of an annual cash bonus to purchase FEMSA and Coca-Cola FEMSA shares or options, based on the executive&#8217;s responsibility in the organization, their business&#8217; EVA result achieved, and their individual performance. The acquired shares or options are deposited in a trust, and the executives may access them one year after they are vested at 20% per year. The 50% of Coca-Cola FEMSA&#8217;s annual executive bonus is to be used to purchase FEMSA shares or options and the remaining 50% to purchase Coca-Cola FEMSA shares or options. As of December 31, 2011, 2010 and 2009, no options have been granted to employees.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The incentive plan target is expressed in months of salary, and the final amount payable is computed based on a percentage of compliance with the goals established every year. The bonuses are recorded to income from operations and are paid in cash the following year. During the years ended December 31, 2011, 2010 and 2009, the bonus expense recorded amounted to Ps. 599, Ps. 547 and Ps. 630, respectively.</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_156"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 17. Bank Loans and Notes Payable.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="36%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="53%" colSpan=13 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>At December 31, 2011</FONT></B></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="8%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Carrying</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="36%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Thereafter</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31, 2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term debt:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Argentine pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>325</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>325</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT></TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>507</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.9%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.9%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Colombian pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>295</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>295</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.8%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.8%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.4%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian reais</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Notes payable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Various</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexican pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.9%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.9%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Subtotal</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term debt:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fixed rate debt:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. dollars</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Senior Notes</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,990</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,990</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT></TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,179</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital leases</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexican pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic Senior Notes</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Certificados Bursatiles) (2)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.3%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.3%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Argentine pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>514</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>595</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>684</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.4%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.4%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian reais</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Notes payable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Variable rate debt:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S. dollars</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>209</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>251</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexican pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>266</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,392</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,825</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,550</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.0%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.1%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic senior notes</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Certificados bursatiles) (2)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,500</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.7%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.8%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Colombian pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,140</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>181</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,321</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.2%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.6%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.3%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.7%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_157"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="36%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Argentine pesos</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.3%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.3%</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian reais</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Notes payable</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 17px" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Various</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long term debt</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,902</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>752</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,407</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,839</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,510</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,526</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,936</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,736</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current portion of long term debt</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,902</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,902</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="36%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total long term debt</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>752</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,407</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,839</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,510</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,526</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,034</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=17 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Weighted average annual rate.</FONT></I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has received financing from a number of institutional lenders. Such debt has different restrictions and covenants that mainly consist of maximum leverage ratios. As of the date of these consolidated financial statements, the Company was in compliance with all the restrictions and covenants contained in its financing agreements.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2) </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2011, the Company has the following domestic senior notes (certificados bursatiles) issued in the Mexican stock exchange:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="59%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Issue Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Rate</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28-day TIIE(1) &#8211; 6 bps</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28-day TIIE(1) &#8211; 13 bps</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2021</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.27%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="77%" colSpan=3 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) TIIE means the Tasa de Interes Interbancaria de Equilibrio (the Equilibrium Interbank Interest Rate).</FONT></I>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On February 5, 2010, the Company issued US $500 in Senior Notes, bearing interest at a fixed rate of 4.625%. These Senior Notes are due on February 15, 2020.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On April 18, 2011, the Company issued Ps. 2,500 in Domestic Senior Notes, bearing interest at a fixed rate of 8.27%. These Domestic Senior Notes are due on April 5, 2021.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On April 18, 2011, the Company issued Ps. 2,500 in Domestic Senior Notes, bearing interest at a floating rate of TIIE + 13 bps. These Domestic Senior Notes are due on April 11, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011, out of KOF&#8217;s total outstanding debt of Ps. 22,574 million, Ps. 19,791 was guaranteed by Propimex, the main operating subsidiary in Mexico, and all of the outstanding debt was unsecured.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 18. Other Expenses.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employee profit sharing (see Note 4s)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,060</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>672</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loss on sale of fixed assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for contingencies from past acquisitions</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil tax amnesty (see Note 23a)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(179)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(311)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance payments from restructuring</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>217</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>470</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity method in earnings associated companies</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(217)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(142)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vacation provision &#8211; Initial recognition</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loss on the retirement of long-lived assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>606</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,326</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,292</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,449</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_158"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 19. Fair Value of Financial Instruments.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company uses a three-level fair value hierarchy to prioritize the inputs used to measure the fair value of its financial instruments. The three input levels are described as follows: </FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&#8226; Level 1: </FONT></B><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has access to at the measurement date.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&#8226; Level 2: </FONT></B><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>inputs that are observable for the assets or liability, either directly or indirectly, but that are not the quoted prices included in level 1.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&#8226; Level 3: </FONT></B><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value when observable inputs are not available, which allows for fair value valuations even when there is little, if any, market activity for the asset or liability at the measurement date.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company measures the fair value of its financial assets and liabilities classified as level 2, using the income approach methodology, which estimates fair value based on expected cash flows discounted to net present value. The following table summarizes the Company&#8217;s financial assets and liabilities measured at fair value as of December 31, 2011 and December 31, 2010:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="56%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan trust assets (Note 15f)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,068</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>774</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments asset (Note 4v)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>345</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments (liability) (Note 4v)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(432)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(517)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="56%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marketable securities (Note 4c)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>330</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has no inputs classified as Level 3 for fair value measurement.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Total Debt:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The fair value of bank and syndicated loans is calculated based on the discounted value of contractual cash flows whereby the discount rate is estimated using rates currently offered for debt of similar amounts and maturities. The fair value of notes is based on quoted market prices as of December 31.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Carrying value</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,574</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,351</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,290</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,350</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Interest Rate Swaps:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company uses interest rate swaps to offset the interest rate risk associated with its borrowings. Through these swaps the Company pays amounts based on a fixed rate and receives amounts based on a floating rate. These instruments have been designated as cash flow hedges and are recognized in the consolidated balance sheet at their estimated fair value. The fair value is estimated using market prices that would apply to terminate the contracts at the end of the period. Changes in fair value are recorded in cumulative other comprehensive income until such time as the hedged amount is recorded in earnings.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2011, the Company has the following outstanding interest rate swap agreements:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liability</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,600</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,312</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>575</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2015 to 2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,963</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The net effect of expired contracts treated as hedges is recognized as interest expense as part of the comprehensive financing result.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Forward Agreements to Purchase Foreign Currency:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has entered into forward agreements to reduce its exposure to the risk of exchange rate fluctuations between the Mexican peso and other currencies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These instruments are recognized in the consolidated balance sheet at their estimated fair value which is determined based on prevailing market exchange rates to end the contracts at the end of the period. Changes in the fair value of these forwards are recorded as part of cumulative other comprehensive income. Net gain/loss on expired contracts is recognized as part of foreign exchange or cost of goods sold, depending on the nature of the hedge.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2011, the Company had the following outstanding forwards agreements to purchase foreign currency:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Asset</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,161</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Options to Purchase Foreign Currency:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has entered into a collar strategy to reduce its exposure to the risk of exchange rate fluctuations. A collar is a strategy that limits the exposure to the risk of exchange rate fluctuations in a similar way as a forward agreement.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>These instruments are recognized in the consolidated balance sheet at their estimated fair value which is determined based on prevailing market exchange rates to terminate the contracts at the end of the period. Changes in the fair value of these options, corresponding to the intrinsic value are initially recorded as part of cumulative other comprehensive income. Changes in the fair value, corresponding to the extrinsic value are recorded in the income statement under the capture &#8220;market value gain/loss on the ineffective portion of derivative financial instruments&#8221;, as part of the consolidated results. Net gain/loss on expired contracts is recognized as part of cost of goods sold.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2011, the Company had the following outstanding collars to purchase foreign currency (composed of a call and a put option with different strike levels with the same notional amount and maturity):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Asset</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,901</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) Cross-Currency Swaps:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has contracted a number of cross-currency swaps to reduce its exposure to exchange rate and interest rate fluctuations associated with its borrowings denominated in U.S. dollars and other foreign currencies. These instruments are recognized in the consolidated balance sheet at their estimated fair value which is estimated using market prices that would apply to terminate the contracts at the end of the period. Those contracts do not meet the criteria for hedge accounting; consequently, changes in the fair value were recorded in the income statement under the caption &#8220;market value loss/gain on the ineffective portion of derivative financial instruments&#8221; as part of the consolidated results.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2011, the Company had the following outstanding cross currency swap agreements:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liability</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>357</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Commodity Price Contracts:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has entered into various commodity price contracts to reduce its exposure to the risk of fluctuation in the price of certain raw materials. The fair value is estimated based on the market valuations to the end of the contracts at the closing date of the period. Changes in the fair value were recorded as part of cumulative other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net changes in the fair value of current and expired commodity price contracts were recorded as part of the cost of goods sold.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At December 31, 2011, the Company had the following commodity price contracts:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity Date</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liability</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>327</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>g) Embedded Derivative Financial Instruments:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has determined that its leasing contracts denominated in U.S. dollars host embedded derivative financial instruments. The fair value is estimated based on formal technical models. Changes in fair value of these instruments were recorded as part of the comprehensive financing result under the caption of &#8220;market value gain/loss on the ineffective portion of derivative financial instruments&#8221;.</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="33%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>h) Fair Value of Derivative Instruments that Met Hedging Criteria:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Derivatives designated as hedging instruments</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><STRONG><FONT size=1 face=Arial>2010</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

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   <TD width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow hedges:</FONT></B>&nbsp;</TD>

   <TD width="33%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets (Liabilities):</FONT></B>&nbsp;</TD>

   <TD width="33%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate swaps</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 29px" width="33%" align=right></TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT> </TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>(282)</FONT></TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT></TD>

   <TD style="TEXT-INDENT: 3px" width="8%" align=right><FONT size=1 face=Arial>(263)</FONT> </TD>

   <TD width="3%" align=right><FONT size=1 face=Arial>Ps.</FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(133)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Forward Agreements to Purchase Foreign Currency</FONT>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>(16)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Options to Purchase Foreign Currency</FONT>&nbsp;</TD>

   <TD width="33%" align=left>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial>&#8211;</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Commodity price contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 0px" width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><SUB>(1)</SUB></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>445</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left><SUB><FONT size=1 face=Arial>(1)</FONT>&nbsp;&nbsp;</SUB></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>133 (1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" colSpan=2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Commodity Price Contracts with maturity dates ending in 2012 and 2013.</FONT></I>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>i) Net Effects of Expired Contracts that Met Hedging Criteria:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact in Income</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Types of derivatives</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate swaps</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Forward agreements to purchase foreign currency</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange/Interest expense</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Commodity price contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of goods sold</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(257)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(393)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(247)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="92%" colSpan=7 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>j) Net Effect of Changes in Fair Value of Derivative Financial Instruments that Did Not Meet the Hedging Criteria for</FONT></B>&nbsp;<STRONG><FONT size=1 face=Arial>Accounting</FONT></STRONG> </TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Purposes:</FONT></B>&nbsp;</TD>

   <TD width="33%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact in Income</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Types of derivatives</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Options to purchase foreign currency</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value gain/loss on</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Forward agreements to purchase foreign currency</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ineffective portion of</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cross-currency swaps</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(95)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(256)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(220)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>k) Net Effect of Expired Contracts that Did Not Meet the Hedging Criteria for Accounting Purposes:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact in Income</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Types of derivatives</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Embedded derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value gain/loss on ineffective</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cross-currency swaps</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>portion of derivative financial</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="33%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 20. Non-controlling Interest in Consolidated Subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Coca-Cola FEMSA&#8217;s non-controlling interest in its consolidated subsidiaries for the years ended December 31, 2011 and 2010 is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,595</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colombia</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>467</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,089</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,602</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In October, 2011 the Company bought-out a non-controlling interest shareholder of its Brazil operations through a payment of Ps.<BR></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_161"></A><BR>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 21. Shareholders&#8217; Equity.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011, the capital stock of Coca-Cola FEMSA is represented by 1,985,453,929 common shares, with no par value. Fixed capital stock is Ps. 821 (nominal value) and the rest is variable capital, which is unlimited.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The characteristics of the common shares are as follows:<BR></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><BR></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>&#8226; </STRONG></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Series &#8220;A&#8221; and series &#8220;D&#8221; shares are ordinary, have unlimited voting rights, are subject to transfer restrictions, and at all times must represent a minimum of 75% of subscribed capital stock;<BR></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>&#8226; </STRONG></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Series &#8220;A&#8221; shares may only be acquired by Mexican individuals and may not represent less than 51% of the ordinary shares.<BR></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>&#8226; </STRONG><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Series &#8220;D&#8221; shares have no foreign ownership restrictions and may not represent more than 49% of the ordinary shares.<BR></FONT></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>&#8226; </STRONG></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Series &#8220;L&#8221; shares have no foreign ownership restrictions and have limited voting rights and other corporate rights.</FONT> <BR></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><BR>As of December 31, 2011 and 2010, the number of each share series representing Coca-Cola FEMSA&#8217;s capital stock is comprised as follows:</FONT> </FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="76%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="76%" align=left>&nbsp;</TD>

   <TD width="24%" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Thousands of<BR></FONT></B><STRONG><FONT size=1 face=Arial>Shares</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="76%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Series of shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="76%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8220;A&#8221;</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>992,078</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>992,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="76%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8220;D&#8221;</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>583,546</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>583,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="76%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8220;L&#8221;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>409,830</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270,906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="76%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,985,454</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,846,530</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The restatement of shareholders&#8217; equity for inflation is allocated to each of the various shareholders&#8217; equity accounts, as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Historical</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=left>

   <P style="MARGIN-LEFT: 0pt" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restatement</FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital stock</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>882</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,296</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,178</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional paid-in capital</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,309</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,627</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,936</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings from prior years</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,404</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,146</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net controlling income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,444</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>171</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,412</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,412</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Historical</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restatement</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital stock</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>821</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,295</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional paid-in capital</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,612</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,627</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings from prior years</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,438</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,670</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net controlling income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,324</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>476</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The net income of the Company is not currently subject to the legal requirement that 5% thereof be transferred to a legal reserve, since such reserve already equals 20% of capital stock at nominal value. The legal reserve may not be distributed to shareholders during the life of the Company, except as a stock dividend. As of December 31, 2011 and 2010, the legal reserve is Ps. 164 (at nominal values).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings and other reserves distributed as dividends, as well as the effects of capital reductions, are subject to income tax at the prevailing tax rate at the time of distribution, except for dividends and capital reductions paid from the Net taxes profits accounts (&#8220;CUFIN&#8221;) which is where restated shareholder contributions and consolidated taxable income are recorded, or from the Net reinvested taxed profits account (&#8220;CUFINRE&#8221;), which is where reinvested consolidated taxable income is recorded.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends paid in excess of the CUFIN and CUFINRE are subject to income tax at a grossed-up rate based on the current statutory rate. Since 2003, this tax may be credited against the income tax of the year in which the dividends are paid or against the income <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>tax and estimated tax payments of the following two years. As of December 31, 2011 and 2010, the Company&#8217;s balance of CUFIN is Ps. 549 and Ps. 1,242, respectively.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011, 2010 and 2009 the dividends declared by the Company are as follows:</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Series of shares</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011<SUB>(1)</SUB></FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010 <SUB>(2)</SUB></FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009 <SUB>(3)</SUB></FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8220;A&#8221;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,341</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,399</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8220;D&#8221;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,377</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>823</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8220;L&#8221;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>640</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>382</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>197</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,358</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,604</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,344</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) At an ordinary shareholders&#8217; meeting of Coca-Cola FEMSA held on March 23, 2011, the shareholders declared a dividend of Ps. 4,358 that was paid in April 2011. </FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) At an ordinary shareholders&#8217; meeting of Coca-Cola FEMSA held on April 14, 2010, the shareholders declared a dividend of Ps. 2,604 that was paid in April 2010. </FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(3) At an ordinary shareholders&#8217; meeting of Coca-Cola FEMSA held on March 23, 2009, the shareholders declared a dividend of Ps. 1,344 that was paid in April 2009.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 22. Net Controlling Income per Share.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>This represents the net controlling income on each share of the Company&#8217;s capital stock and is computed on the basis of the weighted average number of shares outstanding during the period which was 1,865,342,044, 1,846,530,201 and 1,846,530,201 common shares for the years ended December 31, 2011, 2010 and 2009, respectively. During the periods presented herein, no common stock equivalents were outstanding.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 23. Taxes.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Income Tax:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax is computed on taxable income, which differs from net income for accounting purposes principally due to differences in the book and tax treatment of the comprehensive financing result, the cost of labor liabilities, depreciation and other accounting provisions. The tax loss of a given year may be carried forward and applied against the taxable income of future years.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The difference between the sum of the above amounts and the consolidated income before income tax relates to dividends which are eliminated in the consolidated financial statement of the Company. Such dividends have been remitted on a tax-free basis.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The statutory income tax rates applicable in the countries where the Company operates, the number of years tax loss carry-forwards may be applied and the period open to review by the tax authorities as of December 31, 2011 are as follows:</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="58%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left>&nbsp;</TD>

   <TD width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statutory</FONT></B>&nbsp;</TD>

   <TD width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expiration</FONT></B>&nbsp;</TD>

   <TD width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Open Period</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="58%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tax Rate</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Years)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Years)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guatemala</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nicaragua</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Costa Rica</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panama</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Colombia</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2-5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1-3</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4-6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="58%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><BR>In Colombia, tax losses may be carried forward for an indefinite number of years and carry-forwards are limited to 25% of the taxable income of each year.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In Brazil, tax losses never expire but they cannot be restated for inflation and are limited to 30% of the taxable income of each year.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During 2010 and 2009, Brazil adopted new laws providing for certain tax amnesties. The tax amnesty programs offer Brazilian legal entities and individuals an opportunity to pay off their income tax and indirect tax debts under less stringent conditions than would normally apply. The amnesty programs also include a favorable option under which taxpayers may utilize income tax loss carry-forwards (&#8220;NOLs&#8221;) when settling certain outstanding income tax and indirect tax debts. The Company decided to participate in the amnesty programs allowing it to settle certain previously accrued indirect tax contingencies. During the year ended, December 31, 2010 the Company de-recognized indirect tax contingency accruals of Ps. 333 (see Note 24d), making payments of Ps. 118, recording a credit to other expenses of Ps. 179 (see Note 18), reversing previously recorded Brazil valuation allowances against NOL&#8217;s in 2009, and recording certain taxes recoverable. During 2011, there were no tax amnesty programs applied by the Company.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Asset tax:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 1, 2007, the asset tax in Mexico rate was reduced from 1.8% to 1.25% and the deduction of liabilities in the computation of the asset tax base was disallowed. Effective in 2008, the asset tax was abolished in Mexico and has been replaced by a flat rate business tax (Impuesto Empresarial a Tasa Unica, &#8220;IETU&#8221; - see Note 23c). Asset tax paid in periods prior to the introduction of the IETU can be credited against income tax payable in the period, provided that income tax exceeds IETU for the same period, and only up to an amount equal to 10% of the lesser asset tax paid for 2007, 2006 or 2005.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guatemala, Nicaragua, Colombia and Argentina also have minimum taxes that are determined primarily on a percentage of assets. Under certain conditions, payments made for these minimum taxes are recoverable in future years.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Flat-Rate Business Tax (&#8220;IETU&#8221;):</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effective in 2008, IETU came into effect in Mexico and replaced the Asset Tax. IETU essentially works as a minimum corporate income tax, except that amounts paid cannot be creditable against future income tax payments. The payable tax for a taxpayer in a given year is the higher of IETU or income tax computed under the Mexican income tax law. Both individuals and corporations are subject to IETU as well as permanent establishments of foreign entities in Mexico. The IETU rate for 2008 and 2009 was 16.5% and 17.0%, respectively and is 17.5% beginning in 2010. IETU is computed on a cash-flow basis, which means the tax base is equal to cash proceeds, less certain deductions and credits. In the case of export sales, where cash on the receivable has not been collected within 12 months, income is deemed received at the end of the 12-month period. In addition, unlike the Income Tax Law, which allows for tax consolidation, companies that incur IETU are required to file their returns on an individual basis.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Based on its financial projections for purposes of its Mexican tax returns, the Company expects to pay corporate income tax in the future and does not expect to have IETU payable. This being the case, the introduction of the IETU law had no impact the Company&#8217;s consolidated financial statements.</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Deferred Income Tax:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="81%" colSpan=4 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>An analysis of the temporary differences giving rise to deferred income tax liabilities (assets) is as follows:</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deferred Income Taxes (asset) liability</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,898</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,519</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in shares</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangibles and other assets</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,431</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,887</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor obligations</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(349)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax loss carry-forwards</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(340)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(347)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other deferred assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(538)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,262)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax liability, net</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,034</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,556</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deferred Income Taxes (asset) liability</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax asset recoverable</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(451)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(345)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,485</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax liability, net</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,034</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,556</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>An analysis of changes in the balance of the net deferred income taxes liability is as follows:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,556</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,640</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>434</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for the year</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(93)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>481</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax from business combinations</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>186</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restatement effect in inflationary subsidiaries</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>244</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>453</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income (loss) items</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,345</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(809)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,034</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,556</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,640</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of January 2008, in accordance with NIF B-10 in Mexico, the application of inflationary accounting in Mexico was suspended. However, for taxes purposes, the balance of fixed assets is restated based on the Mexican National Consumer Price Index (NCPI) and consequently, the difference between the book and tax values of the assets will gradually increase, giving rise to a deferred tax.</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_164"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE border=0 cellSpacing=0>



<TR>

   <TD vAlign=top width="2%" noWrap><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e)</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Provision for the Year:</FONT></B> </TD></TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current-year income tax</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,692</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,779</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax (benefit) expense</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(74)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>474</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>309</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of change in the statutory income tax rate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(42)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,043</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>An analysis of the domestic and foreign components of pre-tax income and income tax for the years ended December 31, 2011, 2010 and 2009 is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexico</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,968</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,768</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current-year income tax</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,009</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,683</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,692</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax (benefit) expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(219)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(93)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total income tax</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,790</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,809</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,599</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexico</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,368</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,191</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,559</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current-year income tax</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,649</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,130</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax (benefit) expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(59)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>540</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>481</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total income tax</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,590</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexico</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,579</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,434</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current-year income tax</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,585</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,191</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax (benefit) expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total income tax</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,569</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,474</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,043</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Tax Loss Carry-forwards and Recoverable Asset tax:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The subsidiaries in Mexico, Panama, Colombia, Venezuela and Brazil have tax loss carry-forwards and/or recoverable tax on assets. The aggregate amounts of such future benefits and their years of expiration are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tax Loss</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Recoverable</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Year of expired</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Carry-forwards</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Asset tax</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2017 and thereafter</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>749</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>No expiration (Brazil - see Note 23a)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>342</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,091</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="92%" colSpan=6 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>An analysis of the changes in the valuation allowance that give rise to decreases in the related deferred tax asset is as follows:</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of valuation allowance</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restatement of beginning balance in inflationary subsidiaries</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>g) Reconciliation of Mexican Statutory Income Tax Rate to Consolidated Effective Income Tax Rate:</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexican statutory income tax rate</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.00%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.00%</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28.00%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax from prior years</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.47</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.76)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.52</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary position gain</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.28)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.85)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.05)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Annual inflation adjustment</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.99</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.15</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.31</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-deductible expenses</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.02</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.61</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.87</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-taxable income</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.56)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.66)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.15)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxed at a rate other than the Mexican statutory rate</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.16</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.86</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.97</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of restatement of tax values</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.00)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.03)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.78)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in valuation allowance for tax losses</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.38)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of change in statutory rate</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.03</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.05</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(0.33)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.11)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.09</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated effective income tax rate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33.39%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31.07%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 24. Other Liabilities and Contingencies.</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Other Current Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments (Note 19)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sundry creditors</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,025</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>974</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,033</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>993</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Other Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contingencies</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,284</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,153</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>987</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,261</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments (Note 19)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>424</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>498</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,695</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,912</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Contingencies Recorded in the Balance Sheet:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has various loss contingencies, and has recorded reserves as other liabilities for those legal proceedings for which it believes an unfavorable resolution is probable. Most of these loss contingencies are the result of the Company&#8217;s business acquisitions. The following table presents the nature and amount of the loss contingencies recorded as of December 31, 2011 and 2010:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes, primarily indirect taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>925</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,128</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Legal</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,284</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,153</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_166"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Changes in the Balance of Contingencies Recorded:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,153</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,467</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Penalties and other charges</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>277</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>258</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New contingencies</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contingencies added in business combinations &#8211; primarily tax related</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>181</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancellation and expiration</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(353)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(205)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(241)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payments</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(175)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(211)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(190)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazil tax amnesty (see Note 23a)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(333)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(433)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restatement of the beginning balance of inflationary subsidiaries</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(97)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,284</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,153</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,467</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) Pending Lawsuits:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company is party to a number of tax, legal and labor lawsuits that have arisen throughout the normal course of its business and which are common in its industry.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimated amount of these lawsuits is Ps. 6,781. The Company&#8217;s legal counsel estimates that the changes of these cases being ruled against the Company are less than probable but more than remote. However, the Company does not believe that the rulings, one way or the other, will have a material adverse effect on its consolidated financial position or result of operations.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In recent years, the Company&#8217;s Mexican, Costa Rican and Brazilian territories have been required to submit certain information to their relevant authorities regarding possible monopolistic practices. Such proceedings are a normal occurrence in the soft drink industry and the Company does not expect any significant liability to arise from these contingencies.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Collateralized Contingencies:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As is customary in Brazil, the Company has been required by the tax authorities there to collateralize tax contingencies currently in litigation amounting to Ps. 2,418 and Ps. 2,292 as of December 31, 2011 and 2010, respectively, by pledging fixed assets and entering into available lines of credit covering the contingencies.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>g) Commitments:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of December 31, 2011, the Company has operating lease commitments for the leasing of production machinery and equipment, distribution equipment and computer equipment.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The contractual maturities of the lease commitments by currency, expressed in Mexican pesos as of December 31, 2011, are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mexican</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>U.S.</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pesos</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Dollars</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>227</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>165</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2017 and thereafter</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>690</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,830</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rental expense charged to results of operations amounted to approximately Ps. 859, Ps. 570 and Ps. 546 for the years ended December 31, 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has some operating leases that are denominated in U.S. dollars, for which embedded derivatives have been identified and accounted for in the accompanying financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 25. Information by Reporting Segment.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s Chief Operating Decision Maker (&#8220;CODM&#8221;) is its Chief Executive Officer. Operating segments are at a country level, with the exception of Central America which is considered an operating segment by itself. Prior to 2011, the Company aggregated <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>operating segments into the following reporting segments for the purposes of its consolidated financial statements: (i) Mexico, (ii) Latincentro, which aggregated Colombia and Central America, (iii) Venezuela, and (iv) Mercosur, which aggregated Brazil and Argentina.</FONT></FONT></P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During August 2011, the Company changed certain aspects of its business structure and organization, although its CODM and operating segments remain the same. In order to align its segments disclosures with its new internal structure, the Company has decided to change the aggregation of its operating segments into the following reportable segments for consolidated financial statement purposes: (i) Mexico and Central America division (comprising the following countries: Mexico, Guatemala, Nicaragua, Costa Rica and Panama) and (ii) the South America division (comprising the following countries: Brazil, Argentina, Colombia and Venezuela). Venezuela operates in an economy with exchange control and hyper-inflation; and as a result, Bulletin B-5 &#8220;Information by Segments&#8221; does not allow its aggregation into the South America segment. The Company is of the view that the quantitative and qualitative aspects of the aggregated operating segments are similar in nature for all periods presented.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Segment disclosures for prior periods have been reclassified for comparison purposes.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="11%" colSpan=2 align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income from</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenditures</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico and Central America <SUB>(1)</SUB></FONT><SUB>&nbsp;</SUB></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,196</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,906</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,117</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81,425</FONT>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. 94,370</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,245</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>South America <SUB>(2)</SUB></FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,408</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,943</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,067</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,447</FONT>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,798</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,111</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,111</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,303</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>642</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,662</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,440</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>124,715</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,152</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,826</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>119,534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>151,608</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,828</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income from</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenditures</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico and Central America <SUB>(1)</SUB></FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,213</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,714</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,427</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,593</FONT>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps. 67,234</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,919</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>South America <SUB>(2)</SUB></FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,210</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,921</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,547</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,560</FONT>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,048</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,829</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,033</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,444</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,472</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,779</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,432</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>103,456</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,079</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,478</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87,625</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>114,061</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,180</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income from</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenditures</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mexico and Central America <SUB>(1)</SUB></FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,034</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,998</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,086</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>South America <SUB>(2)</SUB></FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,303</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,022</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,948</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Venezuela</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,430</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,815</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,248</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=2 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial>102,767</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,835</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,282</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 44,561, Ps. 38,782 and Ps. 36,785 during the years ended December 31, 2011, 2010 and 2009, respectively. Domestic (Mexico only) long-term assets were Ps. 72,616 and Ps. 46,847 as of December 31, 2011 and 2010, respectively.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(2) South America includes Brazil, Argentina, Colombia and Venezuela, although Venezuela is shown separately above. South America revenues include Brazilian revenues of Ps. 31,132, Ps. 26,841 and Ps. 21,456 during the years ended December 31, 2011, 2010 and 2009, respectively. Brazilian long-term assets were Ps. 14,770 and Ps. 14,026 as of December 31, 2011 and 2010 respectively. South America revenues also include Colombian revenues of Ps. 11,920, Ps. 10,850 and Ps. 9,744 during the years ended December 31, 2011, 2010 and 2009, respectively. Colombian long-term assets were Ps. 12,721 and Ps. 11,069 as of December 31, 2011 and 2010, respectively.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 26. Differences Between Mexican FRS and U.S. GAAP</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As discussed in Note 2, the consolidated financial statements of the Company are prepared in accordance with Mexican FRS, which differs in certain significant respects from U.S. GAAP. A reconciliation of the reported net income, equity and comprehensive income to U.S. GAAP is provided in Note 27.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Included in Notes 26 and 27 are references to certain U.S. GAAP Codifications (&#8220;ASC&#8221;) that were adopted during the periods presented herein.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The principal differences between Mexican FRS and U.S. GAAP included in the reconciliation that affect the consolidated financial statements of the Company are described below.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Restatement of Prior Year Financial Statements for Inflationary Effects:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under U.S. GAAP, the Company applies the regulations of the Securities and Exchange Commission of the United States of America (&#8220;SEC&#8221;) which include certain accounting accommodations. Consequently, the Company was not required to reconcile the inflation effects prior to the adoption of NIF B-10, since the consolidated financial statements were comprehensively restated in constant units of the reporting currency.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning on January 1, 2008, in accordance with NIF B-10, the Company discontinued inflationary accounting for subsidiaries that operate in non-inflationary economic environments. As a result, prior year&#8217;s financial information and all other adjustments for U.S. GAAP purposes were restated and translated as of December 31, 2007, which is the date of the last recognition of inflation effects. The cumulative effect of the previously realized and unrealized results from holding nonmonetary assets (RETANM) for previous periods was reclassified to retained earnings. This reclassification did not result in a difference that is being reconciled for U.S. GAAP.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning in 2008, as a result of discontinuing inflationary accounting for subsidiaries that operate in non-inflationary economic environments, the Company&#8217;s financial statements are no longer considered to be presented in a reporting currency that includes the comprehensive effects of price level changes. Therefore, the inflationary effects of economic environments that are inflationary under Mexican FRS, but not hyperinflationary under US GAAP arising in 2008 through 2011 represent a difference that is reconciled for U.S. GAAP purposes.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As disclosed in Note 4a, the three year cumulative inflation rate for Venezuela was 108.2% for the period 2008 through 2010. The three year cumulative inflation rate for Venezuela was 102.9% as of December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accordingly, the Company considers its Venezuela subsidiary as a hyper-inflationary economy for U.S. GAAP purposes beginning January 1, 2010. For U.S. GAAP reconciliation purposes, the Company has applied an accommodation available in Item 17 to the instructions to Form 20-F whereby an International Accounting Standard 21 and 29 indexation approach is applied. U.S. GAAP would otherwise require a hyperinflationary economy to be reported using the U.S. dollar as the functional currency. The information related to the revenues and income from operations as well as long term assets and total assets related to the Venezuelan subsidiary are shown separately in the segment disclosure footnote (see Note 25). Recent devaluations in the Venezuelan currency are also discussed in Note 3 above.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Classification Differences:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Certain items require a different classification in the balance sheet or income statement under U.S. GAAP. A description of these different classifications is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P><FONT size=1>&#8226;</FONT> <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gains or losses on the disposal of fixed assets, all severance payments associated with an ongoing benefit and amendments to the pension plans, as well as financial expenses from labor liabilities and employee profit sharing are recorded as part of operating income under U.S. GAAP;</FONT>

<P style="TEXT-ALIGN: justify"><FONT size=1>&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS, deferred taxes are classified as non-current, while under U.S. GAAP they are classified based on the classification of the related asset or liability, or their estimated reversal date when not associated with an asset or liability;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P><FONT size=1>&#8226; <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS, restructuring costs are recorded as other expenses. For U.S. GAAP purposes, restructuring costs are recorded as operating expenses;</FONT></FONT>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P><FONT size=1>&#8226; <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS, due to the changes in NIF C-1, restricted cash was reclassified to cash and cash equivalents, and for U.S. GAAP purposes, restricted cash is presented in other current assets;</FONT></FONT>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P><FONT size=1>&#8226; <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS the leasehold improvements are classified as other assets, while under U.S. GAAP purposes, they are reclassified to property, plant and equipment;</FONT></FONT>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></P><FONT size=1>&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS the interest cost related to labor obligations is presented as part of the comprehensive financing result while under U.S.GAAP is classified as operating expenses.</FONT>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Deferred Promotional Expenses:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As explained in Note 4f, for Mexican FRS purposes, the promotional costs related to the launching of new products or product presentations are recorded as prepaid expenses. For U.S. GAAP purposes, such promotional costs are expensed as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Intangible Assets:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In conformity with Mexican FRS, the amortization of intangible assets with indefinite useful lives was discontinued in 2003. For U.S. GAAP purposes, the amortization of intangible assets with indefinite useful lives was discontinued as of 2002. As a result, the Company performed an initial impairment test of intangible assets as of January 1, 2002 and found no impairment. Subsequent impairment tests are performed annually by the Company or more frequently, if events or changes in circumstances between annual tests indicate that the asset might be impaired.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During the year ended December 31, 2009, the Company acquired the Brisa water business in Colombia (see Note 5). For U.S. GAAP, acquired distribution rights intangible assets are recorded at estimated fair value at the date of the purchase. Under Mexican FRS, this distribution rights intangible asset is recorded at its estimated fair value, limited to the underlying amount of the purchase price consideration. This results in a difference in accounting for acquired intangible assets between Mexican FRS and U.S. GAAP. These differences have resulted in a gain being recorded in 2009 for U.S. GAAP purposes in the amount of Ps. 72.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) Restatement of Imported Equipment:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Through December 2007, the Company restated imported machinery and equipment by applying the inflation rate and the exchange rate of the currency of the country of origin. The resulting amounts were then translated into Mexican pesos using the period end exchange rate.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 1, 2008, the Company adopted Mexican FRS B-10 which establishes that imported machinery and equipment must be recorded using the acquisition-date exchange rate. Companies that operate in inflationary economic environments must restate imported machinery and equipment by applying the inflation rate of the country in which the asset is acquired. However, this change in methodology did not have a material impact on the consolidated financial statements of the Company (see Note 4a).</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Capitalization of Comprehensive Financing Result:</FONT></B></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In accordance with U.S. GAAP, if interest expense is incurred during the construction of qualifying assets and the net effect is material, capitalization is required for all assets that require a period of time to get them ready for their intended use. The net effect of interest expenses incurred to bring qualifying assets to the condition for its intended use was Ps. 92, Ps. 90 and Ps. 61 for the years ended on December 31, 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A reconciling item is included for the difference in capitalized comprehensive financing result policies under Mexican FRS and capitalized interest expense policies under U.S. GAAP.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>g) Fair Value Measurements</FONT></B></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FASB pronouncements establish a framework for measuring fair value with a focus towards exit price and the use of market- based inputs over company-specific inputs. This pronouncement requires companies to consider its own nonperformance risk (the risk that the obligation will not be fulfilled) to measure liabilities carried at fair value, including derivative financial instruments. The effective date of this standard for nonfinancial assets and nonfinancial liabilities that are recognized or disclosed at fair value on a recurring basis (at least annually) started on January 1, 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (fair value option). Except in certain circumstances, the fair value option is applied on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. Whenever, the fair value option is chosen for an instrument, the unrealized gains and losses from that instrument must be reported in earnings at each subsequent reporting date. The Company did not elect to adopt the fair value option for any of its outstanding instruments; therefore, it did not have any impact on its consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>h) Deferred Income Taxes, Employee Profit Sharing and Uncertain Tax Positions:</FONT></B></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The calculation of deferred income taxes and employee profit sharing for U.S. GAAP purposes differs from Mexican FRS in the following respects:</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS, inflation effects on the balance of deferred taxes generated by monetary items are recognized in the income statement as part of the monetary position result when entities operate in an inflationary economic environment. Under U.S. GAAP, the deferred taxes balance is classified as a nonmonetary item. As a result, the consolidated income statement differs with respect to the presentation of the gain or loss on monetary position and deferred income taxes provision; </FONT></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under Mexican FRS, deferred employee profit sharing is calculated using the asset and liability method, which is the method used to compute deferred income taxes under U.S. GAAP. Employee profit sharing is deductible for purposes of Mexican taxes on profit. This deduction reduces the payments of income taxes in subsequent years. For Mexican FRS purposes, the Company did not record deferred employee profit sharing, since is not expected to materialize in the future; and</FONT></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=Arial></FONT>&nbsp;</DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The differences in restatement of imported machinery and equipment, capitalization of comprehensive result, promotional expenses, employee profit sharing and employee benefits explained in Note 26c, e, f and i, give rise to a difference in income tax calculated under U.S. GAAP compared to income tax computed under Mexican FRS (see Note 23d).</FONT></DIV>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A reconciliation of deferred income tax and employee profit sharing for U.S. GAAP and Mexican FRS purposes, as well as the changes in the balances of deferred taxes, are as follows:</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reconciliation of Deferred Income Taxes, Net</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,034</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,556</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(166)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred charges</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred revenues</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax deduction for deferred employee profit sharing</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred promotional expenses</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension liability</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premiums</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnities</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total U.S. GAAP adjustments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(439)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(193)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net deferred income tax liability, under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,595</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,363</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD>

   <TD width="3%" align=right></TD>

   <TD width="8%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in the Balance of Deferred Income Taxes</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning liability (asset) balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,363</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>513</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(183)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for the year</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>327</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(202)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,492</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>523</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>898</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending liability balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,595</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,363</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>513</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reconciliation of Deferred Employee Profit Sharing</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred employee profit sharing under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred charges</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor liabilities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(84)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other reserves</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(66)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total U.S. GAAP adjustments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(82)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(195)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net deferred employee profit sharing asset under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(82)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(195)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in the Balance of Deferred Employee Profit Sharing</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning (liability) asset balance</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(195)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for the year</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>133</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(163)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ending asset balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(82)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(195)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to U.S. GAAP, the Company is required to recognize a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination. If the tax position meets the more-likely-than-not recognition threshold, the tax effect is recognized at the largest amount of the benefit that is greater than 50% likely of being realized. Any excess between the tax position taken in the tax return and the tax position recognized in the financial statements using the criteria above results in the recognition of a liability in the financial statements for the uncertain tax position. According to Mexican FRS, the Company is required to record tax contingencies in its financial statements when such liabilities are probable in nature and estimable. While the underlying concepts for recognizing income tax uncertainties differs between Mexican FRS and U.S. GAAP, this difference has not resulted in any reconciling items during the periods presented herein.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>i) Employee Benefits:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On January 1, 2008, the Company adopted NIF D-3. This standard eliminates the recognition of an additional labor liability for the difference between actual benefits and the net projected liability, NIF D-3 also establishes a maximum of five years period for the amortization of the beginning balance of prior service costs of pension plans and severance indemnities and requires that actuarial gains or losses of severance indemnities be credited or charged to income from operations of the period they arise. The adoption of NIF D-3 gave rise to a difference between the unamortized net transition liability and the actual amortization expense of pension plans and severance indemnities. Under U.S. GAAP the Company is required to fully recognize as an asset or liability for the overfunded or underfunded status of defined benefit pension and other postretirement benefit plans as NIF D-3.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The adoption of NIF B-10 for Mexican FRS, required the application of real rates for actuarial calculations for entities that operate in inflationary economic environments and nominal rates for those that operate in non-inflationary economic environments. The Company uses those same criteria under U.S. GAAP.</FONT></P></DIV>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The reconciliation of the pension cost for the year and related labor liabilities is as follows:</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Pension Cost</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net pension cost recorded under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of unrecognized transition obligation</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of prior service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of net actuarial gain</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net pension cost under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>168</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>165</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension Liability</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension liability under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>899</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized prior service</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>188</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>199</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized net actuarial <FONT size=1 face=Arial>loss (</FONT><FONT size=1 face=Arial>gain)</FONT></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(115)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension liability under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,092</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>863</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="81%" colSpan=4 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The reconciliation of the net severance indemnity cost and severance indemnity liability is as follows:</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Severance Indemnity Cost</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net severance indemnity cost under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of unrecognized net transition obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net severance indemnity cost under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Severance Indemnity Liability</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnity liability under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized net transition obligation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnity liability under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The reconciliation of the seniority premiums liability is as follows:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority Premium Cost</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net seniority premium cost under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of unrecognized net transition obligation, (gain) loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net seniority premium cost under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority premium liability</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premium liability under Mexican FRS</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized net actuarial loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premium liability under U.S. GAAP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estimates of the unrecognized items expected to be recognized as components of net periodic pension cost during 2012 are shown in the table below:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension and</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Seniority</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retirement Plans</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Premium</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial net loss and prior service cost recognized in cumulative<FONT size=3 face="Times New Roman"> </FONT>other comprehensive income during the year</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial net loss and prior service cost recognized as a component of net periodic cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial net loss, prior service cost and transition liability included<FONT size=3 face="Times New Roman"> </FONT>cumulative other comprehensive income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estimate to be recognized as a component of net periodic cost over the following fiscal year:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prior service cost</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>j) Deconsolidation of Crystal brand water in Brazil:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>During 2009, the Company established a joint venture with The Coca-Cola Company for the production and sale of Crystal brand water in Brazil. The Company has recorded a gain for U.S. GAAP purposes of Ps.120 related to the deconsolidation of its net assets related to the Crystal operations. Approximately, Ps.120 of previously recorded unearned revenues related to Crystal operations remained recorded for Mexican FRS purposes, and are being amortized into income along with the results from the joint venture over the following three years (through 2012) for Mexican FRS purposes.</FONT></P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="78%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>k) Financial Information Under U.S. GAAP:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Balance Sheets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Assets:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,843</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marketable securities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>330</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,634</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,573</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,529</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,658</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other current assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,150</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,223</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and employee profit sharing</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>852</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total current assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,911</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in shares</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,656</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,442</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,032</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets, net</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,795</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,697</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and employee profit sharing</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>691</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,197</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,885</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,758</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151,380</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES AND EQUITY</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current maturities of long-term debt</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,902</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest payable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>206</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,852</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,988</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,661</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,785</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,931</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,033</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and employee profit sharing</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total current liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,080</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,656</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-Term Liabilities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans and notes payable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,034</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and employee profit sharing</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,053</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor liabilities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,774</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,378</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contingencies</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,284</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,361</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total long-term liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,506</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,889</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,586</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,545</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interest</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,124</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="78%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Controlling interest</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="78%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total equity:</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,794</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,468</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="78%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND EQUITY</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151,380</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,013</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Income Statements and Comprehensive Income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net sales</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>123,622</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,640</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating revenues</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>666</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>482</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>558</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total revenues</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124,288</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,122</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,393</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of goods sold</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,240</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,944</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gross profit</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,048</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,178</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Operating expenses:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Administrative</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,380</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,555</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,686</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,253</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,514</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value, loss (gain) of operating derivative instruments</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,068</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,770</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,980</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,408</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive financing result:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest expense</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,634</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,595</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest income</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(600)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(282)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange loss, net</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>384</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on monetary position</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(228)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="70%" colSpan=2 align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value loss (gain) on ineffective portion of derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>138</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(206)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(106)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,149</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,752</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses, net</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>480</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>163</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>226</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before income taxes</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,351</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,985</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,237</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,422</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,097</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before participation in affiliated companies</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,929</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,888</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interest in results of affiliated companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>217</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated net income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,015</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,105</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,853</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less: net income attributable to the non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(548)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(497)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(446)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income attributable to the controlling interests</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,467</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,608</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,407</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated net income</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,015</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,105</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,853</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,945</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated comprehensive income</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,960</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,035</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less: comprehensive income attributable to the non-controlling interest</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(517)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(604)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(592)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Comprehensive income attributable to the controlling interest</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,443</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,431</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,321</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income per share</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.61</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.20</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.55</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<!--$$/page=--><A name="page_175"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Cash Flows</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Activities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Net Income</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,015</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,105</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,853</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-cash operating expenses</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>385</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>323</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity in earnings affiliated companies</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(86)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(217)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(142)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized gain on marketable securities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(112)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on deconsolidation of Crystal brand water in Brazil</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(120)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on acquisition of Brisa intangible assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(72)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments regarding operating activities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments regarding investing activities:</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,192</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,381</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>396</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>694</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loss on sale of long-lived assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of long-lived assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>606</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(601)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(286)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,433</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,106</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,574</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments regarding financing activities:</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,616</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,579</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign exchange loss, net</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>424</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary position gain, net</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(228)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="67%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(468)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(318)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase in accounts receivable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,640)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,092)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(394)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Increase) decrease in inventories</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,782)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease (increase) in other assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>908</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(743)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(191)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Decrease) increase in suppliers and other accounts payable</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(301)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>585</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,808</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in other liabilities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(205)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(208)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(424)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in labor liabilities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(192)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(169)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax paid</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,565)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,882)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,061)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net cash flows from operating activities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,213</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,170</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investing Activities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo Tampico business (Note 5)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,414)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo CIMSA business (Note 5)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,912)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Brisa business (Note 5)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(717)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Purchases of investment available-for-sale</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,001)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from disposal of marketable securities</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,108</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest received</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>601</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>285</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of long-lived assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,344)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,845)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,883)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from the sale of long-lived assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>377</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>477</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,546)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(545)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in shares Grupo Estrella Azul</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(620)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of intangible assets</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(956)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,325)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,355)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net cash flows from investing activities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,140)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,845)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,900)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financing Activities:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans obtained</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,934</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,251</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,641</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank loans repaid</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,755)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,824)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,376)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,567)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,436)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,047)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,366)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,612)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,344)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of non-controlling interests</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(282)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_176"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(338)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net cash flows from financing activities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,206)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,011)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,029)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Decrease) increase in cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,133)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,314</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Translation and restatement effects</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>836</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(801)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(261)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,140</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,627</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ending balance of cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,843</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,140</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,627</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated Statements of Changes in Equity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity at the beginning of the year</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,468</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends declared</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,366)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,604)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo Tampico</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,828</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of Grupo CIMSA</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,018</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions of non-controlling interest</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative other comprehensive income (loss) :</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative translation adjustment</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,364</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,084)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" colSpan=2 align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain (loss) on cash flow hedges and unrealized gain on marketable securities, net</FONT>&nbsp;</P></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of inflation effects for inflationary subsidiaries</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(451)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,070</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total other comprehensive income (loss)</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,945</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,015</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,105</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity at the end of the year</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>99,794</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,468</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" colSpan=2 align=left><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 27. Reconciliation of Mexican FRS to U.S. GAAP.</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Reconciliation of Net Income:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated net income under Mexican FRS</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,169</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,299</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of inflation effects (Note 26a)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(116)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(553)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restatement of imported equipment (Note 26e)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(190)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(195)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalization of comprehensive financing result (Note 26f)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on deconsolidation of Crystal brand water in Brazil (Note 26j)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(44)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on acquisition of Brisa intangible assets (Note 26d)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8211;</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes (Note 26h)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>154</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred employee profit sharing (Note 26h)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(133)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(163)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Cost (Note 26i)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premium cost (Note 26i)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnity cost (Note 26i)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred promotional expenses (Note 26c)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total U.S. GAAP adjustments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(194)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated net income under U.S. GAAP</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,105</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,853</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under U.S. GAAP, the monetary position effect of the income statement adjustments of inflationary economic environments is included in each adjustment, except for the capitalization of interest expenses, intangible assets as well as pension plan liabilities, which are nonmonetary.</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_177"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Reconciliation of Equity:</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity under Mexican FRS</FONT></B>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,780</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of inflation effects</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,675)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,334)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets (Note 26d)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restatement of imported equipment (Note 26e)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>366</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalization of comprehensive financing result (Note 26f)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>184</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on deconsolidation of Crystal brand water in Brazil (Note 26j)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on acquisition of Brisa intangible assets (Note 26d)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes (Note 26h)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>439</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred employee profit sharing (Note 26h)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred promotional expenses (Note 26c)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension liability (Note 26i)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(193)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(84)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Seniority premiums (Note 26i)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnities (Note 26i)</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(72)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total U.S. GAAP adjustments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(986)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(413)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity under U.S. GAAP</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>99,794</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,468</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Reconciliation of Comprehensive Income:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated comprehensive income under Mexican FRS</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,533</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,295</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. GAAP adjustments:</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income (Note 27a)</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(194)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cumulative translation adjustment</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(89)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(59)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of inflation effects</FONT>&nbsp;</P></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(451)</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,070</FONT>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,171)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="67%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor obligations</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated comprehensive income under U.S. GAAP</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,960</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,035</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ps.</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,913</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 28. Implementation of International Financial Reporting Standards (&#8220;IFRS&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Comision Nacional Bancaria y de Valores (Mexican National Banking and Securities Commission, or CNBV) announced that commencing in 2012 all public companies listed in Mexico must report their financial information in accordance with IFRS as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). Accordingly, the Company will adopt IFRS beginning in January 1, 2012, with a transition date to IFRS of January 1, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company&#8217;s transition date to IFRS will be January 1, 2011 (&#8220;Transition Date&#8221;). IFRS 1 &#8220;First-time Adoption of International Financial Reporting Standards&#8221; (&#8220;IFRS 1&#8221;) sets mandatory exemptions and allows certain optional exemptions to the complete a retrospective application of IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company applied the relevant mandatory exceptions to retrospective application of IFRS as follows:</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></P><FONT size=1>&#8226; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Estimates</FONT></B></FONT>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The estimates conducted by the Company under IFRS 1 as of the Transition Date are consistent with the estimates previously recorded under MFRS at that same date.</FONT></P><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Derecognition of financial assets and liabilities</FONT></B>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>At the Transition Date, the Company was required to apply the rules under IAS 39, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Financial Instruments: Recognition and Measurement, </FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>and derecognize financial assets and liabilities that occurred at such date which do not comply with the classification criteria under IAS 39. However, there was no impact related to the application of this exception.</FONT></P><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Hedge accounting</FONT></B>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As of the transition date, the Company measured at fair value all derivative financial instruments and hedging relationships designated and documented effectively as accounting hedges as required by IAS 39, which is consistent with the treatment under Mexican FRS.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>As a result, there was no impact in the Company&#8217;s consolidated financial statements due to the application of this exception.</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-controlling Interest</FONT></B></DIV>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company applied the requirements under IAS 27, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Consolidated and Separate Financial Statements</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>, related to non-controlling interest equity prospectively beginning on the Transition Date. There was no impact related to the application of this exception.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has elected the following optional exemptions to retrospective application:</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Business Combinations:</FONT></B></DIV>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to IFRS 1, an entity may elect not to apply IFRS 3 &#8220;</FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Business Combinations</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&#8221; retrospectively to business combinations made prior of the transition date to IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company adopted this exemption and did not amend its business combination accounting prior of the Transition Date. Accordingly, it did not re-measure the values determined at the previous acquisition dates, including the amount of distribution rights previously recorded.</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deemed Cost:</FONT></B></DIV>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>An entity may elect to measure an item or all of property, plant and equipment at the Transition Date at its fair value and use that fair value as its deemed cost at that date. In addition, a first-time adopter may elect to use a previous GAAP&#8217;s revaluation of an item of property, plant and equipment at, or before, of the Transition Date as deemed cost at the date of the revaluation, if the revaluation was, at the date of the revaluation, broadly comparable to: (i) fair value; or (ii) cost or depreciated cost in accordance with IFRS, adjusted to reflect changes in a general or specific price index.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has presented both its property, plant, and equipment and its intangible assets at IFRS historical cost in all countries. In Venezuela this IFRS historical cost represents actual historical cost in the year of acquisition, indexed for inflation in a hyper-inflationary economy based on the provisions of IAS 29.</FONT></P>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cumulative Translation Effect: </FONT></B></P>

<P style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>A </FONT>first-time adopter is neither required to recognize translation differences in other comprehensive income and accumulate these in a <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>separate component of equity, nor on disposal of a foreign operation, to reclassify the cumulative translation difference for that </FONT></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>foreign operation from equity to profit or loss as part of the gain or loss on disposal.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company applied this exemption and consequently it reclassified the accumulated translation effect recorded under MFRS to retained earnings and beginning January 1, 2011, it will calculate the translation effect prospectively according to International Accounting Standard (&#8220;IAS&#8221;) 21, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>The Effects of Changes in Foreign Exchange Rates</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>.</FONT></P><FONT size=1>&#8226; </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Borrowing Costs: </FONT></B>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A first-time adopter may apply the transitional provisions set out in IAS 23 related to the effective date which shall be interpreted as </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>January 1, 2009 or of the transition date to IFRS, whichever is later.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company applied the exemption set out for borrowing costs maintaining the qualifiable assets existing at the transition date and beginning January 1, 2011 it will capitalize its interest costs in accordance with IAS 23, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Borrowing Costs</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Recording the Effects of the Transition from MFRS to IFRS:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The following disclosures provide a qualitative description of the most significant expected effects of the transition to IFRS determined as of the date of the issuance of these consolidated financial statements:</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>a) Inflation Effects:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For the purposes of MFRS B-10, the effects of inflation on financial information must be recognized when the economic environment of the entity is inflationary, that is, when cumulative inflation of the three preceding years is equal to or larger than the 26%. On the other hand, IAS 29 considers an economy as hyper-inflationary when the cumulative inflation over three years approaches or exceeds 100% among other indicators. The last hyperinflationary period for Mexico was 1997, for Brazil was in 1997 prior to the Company&#8217;s acquisition of its Brazilian operations, and for Argentina was 1994. Accordingly, the Company has eliminated previously recorded inflationary effects in Mexico for the period 1998 through 2007. For foreign subsidiaries, the accumulated inflation from the acquisition date was eliminated (except in the case of Venezuela, which was deemed a hyperinflationary economy) from the date the Company began to consolidate them.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>b) Employee Benefits:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>According to MFRS D-3, a severance provision and the corresponding expenditure must be recognized as the entity intends to terminate the employment relationship before the retirement date, or intends to pay benefits as a result of an offer made to employees to encourage a voluntary termination. For IFRS purposes, this provision is recorded pursuant to IAS 19 (revised), Employee Benefits, when the actions of the Company has demonstrated commitment to end the relationship with the employee or a bid to encourage voluntary retirement. This action is shown with a formal plan that describes the characteristics of the termination of employment. Accordingly, at the Transition Date, the Company eliminated its severance indemnity liability against retained earnings.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company has also anticipated the application of IAS 19 (revised), which eliminates the use of the fluctuation band (i.e. corridor method), which tends to defer the actuarial gains/losses, and requires recording them in other comprehensive income. IAS 19 <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(revised) also eliminates the possibility of deferring the recognition of past services and requires recording them in operations. This resulted in the Company increasing in its liability for employee benefits against retained earnings at the Transition Date.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>c) Bonus Program:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Under MFRS the Company recognizes its bonus program plan offered to certain key executives as a defined contribution plan, according to MFRS D-3, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Employee benefits</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>. Meanwhile IFRS considers this bonus program plan, shall be recorded under the principles set forth IFRS 2, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Sharebased Payments.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Company recorded its bonus program plan according to IFRS 2 </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Share-based Payment</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>. The most significant difference for changing the accounting treatment is related to the period during which a compensation expense is recognized, under MFRS D-3 the total amount of the share is recorded in the period in which it was granted, while in IFRS 2 it shall be recognized in the gains or losses during the period the employee vests rights related to such awards. In recording the adoption of IFRS 2, the Company applied transitional provisions whereby it did not record vested amounts prior to the Transition Date.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>d) Deferred Income Taxes:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The IFRS adjustments recognized by the Company had an impact on the calculation of deferred income taxes according to the requirements established by IAS 12, </FONT><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Income Taxes</FONT></I><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>e) Retained Earnings:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>All the adjustments arising from the Company&#8217;s conversion to IFRS as of the Transition Date were recorded in retained earnings.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>f) Other differences in presentation and disclosures in the financial statements:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Generally, IFRS disclosure requirements are more extensive than those of NIF, which will result in increased disclosures about accounting policies, significant judgments and estimates, financial instruments and management risks, among others. In addition, there may be differences in presentation.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>There are other differences between MFRS and IFRS, however, the Company considers differences mentioned above describe the significant effects identified as of the Transition Date.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The effects of the foregoing are as follow:</FONT>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="11%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS Transition</FONT></B>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Preliminary</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>MFRS</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Effects</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,436</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38)</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87,625</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,523)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114,061</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,561)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,646</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,652</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,534</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,871)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,180</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,865)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,315</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,881</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,696)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="3%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ps.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,185</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The above IFRS figures should be construed as &#8220;preliminary IFRS&#8221; as the Company will be adopting IFRS as of December 31, 2012 based on the IFRS that are outstanding and in-force as of that date. The information presented above has been prepared based on the IFRS that the Company believes will be effective at December 31, 2012, or issued and early adopted by the Company at the date of preparation of these consolidated financial statements. The standards and interpretations that will actually be applicable to December 31, 2012, including those that will be applicable on an optional basis, are not known with certainty at the time of preparing the consolidated financial statements. Additionally, the accounting policies selected by the Company may change as a result of changes in the economic or industry trends that are observable after the issuance of these consolidated financial statements. Accordingly, the above disclosed information is subject to change.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The information presented above, does not intend to comply with IFRS, in that under IFRS, only one set of financial statements comprising the balance sheet, comprehensive income statement, statement of changes in equity and cash flow, together with comparative information and explanatory notes, can provide a fair presentation of the financial position of the Company, the results of its operations and cash flows. Not all such information is presented above.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify"><FONT size=4 face=ArialMT,Arial,Helvetica,sans-serif>Note 29. Subsequent events.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On February 24, 2012, the Company&#8217;s Board of Directors agreed to propose an ordinary dividend of Ps. 2.77 per share to be paid as of May 30, 2012. This dividend was approved at the Annual Shareholders meeting on March 20, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On December 15, 2011, the Company and Grupo Fomento Queretano agreed to merge their beverage divisions. Grupo Fomento Queretano&#8217;s beverage division operates mainly in the state of Queretaro, as well as in parts of the states of Mexico, Hidalgo and Guanajuato. The merger agreement was approved by both Coca-Cola FEMSA&#8217;s and Grupo Fomento Queretano&#8217;s Boards of Directors as well as by The Coca-Cola Company and is subject to the approval of the Comisi&#243;n Federal de Competencia, the Mexican antitrust authority. The transaction will involve the issuance of approximately 45.1 million of the company&#8217;s newly issued series L shares, and in addition the company will assume Ps. 1,221 in net debt. This transaction is expected to be completed in second quarter of 2012.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On February 20, 2012, the Company entered into a 12-month exclusivity agreement with The Coca-Cola Company to evaluate the potential acquisition of a controlling ownership stake in the bottling operations owned by The Coca-Cola Company in the Philippines. This agreement does not require either party to enter into a transaction, and there can be no assurances that a definitive agreement will be executed.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>On April 13, 2012, the Company executed a new loan agreement with The Bank of Tokyo Mitsubishi UFJ LTD, New York Branch for US$75 million at a variable rate of Libor plus 65 basis points, this loan agreement has a 2 year term.</FONT></P></DIV>

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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=ES-MX style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>





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<p align=right style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Exhibit 1.1</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=ES-MX style="font-size:10.0pt;line-height:normal;">COCA-COLA
FEMSA, S.A.B. DE C.V.</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">BY-LAWS</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">CHAPTER I</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">NAME, PURPOSE,
DURATION, LEGAL RESIDENCE AND NATIONALITY OF</font></u></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">THE COMPANY</font></u></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ARTICLE
1:</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;"> The Company is called &#8220;COCA-COLA FEMSA&quot; followed by the words
&quot;SOCIEDAD ANONIMA BURSATIL DE CAPITAL VARIABLE&quot; (Variable Stock
Corporation), or by the abbreviation &quot;S.A.B. DE C.V.&quot;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ARTICLE
2:</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;"> The purposes of the Company shall be:</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
To establish, promote and organize commercial or civil companies of any type,
as well as to acquire and possess shares or participations in them;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
To acquire, possess and sell bonds, shares, participations and securities of
any type, participate in the borrowing and lending of securities, enter into
partnerships, companies and joint ventures and, in general, to carry out all
types of active and passive transactions involving said securities;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
To provide or receive advisory, consulting or other types of services in
industrial, commercial, financial, legal and tax matters and in any other area
related to the promotion, administration and management of companies;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
To acquire, build, manufacture, import, export, dispose of and, in general,
conduct business with all types of machinery, equipment, raw materials and any
other items necessary to the companies in which it has an interest or with
which it has commercial relations;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
To request, obtain, register, buy, lease, sell or in any other way dispose of
and acquire trademarks, commercial names, copyrights, patents, inventions,
franchises, distributions, concessions and processes;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
To acquire, build, lease and, under any other title possess and operate, the
real and personal property required by or necessary for its purpose, as well as
to install or, under any other title operate, plants, workshops, warehouses,
stores, storage facilities or depositories; to subscribe or buy and sell
stocks, bonds and securities as well as to undertake any other transactions
which may be necessary or conducive to the main business purpose; and</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
To draw, accept, make, endorse or guarantee (&quot;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">avalar</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&quot;)
negotiable instruments, issue bonds secured with real property or unsecured,
and to make the company jointly and severally liable, as well as to grant
security of any type with regard to the obligations entered into by the Company
or by third parties, and in general, to perform such acts, enter into such
contracts and carry out such other transactions as may be necessary or
conducive to the business purpose of the Company.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ARTICLE
3: </font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The Company shall have a term of 99 (ninety-nine) years, beginning as of
the incorporation date of the Company.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ARTICLE
4: </font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">The legal domicile of the Company is M&#233;xico, Distrito Federal, and the
Company may establish agencies, offices or branches in other places in the
Mexican Republic or abroad.</font></p>


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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ARTICLE
5: </font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Any foreigner who, at the time of incorporation or at any subsequent
time, acquires a corporate interest or participation in the Company, will be
considered by that fact alone as Mexican with respect to such interest or
participation, and it is understood that he agrees not to invoke the protection
of his government, under the penalty, in case of failure to comply with this
agreement, of forfeiting said interest or participation to the benefit of the
Mexican Nation.</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=ES-MX style="font-size:10.0pt;line-height:normal;">2&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">CHAPTER II</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">CAPITAL STOCK
AND SHARES</font></u></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">ARTICLE
6: </font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">(a) The Company is a variable capital stock corporation. The minimum
fixed capital stock not subject to withdrawal is $820,502,794.00 (Eight Hundred
and Twenty Million Five Hundred and Two Thousand Seven Hundred and Ninety-four
Pesos) Mexican&#160; currency, represented by 1,846,374,197 (One Billion Eight
Hundred Forty Six Million Three Hundred and Seventy-four Thousand One Hundred &#160;and
Ninety-seven) shares, which shares are fully subscribed and paid. The variable
capital stock is unlimited.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
At least 75% of the Capital Stock will be represented by ordinary shares,
(without expression of par value) These shares will be divided into three
Series: Series &quot;A&quot; ordinary shares with restricted transferability,
Series &quot;D&quot; ordinary shares with restricted transferability, and
Series &quot;B&quot; ordinary shares of free transferability. The Capital Stock
will also be represented by not more than 25% of Series &quot;L&quot; shares
with limited voting rights, free transferability (without expression of par
value).</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
The Series &quot;A&quot; shares shall represent at all times no less than 51%
of the subscribed Capital Stock represented by ordinary shares, and shall be
subscribed to and held only by Mexican investors. The Series &quot;D&quot;
shares shall constitute at all times no less than 25% of the Capital Stock
represented by ordinary shares and shall be of free subscription. The Series
&#8220;B&quot; shares shall be free subscription and shall, together with the Series
&#8220;D&quot; shares, not exceed 49% of the Capital Stock represented by ordinary
shares. The Series &quot;L&#8221; shares shall, at all times subsequent to the
authorization of the National Securities Commission and the Foreign Investment
Commission of Mexico, not be counted for purposes of determining the amount and
percentage of foreign participation in the Capital Stock of the Company.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Series &#8220;A&#8221; shares are subscribed or acquired by any other shareholders holding
shares of any other Series, and such shareholders has a nationality other than
Mexican, such Series &#8220;A&#8221; shares shall be automatically converted in shares of
the same series of stock that such shareholder own, and such conversion shall
be considered perfected at the same time of said subscription or acquisition.
In the same extent, if Series &#8220;D&#8221; shares are subscribed or acquired by any
Series &#8220;A&#8221; shareholder, those shares will be automatically converted into
Series &#8220;A&#8221; shares. Provided that the percentages of capital stock described
above in subsection (c) are complied, the Series &#8220;A&#8221; shareholder and/or the
Series &#8220;D&#8221; shareholders shall be entitled at any time to assign, in part or as
a whole, their right to subscribe shares (i) in favor of a Subscription
Subsidiary (as defined in article 15 (g) below) and/or in favor of any other
shareholder of the other series of shares; and (ii) in favor of any of their
affiliates, with the written consent of all Series &#8220;A&#8221; and Series &#8220;D&#8221;
shareholders.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the foregoing, it shall be stated the waiver of the respective
pre-emptive rights, as well as the assignment of such rights, and as the case
may be, the consent of the Series &#8220;A&#8221; and Series &#8220;D&#8221; shareholders in the
minutes of the shareholders meeting approving the capital stock increase or by
means of written instruments delivered to the Secretary of the Company before
the expiration of the term to exercise such pre-emptive rights. The shares
that, in exercise of a right assigned, are subscribed by shareholders holding
other shares of stock, or by affiliates of such shareholders, shall be automatically
converted into shares of the same series of stock that the shareholder that
assigned such rights holds.</font></p>


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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Series &#8220;A&#8221; and the Series &#8220;D" shares shall be shares with restricted transferability, and as such, shall be subject to the restrictions set forth in article 15 hereto and verification by the Company&#8217;s Transfer Agent referred to in article 17 hereof for their transfer to be effective.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within their respective Series, the shares give their holders the same rights and subject their holders to the same obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The certificates representing the shares shall bear the manual signature of one Series "A" and one Series &#8220;D" Director.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series "L" shares shall only have voting rights as to those limited matters described in these By-Laws and specified in the corresponding share certificates. Such limited matters are as follows: changes in the legal form of the Company, other than changes from Sociedad An&#243;nima Burs&#225;til de Capital Variable to Sociedad An&#243;nima Burs&#225;til and vice versa; merger with another corporation, in the capacity of merged corporation, or merger with another corporation in the capacity of merging corporation, when the principal corporate purposes of the merged corporation are not related to or connected with those of the Company or its subsidiaries; and the cancellation of the registration of the shares issued by the Company with the National Registry of Securities or with other foreign stock exchanges in which the shares may be listed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is understood and agreed by the holders of Series "L" shares that under no circumstances will such holders have the right to determine the management of the Company, its investments, increases or reductions of Capital Stock, the issuance or amortization of the shares representing the Capital Stock, changes in these By-Laws or the dissolution or liquidation of the Company, or have any rights other than those expressly granted pursuant to paragraph (g) of this article 6; </FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">provided</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">, </FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">however</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">, that the holders of Series "L" shares shall, have the right to designate up to 3 Proprietary Directors and their respective Alternate Directors, as set forth in article 25 section (a) of these by-laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series &#8220;L&#8221; shareholders shall also be entitled to vote in the matters expressly approved by the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 7: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Company shall be able to issue limited voting shares, described herein as Series "L" shares, which, with the prior authorization of the National Banking and Securities Commission and the Foreign Investment Commission of Mexico, will be considered issued under the applicable provisions of the Stock Exchange Law and the corresponding authorizations issued by the National Banking and Securities Commission. article 198 of the General Law of Commercial Companies shall not apply to such shares, and such shares shall be subject to other limitations on corporate rights as specified herein.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 8: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Any increase or reduction of the fixed portion of the Capital Stock, and any consequent amendment of clause three of the </FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">escritura constitutiva </FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">and article 6 of these By-Laws shall be accomplished pursuant to a resolution adopted at an Extraordinary Shareholders' Meeting in accordance with the terms of article 23 hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in accordance with article 53 of the Mexican Securities Market Law, any capital increase by means of issuance of non-subscribed shares kept in treasury of the Company will be a matter subject to the approval through an extraordinary shareholders meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 9: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Any increase or reduction of the variable portion of the Capital Stock, shall be resolved by the general ordinary shareholders meeting pursuant to article 23 of these by-laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 10: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The variable portion of the Capital Stock may be increased, as and when approved at an Ordinary Shareholders' Meeting, through the issuance of new shares or the offering of treasury shares (shares that are authorized, issued and unsubscribed shall be referred to herein as "Treasury Shares") held for this purpose, provided that the shareholders shall have preemptive rights to subscribe such shares within their respective series of shares, provided that the shareholders meeting approves that such shares shall be paid in </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">cash.. The exercise of this right shall be carried out pursuant to the terms of article 132 of the General Law of Commercial Companies. In accordance with article 53 of the Securities Market Law, with respect to treasury shares, such shares must be subscribed by means of a public offer. </FONT></P>

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<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The shareholders will not have the pre-emptive right above mentioned with respect to issuance of new shares or placement of treasury shares in connection with: (i) merger by the Company; (ii) conversion of debt instruments issued in accordance with the General Law of Securities and Credit Operations, (iii) public offer in accordance with articles 53, 56 and related provisions of the Securities Market Law; (iv) capital increase by means of in kind payment of the shares issued, or by means of cancellation of debt owed by the Company; and (v) placement of shares repurchased by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 11</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">: In accordance with article 50 of the Securities Market Law, variable capital stock shareholders will not have the redemption right established on article 220 of the General Law of Commercial Companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 12: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Company, under the terms of the Stock Exchange Law and the general regulations issued by the National Banking and Securities Commission, shall be able to temporarily acquire shares representing its Capital Stock.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As established on article 56 of the Securities Market Law, companies controlled by the Company can not acquire, directly or indirectly, shares of stock issued by the Company or other securities representing such shares. It will be exempted from this prohibition, acquisitions which are made through investment companies (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">sociedades de Inversi&#243;n</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 13</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">: All increases or reductions of the Capital Stock shall be recorded by the Company in a Registry Book kept for such purpose.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 14:</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman"> The Company may redeem part of its shares by using distributable profits according to the following rules:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The redemption must be resolved by an Extraordinary Shareholders Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only fully paid shares may be redeemed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The shares to be redeemed shall be acquired pursuant to the rules set forth in article 136 of the General Law of Commercial Companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The certificates representing redeemed shares shall be cancelled.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 15</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">: (a) No sale, transfer, assignment, pledge or other disposition (any of the foregoing being hereinafter referred to as a &#8220;Transfer") of Series &#8220;A" shares or Series &#8220;D" shares will be valid if it is not carried out in accordance with the following procedures, unless all the holders of the Series "A" and "D" shares give their prior written approval.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any shareholder that wishes to sell Series "A" or "D" shares (the "Selling Shareholder") shall communicate such intention in writing to the Series "A" shareholders (if the shares to be sold are Series "D" shares) or the Series "D" shareholders (if the shares to be sold are Series "A&#8221;, shares) (the shareholders required to receive such notice being hereafter referred to as "Offeree Shareholders") and to the Chairman of the Board of Directors, the designated representative of the Series D Directors and the Transfer Agent 90 days prior to such proposed sale, which writing shall communicate the intention to sell such shares, the number of shares intended to be sold, the name of the proposed purchaser, the proposed price, which must be payable entirely in cash (the "First Refusal Price") , as well as any other terms in connection with the proposed sale.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During said period of 90 days, the Offeree Shareholders, each of whom shall be bound by the decision of Offeree Shareholders holding a majority of the Series "A" or Series "D" shares, as the case may be, will have an option to purchase all (but not less than all) of the shares offered at the First Refusal Price, to be paid in cash and on the same terms offered to the proposed purchaser, provided that, in the event such option is exercised, any Offeree Shareholder so required to purchase shares may designate any other person or persons on its behalf to acquire such shares and provided that the Offeree Shareholders give prior written notice of the exercise of such option to the Chairman of the Board of Directors, the designated representative of the Directors appointed by the Series "D" shareholders and the Transfer Agent. In the event such option is exercised, (i) if the shares to be acquired pursuant to such option are series "A" shares, each Offeree Shareholder shall be required to acquire such shares in the proportion its series "D" shares bear to all issued, subscribed and paid Series "D" shares, (ii) if the shares to be acquired pursuant to such option are series "D" shares, each Offeree Shareholder shall be required to acquire such shares in the proportion its Series "A" shares bear to all issued, subscribed and paid series "A" shares and (iii) the Selling Shareholder and each of the Offeree Shareholders (or any designee of such Offeree Shareholder) shall consummate the transactions implied by the exercise of such option within 10 business days after the date on which such option is exercised.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case the Offeree Shareholders do not exercise the aforementioned purchase option, the Selling Shareholder will have 90 days beginning on the earlier of (i) the date on which the 90day period referred to in the immediately preceding paragraph ends and (ii) the date on which the Selling Shareholder receives written notice from the Offeree Shareholders of their desire not to exercise their option, to consummate the proposed sale, in its entirety, at price not less than the First Refusal Price and on terms no less favorable to the Selling Shareholder than those offered to the Offeree Shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time when any shares of the Company&#8217;s Capital Stock are listed for public trading on the Mexican Stock Exchange (&#8220;</FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Bolsa Mexicana de Valores</FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&#8221;), any holder shall be entitled to sell Series "A" or Series "D&#8221; shares through a public offering on such Exchange, provided that it complies with the terms of paragraphs (b) through (e) of this article 15, except that the Selling Shareholder need not provide the Offeree Shareholders with the names of the proposed purchasers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Should any Series "A" or "D" shareholder propose to pledge its shares to a financial or credit institution (the "Pledgee"), such shareholder (the "Pledgor") shall deliver to the Chairman of the Board of Directors, the designated representative of the Series D Directors and the Transfer Agent, prior to the execution of such pledge, a written agreement in which the Pledgee agrees (i) to notify the Chairman of the Board of Directors of the Company and the designated representative of the Series D Directors of any default under the pledge, (ii) to comply with all the procedures set forth in paragraphs (b) through (d) and any other applicable provisions of this article 15 prior to any foreclosure of the pledged shares and (iii) to irrevocably waive any right of self adjudicating the shares, even with the written consent of the shareholder that granted the pledge, until it has fully complied with such restrictions and procedures, and (iv) that the Pledgor shall be entitled to vote the pledged shares so long as it is the registered holder thereof. In the event of such a foreclosure, the First Refusal Price shall be determined by an auction or, if such auction is not required by law and the transfer is to be carried out in a different manner, such First Refusal Price will be equivalent to the "Fair Market Value" of such shares, as determined pursuant to paragraph (1) of this article 15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, (i) any shareholder (a "<U>Subscription Shareholder</U>") that acquires Series "A" or Series "D" shares by subscription (or that acquired Series "A" or Series "D" shares in connection with a recapitalization in exchange for shares of the Company it acquired by subscription) may Transfer any such shares to a which it owns, directly or indirectly, more than 50% of the outstanding shares of the capital stock with voting power (with respect to such Subscription Shareholder, a "<U>Subscription Subsidiary</U>"), and (ii) any Subscription Subsidiary may Transfer any such shares to such Subscription Shareholder or any other Subscription Subsidiary of such Subscription Shareholder, provided that in each case the Transferor shall gives prior written notice to the Chairman of the Board, the designated representative of the Directors appointed by the Series "D" shareholders and the Transfer Agent.</FONT></P>

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<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any shareholder that wishes to Transfer Series "A" or "D" shares in any manner whatsoever except as permitted by paragraphs (b) through (g) hereof (the &#8220;<U>FMV Shares</U>&#8221;) shall communicate such intention in writing to the Series &#8220;A&#8221; shareholders (if the FMV Shares are Series &#8220;D&#8221; shares) or the Series &#8220;D&#8221; shareholders (if the FMV Shares are Series &#8220;A" shares) (the shareholders required to receive such notice being hereafter referred to as the "<U>FMV Offeree Shareholders</U>&#8221;) and to the Chairman of the Board of Directors, the designated representative of the Series D Directors and the Transfer Agent, which writing shall communicate the intention to Transfer the FMV Shares, the number of FMV Shares, the name of the proposed transferee and a detailed description of the proposed Transfer and the terms thereof, including any, compensation to be paid.</FONT></P>

<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For a period of 90 days following delivery of such notice, FMV Offeree Shareholders holding a majority of the Series "A" or Series &#8220;D&#8221; shares, as the case may be, shall be entitled to demand a determination of Fair Market Value of the FMV Shares by delivering a notice in writing to the proposed transferor and to the Chairman of the Board of Directors, the designated representative of the Series D Directors and the Transfer Agent. If such a demand is so delivered, the FMV Offeree Shareholders, each of whom shall be bound by the decision of FMV Offeree Shareholders holding a majority of the Series &#8220;A" or Series &#8220;D" shares, as the case may be, and the proposed transferor shall proceed as rapidly as practicable to determine the Fair Market Value of the FMV Shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The FMV Offeree Shareholders, each of whom shall be bound by the decision of FMV Offeree Shareholders holding a majority of the Series &#8220;A" or series &#8220;D&#8221; shares, as the case may be, shall have an option to purchase all (but not less than all) of the FMV shares at a price equal to their Fair Market Value within 90 days following the determination thereof, provided that, in the event such option is exercised, any FMV Offeree Shareholder so required to purchase shares may designate any other person or persons on its behalf to acquire such FMV Shares. In the event such option is exercised, (i) if the FMV Shares are Series &#8220;A" shares, each FMV Offeree Shareholder shall be required to acquire such FMV Shares in the proportion its Series "D" shares bear to all issued, subscribed and paid Series "D" shares, (ii) if the FMV Shares are Series "D&#8221; shares, each Offeree Shareholder shall be required to acquire such FMV shares in the proportion its Series "A" shares bear to all issued, subscribed and paid Series "A" shares and (iii) the proposed transferor and each of the FMV Offeree Shareholders (or any designee of such FMV Offeree shareholder) shall consummate the transactions implied by the exercise of such option within 10 business days after the date on which such option is exercised.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In case the FMV Offeree Shareholders do not exercise the aforementioned purchase option, the proposed transferor will have 90 days beginning on the earlier of (i) the date on which the 90 day option period referred to in the immediately preceding paragraph ends and (ii) the date on which the proposed transferor receives written notice from the FMV Offeree Shareholders of their desire not to exercise their option, to consummate the proposed Transfer, in its entirety, on the terms specified in the notice referred to in paragraph (h) of this article 15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As used in this article 15, the "Fair Market Value" of the Company&#8217;s shares shall mean an amount equal to the "Company Value", as defined below, multiplied by a fraction, the numerator of which is the number of the Company's shares that are being valued, and the denominator of which is the total number of issued, subscribed and paid shares as of the valuation date. As used in this article 15, the term "Company Value" shall mean the amount in New Pesos that, as of the date of such valuation, would be received for all issued, subscribed and paid shares of the Company&#8217;s Capital Stock in an arm's-length transaction between a willing buyer and seller, determined as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The two parties determining Fair Market Value will each make an independent determination of the Company Value (each an "Original Valuation Determination") and will submit it to the Chairman of the Board of Directors, the designated representative of the Series D Directors and the Transfer Agent. If the two valuations differ by an amount which is less than 10% of the smaller valuation, the Company Value will be the average of such Original Valuation Determinations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the difference between the two valuations is an amount which is greater than 10% of the smaller valuation, the parties will each select a financial institution from a list of internationally recognized institutions approved by a majority of the Series A Directors and a majority of the Series D Directors. These two institutions will make their respective determinations of the Company Value (the "<U>Second Valuations</U>") and submit them to the Chairman of the Board of Directors, the designated representative of the Series D Directors and the Transfer Agent. If the Second Valuations differ by an amount which is less than 10% of the smaller valuation, the Company Value will be the average of such Second Valuations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Second Valuations differ by an amount which is greater than 10% of the smaller valuation, the two aforementioned institutions will select a third institution from the same list from which they were chosen, which institution shall then make its own determination of the Company Value (the "<U>Third Valuation</U>"). The two Second Valuations and the Third Valuation will be averaged together, and the Original Valuation Determination that is nearest to this average will be deemed to be the Company Value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 16: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Company may be reorganized into one of several corporations pursuant to a resolution adopted at an Extraordinary Shareholders' Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 17: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Company will have a shares registry and will consider as shareholders only those persons who appear registered in such registry. Upon the appointment of the Trustee Division of Banco Santander, S.A. (formerly Banca Serfin, S.A.) (or any other trust institution that the Board of Directors may select) as transfer agent of the Company (the "Transfer Agent"), the Company will register its shares of capital Stock of any Series with the Transfer Agent; with respect to such shares, the Company will consider as owner only those shareholders who appear in the registry of such trust institution and, before making changes in such registry with respect to Series "A" or "D" shares, such trust institution must verify full compliance with the provisions set forth in article 15 hereof.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 18: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">In the event of the cancellation of the inscription of the shares of the company or the titles which represent them in the National Register of Securities, either by the request of the Company with the prior consent of the extraordinary shareholders meeting and with the favorable vote of the shareholders, including the shareholders with restricted votes or non-voting shares, representing 95% of the capital stock outstanding, or by a resolution of the National Banking and Securities Commission, in both cases, in accordance with the provisions of article 108 of the Securities Market Law, the Company shall effect, prior to such cancellation, a tender offer subject to the provisions of the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall affect in a trust for a period of at least 6 months counted from the date of cancellation of the shares, the necessary resources to acquire at the same price than during the tender offer, the shares from the investors that did not participate in such offer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with the provisions of the Securities Market Law, the board of directors of the Company shall disclose to the public, its opinion with respect to the price of the tender offer.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHAPTER III</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">SHAREHOLDERS&#8217; MEETINGS</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 19:</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman"> (a) The General Meeting of Shareholders is the supreme authority of the Company, all other corporate authority being subordinate thereto.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders&#8217; Meetings shall be either General (Ordinary or Extraordinary) or Special and will be held at the domicile of the Company. Extraordinary Meetings will be those which are held to address:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 2.25pt; MARGIN: 0in 0in 10pt 35.4pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">a) any of the matters contained under article 182 (except in the event of capital increase or reduction in the variable part of the capital stock in accordance with article 9 of these by-laws) and article 228 bis of the General Law of Commercial Companies; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 2.25pt; MARGIN: 0in 0in 10pt 35.4pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(b) the cancellation of the registration of shares or the titles that represent them issued or to be issued by the Company in the National Register of Securities, or with foreign stock exchanges in which such shares may have been listed;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 2.1pt; MARGIN: 0in 0in 10pt 35.4pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(c) The amortization by the Company of shares of its capital stock with distributable earnings and, if applicable, issuance of working shares (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">acciones de goce</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">). &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(d) The capital stock increase in accordance with article 53 of the Securities Market Law; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(e) Any other matter in which applicable law or these by-laws require a special quorum.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other General Meetings will be Ordinary Meetings. The ordinary shareholders meeting, in addition to the provisions of the General Law of Commercial Companies, will gather to approve any transaction to be entered by the Company or its control entities, within one fiscal year, if such transaction represents 20% or more of the consolidated assets of the Company based on the amounts corresponding to the end of the immediately ended quarter, regardless of the way such transactions are executed, either simultaneously or successive, but that by its characteristics can be construed as one transaction. In such shareholders meeting, restricted or non-voting shareholders shall be entitled to vote during such meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings will be those which are held to deal with matters put to the vote of a particular Series of shares. Each meeting shall deal only with the matters included in the Agenda.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 20: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a) An Ordinary Meeting shall be held at least once a year in the Company&#8217;s offices on the date set by the Board of Directors, which date shall be within four months following the close of the corresponding fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ordinary, Extraordinary and Special Shareholders' Meetings shall be called by the Board of Directors through its secretary or alternate secretary; also the audit and the corporate practices committees, through their respective chairman, can call a shareholders meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders holding voting shares, including restricted voting shares, that individually or collectively hold 10% or more of the capital stock outstanding will be entitled to require the chairman of the board, the chairman of the audit committee or the chairman of the corporate practices committee, to call a shareholders meeting, to the effect that the percentage set forth in article 184 of the General Law of Commercial Companies will not be applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such meetings will be called upon shareholder request pursuant to the terms set forth in articles 184 and 185 of the General Law of Commercial Companies and other applicable provisions of the Stock Exchange Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 21: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a) The call for the Ordinary, Extraordinary and Special Shareholders' Meetings, in first or further call, shall be published in the Official Newspaper in the domicile of the Company or in at least one of the newspapers of major circulation in the domicile of the Company, at least 15 days prior to the date determined for the meeting to take place.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Calls for a General Shareholders' Meeting shall comply with the requirements set forth in articles 186 and 187 of the General Law of Commercial Companies, and related provisions of the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 22: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">To attend the meetings, holders of Series "A" and "D" shares must deposit their shares with the Transfer Agent and obtain written proof of ownership of such shares from the Transfer Agent in order to obtain from the Company&#8217;s Corporate Secretary a certificate authorizing such shareholders' participation in the meetings, which certificate must be received at least 48 hours before the day and hour indicated for the meeting; holders of Series &#8220;B" and &#8220;L" shares must deposit their shares with the corporate Secretary and </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">obtain a certificate from the Company&#8217;s Corporate Secretary authorizing such shareholders&#8217; participation in the meetings, at least 48 hours before the day and hour indicated for the meeting or, in the case of Series &#8220;B&#8221; or "L" shares deposited in an institution for the custody of securities, said institution shall inform the Company's Corporate Secretary, on a timely basis, of the number of shares that each of its depositors maintains therein, and shall indicate if the deposit has been made on the depositor's or on a third party&#8217;s behalf; this proof shall be accompanied by a listing of names prepared by depositors and previously delivered to the Company's Corporate Secretary, within the aforementioned time, in order to obtain a certificate valid for entry. The shareholders are entitled to be represented at the meetings by proxies, through a simple power of attorney letter, or by a power of attorney issued in the formats that satisfy the conditions set forth in the Stock Exchange Law, which must be received by the Company's Corporate Secretary within the aforementioned time.</FONT></P>

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<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 23: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a) The Ordinary and Extraordinary Shareholders' Meetings, called to deal with matters in which the holders of Series "L" shares do not have voting rights, shall be considered legally convened through first or further call, provided that shareholders representing at least 76% of the issued, subscribed and paid ordinary Capital Stock are in attendance, and their resolutions shall be valid when adopted by the holders of at least a majority of the issued, subscribed and paid shares of ordinary Capital Stock voting (and not abstaining) at such meeting, such majority must also include a majority of the issued, subscribed and paid Series D Shares, with regard to any matters not listed in subsection (f) of this Article 23.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in paragraph (d) of this article 23, Extraordinary Shareholders' Meetings which are held through first or further call, to deal with matters in which the holders of Series "L" shares have voting rights, shall be considered legally convened, provided that shareholders representing at least 82% of the issued, subscribed and paid shares of Capital Stock are in attendance, and their resolutions shall be valid when adopted by holders of at least a majority of the issued, subscribed and paid shares of Capital Stock voting (and not abstaining) at such meeting, such majority must also include a majority of the issued, subscribed and paid Series D Shares, with regard to any matters not listed in subsection (f) of this Article 23.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Special Shareholders' Meetings of any Series of shares, which are held through first or further call, shall be considered legally convened when holders of at least 75% of the issued, subscribed and paid shares of such Series are in attendance, and their resolutions shall be valid when adopted by at least a majority of the issued, subscribed and paid shares of such Series.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Ordinary, Special and Extraordinary Shareholders' Meetings shall be deemed duly called if all issued, subscribed and paid shares are represented therein, even if no notice was published, and their resolutions will be deemed valid if, at the time of voting, all shares continue to be represented.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During an Ordinary Shareholders' Meeting where the Company's Financial Statements for the prior fiscal year are discussed, also shall be presented the reports referred to in article 28 section IV of the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, the Ordinary and Extraordinary Shareholders' Meetings, shall also be considered legally convened through first or further call, provided that shareholders representing at least the majority of the issued, subscribed and paid ordinary Capital Stock are in attendance, and their resolutions shall be valid when adopted by the holders of at least a majority of the issued, subscribed and paid shares of ordinary Capital Stock voting (and not abstaining) at such meeting, with regard to the following matters:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The declaration and payment of dividends up to 20% of the preceding years consolidated net profits, in terms of the agreed dividend policy of the Company; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The approval of the annual audited financial statements with an unqualified auditor&#8217;s opinion.</FONT></P>

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<P align=justify><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 24: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Chairman of the Board of Directors, or whoever may substitute for him in his functions, shall preside over the corresponding Shareholders' Meeting; in his absence, the meeting shall be </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">presided over by any shareholder designated by those shareholders attending the meeting. The Secretary shall be the Board of Directors' Secretary or, in his absence, any person designated by those shareholders attending the meeting. The Chairman shall name two of the shareholders present as vote-counters ("</FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">escrutadores</FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">"). Voting shall be by show of hands ("</FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">econ&#243;micas</FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">") unless at least three of the shareholders attending the meeting request that it be made by roll call ("</FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">nominales</FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">"). Furthermore, at the request of shareholders holding 10% (ten percent) of the capital stock shares outstanding (including restricted voting shares), the vote for any matter with respect to which they do not consider themselves sufficiently informed may be postponed by them for up to three days without the need for a new call, and without being applicable the percentage set forth in article 199 of the General Law of Commercial Companies. This right may only be exercised once for a particular matter.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">CHAPTER IV</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ADMINISTRATION AND SURVEILLANCE</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 25</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">: (a) The management and administration of the company&#8217;s affairs will be entrusted to a board and a general director. The board of directors shall consist of no more than 21 Directors and their alternates. The appointments and revocations of Directors which correspond to each set of shareholders shall be made in an ordinary shareholders&#8217; meeting or an special shareholder&#180;s meeting which shall be held as provided in Article 23 of these statutes. The shareholders of Series "A", by majority vote, shall appoint 13 Proprietary Directors and their respective Alternate Directors; the shareholders of Series "D", by majority vote,&nbsp; shall appoint 5 Proprietary Directors and their respective Alternate Directors; the shareholders of Series "L", by a majority vote, shall appoint up to 3 Proprietary Directors and their respective Alternate Directors; and the shareholders of Series "B" may appoint Directors to the extent provided in Article 26 hereof. Minority shareholders exercising their right to appoint Directors as set forth in&nbsp; Article 50 of the Mexican Securities Market Law (Ley del Mercado de Valores) shall appoint such Directors exclusively within the allotted number of Directors corresponding to their respective Series in accordance with this Article 25, except as provided in Article 26 hereof.&nbsp; At least, 25% (twenty-five percent) of Directors must be independent.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(b) The Directors shall be elected for one year; however, in accordance with article 24 of the Securities Market Law, they shall continue in the exercise of their functions even if the term for which they have been designated has concluded or have resigned, up to a term of 30 calendar days; if no substitution has been made or the designated person has not taken office, without being subject to the provisions of article 154 of the General Law of Commercial Companies. The Ordinary Meeting of Shareholders at which the Directors of the Company are designated shall determine the compensation that the Directors and secretaries will receive for their service during the period so designated, and the members of the board shall have the rights and obligations set forth in these by-laws, and applicable provisions of the Securities Market Law and the General Law of Commercial Companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors shall be entitled to appoint interim members of the board, without need of a shareholders&#8217; meeting, in the event of absence of any board member, or in the event the designated members does not accept or take office and no alternate director was appointed or such alternate did not take office. The shareholders meeting shall ratify such appointments or shall designate a substitute director in the immediate following meeting after such event occurs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE 26: &nbsp;Any shareholder &nbsp;holding duly issued &nbsp;and paid Series &#8220;B&#8221; shares that, individually or as a group, hold 10% of the issued and paid shares of the capital stock of the company, shall have the right to designate and remove one Proprietary Director and their corresponding Alternate Director, as set forth in Article 50 of the Mexican Securities Market Law (<EM>Ley del Mercado de Valores</EM>) . The Shareholders&#8217; Meeting that approves the issuance of such Series "B" shares shall determine which Series of shares will have a reduction in the number of Directors that&nbsp; such Series can appoint, in the event Directors are appointed in accordance with this Article 26, provided that the provisions of article 195 of the General Law of Corporations (<EM>Ley General de Sociedades Mercantiles</EM>) must be complied with.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 27: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Chairman of the Board of Directors, any president of the audit or corporate practices committees, or at least 25% of the members of the Board shall be entitled to call a Board of Directors Meeting and to cause to be inserted items in the agenda that they deemed convenient. The calls for Board of Directors meetings shall be signed by the person that made such call, or by the Chairman or, in his absence, by the Vice-Chairman or by the Secretary, and shall be sent by fax or personal delivery, or by any other means permitted by law, at least 15 days before the date of the meeting. Any three Directors may request a meeting of the Board of Directors of the Company, in which case the Chairman, Vice-Chairman or Secretary shall duly issue a call for such meeting to be held within 30 days after receipt of such request, and shall include in the agenda therefor any matter requested by such Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The external auditor may be called to all Board of Directors Meetings, as a guest with voice, but shall not be entitled to vote.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 28: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a) The Board of Directors shall meet at least once every 3 (three) months. Annually, at the first session after the meeting that designated them, the Board of Directors shall name, from the Directors designated by the Series "A" shareholders, and a Vice-Chairman. The Chairman, who shall act as chairman of the Board of Directors meetings and the Shareholders' Meetings, shall, during his absences, have his position temporarily filled by the Vice-Chairman, and during the Vice-Chairman ' s absence, by the other series A Directors in the order in which they have been designated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secretary and an Alternate Secretary of the Company, neither of whom need be a Director, shall be designated by majority of the issued, subscribed and paid capital Stock represented by Series "A" shares. Minutes shall be taken at all meetings and must be approved in writing by at least a majority of the Directors designated by the Series "A" shareholders and by at least two Directors designated by the Series "D" shareholders who attended the respective session, and be signed by the Chairman and Secretary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 29: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a) The Board of Directors shall be considered legally convened if the majority of its members are in attendance at the time such action is taken, and as part of such majority, at least two Directors designated by the Series "D" shareholders are also in attendance (except during the pendency of a Simple Majority Period under article 31 hereof, which exception shall apply only with respect to the Simple Majority Matters as defined therein, and except also for those matters or actions listed in subsection (d) of this Article 29);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors may, without meeting, adopt resolutions by a unanimous vote of its members, provided that such resolutions are confirmed in a writing signed by all members and recorded in the minute books of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolutions of the Board of Directors shall be valid only if they have been approved by a majority of its members voting (and not abstaining) at a meeting, which majority must include at least two Series D Directors, except (i) during the pendency of a Simple Majority Period under article 31 hereof, which exception shall apply only with respect to the Simple Majority Matters, (ii) in the event that all Series D Directors in attendance thereat abstain or (iii) for those matters or actions listed in subsection (d) of this Article 29. Except for the matters or actions listed above, where the approval of the Series D Directors is not expresely required, the approval of at least two Series D Directors will be required to approve all other matters or actions. Such other matters or actions shall include, but shall not be limited to (referred to herein as &#8220;Extraordinary Matters&#8221;):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Entering into or operating a line of business that is not an Existing Line of Business;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Acquisition or divestitures of franchises and territories or expansion of the Company into other territories;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any acquisition, directly or indirectly, whether by purchase, merger, consolidation or acquisition of stock or assets or otherwise, of any assets, securities, properties, interests, or businesses or approve any </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">investment (whether by purchase of stock or securities, contributions to capital, loans to, or property transfers), unless such acquisition or investment: (i) is already included in the capital budget of the Annual Normal Operations Plan; or (ii) if it is not already included in the capital budget of the Annual Normal Operations Plan is related to the normal operation or required to assure the organic growth of the business of the Company and its Subsidiaries in each of the territories where they operate with value not in excess of US $100 million;</FONT></P>

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<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Entering into any transaction to sell, lease, license, transfer, abandon, permit to lapse or otherwise dispose of any real property or other properties or assets, real, personal or mixed, unless such transaction: (i) is already included in the Annual Normal Operations Plan; or (ii) if it is not already included in the Annual Normal Operations Plan is related to the normal operation or required to assure the organic growth of the business of the Company and its Subsidiaries in each of the territories where they operate with value not in excess of US $100 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Entering into any joint venture, partnership, strategic alliance or any other business combination with third parties, regardless of structure, that is not in the ordinary course of business consistent with past practice;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Litigation and arbitration matters (including settlements) that are not in the ordinary course of business consistent with past practice;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any guarantee of a third party obligations that is not related to the normal operation or not required to assure the organic growth of the business of the Company and its Subsidiaries in each of the territories where they operate;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Adoption of any plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Change in external auditors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The proposal to declare and pay dividends exceeding 20% of the preceding years consolidated net profits;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Approval of annual audited financial statements with a qualified auditor&#8217;s opinion;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Listing and delisting of securities on any exchanges;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Issuance of shares, or new series of shares, redemption of shares or changes in capital structure, including without limitation any formation or dissolution of subsidiaries;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Approval of the Annual Extraordinary Plan and any modification related thereto;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Approval of decisions or actions that are consistent with the implementation of the Annual Extraordinary Plan;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Any delegation of authority or actions to vote shares of subsidiaries of the Company with respect to matters not indicated in Article 29 (d), subsections (1) through (7) of these Bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Changes, modifications or amendments to the Chart of Authority with regard to matters not indicated in Article 29 (d), subsections (1) through (7) of these Bylaws;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Any other matters considered at ordinary, special or extraordinary shareholder meetings (other than those matters set forth in Article 23 (f) of these Bylaws); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Disposition of shares of Subsidiaries or main line of existing business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Board of Directors shall also be legally convened functioning if the majority of its members are in attendance and its resolutions shall be valid if they have been approved by the majority of the members of the Board of Directors voting (and not abstaining), with regard to the following matters:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Appointment or removal of the Chief Executive Officer of the Company and the senior management reporting to the Chief Executive Officer and approval of their compensation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Approval of the Annual Normal Operations Plan (and any modification related thereto), as part of the Annual Business Plan, including the approval of any capital investments, capital expenditures, leases or indebtedness or other financial obligations (or guaranties) or any other actions necessary to implement the Annual Normal Operations Plan;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Approval of any decisions or actions required in order to assure the normal operation and to assure the organic growth of the business of the Company and its Subsidiaries in each of the territories where they operate and that are consistent with the implementation of the Annual Normal Operations Plan;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Approval of the internal policies applicable to the Company as long as they are related to the normal operation or are required to assure the organic growth of the business of the Company and its Subsidiaries in each of the territories where they operate and that are consistent with the implementation of the Annual Normal Operations Plan;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Approval of annual audited financial statements with an unqualified auditor&#8217;s opinion;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Any delegation of authority or actions to vote shares of subsidiaries of the Company, in either case with regard to any of the matters described in clauses (1) through (5) above;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Granting of any power of attorney to take action with regard to any of the matters set forth in clauses (1) through (6) above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of Articles 29 and 30, the following terms shall have the meanings set forth below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#8220;Annual Business Plan will be formed by: (a) the &#8220;Annual Normal Operations Plan&#8221; and (b) the &#8220;Annual Extraordinary Plan&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;Annual Normal Operations Plan&#8221; shall mean the annual plan required to assure the normal operation and the organic growth of the business of the Company and its Subsidiaries in each of the territories where they operate (including the necessary capital investments, capital expenditures, leases or indebtedness or other financial obligations (or guaranties) but shall not include any plan or decision relating to the Extraordinary Matters).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;Annual Extraordinary Plan&#8221; shall mean the annual plan that should include any other plan or decision not contemplated in the &#8220;Annual Normal Operations Plan,&#8221; including without limitation the Extraordinary Matters.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;Existing Line of Business&#8221; shall mean the manufacture, preparation, packaging, refrigeration, distribution, purchase, selling, dealing or any other activity concerned with any non alcoholic beverage products under the trademarks owned, authorized or licensed by The Coca-Cola Company or its subsidiaries. </FONT>


<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">For clarification purposes and without limiting the foregoing, none of the following activities will be considered an Existing Line of Business: the manufacture, preparation, packaging, refrigeration, distribution, purchase, dealing or selling of alcoholic or nonalcoholic beverages (including without limitation beer and soft drinks) not authorized by The Coca-Cola Company or its subsidiaries. For purposes of this definition, neither the Company nor any of its Subsidiaries shall be considered a &#8220;subsidiary&#8221; of The Coca-Cola Company.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 30:</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman"> The Board of Directors shall have the following powers and duties:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To manage the Company's business and property, with the broadest powers of administration, pursuant to article 2554, second paragraph, of the Federal Civil Code and the related provisions contained on the Civil Codes of the Federal District and diverse federal entities of the Mexican United States.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise acts of ownership with regard to the Company&#8217;s personal and real property as well as its real and personal rights as set forth in the third paragraph of article 2554 of the Federal Civil Code, and the related provisions contained on the Civil Codes of the Federal District and diverse federal entities of the Mexican United States, and to grant guarantees of any type with regard to the obligations contracted or to the securities issued or accepted by third parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To act as agent of the Company with the broadest powers (including those that under Mexican law require a special Clause) before all administrative or judicial authorities of any Municipality or state or the Federation, as well as before labor or any other authorities, or before arbitrators or referees; to take depositions and testify, including withdrawing from civil rights ("</FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">amparo</FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">") proceedings, under the terms of the first paragraph of article 2554 of the Federal Civil Code, and the related provisions contained in the Civil Codes of the Federal District and diverse federal entities of the Mexican United States; as well as to act as agent of the Company before all types of criminal, Federal and State authorities; to file and withdraw criminal complaints; to cause the Company to assist Mexico's Attorney General in those proceedings and to grant pardons.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To draw, make, endorse and guarantee ("</FONT><I><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">avalar</FONT></U></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">") negotiable instruments on behalf of the Company, to issue securities secured with real property or unsecured, to cause the Company to be jointly and severally liable, to give guarantees ("</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">avales</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">"), bonds, or any other guarantee of payment with respect to any obligations contracted or securities issued or accepted by third parties, to donate or contribute the Company&#8217;s personal and real property to other companies, to subscribe shares of Capital Stock as well as acquire interests in other companies, and in general to conclude acts, enter into contracts and carry out other transactions which may be necessary, conducive, complementary or connected to the Company&#8217;s main business purpose.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To appoint the Officers and Managers deemed necessary, and to appoint Committees deemed necessary, and to determine their authority.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To approve the internal policies applicable to the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To grant and revoke powers of attorney as it deems necessary, with or without the power of delegation, within the authority granted to the Board of Directors by these By-Laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To implement the resolutions taken at General Shareholders' Meetings and, in general, to carry out all the acts and transactions necessary or convenient for the business purposes of the Company, except for those acts expressly reserved by law or these By-Laws to the Shareholders' Meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To approve the Five-Year Business Plan and the Annual Business Plan of the Company and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To approve any significant deviations from such Five-Year Business Plan or Annual Business Plan of the Company and its subsidiaries.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To approve the introduction of any new line of business or the termination of any existing line of business. The shareholders or the Board of Directors of the Company shall (by valid action at a General Shareholders' Meeting or by action of the Board of Directors, in either case in accordance with these ByLaws) be entitled to reserve exclusively unto the Board of Directors, except for those determinations expressly reserved by law or these By-Laws to the Shareholders' Meetings, all or any portion of its powers provided for herein or by applicable law, on such terms and subject to such conditions as the shareholders or the Board of Directors, acting as aforesaid, may specify from time to time.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To approve the operations that are not in the ordinary course of business of the Company, that are being considered to enter into the Company and its shareholders, with persons that are part of the management of the Company or with persons that such individuals have patrimonial nexus, or otherwise have kinship (either by blood or by law) up to the second degree, the spouse or concubinary; the purchase or sale of 10% or more of the assets of the Company; the issuance of a warranty for an amount exceeding 30% of the assets, or any other transaction that is different from the listed above that represents more than 1% of the assets of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, it shall request the opinion of the corresponding Committee and, if applicable, to approve the transactions described in the paragraph above that the Subsidiaries (as such term is defined in the last paragraph of article 1 of the general provisions applicable to the issuers of securities, issued by the Mexican Securities Commission as published in the Official Gazette of the Federation (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Diario Oficial de la Federaci&#243;n</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">) as of March 19, 2003 and its amendments) intend to enter with related parties or transactions that imply to compromise the Subsidiaries&#180; net worth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authority referred to in section l herein shall not be subject of delegation. The members of the board of directors shall be responsible for the resolutions adopted further to provisions of section m, except for the provisions of article 159 of the General Law of Commercial Companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any other power or duty set forth by these by-laws and the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 31: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">In the event that The Coca-Cola Company or any affiliate thereof takes any action under a bottler's agreement (or any agreement supplemental or related thereto) executed with the Company or any of its subsidiaries that a majority of the Directors of the Company designated by the Series "A" shares reasonably and in good faith believe to be materially adverse to the business interests of the Company considered as a whole (a "Simple Majority Determination"), such majority may deliver written notice of such Simple Majority Determination (detailing the specific basis therefor) to The Cola-Cola Company or such affiliate and the designated representative of the Series D Directors. At any time during the 90-day period commencing on the 61st day following delivery of such notice, a majority of the Directors designated by the Series "A" shares may, if such action shall not have been cured to their reasonable satisfaction, deliver another written notice to the same persons declaring a &#8220;Simple Majority Period" to be in existence. During the pendency (and only during the pendency) of any such Simple Majority Period, only matters (as so limited, the "Simple Majority Matters") described in paragraphs (j), (k) and (l) of article 30 hereof, and matters described in paragraph (h) thereof only to the extent required to implement such matters described in such paragraphs (j), (k) and (l) at the level of any controlled company, shall be treated as matters to be approved by a simple majority vote of the entire Board of Directors of the Company, without requiring the presence or approval of any Director designated by the Series "D" shares. A majority of the Directors of the Company designated by the Series "A" shares may terminate a Simple Majority Period at any time by giving written notice thereof to The Coca-Cola Company or such affiliate and the designated representative of the Series D Directors. For a period of one year following any such termination, the Directors designated by the Series "A" shares will have no right to declare another Simple Majority Period to be in existence. No cure after the declaration of a Simple Majority Period of the action that gave rise thereto shall terminate such Simple Majority Period. No failure to declare a Simple Majority Period during such 90-day period shall prevent a majority of the Directors of the Company designated by the Series "A" shares from subsequently exercising the rights conferred by this section 31 by making another Simple Majority Determination with respect to such action.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 32: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The holders of ordinary shares, voting at an Ordinary Shareholders' Meeting as set forth in article 23, may set up intermediate levels of administration which differ from the ones set forth in the General Law of Commercial Companies or the Securities Market Law. The creation, structure and operation of such intermediate levels of administration shall be subject to the general rules issued by the National Banking and Securities Commission.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 33: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The surveillance of the Company and its controlled entities shall be entrusted to the board of directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors, to comply with its surveillance duties, shall be assisted by the corporate practices and audit committees, and by the company hired to perform the external auditing services for the Company, each of them in accordance with their respective competence, as set forth in the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate practices and audit committees shall perform the duties set forth in the Securities Market Law, and shall be integrated exclusively by independent directors, and each such committees shall be form by at least 3 board members designated by the shareholders meeting or by the Board of Directors, as proposed by the chairman of the board.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of the corporate practices and audit committees shall be designated and removed exclusively by the shareholders&#8217; meeting. Such chairman shall not preside the Board of Directors, and shall be selected taking into consideration their experience, recognized capacity and professional prestige.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 33BIS: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Day to day operations and execution of the business of the Company and its controlled entities shall be the responsibility of the chief executive officer, and such the chief executive officer shall follow the strategies, policies and guidelines approved by the Board of Directors, and shall have the authority, obligations and duties set forth in the Securities Market Law.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">CHAPTER V</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">FISCAL YEAR FINANCIAL STATEMENTS, AND DISTRIBUTION OF PROFITS AND LOSSES</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 34: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The fiscal year of the Company shall be 12 (twelve) months, beginning on January 1st and ending on December 31st of the same year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 35: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Annual profits, after payment of Income Tax ("</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Impuesto Sobre la Renta</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">"), workers' profit sharing and any other items that must be deducted or separated in accordance with Mexican law, shall be applied as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A minimum of 5% shall be set aside to constitute the legal reserve fund until it reaches at least 20% (twenty percent) of the Company&#8217;s capital Stock;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The remainder may be distributed as dividends among the shareholders proportionally to the number of shares held by them or, if resolved by the Shareholders' Meeting, it shall be totally or partially allocated in provision funds, reinvestment reserve funds, special funds or any other funds the meeting may determine.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 36: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The founders do not reserve any special participation in the Company's profits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 37: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Losses, if any, shall be divided among shareholders pro rata according to the number of shares held but shall not exceed the shares' face value.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">CHAPTER VI:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">DISSOLUTION AND LIQUIDATION</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 38: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Company shall be dissolved in the cases referred to in points II, III, IV and V of article 229 of the General Law of Commercial Companies or, if the Extraordinary Shareholders' Meeting so determines, in accordance with the terms of article 23 of these By-Laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 39: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Once the Company is dissolved, the Extraordinary Shareholders' Meeting, by a majority vote, shall designate one or more Liquidators, fixing a term for the carrying out of his duties and the compensation that shall be paid to him.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 40: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Liquidators shall carry out the liquidation of the Company pursuant to the resolutions of the Extraordinary Shareholders' Meeting, and in the absence thereof, in accordance with the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Liquidator shall conclude the Company's business in the manner he deems most appropriate, collecting receivables, paying debts and selling the Company's property required therefor.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Liquidators shall prepare the Liquidation Financial Statements and shall submit them for the approval of a duly called Extraordinary Shareholders' Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liquidators shall distribute among the shareholders the remaining assets as per the Financial Statements approved by the Extraordinary Shareholders' Meeting, in accordance with law and these By-Laws and against the delivery and cancellation of the corresponding share certificates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 41: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">During the liquidation period, the Extraordinary, Ordinary or Special Shareholders' Meeting shall meet in accordance with the terms set forth in these By-Laws in the chapter relating to Shareholders' Meetings, and the Liquidators shall perform the same functions the Board of Directors had during the normal course of the Company&#8217;s business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">ARTICLE 42: </FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Any provisions not included in these by-laws, shall be subject to the provisions of the Securities Market Law and the General Law of Commercial Companies. The defined terms used in these by-laws and defined by the Securities Market Law, shall have the meanings set forth in such law.</FONT></P>

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<DESCRIPTION>EXHIBIT 8.1
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 8.1</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">SIGNIFICANT SUBSIDIARIES</FONT></B></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below sets forth all of our direct and indirect significant subsidiaries and the percentage of equity of each subsidiary we owned directly or indirectly as of December 31, 2011:</FONT></P>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Name of Company</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Jurisdiction of Incorporation</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Percentage Owned</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 10pt" face="times new roman">Description</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 7.75pt 12pt 0in"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Propimex, S. de R.L. de C.V.<SUP>(1)</SUP>............................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 12pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 12.25pt 12pt 0in" align=right><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">100.0%</FONT></P></TD>

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   <P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Manufacturer of bottles and distributor of bottled beverages.</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -7.75pt; MARGIN: 0in 7.75pt 12pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Controladora Interamericana de Bebidas, S.A. de C.V.. </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Mexico</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">100.0%</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 10pt" color=blue face="Times New Roman"><BR><BR></FONT></U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Holding company of manufacturers and distributors of beverages.</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -7.75pt; MARGIN: 0in 7.75pt 12pt"><FONT style="FONT-SIZE: 10pt" lang=PT face="Times New Roman">Spal Industria Brasileira de Bebidas, S.A........... </FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=PT face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" width="15%">

   <P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">97.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="43%">

   <P style="MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 10pt" color=blue face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Manufacturer of cans and related products for bottling beverages and distributor of bottled beverages.</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -7.75pt; MARGIN: 0in 7.75pt 12pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman">Coca-Cola FEMSA de Venezuela S.A. (formerly, Panamco Venezuela, S.A. de C.V.).............................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES-MX face="Times New Roman"></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Venezuela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="43%">

   <P style="MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 10pt" color=blue face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Manufacturer of bottles and related products for bottling beverages and distributor of bottled beverages.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="MARGIN: 0in 7.75pt 12pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="17%">

   <P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: auto; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 1.5in; MARGIN: 0in 0in 3pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></DIV>

<P style="TEXT-INDENT: 0.9pt; MARGIN: 0in 0.5in 12pt 4.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">On March 2, 2012, Propimex, S.A. de C.V. was converted into Propimex, S. de R.L. de C.V.&nbsp;<FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;(a limited liability company).</FONT></FONT></P>

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<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 12.1</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification</FONT></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">I, Carlos Salazar Lomel&#237;n, certify that:</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Coca-Cola FEMSA, S.A.B de C.V.;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results from operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Date: April 25<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=blue face=timesnewromanpsmt>,&nbsp;</FONT> 2012</FONT></P>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/s/ Carlos Salazar Lomel&#237;n</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Carlos Salazar Lomel&#237;n <BR>Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 12.2</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification</FONT></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">I, H&#233;ctor Trevi&#241;o Guti&#233;rrez, certify that:</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Coca-Cola FEMSA, S.A.B. de C.V.;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results from operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 6pt 108pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Date: April 25<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=blue face=timesnewromanpsmt>,&nbsp;</FONT> 2012</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">H&#233;ctor Trevi&#241;o Guti&#233;rrez<BR>Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exh. 13.1-1</FONT></P></TD>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 12pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 13.1</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification<BR>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002<BR>(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)</FONT></B></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Coca-Cola FEMSA, S.A.B d e C.V.&nbsp; (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Annual Report on form 20-F for the year ended December 31, 2011 (the &#8220;Form 20-F&#8221;) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results from operations of the Company.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Date: April 25<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=blue face=timesnewromanpsmt>,&nbsp;</FONT> 2012</FONT></P></TD>

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   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/s/ Carlos Salazar Lomel&#237;n</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Carlos Salazar Lomel&#237;n <BR>Chief Executive Officer</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Date: April&nbsp;25<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=blue face=timesnewromanpsmt>,&nbsp;</FONT> 2012</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">H&#233;ctor Trevi&#241;o Guti&#233;rrez<BR>Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-INDENT: 0cm; MARGIN: 12pt 0cm 3pt; DISPLAY: none"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="times new roman">F</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face="times new roman">DO NOT DELETE.&nbsp; NEEDED FOR PAGE NUMBERING</FONT></B></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
