<SEC-DOCUMENT>0001193125-23-215003.txt : 20240116
<SEC-HEADER>0001193125-23-215003.hdr.sgml : 20240116
<ACCEPTANCE-DATETIME>20230817152327
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-215003
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230817

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]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		MARIO PANI #100, PISO 7
		STREET 2:		COL SANTA FE
		CITY:			CUAJIMALPA
		STATE:			O5
		ZIP:			DF 05348
		BUSINESS PHONE:		525515195120

	MAIL ADDRESS:	
		STREET 1:		MARIO PANI #100, PISO 7
		STREET 2:		COL SANTA FE
		CITY:			CUAJIMALPA
		STATE:			O5
		ZIP:			DF 05348

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COCA COLA FEMSA SA DE CV
		DATE OF NAME CHANGE:	19930814
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Mario Pani No.&nbsp;100, Piso 7 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Col. Santa Fe Cuajimalpa </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Ciudad de
M&eacute;xico, M&eacute;xico 05348 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Tel. 15 19 50 00 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">August&nbsp;17, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR
TRANSMISSION </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn Jeffrey
Gordon and Anne McConnell </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities&nbsp;&amp; Exchange Commission &nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Coca-Cola FEMSA, S.A.B. de C.V. </B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for Fiscal Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed April&nbsp;14, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">6-K</FONT> Filed July&nbsp;26, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-12260</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Gordon and Ms.&nbsp;McConnell, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter responds to comments of the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) set forth in a letter dated August&nbsp;8, 2023, regarding the above-referenced Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2022 (the &#147;<U>Annual
Report</U>&#148;) and Form <FONT STYLE="white-space:nowrap">6-K</FONT> dated July&nbsp;26, 2023 (the &#147;<U>Form <FONT STYLE="white-space:nowrap">6-K</FONT></U>&#148;) of <B>Coca-Cola FEMSA, S.A.B de C.V.</B> (&#147;<U>KOF</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have reproduced the Staff&#146;s comments below in bold and provided our response immediately below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Year Ended December&nbsp;31, 2022 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 3.14. Intangible
Assets, page <FONT STYLE="white-space:nowrap">F-26</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your accounting policy and disclosures regarding your treatment of TCCC bottling agreement
intangible assets as indefinite lived intangible assets even though they appear to have stated terms of 10 years and contain a 10 year renewal right. Please refer to paragraph 94 of IAS 38 and more fully explain to us why you believe your accounting
policy is appropriate and consistent with IFRS, given the stated terms stipulated in the agreements. In addition, please more fully explain to us the process and expected costs of renewing the agreements at the end of their 10 year term and address
if the agreements provide for successive renewal periods after the initial 10 year renewal term. </B> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We respectfully acknowledge the Staff&#146;s comment. In response, we detail below the
reasoning behind the accounting policy regarding indefinite lived intangible assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bottler agreements are the standard agreements that
The Coca-Cola Company (&#147;<U>TCCC</U>&#148;) enters into with bottlers in each territory. Pursuant to the bottler agreements, we are authorized to manufacture, sell and distribute <I>Coca-Cola </I>trademark beverages within specific geographic
areas. These bottler agreements are automatically renewable for <FONT STYLE="white-space:nowrap">ten-year</FONT> terms, subject to the right of either party to give prior notice that it does not wish to renew a specific agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The bottler agreements are extended for successive <FONT STYLE="white-space:nowrap">ten-year</FONT> terms in perpetuity unless the following
conditions and procedures are complied with: eighteen months prior to the expiration of any <FONT STYLE="white-space:nowrap">ten-year</FONT> period, either party may elect for any reason, with or without cause, to give notice to the other of its
preliminary intention not to renew the agreement. Said notice, however, will not be binding until a final notice of <FONT STYLE="white-space:nowrap">non-renewal</FONT> is given six months thereafter by either party. During the <FONT
STYLE="white-space:nowrap">six-month</FONT> period between preliminary notice and possible final notice of <FONT STYLE="white-space:nowrap">non-renewal,</FONT> the parties may reconsider and nonetheless mutually agree in writing to renew the
agreement for a further <FONT STYLE="white-space:nowrap">ten-year</FONT> period. In the event that the decision is not to renew, the bottler agreement will terminate and expire at the end of any such <FONT STYLE="white-space:nowrap">ten-year</FONT>
term. These provisions are included in Article 7 / Section&nbsp;27 of the bottler agreement filed as Exhibit 4.4 to our annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> filed on April&nbsp;14, 2023 (file <FONT
STYLE="white-space:nowrap">No.&nbsp;1-12260).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The bottler agreements are treated as indefinite-lived intangible assets because we
have determined they are perpetual in nature and will continue to be renewed at each expiration date, in accordance with the automatic renewal consideration described in Article 7 / Section&nbsp;27 of the bottler agreement mentioned above. This is
supported by the following factors: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bottler agreements are automatically renewable for <FONT STYLE="white-space:nowrap">ten-year</FONT> terms at no
cost, subject to the <FONT STYLE="white-space:nowrap">non-renewal</FONT> procedures described above. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The renewal process described above does not require any action. Only the
<FONT STYLE="white-space:nowrap">non-renewal</FONT> requires an action. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">TCCC has not expressed at any time during our relationship any intention not to renew any bottler agreement.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">KOF has been producing and distributing soft drinks in Mexico since 1979 and since that time has entered into
bottler agreements with TCCC in other countries in Latin America. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">KOF has no plans to stop producing or distributing <I>Coca-Cola</I> trademark beverages in the territories.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">TCCC&#146;s substantial and long-term equity ownership interest in KOF since 1993. TCCC currently owns&nbsp;27.8%
of KOF&#146;s capital stock and&nbsp;32.9% of its voting shares. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The substantial cost and disruption that would be experienced by TCCC if the agreements were terminated, and the
loss of any future economic benefits expected to flow to both TCCC and KOF from renewal of the agreements. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our analysis
of all of the factors discussed above has led us to conclude that the assets have indefinite lives because there is no foreseeable limit to the period over which the assets are expected to generate net cash flows for us, as provided for in paragraph
88 of IAS 38. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We believe that our accounting policy is also consistent with paragraph 94 of IAS 38. Even
though that paragraph states that &#147;The useful life of an intangible asset that arises from contractual or other legal rights shall not exceed the period of the contractual or other legal rights&#133;&#148;, it also establishes that for
contractual rights that are conveyed for a limited term that can be renewed &#147;&#133;the useful life of the intangible asset shall include the renewal period(s) only if there is evidence to support renewal by the entity without significant
cost.&#148; As there is no cost associated with renewal, we believe the unlimited renewal periods are appropriately included pursuant to paragraph 94. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed on July&nbsp;26, 2023 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you define EBITDA on a consolidated basis as operating income plus depreciation, amortization
and other operating <FONT STYLE="white-space:nowrap">non-cash</FONT> charges. Please be advised that Question 103.01 of the Division of Corporation Finance&#146;s Compliance and Disclosure Interpretations on
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures indicates that EBITDA is defined as &#147;earnings before interest, taxes, depreciation and amortization&#148;. Please revise the <FONT STYLE="white-space:nowrap">non-</FONT> IFRS
measure you present as EBITDA to only include adjustments for items contemplated by its acronym or revise the title of the <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure you present to convey the additional adjustments. In addition, if you
continue to present either EBITDA or Adjusted EBITDA on a consolidated basis, please be advised that Question 103.02 of the Division of Corporation Finance&#146;s Compliance and Disclosure Interpretations on
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures requires these measure to be reconciled to the most directly comparable IFRS measure which is net income rather than operating income.</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you present percentage changes related to numerous IFRS measures, on both a consolidated and
segment basis, that you identify as &#147;comparable&#148;. We also note that you broadly define the nature of the items excluded from comparable percentage changes but do not quantify the impact of each excluded item for each comparable percentage
change. It appears to us this results in presenting <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures but not providing reconciliations to the most directly comparable IFRS measures. In regard to the comparable percentage changes you
present, please tell us your consideration of the requirements of Item 100(a)(2) of Regulation G.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We acknowledge the
Staff&#146;s comments but respectfully submit that pursuant to Rule 100(c) of Regulation G, KOF is exempt from the requirements of Rule 100(a) of Regulation G with respect to Form <FONT STYLE="white-space:nowrap">6-K.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">KOF believes its disclosure of <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial information and its inclusion in the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> falls within the Rule 100(c) exception. First, KOF is a foreign private issuer whose Units, each consisting of 3 series B shares and 5 series L shares, without par value, are listed on the <I>Bolsa Mexicana de
Valores</I> (BMV), a securities exchange located outside the United States. Second, the <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures identified by the Staff are derived from KOF&#146;s financial statements, which are prepared
in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), and therefore are not derived from or based on measures calculated and presented in accordance with generally
accepted accounting principles in the United States. Third, the disclosure identified by the Staff was made by KOF outside the United States, specifically via a report filed with the Mexican securities regulator (the <I>Comisi&oacute;n Nacional
Bancaria y de Valores</I>) in compliance with KOF&#146;s ongoing reporting obligations under Mexican law. As provided in the Note to Rule 100(c), the exception is not impacted by the fact that the disclosure (i)&nbsp;was contemporaneously
distributed in the United States using KOF&#146;s regular public relations distribution service, (ii)&nbsp;was available to foreign journalists, U.S. journalists and other third parties, (iii)&nbsp;appeared and continues to appear on KOF&#146;s
website, which is not available exclusively to, or targeted at, persons located in the United States and (iv)&nbsp;following the filing with the Mexican securities regulator, was submitted by KOF to the SEC under cover of the referenced Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in order to comply with KOF&#146;s ongoing reporting obligations pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> of the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">KOF therefore respectfully submits that the disclosure included in the Form <FONT STYLE="white-space:nowrap">6-K</FONT> qualifies for the
exemption provided by Rule 100(c) to the disclosure requirements of Rule 100(a) of Regulation G. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Nonetheless, KOF acknowledges its obligation to comply with Item 10(e) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> in its Form <FONT STYLE="white-space:nowrap">20-F</FONT> and in any Form <FONT STYLE="white-space:nowrap">6-K</FONT> that KOF files and incorporates by reference in any future registration statement under the
Securities Act of 1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your consideration of our response. If you have any questions or require any additional information with respect to the above, please do
not hesitate to contact KOF, Duane McLaughlin <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(+1-212-225-2106)</FONT></FONT></FONT> or Manuel Silva <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(+1-212-225-2293),</FONT></FONT></FONT> our U.S. counsel at Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Gerardo Cruz Celaya</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gerardo Cruz Celaya</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Coca-Cola FEMSA, S.A.B. de C.V.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Duane McLaughlin </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Manuel Silva <I> </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Cleary
Gottlieb Steen</I><I></I><I>&nbsp;&amp; Hamilton LLP</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>

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