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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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<SEC-DOCUMENT>0000893750-08-000130.txt : 20080408
<SEC-HEADER>0000893750-08-000130.hdr.sgml : 20080408
<ACCEPTANCE-DATETIME>20080408172127
ACCESSION NUMBER:		0000893750-08-000130
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20080408
DATE AS OF CHANGE:		20080408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANDINA BOTTLING CO INC
		CENTRAL INDEX KEY:			0000925261
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13142
		FILM NUMBER:		08745978

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA EL GOLF 40, PISO 4
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO CHILE
		STATE:			F3
		ZIP:			00000
		BUSINESS PHONE:		5623380520

	MAIL ADDRESS:	
		STREET 1:		AVENIDA EL GOLF 40, PISO 4
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>financials2007march.htm
<DESCRIPTION>MARCH 2007
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>Financial Statements March 31, 2007</TITLE>
<META content=04/05/2008 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 664px">
<P style="FONT-SIZE: 18pt; MARGIN: 0px; LINE-HEIGHT: 20pt"
align=center><B>UNITED STATES</B></P>
<P style="FONT-SIZE: 18pt; MARGIN: 0px; LINE-HEIGHT: 20pt"
align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="MARGIN: 0px" align=center><B>WASHINGTON, D.C. 20549</B></P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>__________________________</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 18pt; MARGIN: 0px; LINE-HEIGHT: 20pt" align=center><B>FORM
6-K</B></P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>__________________________</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>REPORT OF FOREIGN ISSUER</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>PURSUANT TO RULE 13a-16 OR 15b-16 OF</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><B>THE
SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="MARGIN: 0px"><B></B>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>March
2007</P>
<P style="MARGIN: 0px" align=center>Date of Report (Date of Earliest Event
Reported)</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>__________________________</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt"
align=center><B>Embotelladora Andina S.A. </B></P>
<P style="MARGIN: 0px" align=center>(Exact name of registrant as specified in
its charter) </P>
<P style="FONT-SIZE: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt"
align=center><B>Andina Bottling Company, Inc.</B></P>
<P style="MARGIN: 0px" align=center>(Translation of Registrant&#180;s name into
English) </P>
<P style="FONT-SIZE: 7.5pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px; FONT-FAMILY: sans-serif" align=center><B>Avda. El Golf
40, Piso 4</B></P>
<P style="MARGIN: 0px" align=center><B>Las Condes</B></P>
<P style="MARGIN: 0px" align=center><B>Santiago, Chile</B></P>
<P style="MARGIN: 0px" align=center>&nbsp;(Address of principal executive
office)</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>__________________________</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; LINE-HEIGHT: normal" align=center>Indicate by check mark
whether the registrant files or will file annual reports<BR>under cover Form
20-F or Form 40-F.&nbsp;<BR>Form 20-F ___X___ Form 40-F _______<FONT
style="FONT-SIZE: 7.5pt"> </FONT></P>
<P style="MARGIN: 0px" align=center>Indicate by check mark if the Registrant is
submitting this Form 6-K in paper as<BR>permitted by Regulation S-T Rule
101(b)(1):<BR>Yes _______ No ___X____<BR><BR>Indicate by check mark if the
Registrant is submitting this Form 6-K in paper as<BR>permitted by Regulation
S-T Rule 101(b)(7):<BR>Yes _______ No ___X____<BR><BR>Indicate by check mark
whether the registrant by furnishing the information contained in this Form 6-K
is also thereby furnishing the information to the<BR>Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934<BR>Yes _______ No ___X____
</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>EMBOTELLADORA ANDINA S.A.
AND SUBSIDIARIES</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Consolidated financial
statements</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>March 31, 2007 </B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Translation of original in
Spanish) </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">CONTENTS</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated Balance
Sheets</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated Statements of
Income</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated Statements of
Cash Flows</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Notes to the Consolidated
Financial Statements</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Ch$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Chilean
pesos</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">ThCh$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Thousands
of Chilean pesos</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">US$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">United
States dollars</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">ThUS$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-
</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Thousands
of United States dollars</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">R$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-
&nbsp;</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Brazilian
Reais</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">ThR$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Thousands
of Brazilian Reais</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">A$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-
</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Argentine
pesos</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">ThA$</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Thousands
of Argentine pesos</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">UF</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Unidades
de Fomento (Chilean government inflation-indexed monetary units)</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">&#128;</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Euros</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Th&#128;</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">-</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Thousands
of Euros</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>EMBOTELLADORA ANDINA S.A.
AND SUBSIDIARIES</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CONSOLIDATED BALANCE
SHEETS</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=326></TD>
<TD width=13></TD>
<TD width=80></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=top width=326>
<P>&nbsp;</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=162 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the periods ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=326>
<P>&nbsp;</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=162 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, </B></P></TD></TR>
<TR>
<TD vAlign=top width=326>
<P>&nbsp;</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2007 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=326>
<P>&nbsp;</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL CURRENT
ASSETS </B></P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>170,480,549 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>188,774,520 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Cash </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>18,491,813
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>15,447,831
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Time deposits
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,586,587
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>66,396,379
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Marketable
securities (net) &nbsp;</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>46,694,827
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>17,942,467
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Trade accounts
receivable (net) </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>28,754,424
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,831,259
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes receivable
(net) </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,884,596
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7,397,235
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other receivables
(net) </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,997,607
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>20,085,069
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes and accounts
receivable from related companies </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,442,763
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,595,715
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Inventories (net)
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,293,082
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>18,054,830
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Recoverable Taxes
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,979,258
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,175,277
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Prepaid expenses
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,800,498
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,252,350
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Deferred Income
taxes </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>362,014
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other current
assets </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>19,193,080
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,596,108
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL PROPERTY,
PLANT &amp; EQUIPMENT </B></P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>144,985,245 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>143,479,373 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Land </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>16,370,084
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>13,097,006
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Buildings &amp;
improvements </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>86,692,649
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>81,119,523
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Machinery and
equipment </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>218,190,389
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>215,330,889
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other property,
plant &amp; equipment </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>213,365,152
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>206,498,563
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Technical
reappraisal of property, plant &amp; equipment </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,060,313
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,062,160
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Depreciation
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(391,693,342)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(374,628,768)</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL OTHER
ASSETS </B></P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>204,248,151 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>225,021,757 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Investments in
related companies </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>21,430,025
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>21,203,861
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Investments in
other companies </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>56,201
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>56,268
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Goodwill </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>67,087,138
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>73,848,437
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term
receivables </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>38,603
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>92,231
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term notes
and accounts receivable from related companies </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>36,176
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>34,831
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term Deferred
Income Taxes </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>356,220
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Intangibles
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>430,378
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>431,318
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Amortization
</P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(264,635)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(249,762)</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Others </P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>115,434,265
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>129,248,353
</P></TD></TR>
<TR>
<TD vAlign=bottom width=326>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL ASSETS
</B></P></TD>
<TD vAlign=top width=13>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>519,713,945 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>557,275,650 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:D34></A><A
name=RANGE!A1:C34></A>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
accompanying Notes 1 to 41 are an integral part of these consolidated financial
statements.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">2</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C35></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=321></TD>
<TD width=80></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=top width=321>
<P>&nbsp;</P></TD>
<TD vAlign=top width=162 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the periods ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=321>
<P>&nbsp;</P></TD>
<TD vAlign=top width=162 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31 </B></P></TD></TR>
<TR>
<TD vAlign=top width=321>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2007 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=321>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL CURRENT
LIABILITIES </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>107,342,239 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>112,184,235 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Short-term bank
liabilities </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>29,535,241
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Current portion of
long-term bank liabilities </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>452,092
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>508,077
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Current portion of
bonds payable </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>31,241,831
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>14,213,374
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Dividends payable
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>215,700
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>221,385
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Accounts payable
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>36,332,092
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>36,329,785
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other creditors
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,929,630
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,522,478
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes and accounts
payable to related companies </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,774,015
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>6,416,374
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Provisions </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,076,382
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>517,669
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Withholdings
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>11,952,743
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>12,033,495
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income taxes
payable </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5,739,289
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,473,933
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Unearned income
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>544,034
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>507,231
</P></TD></TR>
<TR>
<TD vAlign=top width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Deferred income
taxes </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>625,853
</P></TD></TR>
<TR>
<TD vAlign=top width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other current
liabilities </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,084,431
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,279,340
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL LONG-TERM
LIABILITIES </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>111,921,695 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>143,557,541 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term bank
liabilities </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>329,516
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>405,626
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Bonds payable
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>76,199,925
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>105,788,118
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other creditors
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>142,163
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>181,186
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term notes
and accounts payable to related companies </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,457,140
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,838,273
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Provisions </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>17,523,574
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>24,485,482
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Deferred Income
Taxes </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,939,240
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other long-term
liabilities </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>10,330,137
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,858,856
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;MINORITY
INTEREST </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,227,819
</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,217,780
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
SHAREHOLDERS&#146; EQUITY </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>299,222,192 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>300,316,094 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Paid-in capital
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>202,060,999
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>203,248,429
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Revalued capital
reserves </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>404,122
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(609,745)</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other reserves
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,434,474
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,649,911
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Retained earnings
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>93,322,597
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>94,027,499
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Accumulated
earnings </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>71,063,908
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>72,424,600
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Net income for the
period </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,258,689
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>21,602,899
</P></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
LIABILITIES &amp; SHAREHOLDERS' EQUITY </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>519,713,945 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>557,275,650 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
accompanying Notes 1 to 41 are an integral part of these consolidated financial
statements.</P><A name=RANGE!A1:D39></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>3</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>EMBOTELLADORA ANDINA S.A.
AND SUBSIDIARIES</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CONSOLIDATED STATEMENTS OF
INCOME</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=266></TD>
<TD width=89></TD>
<TD width=89></TD></TR>
<TR>
<TD vAlign=top width=266>
<P>&nbsp;</P></TD>
<TD vAlign=top width=178 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the periods ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=266>
<P>&nbsp;</P></TD>
<TD vAlign=top width=178 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=top width=266>
<P>&nbsp;</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2007 </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=266>
<P>&nbsp;</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;OPERATING
INCOME </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>28,688,289 </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>24,987,053 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Gross Margin
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>68,752,068
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>59,009,862
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Net Sales </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>159,268,172
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>139,688,943
</P></TD></TR>
<TR>
<TD vAlign=top width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cost of sales </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(90,516,104)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(80,679,081)</P></TD></TR>
<TR>
<TD vAlign=top width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Administrative and
selling expenses </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(40,063,779)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(34,022,809)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NON OPERATING
INCOME AND EXPENSE </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(2,076,334)</B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(124,172)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Financial Income
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,008,553
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,500,899
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Equity in earnings
of equity investments </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>487,914
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>378,661
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other
non-operating income </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>528,713
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,448,172
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Equity in losses
of equity investments </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(161,147)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(43,584)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Amortization of
goodwill </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,649,369)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,632,667)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Financial Expenses
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,755,716)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(6,365,200)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other
non-operating expenses </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(648,516)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,099,288)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Price level
restatement </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(196,860)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(195,399)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Foreign exchange
gains </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,310,094
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,884,234
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income before
income taxes and extraordinary items </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>26,611,955
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>24,862,881
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income tax expense
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(4,298,887)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,186,997)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income before
minority interest </P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,313,068
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>21,675,884
</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Minority interest
</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(54,379)</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(72,985)</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET INCOME FOR
THE PERIOD </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,258,689 </B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>21,602,899 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
accompanying Notes 1 to 41 are an integral part of these consolidated financial
statements.</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:D24></A><A
name=RANGE!A1:C25></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>4</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>EMBOTELLADORA ANDINA S.A.
AND SUBSIDIARIES</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CONSOLIDATED STATEMENTS OF
CASH FLOW</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=368></TD>
<TD width=80></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=top width=368>
<P>&nbsp;</P></TD>
<TD vAlign=top width=162 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the periods ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=368>
<P>&nbsp;</P></TD>
<TD vAlign=top width=162 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=top width=368>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2007 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=368>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY OPERATING ACTIVITIES </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>37,533,579 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>43,694,708 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Collection of
trade receivables &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>232,149,372
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>214,864,966
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Financial income
received &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,291,256
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,992,331
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Dividend &amp;
other distributions received </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,750,000
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,486,455
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other income
received &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>23,772
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Payments to
suppliers and personnel &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(162,352,051)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(143,055,346)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Interest paid
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,469,245)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,019,733)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income taxes paid
&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,696,717)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(2,466,718)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other expenses
paid </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(2,068)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;VAT and other tax
payments &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(31,162,808)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(28,105,179)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY (USED IN) FINANCING ACTIVITIES </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(7,850,194)</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(4,711,669)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Borrowings
&nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,245
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,355,737
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Dividend
distribution </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,084,682)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,730,810)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Loan payments
</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(2,766,757)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(9,336,596)</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY (USED IN) INVESTMENT ACTIVITIES </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(6,770,691)</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,659,975
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Proceeds from
sales of property, plant and equipment &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>153,210
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>977,424
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Proceeds from
sales of permanent investments </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5,127,179
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Proceeds from
sales of other investments &nbsp;</P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,489,639
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,971,662
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Additions to
property, plant &amp; equipment </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(11,413,540)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,383,720)</P></TD></TR>
<TR>
<TD vAlign=top width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Investments in
financial instruments </P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(32,570)</P></TD></TR>
<TR>
<TD vAlign=top width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL NET CASH
FOR THE PERIOD </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,912,694
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>40,643,014
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;EFFECT OF
INFLATION ON CASH AND CASH EQUIVALENTS </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>597,828
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>698,006
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET (DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS &nbsp;</B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>23,510,522
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>41,341,020
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD &nbsp;</B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>41,857,879
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,080,229
</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;CASH AND CASH
EQUIVALENTS AT END OF PERIOD </B></P></TD>
<TD vAlign=top width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>65,368,401 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>63,421,249 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C31></A>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
accompanying Notes 1 to 41 are an integral part of these consolidated financial
statements.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>5</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>EMBOTELLADORA ANDINA S.A.
AND SUBSIDIARIES</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>RECONCILIATION BETWEEN NET
INCOME AND NET CASH FLOWS</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>PROVIDED BY OPERATING
ACTIVITIES</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=454></TD>
<TD width=82></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=top width=454>
<P>&nbsp;</P></TD>
<TD vAlign=top width=165 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the periods ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=454>
<P>&nbsp;</P></TD>
<TD vAlign=top width=165 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;</B></P></TD></TR>
<TR>
<TD vAlign=top width=454>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2007 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=454>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>NET INCOME</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,258,689 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>21,602,899 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Income on sale of
assets:</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>375,418
</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(240,504)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Gain on sale of
property, plant and equipment</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>383,223
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(240,504)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Gain on sale of other
assets</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,805)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>ADJUSTMENTS TO NET
INCOME THAT DO NOT REPRESENT MOVEMENTS OF CASH</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>7,303,353
</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>3,273,862
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Depreciation</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7,177,805
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7,577,846
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Amortization of
intangibles</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>320,016
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>122,788
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Write-offs and
provisions</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>98,043
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(625,175)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Equity in earnings of
equity investments</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(487,914)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(378,661)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Equity in losses of
equity investments</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>161,147
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>43,584
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Amortization of
goodwill</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,649,369
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,632,667
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Price level
restatement</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>196,860
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>195,399
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Foreign exchange gains,
net</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,310,094)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(4,884,234)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other credits to income
that do not represent cash flows</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(566,916)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(375,553)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other charges to income
that do not represent cash flows</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>65,037
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(34,799)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CHANGES IN OPERATING
ASSETS</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>15,731,005 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,603,657 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Increase) decrease in
trade accounts receivable</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>15,554,240
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>10,837,153
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Increase) decrease in
inventories</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>645,159
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>39,482
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Increase) decrease in
other assets</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(468,394)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>11,727,022
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CHANGES IN OPERATING
LIABILITIES</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(8,189,265)</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(3,618,191)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
accounts payable related to operating income</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(11,324,817)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5,248,676
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
interest payable</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,552,587
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,543,774
</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
income taxes payable</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,676,468
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,277,798)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
other accounts payable related to non-operating income</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,925,146
</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(8,206,964)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
Valued Added Tax and other similar items</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,018,649)</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,925,879)</P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Minority
interest</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>54,379
</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>72,985
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=454>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>NET CASH PROVIDED BY
OPERATING ACTIVITIES</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>37,533,579 </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>43,694,708 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C32></A>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
accompanying Notes 1 to 41 are an integral part of these consolidated financial
statements.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>6</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 1 - INCORPORATION IN
THE SECURITIES REGISTER</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora Andina S.A. was
incorporated in the Securities Register under No. 00124 and, in conformity with
Law 18,046. is subject to the supervision of the Chilean Superintendence of
Securities and Insurance Companies (the &#147;SVS&#148;).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 2 - SUMMARY OF
SIGNIFICANT ACCOUNTING PRINCIPLES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">a)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Accounting
period</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The consolidated financial
statements cover the period January 1 to March 31, 2007 and are compared to the
same period in 2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">b)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Basis of
preparation </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The consolidated financial
statements have been prepared in conformity with generally accepted accounting
principles issued by the Chilean Institute of Accountants, as well as rules and
regulations of the SVS. &nbsp;In the event of discrepancy, the SVS regulations
will prevail. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">c)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Basis of
presentation</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">For comparison purposes, the
figures in the prior-year financial statements have been restated by 2.7 %
according to CPI and minor reclassifications have been made.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">d)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Basis of
consolidation</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The accompanying financial
statements include assets, liabilities, income and cash flows of the Parent
Company and its subsidiaries. &nbsp;The equity and income accounts of the Parent
Company and its subsidiaries have been combined, eliminating investments and
current accounts between consolidated companies, transactions between them and
the unrealized income from inter-company transactions.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">In addition, for proper
presentation of consolidated net income, the participation in income by minority
shareholders is shown in the consolidated statements of income under Minority
interest.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Holding percentages</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The subsidiaries included in
the consolidated financial statements and Andina&#146;s direct and indirect holding
percentages are as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=217></TD>
<TD width=40></TD>
<TD width=47></TD>
<TD width=35></TD>
<TD width=79></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Company Name </B></P></TD>
<TD vAlign=bottom width=202 colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Ownership Interest </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=123 colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Direct </B></P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Indirect </B></P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Total </B></P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Total </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">ABISA
CORP S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">ANDINA
BOTTLING INVESTMENTS S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.90</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">ANDINA
INVERSIONES SOCIETARIAS S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">ANDINA
BOTTLING INVESTMENTS DOS S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.90</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
DEL ATLANTICO S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.96</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.96</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.96</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">ENVASES
MULTIPACK LTDA.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">RIO
DE JANEIRO REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">SERVICIOS
MULTIVENDING LTDA.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.90</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">TRANSPORTES
ANDINA REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.90</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">VITAL
S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">RJR
INVESTMENTS CORP S.A.</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">VITAL
AGUAS S.A. </P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>56.50</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>56.50</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>56.50</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">e)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Price-level
restatement</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The financial statements have
been restated to reflect the effect of price-level changes on the purchasing
power of the Chilean peso during the respective periods. &nbsp;Restatements have
been determined on the basis of the percentage variation of the official Chilean
Consumer Price Index, &#147;CPI&#148;, issued by the Chilean National Institute of
Statistics, which amounted to 0.2% for the period December 1, 2006 to February
28, 2007 (-0.3% for the same period of the previous year). </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>7</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">f)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Currency
translation</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Balances in foreign currency
are considered as non-monetary items and are translated at the exchange rate
prevailing at year-end. &nbsp;&nbsp;Regarding balances subject to restatement,
these have been restatetd by the corresponding restatement index or by the
agreed upon rate. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Assets and liabilities in
foreign currency and Unidades de Fomento have been translated into local
currency at the following end of period &nbsp;exchange rates:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=153></TD>
<TD width=40></TD>
<TD width=80></TD>
<TD width=80></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><U>2007</U></P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><U>2006</U></P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Ch$</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Unidades de Fomento
</P></TD>
<TD vAlign=bottom width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(UF)</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>18,372.97</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>17,915.66</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">United States dollars
</P></TD>
<TD vAlign=bottom width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(US$)</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>539.21</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>526.18</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Argentine pesos </P></TD>
<TD vAlign=bottom width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(A$)</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>173.94</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>170.73</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Brazilian Real </P></TD>
<TD vAlign=bottom width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(R$)</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>262.98</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>243.29</P></TD></TR>
<TR>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Euro</P></TD>
<TD vAlign=bottom width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(&#128;$)</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>720.00</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>637.56</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">g)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Marketable
securities</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Marketable securities include
investments in mutual funds and investment fund shares, valued at the redemption
value for each year end.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investments in bonds with
pre-established value are valued at the lesser value between the price value
restatement cost and the market price.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">h)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Inventories</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The cost of raw materials
includes all disbursements made in the acquisition process and deemed necessary
for them to be readily available at the Company&#146;s or it&#146;s subsidiaries&#146;
warehouse. &nbsp;The costs of finished products include all manufacturing costs.
&nbsp;Raw materials and finished products are valued at the average weighted
cost. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provisions are made for
obsolescence on the basis of turnover of raw materials and finished products.
&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The stated values of
inventories do not exceed their estimated net realizable value.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">i)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The allowance for doubtful
accounts consists of a general provision determined on the basis of the aging of
debts and on a case-by-case analysis where collection is doubtful. &nbsp;In the
opinion of the Company&#146;s management, the allowances are reasonable and the net
balances are recoverable.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">j)
</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Operations
with sale-back agreements </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The purchases of financial
instruments with sale back agreements are recorded at cost of acquisition and
are presented under Other Current Assets. &nbsp;The implied interest is
registered as financial income over the accrued basis by the straight-line
method.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">k)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">For companies incorporated in
Chile, Property, plant and equipment is carried at restated cost plus
price-level restatements. For companies incorporated abroad it has been restated
in terms of the variation of the U.S. dollar according to the details described
in Note 2 n). Technical reappraisal of property, plant and equipment, authorized
by the SVS on December 31, 1979, is shown at restated value under the heading
&#147;Technical reappraisal of property, plant and equipment&#148;. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Fixed assets to be disposed of
for sale are valued at the lower of the net realizable value and book value.
Unrealized losses are reflected in the consolidated statement of income under
Other non-operating expenses.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">l)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Depreciation
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Depreciation of property,
plant and equipment is determined by the straight-line method based on the
estimated useful lives of the valued assets. </P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>8</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">m)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Containers</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Inventories of containers,
bottles and plastic containers at plants, warehouses, and with third parties are
stated at cost plus price-level restatements and are included in Other property,
plant and equipment. &nbsp;Broken or damaged containers at plants and warehouses
are expensed in each accounting period.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">n)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Investments
in related companies</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investments in shares or
rights in companies in which the Company has a significant holding in the
investee are accounted for using the equity method. &nbsp;The Company&#146;s
proportionate share of net income and losses of related companies is recognized
in the consolidated statements of income, after eliminating any unrealized
profits or losses from transactions between related companies.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investments in foreign
companies are valued in conformity with Technical Bulletin No. 64 issued by t<A
name=OLE_LINK1></A><A name=OLE_LINK2></A>he Chilean Institute of Accountants.
&nbsp;The United States (&#147;US&#148;) dollar is the currency used to control
investments and to translate financial statements of foreign companies.
&nbsp;Assets and liabilities from these investments are translated into Chilean
pesos at year end exchange rate, except that non-monetary assets and liabilities
and shareholders&#146; equity are first expressed at their equivalent value in
historical US dollars. &nbsp;Income and expense items are first translated into
US dollars at the average exchange rate during the month.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">o)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Intangibles</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Intangibles include franchise
rights and licenses that are amortized over the terms of the contracts, not in
excess of 20 years.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">p)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Goodwill</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Goodwill represents the
difference between purchase cost of the shares acquired and the proportional
equity value of investment on the purchase date. &nbsp;These differences are
amortized based on the expected period of return of the investment, estimated at
20 years.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">q)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Bonds
payable</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds payable includes the
placement of Yankee Bonds on the US markets and placement of bonds in UF in
Chile, which are carried at the issue rate. &nbsp;The difference in valuation as
compared to the effective placement rate is recorded as a deferred asset.
&nbsp;This asset is amortized using the straight-line method over the term of
the respective obligations.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">r)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Income
taxes and deferred income taxes</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The companies have recognized
its current tax obligations in conformity with current legislation. &nbsp;The
effects of deferred income taxes arising from temporary differences between the
basis of assets and liabilities for tax and financial statement purposes are
recorded on the basis of the enacted tax rate that will be in effect at the
estimated date of reversal, in conformity with Technical Bulletin No. 60 issued
by the Chilean Institute of Accountants. &nbsp;The effects of deferred income
taxes existing at the time of the enforcement of the aforesaid Bulletin, i.e.
January 1, 2000, and not previously recognized, are recorded as gain or loss
according to their estimated reversal period.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">s)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Staff
severance indemnities</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company has recorded a
liability for long-term service indemnities in accordance with the collective
agreements entered into with its employees. &nbsp;The provision is stated at
present value of the projected cost of the benefit, which is discounted at a
7.0% annual rate and a capitalization period using the staff&#146;s expected length
of service to their retirement date.</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Since the year 2005, the
Company maintains a withholding plan for some officers. &nbsp;A liability is
recorded according to the guidelines of this plan. &nbsp;The plan entitles
certain officers of the Company to receive a fixed payment in cash at a
predetermined date once he has fulfilled years of service. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">t)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Deposits
for containers</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Corresponds to the liabilities
constituted by cash guarantees received from clients for lending bottles to
them. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">For those loans for placement
subsequent to January 31, 2001, an expiration date of five years as from the
invoice date was established. &nbsp;In the event the client has not returned all
or a portion of the containers and/or cases, the Company may, without delay,
enforce the guarantee, in whole or in part, in cash and record that effect in
operating income of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>9</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">This liability is presented in
Other long-term liabilities, considering that the number of new containers in
circulation in the market during the year is historically greater than the
number of containers returned by clients during the same period.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">u)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Revenue
recognition</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Given the nature of its
operations, the Company records revenue based on the physical delivery of
finished products to its clients, based on the realization principle and in
accordance with Technical Bulletin No. 70 issued by the Chilean Institute of
Accountants.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">v)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Derivative
contracts</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Derivative contracts include
hedging derivative contracts used to cover the risk of exposure to exchange rate
differences as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">These hedge instruments are
recorded at their market values for existing items. &nbsp;Unrealized losses are
recognized as a charge to income and gains are deferred and included in Other
liabilities (current or long-term), depending on whether the difference is a
loss or gain. In the case that the hedge instruments are not totally efficient,
the impact is recognized as an income charge or credit. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Hedge contracts for forecasted
transactions are recorded at market value and their changes in value are
accounted for as unrealized gains or losses. &nbsp;Upon contract expiration, the
deferred gains and losses are recorded in income.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">w)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Computer
software</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Software currently in use
corresponds to computer packages purchased from third parties, and programs
developed internally. &nbsp;Software purchased from third parties is capitalized
and amortized over a maximum period of four years. &nbsp;Disbursements incurred
for internally developed programs are expensed.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">x)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Research
and development costs</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Costs incurred by the Company
in research and development are immaterial given the nature of the business and
the strong support from The Coca-Cola Company to its bottlers. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">y)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Consolidated
statement of cash flows</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">For purposes of preparation of
the statement of cash flows, in accordance with Technical Bulletin N&#176;50 of the
Chilean Institute of Accountants and circular N&#176;1,501 of the Superintendencia de
Valores y Seguros (<I>Chilean Superintendence of Securities and Insurance</I>)
the Company has considered cash equivalent to be investments in fixed-income,
mutual funds, time deposits and operations with sale-back agreements maturing
within 90 days.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cash flows from operating
activities include all business-related cash flows as well as interest paid,
financial income and, in general, all cash flows not defined as from financial
or investment activities. The operating concept used for this statement is
broader than that in the statement of income.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 3 - ACCOUNTING
CHANGES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">There are no changes in the
application of generally accepted accounting principles in Chile in relation to
the previous year that could significantly affect the comparability of these
financial statements. </P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>10</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 4 - MARKETABLE
SECURITIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=238></TD>
<TD width=98></TD>
<TD width=61></TD>
<TD width=59></TD>
<TD width=57></TD>
<TD width=33></TD>
<TD width=70></TD>
<TD width=54></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Type
of Instrument </B></P></TD>
<TD vAlign=bottom width=160 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accounting value for the periods ended March
31,</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">&nbsp;Bonds
</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,090,533</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>4,519,496</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">&nbsp;Mutual
funds </P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>17,892,947</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>73,439</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">&nbsp;Investment
funds </P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>27,711,347</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>13,349,532</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Total
Marketable Securities </B></P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>46,694,827</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,942,467</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Fixed
Income </B></P></TD>
<TD vAlign=bottom width=160 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Date</B></P></TD>
<TD vAlign=bottom width=59 rowSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Par &nbsp;Value </B></P></TD>
<TD vAlign=bottom width=91 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accounting value</B></P></TD>
<TD vAlign=bottom width=70 rowSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Market Value</B></P></TD>
<TD vAlign=bottom width=54 rowSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Provision</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Purchase</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Maturity</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Rate</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;ThCh$</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>%</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">PETROLEOS
MEXICANOS</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>13-Sep-04</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>15-Sep-07</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,082,397 </P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,105,436 </P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>8.85</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,090,533 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Mutual
Funds </B></P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Balance as of &nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Fondo
Mutuo Boston Select-Chile</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>4,119,000</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Fondo
Mutuo Banco Estado Corporativo-Chile</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>3,320,000</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Scotia
SudAmericano Fondo Mutuo Clipper Chile</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,410,000</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Fondo
Mutuos BBVA Excelencia - Chile</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,174,000</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Fima
Banco Galicia - Argentina</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,280,158</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Scotia
Sud Americano Fondo Mutuo Optimo - Chile</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,980,000</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Fondo
Mutuo Larrain Vial Mercado Monetario - Chile</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,609,789</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 12px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total
Mutual Funds</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,892,947</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Investment
Funds </B></P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Balance as of &nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Citi
Institutional Liquid Reserves Limited - U.S.A.</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>27,580,768</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Fondo
Mutuo Wachovia Securities - U.S.A.</P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>130,579</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=238>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 12px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total
Investment Funds</B></P></TD>
<TD vAlign=bottom width=98>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>27,711,347</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>11</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 5 - SHORT-AND
LONG-TERM RECEIVABLES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Almost all of said accounts
correspond to the soft drinks category. &nbsp;The balance of other accounts
receivable mainly corresponds to prepayment to our sugar suppliers. </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=129></TD>
<TD width=48></TD>
<TD width=48></TD>
<TD width=58></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=72></TD>
<TD width=62></TD>
<TD width=67></TD>
<TD width=71></TD></TR>
<TR>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD>
<TD vAlign=top width=405 colSpan=7>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Current </B></P></TD>
<TD width=138 colSpan=2 rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD></TR>
<TR>
<TD width=129>
<P>&nbsp;</P></TD>
<TD width=96 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Up to 90 days </B></P></TD>
<TD width=116 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;More than 90 days up to 1 year </B></P></TD>
<TD width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Subtotal </B></P></TD>
<TD width=135 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Total Current (net) </B></P></TD></TR>
<TR>
<TD width=129>
<P>&nbsp;</P></TD>
<TD width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD width=129>
<P>&nbsp;</P></TD>
<TD width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=129>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Trade
receivables</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>29,031,679</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>21,975,683</P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>811,149</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>855,576</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>29,842,828</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>28,754,424 </P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>22,831,259 </P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=129>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,088,404</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=129>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Notes
receivable</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,929,840</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,275,597</P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>417,971</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>121,638</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,347,811</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,884,596 </P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,397,235 </P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=129>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>463,215</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=129>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
receivables</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,381,963</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,901,977</P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>669,610</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>11,183,092</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,051,573</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,997,607 </P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>20,085,069 </P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>38,603 </P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>92,231 </P></TD></TR>
<TR>
<TD vAlign=bottom width=129>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>53,966</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=129>
<P>&nbsp;</P></TD>
<TD vAlign=top width=48>
<P>&nbsp;</P></TD>
<TD vAlign=top width=48>
<P>&nbsp;</P></TD>
<TD vAlign=top width=58>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P>&nbsp;</P></TD>
<TD vAlign=top width=135 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Total long term receivables</B></P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>38,603</P></TD>
<TD vAlign=top width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>92,231</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>12</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A5:J15></A>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 6 - BALANCES AND
TRANSACTIONS WITH RELATED COMPANIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Receivable and payable
balances with related companies correspond to the following concepts: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">1) &nbsp;Notes and accounts
receivable.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embonor S.A.: Sale of
products</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora Coca-Cola Polar
S.A.: Sale of products</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Coca-Cola de Chile S.A.:
Advertising agreements </P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Centralli Refrigerantes S.A.:
Sale of products</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:E10></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=290></TD>
<TD width=94></TD>
<TD width=96></TD>
<TD width=96></TD>
<TD width=96></TD></TR>
<TR>
<TD width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Company </B></P></TD>
<TD width=190 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Short Term </B></P></TD>
<TD width=193 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD></TR>
<TR>
<TD width=290>
<P>&nbsp;</P></TD>
<TD width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD width=290>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=top width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">COCA-COLA
DE CHILE S.A. </P></TD>
<TD vAlign=top width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>550,890 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>36,176 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>34,831 </P></TD></TR>
<TR>
<TD vAlign=top width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">EMBONOR
S.A. </P></TD>
<TD vAlign=top width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>537,460 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>923,859 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
COCA-COLA POLAR S.A. </P></TD>
<TD vAlign=top width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>354,413 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>350,334 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">SERVICIOS
Y PRODUCTOS PARA BEBIDAS REFRESCANTES S.R.L. </P></TD>
<TD vAlign=top width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>304,133 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;CENTRALLI
REFRIGERANTES S.A. </P></TD>
<TD vAlign=top width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>17,389 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=290>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,442,763</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,595,715</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>36,176</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>34,831</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">2) Notes and accounts payable:
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Recofarma Industrias Do
Amazonas Ltda.: &nbsp;Concentrate purchases</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Envases CMF S.A.: &nbsp;Raw
material purchases</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Servicios y Productos para
Bebidas Refrescantes: Concentrate purchases </P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Envases Central S.A.: Net
balance corresponds to raw materials and finished products transactions. </P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Envases del Pac&#237;fico S.A.: Raw
material purchases </P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cican S.A.: &nbsp;Net balance
corresponds to raw materials and finished products transactions.</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embonor S.A. and Embotelladora
Coca-Cola Polar S.A.: &nbsp;Corresponds to unearned income due to commitments of
sale of products of Vital S.A. to those companies, which will be realized in
accordance with future deliveries. </P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:E13></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=334></TD>
<TD width=70></TD>
<TD width=70></TD>
<TD width=70></TD>
<TD width=70></TD></TR>
<TR>
<TD width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Company </B></P></TD>
<TD width=141 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Short Term </B></P></TD>
<TD width=141 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD></TR>
<TR>
<TD width=334>
<P>&nbsp;</P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Dec 31, 2007 </B></P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Dec 31, &nbsp;2006 </B></P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Dec 31, 2007 </B></P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Dec 31, &nbsp;2006 </B></P></TD></TR>
<TR>
<TD width=334>
<P>&nbsp;</P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;RECOFARMA
INDUSTRIAS DO AMAZONAS LTDA. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,587,816 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,201,245 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;ENVASES
CMF S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,695,691 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,825,054 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;SERVICIOS
Y PRODUCTOS PARA BEBIDAS REFRESCANTES </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,387,932 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;ENVASES
CENTRAL S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>881,955 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>561,987 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;CICAN
S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>190,678 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>146,314 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;ENVASES
DEL PACIFICO S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>29,943 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>150,747 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;COCA-COLA
DE CHILE S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,531,027 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;EMBONOR
S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,750,011 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,054,326 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;EMBOTELLADORA
&nbsp;COCA-COLA POLAR S.A. </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>707,129 </P></TD>
<TD vAlign=top width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>783,947 </P></TD></TR>
<TR>
<TD vAlign=top width=334>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,774,015</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,416,374</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,457,140</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,838,273</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>13</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">3) Transactions with related
companies </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The following table includes
the transactions with related companies that exceed ThCh$200,000. </P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:H22></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=208></TD>
<TD width=79></TD>
<TD width=134></TD>
<TD width=61></TD>
<TD width=68></TD>
<TD width=54></TD>
<TD width=68></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Company </B></P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 9px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Relation
</B></P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Transaction
</B></P></TD>
<TD vAlign=bottom width=129 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=bottom width=122 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=129 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Effect on Income </B></P></TD>
<TD vAlign=bottom width=122 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Effect on Income </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;((charge)/credit) </B></P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;((charge)/credit) </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;ENVASES
CENTRAL S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Equity
Investee </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Sale
of raw materials and supplies </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>457,704 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43,205 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>271,365 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(30,336)</P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of finished products </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,307,713 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,462,605 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;COCA
- - COLA DE CHILE S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Shareholder
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of concentrate </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12,904,746 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,194,122 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Advertising
participation payment </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,426,531 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(2,426,531)</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>419,502 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(419,502)</P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Water
source rental </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>589,525 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(589,525)</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>354,709 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(354,709)</P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Sale
of advertising </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>669,027 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;COCA-COLA
DE ARGENTINA S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Shareholder
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Advertising
expenses </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>182,263 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(182,263)</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>789,090 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(789,090)</P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;CICAN
S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Equity
Investee </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of finished products </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>431,259 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>242,901 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Sale
of raw materials </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>147,474 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42,916 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;ENVASES
DEL PACIFICO S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Director
in Common </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of raw materials </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42,304 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>102,379 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;SERVICIOS
Y PRODUCTOS PARA BEBIDAS REFRESCANTES </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Shareholder
Related </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of concentrate </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,420,331 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,023,825 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;RECOFARMA
INDUSTRIAS DO AMAZONAS LTDA. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Shareholder
Related </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of concentrate </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>16,157,471 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,841,362 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Advertising
participation payment </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>493,156 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>493,156 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>400,144 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(400,144)</P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Reimbursement
and other purchases </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>120,388 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>120,388 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;ENVASES
CMF S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Equity
Investee </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Purchase
of containers </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,134,281 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,550,671 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;-
</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Services
rendered </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>75,603 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;EMBONOR
S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Shareholder
Related </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Sale
of finished products </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,188,726 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>438,352 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,932,357 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;EMBOTELLADORA
COCA COLA POLAR S.A. </P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Shareholder
Related </P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;Sale
of finished products </P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,135,151 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14,086 </P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,270,124 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=208>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">IANSAGRO
S.A.</P></TD>
<TD vAlign=bottom width=79>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
in Common</P></TD>
<TD vAlign=bottom width=134>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Purchase
of raw materials</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,792,257</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,810,847</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>14</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">4) &nbsp;Other
transactions</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Within the due course of
operations, the Company executed with IANSAGRO S.A. &nbsp;sugar future supply
agreements to cover sugar needs for the next two and one-half years
approximately.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 7 -
INVENTORIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=134></TD>
<TD width=71></TD>
<TD width=88></TD>
<TD width=71></TD>
<TD width=18></TD>
<TD width=71></TD>
<TD width=88></TD>
<TD width=71></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=232 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31, 2007</B></P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=232 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31, 2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Gross
</B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Obsolescence </B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Net</B></P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Gross
</B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Obsolescence </B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Net</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>value</U></B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>provision</U></B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>Value</U></B></P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>value</U></B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>provision</U></B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>Value</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=88>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=88>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Raw Materials</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>11,525,760
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(117,157)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>11,408,603
</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,598,386
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(60,690)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,537,696
</P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Finished products</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,486,740
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(391,608)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,095,132
</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,364,036
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(372,317)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7,991,719
</P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Products in
process</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,075,745
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,075,745
</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>912,890
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>912,890
</P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Raw Materials in
Transit</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>713,602
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>713,602
</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>612,525
</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>612,525
</P></TD></TR>
<TR>
<TD vAlign=bottom width=134>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,801,847 </B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(508,765)</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,293,082 </B></P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>18,487,837 </B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(433,007)</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>18,054,830 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!B1:H10></A><A
name=RANGE!B1:I10></A><A name=RANGE!B1:I11></A>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 8 - INCOME TAXES AND
DEFERRED INCOME TAXES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">a)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">At period
end 2007 and 2006, the Company does not present taxable profit or non-taxable
profit funds.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Short-term
and long-term assets and liabilities must be netted out to compose the general
balance sheet on deferred taxes).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>15</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">b)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">The
following table contains information on deferred income taxes at each
period-end.</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I26></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=160></TD>
<TD width=60></TD>
<TD width=71></TD>
<TD width=72></TD>
<TD width=71></TD>
<TD width=73></TD>
<TD width=71></TD>
<TD width=70></TD>
<TD width=68></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=275 colSpan=4>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=bottom width=283 colSpan=4>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Assets </B></P></TD>
<TD vAlign=bottom width=143 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Liabilities </B></P></TD>
<TD vAlign=bottom width=145 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Assets </B></P></TD>
<TD vAlign=bottom width=138 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Liabilities </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Short Term </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Short Term </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Short Term </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Short Term </B></P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Long Term </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B><U>Temporary
Differences</U></B></P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>250,478 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>36,010 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>121,473 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>48,523 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Vacation
provision</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>115,199 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>119,990 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Production
expenses</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>16,400 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,084 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Depreciation
of property, plant &amp; equipment</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>466 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>115,872 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,993,651 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>117,646 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,590,008 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Severance
indemnities</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,779 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,341 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>30,860 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>207,403 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>49,619 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>44,678 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>870,606 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Provision
for assets write off</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>333,271 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,145,802 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>265,042 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,282,630 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Provision
for labor &amp; commercial lawsuits</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,310,222 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,052,439 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Tax
loss carry-forwards</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,242,946 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,152,516 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,381,476 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,686,468 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guarantee
deposit</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>553,963 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,692,858 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>647,304 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>580,508 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>366,458 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>796,473 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>84,724 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Local
bond issue expenses</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>149,403 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>204,711 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Contingency
allowance</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>229,620 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,007,338 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Social
contributions</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>807,460 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,134,906 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>497,332 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,160,510 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Income
Participation provision</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>183,966 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>367,858 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Accrued
interests abroad</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,095,523 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,640,861 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Exchange
rate difference (FRN Debt - Brazil)</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,358,423 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B><U>Others</U></B></P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Complementary
accounts, net of amortization</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,732,678 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,467,418 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,079,715 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Valuation
allowance</P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,847,551 </P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=160>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=60>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,604,269 </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>7,590,925 </B></P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,242,255 </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>11,530,165 </B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,177,332 </B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,719,412 </B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,803,185 </B></P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,363,192 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>16</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I27></A>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">c)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">The
following table contains information on income tax expense for each period.</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C9></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=456></TD>
<TD width=109></TD>
<TD width=108></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Current
tax expense (tax allowance)</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(3,901,914)</P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(3,212,272)</P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Tax
expense adjustment (previous period)</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>272,177 </P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Deferred
income tax expense/effect over assets or liabilities</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(332,326)</P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(2,347,533)</P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Amortization
of deferred income tax asset and liability complementary accounts</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(37,917)</P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(509,500)</P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Deferred
income tax expense/effect over assets or liabilities due to changes in the
valuation allowance </P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,610,131 </P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
charges or credits</P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(26,730)</P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=456>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total
</B></P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>(4,298,887)</B></P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>(3,186,997)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C10></A><A
name=RANGE!A4:C12></A><A name=RANGE!A4:C13></A>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 9 - SHORT AND
LONG-TERM LEASING AGREEMENTS AND LEASING ASSETS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Not applicable.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 10 - OTHER CURRENT
ASSETS</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=197></TD>
<TD width=110></TD>
<TD width=110></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31, 2007</B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31, 2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cross currency swap
effects</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>13,781,105
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,460,601
</P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Supplies</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,143,381
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,383,869
</P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accrued interest on
long-term bonds</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,398,122
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,397,587
</P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Sale-back agreement
investments</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>924,654
</P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Wachovia Investment Fund
(restricted)</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>254,689
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>615,783
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>429,397
</P></TD></TR>
<TR>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>19,193,080 </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>8,596,108
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A10:C19></A>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 11 - REPURCHASE /
RESALE AGREEMENTS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company had no agreements
of this type.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>17</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 12 - PROPERTY, PLANT
AND EQUIPMENT</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Property, plant and equipment
consist principally of land, buildings, improvements and machinery. Machinery
and equipment included production lines and supporting equipment; sugar
processing and liquefaction equipment; transportation machinery; and computer
equipment. &nbsp;The Company has purchased insurance to cover its fixed assets
and inventories. &nbsp;These assets are distributed as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">Chile</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 96px; FONT-FAMILY: Arial Narrow">:
</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Santiago,
Renca, Rancagua, San Antonio and Rengo</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">Argentina</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 96px; FONT-FAMILY: Arial Narrow">:
</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Buenos
Aires, Mendoza, Cordoba, and Rosario</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">Brazil</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 96px; FONT-FAMILY: Arial Narrow">:
</P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px; FONT-FAMILY: Arial Narrow">Rio de
Janeiro, Niteroi, Campos, Cabo Fr&#237;o, Nova Igua&#231;u, Espirito Santo and
Vitoria.</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:G35></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=222></TD>
<TD width=51></TD>
<TD width=94></TD>
<TD width=109></TD>
<TD width=51></TD>
<TD width=91></TD>
<TD width=51></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>a)
Main Components of Property Plant &amp; Equipment</B></P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=255 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31, 2007</B></P></TD>
<TD vAlign=bottom width=195 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31, 2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated Depreciation</B></P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net property, plant &amp; equipment</B></P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated Depreciation</B></P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net property, plant &amp; equipment</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Land</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>16,370,084</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>16,370,084</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>13,097,006</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>13,097,006</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Buildings
and improvements</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>86,692,649</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(34,345,513)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>52,347,136</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>81,119,523</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(31,476,869)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>49,642,654</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Machinery
and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>218,190,389</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(177,530,842)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>40,659,547</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>215,330,889</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(166,517,325)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>48,813,564</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
property, plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>213,365,152</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(179,192,157)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>34,172,995</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>206,498,563</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(176,012,230)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30,486,333</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Technical
reappraisal of property, plant &amp; equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,060,313</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(624,830)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,435,483</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,062,160</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(622,344)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,439,816</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>536,678,587</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(391,693,342)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=109>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>144,985,245</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>518,108,141</B></P></TD>
<TD vAlign=bottom width=91>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(374,628,768)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>143,479,373</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>b)
Other fixed assets</B></P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=146 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31,</B></P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Containers</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>120,985,611 &nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>112,581,314 &nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Refrigerating
equipment, promotional items and other minor assets</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>57,353,689 &nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>56,881,706 &nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Furniture
and tools</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,761,208 &nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,089,900 &nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>27,264,644 &nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>32,945,643 &nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
other property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>213,365,152 &nbsp;</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>206,498,563 &nbsp;</B></P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=109>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>18</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=181></TD>
<TD width=54></TD>
<TD width=61></TD>
<TD width=28></TD>
<TD width=98></TD>
<TD width=1></TD>
<TD width=54></TD>
<TD width=61></TD>
<TD width=28></TD>
<TD width=49></TD>
<TD width=49></TD>
<TD width=5></TD></TR>
<TR>
<TD vAlign=bottom width=235 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>c)
Technical Reappraisal</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=126 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55 colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=243 colSpan=5>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31,</B></P></TD>
<TD vAlign=bottom width=249 colSpan=6>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated Depreciation</B></P></TD>
<TD vAlign=bottom width=99 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net property, plant &amp; equipment</B></P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated Depreciation</B></P></TD>
<TD vAlign=bottom width=104 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net property, plant &amp; equipment</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=99 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=104 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Land</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,375,911</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,375,911</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,377,091</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=104 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,377,091</P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Buildings
and improvements</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>192,626</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(135,812)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>56,814</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>192,853</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(130,228)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=104 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>62,625</P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Machinery
and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>491,776</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(489,018)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,758</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>492,216</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(492,116)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=104 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>100</P></TD></TR>
<TR>
<TD vAlign=bottom width=181>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,060,313 </B></P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(624,830)</B></P></TD>
<TD vAlign=bottom width=99 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,435,483 </B></P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,062,160 </B></P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(622,344)</B></P></TD>
<TD vAlign=bottom width=104 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,439,816 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=235 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=126 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55 colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=235 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>d)
Depreciation for the period </B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=126 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=78 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=55 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=235 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=126 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=78 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=55 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=673 colSpan=12>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Depreciation
charges for the period amounted to ThCh$ 7,177,805 (ThCh$7,577,846 in
2006) of which ThCh$ 5,382,385 (ThCh$6,418,706 in 2006) are included under
Operating Costs and<BR>ThCh$ 1,795,420 (ThCh$ 1,159,140 in 2006) under
Sales and Administrative Expenses in the income statement.</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=423 colSpan=5>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=78 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=55 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>19</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 13 - SALES
TRANSACTIONS UNDER LEASEBACK AGREEMENTS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company had no agreements
of this type.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 14 - INVESTMENT IN
RELATED COMPANIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -47px; FONT-FAMILY: Arial Narrow">1.</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investment
in related companies and the corresponding direct shareholding in equity, as
well as the recognition of unrealized income at year end of the respective
years, are shown in the table attached.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">The main
changes occurred in the reported periods are described below:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 48px; MARGIN: 0px; TEXT-INDENT: -1px; FONT-FAMILY: Arial Narrow">By
a public deed dated June 5, 2006, the company Andina Inversiones Societarias
S.A. was divided, creating a new company, &#147;Andina Inversiones Societarias Dos
S.A.&#148;. with the same shareholders and the same ownership interest as in the
first one, with a capital of ThCh$24,405,291 and that corresponds to the
investment in Envases Multipack Ltda. &nbsp;The financial impact of this
division is recorded beginning January 1, 2006. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">By a
public deed dated August 31, 2006 Andina Inversiones Societarias Dos S.A.
changed its corporate name to Andina Inversiones Societarias Dos Ltda. (thus
becoming a limited responsibility corporation).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">On
November 15, 2006 Embotelladora Andina S.A. acquired 0.0001% of the social
rights of Andina Inversiones Societarias Dos Ltda., consequently the company has
been completely merged into Embotelladora Andina since 100% ownership interest
is now held by Embotelladora Andina. &nbsp;Likewise, Envases Multipack Ltda. is
now fully merged into Embotelladora Andina since it originally held 5% and
Andina Inversiones Societarias Dos Ltda. held the remaining 95%. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Centralli
Refrigerantes S.A. records a negative equity, which has been provisioned
accordingly. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
investments in Kaik Partipacoes Ltda. (Brazil) and in Cican S.A. (Argentina),
where Embotelladora Andina S.A. holds an indirect ownership of 11.32% and 15.2%
respectively, have been valued according to the equity method, because we have
presence in both companies through a Director, who participates in the
procedures for setting policies, operating and financial decisions in accordance
with the ownership structure of both companies, which are exclusively owned by
Coca-Cola bottlers in Brazil and Argentina, respectively.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
investment in Envases Central S.A. is presented with a 48% reduction (the
percentage share on the date of transaction) of the earnings generated during
the sale to Envases Central during December 1996 for property located in Renca,
because this transaction represents unrealized income for Embotelladora Andina
S.A. &nbsp;The amount of the reduction is reflected in the following chart.
&nbsp;This transaction will be realized once the property is transferred to a
third party different from the group.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
investment in Envases CMF S.A. is presented with a 50% reduction of the earnings
generated during the sale of machinery and equipment of our subsidiary Envases
Multipack S.A. which took place in June, 2001, and will be recorded under
Results during the remaining useful life period of the goods sold to Envases CMF
S.A. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Unrealized
income corresponds to transactions between subsidiaries and/or the parent
company that have been deducted or added to the category of the originating
asset with the following effect on income of the subsidiaries: </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TR style="FONT-SIZE: 0px">
<TD width=113></TD>
<TD width=153></TD>
<TD width=56></TD>
<TD width=56></TD></TR>
<TR>
<TD vAlign=bottom width=113>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=113>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=153>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=113>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Envases CMF S.A. </P></TD>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Purchase of
containers</P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(203,695)</P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(228,601)</P></TD></TR>
<TR>
<TD vAlign=bottom width=113>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Envases Central
S.A.</P></TD>
<TD vAlign=bottom width=153>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Purchase of finished
products</P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,223)</P></TD>
<TD vAlign=bottom width=56>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(12,360)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">2.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">No
liabilities have been designated as hedging instruments for investments
abroad.</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">3.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Income
likely to be remitted by subsidiaries abroad amounts to US$216 million. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>20</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The following table presents a
detail of the investments in related companies and the related direct
participation in equity and unrealized results at each period end.<BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=83></TD>
<TD width=3></TD>
<TD width=29></TD>
<TD width=6></TD>
<TD width=34></TD>
<TD width=6></TD>
<TD width=34></TD>
<TD width=6></TD>
<TD width=34></TD>
<TD width=29></TD>
<TD width=5></TD>
<TD width=40></TD>
<TD width=34></TD>
<TD width=6></TD>
<TD width=36></TD>
<TD width=31></TD>
<TD width=5></TD>
<TD width=35></TD>
<TD width=27></TD>
<TD width=5></TD>
<TD width=40></TD>
<TD width=34></TD>
<TD width=5></TD>
<TD width=36></TD>
<TD width=31></TD>
<TD width=5></TD>
<TD width=40></TD>
<TD width=34></TD>
<TD width=6></TD></TR>
<TR>
<TD width=83>
<P>&nbsp;</P></TD>
<TD width=33 colSpan=2>
<P>&nbsp;</P></TD>
<TD width=41 colSpan=2>
<P>&nbsp;</P></TD>
<TD width=40 colSpan=2>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=69
colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Ownership Interest </B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=80
colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Equity of companies </B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=74 colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Income (loss) for the period </B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=68
colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Accrued income </B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=80 colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Partic. in net income (loss) </B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=73 colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Unrealized income (loss) </B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" width=86 colSpan=4>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Book value of investment </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Company </B></P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Country </B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Functional Currency </B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Number of Shares </B></P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, &nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=87 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=35 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P>&nbsp;</P></TD>
<TD width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;% </B></P></TD>
<TD width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;% </B></P></TD>
<TD width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">ENVASES
CMF S.A.</P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Chile</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,000
</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>50.00</P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>50.00</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>35,515,927</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>35,261,810</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,371,922</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,036,563</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>482,265</P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>289,681</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,757,964</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,630,905</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,038,869</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,112,726</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>16,719,095</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>16,518,179</P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">ENVASES
CENTRAL S.A.</P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Chile</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,499,398 </P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>49.91</P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>49.91</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,426,936</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,546,577</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(34,929)</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>45,652</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(20,656)</P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,425</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,209,484</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,269,197</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>225,447</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>225,640</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,984,037</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,043,558</P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">KAIK
PARTIPACOES</P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Brazil</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,098,919 </P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>11.32</P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>11.32</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>14,547,028</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,826,183</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>49,904</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(300,855)</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,649</P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(34,055)</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,646,680</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,451,885</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,646,680</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,451,885</P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CICAN
S.A.</P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Argentina</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,040
</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>15.20</P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>15.20</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,106,664</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,830,525</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(792,309)</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>516,811</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(120,431)</P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>78,555</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,080,213</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,190,240</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,080,213</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,190,239</P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CENTRALLI
REFRIGERANTES &nbsp;S.A.</P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Brazil</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,005
</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>25.00</P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>25.00</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(20,060)</P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(9,529)</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=87 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>TOTALS</B></P></TD>
<TD vAlign=bottom width=35 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=34>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=34 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=36>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=35>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=32 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>22,694,341</B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>22,542,227</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,264,316</B></P></TD>
<TD vAlign=bottom width=36 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,338,366</B></P></TD>
<TD vAlign=bottom width=40>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>21,430,025</B></P></TD>
<TD vAlign=bottom width=40 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>21,203,861</B></P></TD></TR></TABLE><A
name=RANGE!A3:S12></A><A name=RANGE!A3:S5></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>21</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 15 - INVESTMENTS IN
OTHER COMPANIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">In accordance with Circular
1501, no information was reported since this balance represents less than 10% of
Other assets.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 16 &#150; GOODWILL AND
NEGATIVE GOODWILL </U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:F5></A><A name=RANGE!A2:F10></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=228></TD>
<TD width=106></TD>
<TD width=113></TD>
<TD width=106></TD>
<TD width=119></TD></TR>
<TR>
<TD vAlign=bottom width=228>
<P>&nbsp;</P></TD>
<TD width=220 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2007 &nbsp;</U></P></TD>
<TD width=225 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2006 </U></P></TD></TR>
<TR>
<TD width=228>
<P>&nbsp;</P></TD>
<TD vAlign=top width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Amortization during the period </P></TD>
<TD vAlign=top width=113>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Goodwill balance </P></TD>
<TD vAlign=top width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Amortization during the period </P></TD>
<TD vAlign=top width=119>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Goodwill balance </P></TD></TR>
<TR>
<TD width=228>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Company </P></TD>
<TD vAlign=top width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD>
<TD vAlign=top width=113>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD>
<TD vAlign=top width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD>
<TD vAlign=top width=119>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD></TR>
<TR>
<TD width=228>
<P>&nbsp;</P></TD>
<TD vAlign=top width=106>
<P>&nbsp;</P></TD>
<TD vAlign=top width=113>
<P>&nbsp;</P></TD>
<TD vAlign=top width=106>
<P>&nbsp;</P></TD>
<TD vAlign=top width=119>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=228>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">RIO DE JANEIRO REFRESCOS
LTDA.</P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906,422
</P></TD>
<TD vAlign=top width=113>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,126,649
</P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908,353
</P></TD>
<TD vAlign=top width=119>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,848,349
</P></TD></TR>
<TR>
<TD vAlign=top width=228>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">EMBOTELLADORA DEL
ATLANTICO S.A.</P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706,241
</P></TD>
<TD vAlign=top width=113>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,468,616
</P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707,782
</P></TD>
<TD vAlign=top width=119>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,355,329
</P></TD></TR>
<TR>
<TD vAlign=top width=228>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">VITAL S. A.</P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,706
</P></TD>
<TD vAlign=top width=113>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491,873
</P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,532
</P></TD>
<TD vAlign=top width=119>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644,759
</P></TD></TR>
<TR>
<TD vAlign=top width=228>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>TOTAL</B></P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,649,369
</B></P></TD>
<TD vAlign=top width=113>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,087,138
</B></P></TD>
<TD vAlign=top width=106>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,632,667
</B></P></TD>
<TD vAlign=top width=119>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,848,437
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 17 -
INTANGIBLES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">In accordance with Circular
1501, no information was reported since the balance represents less than 10% of
Other assets.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 18 - OTHER LONG TERM
ASSETS</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=298></TD>
<TD width=70></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=140 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31, </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2007</U></B></P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2006</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celulosa
Arauco S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>12,296,180</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>12,298,760</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enap
S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,510,950</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,640,946</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endesa
S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>8,139,176</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>8,216,200</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile
Soberano</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,721,798</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,768,520</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compa&#241;&#237;a
Manufacturera de Papeles y Cartones S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,470,601</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,474,287</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tel&#233;fonos
de M&#233;xico S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,211,210</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,224,731</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petr&#243;leos
Mexicanos S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,360,546</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,641,449</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Codelco
S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,477,208</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,540,047</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&#233;xico
Soberano</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,997,217</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,045,965</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal
Home Loan Bank (FHLB)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,701,738</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,708,682</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon
Company</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,188,373</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,198,409</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International
Paper Company</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,156,840</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,161,547</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brasil
Telecom S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,131,829</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,198,117</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria
Group</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,228,787</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,246,107</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
States Treasury Notes</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,110,614</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa
Inc.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,098,453</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,104,313</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">CLN Endesa -Deutsche
Bank A.G.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,392,100</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,403,869</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">CLN GMAC - Deutsche Bank
A.G. &nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,750,853</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">CLN Ford-Deutsche Bank
A.G.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,621,161</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cross Currency
Swap</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>11,043,859</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>24,475,950</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Judicial Deposits
(Brazil)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,661,433</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,790,118</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Issuance Bond
Placement</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,909,750</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,257,671</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Prepaid expenses</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,906,454</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,808,358</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Spare parts</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,899,576</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,074,602</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Non operating
assets</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,208,415</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>119,449</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,611,158</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,478,242</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>115,434,265</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=70>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>129,248,353</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:B27></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>22</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 19 - SHORT-TERM BANK
LIABILITIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">a)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Short
Term</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=151></TD>
<TD width=82></TD>
<TD width=82></TD>
<TD width=82></TD>
<TD width=82></TD>
<TD width=82></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=top width=151>
<P>&nbsp;</P></TD>
<TD vAlign=top width=492 colSpan=6>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Currency or Indexation Adjustment </B></P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P>&nbsp;</P></TD>
<TD vAlign=top width=164 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;US Dollars </B></P></TD>
<TD vAlign=top width=164 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Other foreign currencies </B></P></TD>
<TD vAlign=top width=164 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;TOTAL </B></P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Bank
or Financial Institution </B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2007 </U></B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2006 </U></B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2007 </U></B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2006 </U></B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2007 </U></B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2006 </U></B></P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">BANCO
CITIBANK N.A.</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>6,025,174 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>6,025,174 </P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">DEXIA
BANK BELGIUM</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>22,506,297 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>22,506,297 </P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">BANCO
ITA&#218;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,003,770 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,003,770 </P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Total</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>28,531,471 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,003,770 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>29,535,241 </P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Outstanding
Balance</B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>6,025,174 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,003,770 </P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>7,028,944 </P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2007 </U></B></P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;March 31, 2006 </U></B></P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Annual
average interest rate (%)</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>5.14%</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Foreign
currency liabilities (%)</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>100.00</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=151>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Local
currency liabilities (%)</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.00</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">b)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Long term &#150;
Portion Short Term</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:E16></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=141></TD>
<TD width=80></TD>
<TD width=80></TD>
<TD width=80></TD>
<TD width=80></TD></TR>
<TR>
<TD vAlign=top width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=321 colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>Currency or indexation adjustment</U></P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=160 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Other foreign currencies</P></TD>
<TD vAlign=top width=160 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Bank</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2007 </U></P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2006 </U></P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2007 </U></P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2006 </U></P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">BANCO
BOSTON</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>136,967</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>136,967</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">BANCO
SANTANDER</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>336,884</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>371,110</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>336,884</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>371,110</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">BANCO
ALFA</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>115,208</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>115,208</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>452,092</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>508,077</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>452,092</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>508,077</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Principal
Due</B></P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>452,092</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>501,340</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>452,092</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>501,340</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=160 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Other foreign currencies</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2007 </U></P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;March 31, 2006 </U></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Average
annual interest rate</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>15.66%</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>12.49%</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Foreign
currency liabilities (%)</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>100.00</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Local
currency liabilities (%)</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.00</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:H16></A>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 20 - OTHER CURRENT
LIABILITIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">In accordance with Circular
1501, no information was reported since this balance represents less than 10% of
current liabilities.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>23</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 21 - LONG-TERM BANK
LIABILITIES</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:H8></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=138></TD>
<TD width=99></TD>
<TD width=60></TD>
<TD width=60></TD>
<TD width=61></TD>
<TD width=85></TD>
<TD width=81></TD>
<TD width=85></TD></TR>
<TR>
<TD vAlign=top width=138>
<P>&nbsp;</P></TD>
<TD vAlign=top width=99>
<P>&nbsp;</P></TD>
<TD vAlign=top width=182 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;Years to Maturity </U></B></P></TD>
<TD vAlign=top width=85>
<P>&nbsp;</P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Bank
or Financial Institution </B></P></TD>
<TD vAlign=top width=99>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Currency </B></P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;More than 1 up to 2 </B></P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;More than 2 up to 3 </B></P></TD>
<TD vAlign=top width=61>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;More than 3 up to 5 </B></P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Total long term at March 31, 2007 </B></P></TD>
<TD vAlign=top width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average annual interest rate
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% </B></P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Total long term at March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P>&nbsp;</P></TD>
<TD vAlign=top width=99>
<P>&nbsp;</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=61>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">BANCO
ALFA</P></TD>
<TD vAlign=top width=99>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
Currencies</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>109,838</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>109,839</P></TD>
<TD vAlign=top width=61>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>109,839</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>329,516</P></TD>
<TD vAlign=top width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>15.59%</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">BANCO
BOSTON</P></TD>
<TD vAlign=top width=99>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
Currencies</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=61>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>12,225</P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">BANCO
SANTANDER</P></TD>
<TD vAlign=top width=99>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
Currencies</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=61>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>393,401</P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P>&nbsp;</P></TD>
<TD vAlign=top width=99>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>109,838</B></P></TD>
<TD vAlign=top width=60>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>109,839</B></P></TD>
<TD vAlign=top width=61>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>109,839</B></P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>329,516</B></P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>405,626</B></P></TD></TR>
<TR>
<TD vAlign=top width=138>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Foreign
currency liabilities (%)</P></TD>
<TD vAlign=top width=99>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">100.00</P></TD>
<TD vAlign=top width=60>
<P>&nbsp;</P></TD>
<TD vAlign=top width=60>
<P>&nbsp;</P></TD>
<TD vAlign=top width=61>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P>&nbsp;</P></TD>
<TD vAlign=top width=81>
<P>&nbsp;</P></TD>
<TD vAlign=top width=85>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:H10></A>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 22 - LONG-AND
SHORT-TERM BONDS PAYABLE (PROMISSORY NOTES AND BONDS)</U></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">1.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Current
risk rating of bonds is as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">BONDS
ISSUED IN THE US MARKET</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">A-</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">:</P>
<P
style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">Rating
according to Fitch Ratings Ltd.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">BBB+</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">:</P>
<P
style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">Rating
according to Standard &amp; Poor's</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">BONDS
ISSUED IN THE LOCAL MARKET</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">AA
</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">:</P>
<P
style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">Rating
according to Fitch Chile Clasificadora de Riesgo Ltda.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">AA
</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">:</P>
<P
style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">Rating
according to Feller Rate Clasificadora de Riesgo Ltda.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">2.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Bond
repurchases.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">During
2000, 2001 and 2002, Embotelladora Andina S.A. repurchased bonds issued in the
U.S. market through its subsidiary, Abisa Corp S.A. for a total amount of US$314
million of the US$350 million, which are presented deducting the long term
liability from the bonds payable account. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">3.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Bonds
issued by the subsidiary Rio de Janeiro Refrescos Ltda. (RJR).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
subsidiary RJR has liabilities corresponding to an issuance of bonds for US$75
million maturing in December 2012 and semiannual interest payments. At period
end, all such bonds are wholly-owned by the subsidiary Abisa Corp. Consequently,
the effects of such transactions have been eliminated from these consolidated
financial statements, both in the balance sheet and in the consolidated
statement of income. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>24</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The following table contains
more information on Bonds Payable: </P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:K15></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=109></TD>
<TD width=25></TD>
<TD width=51></TD>
<TD width=34></TD>
<TD width=43></TD>
<TD width=54></TD>
<TD width=50></TD>
<TD width=67></TD>
<TD width=52></TD>
<TD width=52></TD>
<TD width=98></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Instrument subscription or ID N&#176;</B></P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Series</B></P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Nominal Value</B></P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Currency</B></P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Interest rate</B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Final Maturity</B></P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Term</B></P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=104 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Par Value</B></P></TD>
<TD vAlign=top width=98 rowSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Placement in Chile or abroad </B></P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P>&nbsp;</P></TD>
<TD vAlign=top width=25>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=34>
<P>&nbsp;</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>%</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Interest paid</B></P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amortization period</B></P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2007</B></P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2006</B></P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Current
portion of bonds payable</P></TD>
<TD vAlign=top width=25>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=34>
<P>&nbsp;</P></TD>
<TD vAlign=top width=43>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">YANKEE
BONDS</P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>32,076,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7.000</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;October
1, 2007</P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">10
Years</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,295,700</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ABROAD</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">YANKEE
BONDS</P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,000,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7.625</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;October
1, 2027 </P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">30
Years</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ABROAD</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;Register
254 SVS June 13, 2001 </P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>990,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6.200</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;June
1, 2008 </P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">JUN.2007</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,496,418</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,761,577</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>CHILE</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;Register
254 SVS June 13, 2001 </P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,700,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6.500</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;June
1, 2026 </P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">DEC.2009</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,449,713</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,451,797</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>CHILE</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Total
current maturities</B></P></TD>
<TD vAlign=top width=25>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=34>
<P>&nbsp;</P></TD>
<TD vAlign=top width=43>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>31,241,831</B></P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>14,213,374</B></P></TD>
<TD vAlign=top width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">--------</P></TD>
<TD vAlign=top width=25>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=34>
<P>&nbsp;</P></TD>
<TD vAlign=top width=43>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term portion of bonds payable</P></TD>
<TD vAlign=top width=25>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=34>
<P>&nbsp;</P></TD>
<TD vAlign=top width=43>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">YANKEE
BONDS</P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>32,076,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7.000</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">October
1, 2007</P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">10
Years</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,156,840</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,333,449</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ABROAD</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">YANKEE
BONDS</P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,000,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7.625</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">October
1, 2027</P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">30
Years</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,161,547</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ABROAD</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;Register
254 SVS June 13, 2001 </P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>990,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6.200</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">June
1, 2008</P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">JUN.2007</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,063,096</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>18,215,389</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>CHILE</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">&nbsp;Register
254 SVS June 13, 2001 </P></TD>
<TD vAlign=top width=25>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,700,000</P></TD>
<TD vAlign=top width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=top width=43>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6.500</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">June
1, 2026</P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">HALF
YEARLY</P></TD>
<TD vAlign=top width=67>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">DEC.2009</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>67,979,989</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>68,077,733</P></TD>
<TD vAlign=top width=98>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>CHILE</P></TD></TR>
<TR>
<TD vAlign=top width=109>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Total
long term maturities</B></P></TD>
<TD vAlign=top width=25>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=34>
<P>&nbsp;</P></TD>
<TD vAlign=top width=43>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=50>
<P>&nbsp;</P></TD>
<TD vAlign=top width=67>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>76,199,925</B></P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>105,788,118</B></P></TD>
<TD vAlign=top width=98>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>25</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 23 - PROVISIONS AND
WRITE-OFFS</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:E9></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=298></TD>
<TD width=99></TD>
<TD width=81></TD>
<TD width=90></TD>
<TD width=90></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=181 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B><U>Short
Term</U></B></P></TD>
<TD vAlign=bottom width=181 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B><U>Long
Term</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Staff severance
indemnities</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>818,576</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>449,356</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,649,655</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,204,171</P></TD></TR>
<TR>
<TD vAlign=top width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Contingencies</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>79,444</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>68,313</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,856,742</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,302,231</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Taxation on banking
transactions &amp; social contribution(Brazil)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,178,362</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,017,177</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,979,080</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>TOTAL</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>3,076,382</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>517,669</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>17,523,574</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>24,485,482</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 24 - STAFF SEVERANCE
INDEMNITIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=117></TD>
<TD width=77></TD>
<TD width=76></TD></TR>
<TR>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Beginning balance</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,227,968</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,621,561</P></TD></TR>
<TR>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provision for the
period</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>287,941</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>203,706</P></TD></TR>
<TR>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Payments</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(47,678)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(171,740)</P></TD></TR>
<TR>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Ending balance</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>6,468,231</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>5,653,527</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 25 - OTHER LONG-TERM
LIABILITIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">In accordance with Circular
1501, no information was reported since this balance represents less than 10% of
Long-term liabilities.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 26 - MINORITY
INTEREST</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C18></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=226></TD>
<TD width=72></TD>
<TD width=72></TD></TR>
<TR>
<TD vAlign=bottom width=372 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>Minority Interest</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>LIABILITIES</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Vital Aguas S. A.</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,206,762</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,198,321</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora del
Atl&#225;ntico S. A.</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>21,018</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19,399</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina Inversiones
&nbsp;Societarias S.A.</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>39</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>60</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>1,227,819</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>1,217,780</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>INCOME
STATEMENT</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Vital Aguas S. A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(53,594)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(72,095)</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora del
Atl&#225;ntico S. A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(782)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(889)</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina Inversiones
&nbsp;Societarias S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(3)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1)</P></TD></TR>
<TR>
<TD vAlign=bottom width=226>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(54,379)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(72,985)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>26</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 27 - CHANGES IN
SHAREHOLDERS&#146; EQUITY</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The activity in Shareholders&#146;
Equity, Dividend Distribution and Other Reserves is detailed in the following
tables:</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:M9></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=121></TD>
<TD width=48></TD>
<TD width=49></TD>
<TD width=46></TD>
<TD width=50></TD>
<TD width=46></TD>
<TD width=46></TD>
<TD width=48></TD>
<TD width=49></TD>
<TD width=58></TD>
<TD width=50></TD>
<TD width=46></TD>
<TD width=46></TD></TR>
<TR>
<TD vAlign=top width=121>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=288
colSpan=6>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2007</B></P></TD>
<TD vAlign=bottom width=300 colSpan=6>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2006</B></P></TD></TR>
<TR>
<TD vAlign=top width=121>
<P>&nbsp;</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Paid in Capital</B></P></TD>
<TD vAlign=top width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Capital Revalued Reserve</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Other Reserves</B></P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated Income</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Interim Dividends</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net Income</B></P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Paid in Capital</B></P></TD>
<TD vAlign=top width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Capital Revalued Reserve</B></P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Other Reserves</B></P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated Income</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Interim Dividends</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net Income</B></P></TD></TR>
<TR>
<TD vAlign=top width=121>
<P>&nbsp;</P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Beginning
balance</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>202,060,999 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,750,275 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,005,036 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(13,438,065)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>74,355,094 </P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>197,904,994 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(201,145)</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>26,334,355 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(11,640,959)</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>56,039,346 </P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Distribution
of prior-year income</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>60,917,029 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,438,065 </P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(74,355,094)</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>44,398,387 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,640,959 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(56,039,346)</P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Translation
adjustment reserve</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,680,698 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,754,495 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Capital
revalued</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>404,122 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,501 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>141,843 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(593,715)</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>604 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(212,197)</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Income
for the period </P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>22,258,689 </P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>21,034,955 </P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Ending
balance</B></P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>202,060,999 </B></P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>404,122 </B></P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,434,474 </B></P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>71,063,908 </B></P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>0 </B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>22,258,689 </B></P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>197,904,994 </B></P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>(593,715)</B></P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,553,954 </B></P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>70,520,545 </B></P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>0 </B></P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>21,034,955 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=121>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Price
level restated balances</B></P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>203,248,429 </B></P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>(609,745)</B></P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,649,911 </B></P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>72,424,600 </B></P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>0 </B></P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>21,602,899 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>27</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=53></TD>
<TD width=98></TD>
<TD width=82></TD>
<TD width=92></TD></TR>
<TR>
<TD vAlign=top width=326 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Changes
in Shareholders&#146; Equity</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Number
of Shares</B></P></TD></TR>
<TR>
<TD vAlign=top width=53>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Series
</P></TD>
<TD vAlign=top width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Subscribed
Shares</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Paid in
shares</P></TD>
<TD vAlign=top width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Number of
shares with voting rights</P></TD></TR>
<TR>
<TD vAlign=top width=53>
<P>&nbsp;</P></TD>
<TD vAlign=top width=98>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=53>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;A </P></TD>
<TD vAlign=top width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>380,137,271</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>380,137,271</P></TD>
<TD vAlign=top width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>380,137,271</P></TD></TR>
<TR>
<TD vAlign=top width=53>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;B </P></TD>
<TD vAlign=top width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>380,137,271</P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>380,137,271</P></TD>
<TD vAlign=top width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>380,137,271</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=40></TD>
<TD width=110></TD>
<TD width=102></TD></TR>
<TR>
<TD vAlign=top width=40>
<P>&nbsp;</P></TD>
<TD vAlign=top width=213 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Changes
in Shareholders&#146; Equity</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Capital
(ThCh$)</B></P></TD></TR>
<TR>
<TD vAlign=top width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Series</P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Subscribed
Capital</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Paid in
Capital</P></TD></TR>
<TR>
<TD vAlign=top width=40>
<P>&nbsp;</P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=top width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">A</P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>101,030,500
</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>101,030,500
</P></TD></TR>
<TR>
<TD vAlign=top width=40>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">B</P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>101,030,499
</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>101,030,499
</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=329></TD>
<TD width=90></TD>
<TD width=67></TD>
<TD width=57></TD>
<TD width=87></TD>
<TD width=42></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Other
Reserves</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Balance of Other
Reserves is composed as follows</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=157 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2006</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Reserve for cumulative
translation adjustments(1)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,423,423</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,637,990</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Reserve for technical
reappraisal of property, plant and equipment</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>63,259</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>168,511</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>947,792</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>843,410</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Total</P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>3,434,474</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>3,649,911</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=487 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(1)The Reserve for
cumulative translation adjustments was established in accordance with
Technical Bulletin No. 64 issued by the Chilean Institute of Accountants
and regulations specified under Circular letter No. 5,294 from the
SVS.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=420 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The activity in the
Reserve for cumulative translation adjustments was as follows:</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Balance</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Foreign
exchange generated during the period</B></P></TD>
<TD vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Reserve
Release / Realized (*)</B></P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Balance</B></P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Company</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>January
1, 2007</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Investment</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31, 2007</B></P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Rio de Janeiro Refrescos
Ltda.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(784,132)</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>949,407
</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(13,130)</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>152,145
</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora del
Atl&#225;ntico S. A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,526,854
</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>744,424
</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,271,278
</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>742,722
</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,693,831
</B></P></TD>
<TD vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(13,130)</B></P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>2,423,423
</B></P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=329>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=57>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=42>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>28</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=674></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=674>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Reserve realized in the
amount of ThCh$(-13,130), resulted from dividends paid by our subsidiary
R&#237;o de Janeiro Refrescos Ltda. for a total amount of
ThUS$16,670</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 28 - OTHER
NON-OPERATING INCOME AND EXPENSES</U></P><A name=RANGE!A2:C23></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=372></TD>
<TD width=93></TD>
<TD width=111></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=205 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>For the
period ended March 31,</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2007</U></B></P></TD>
<TD vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2006</U></B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Other non-operating
income during the period was as follows:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Realization of deposits
in guaranty over containers</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>811,601</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Conversion adjustment
reserve realized (2)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>13,130</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other Income</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>13,704</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>77,624</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Sub-total</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>26,834</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>889,225</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Translation of Financial
Statements (1)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>501,879</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>558,947</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Total</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>528,713</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>1,448,172</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Other non-operating
expenses during the period was as follows:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Obsolescence and
write-offs of property, plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(24)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,019)</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Loss on sale of
property, plant and equipment</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(383,223)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(674,556)</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provision for labor and
commercial lawsuits</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(128,016)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(127,766)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Conversion adjustment
reserve realized (2)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(166,592)</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(137,253)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(125,355)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Total</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(648,516)</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff"
vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(1,099,288)</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=111>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=577 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(1) This refers to the
effects of the translation of the financial statements corresponding to
investment in foreign companies (translation of local currency to US
dollars), in accordance with Technical Bulletin N&#176;64 issued by the Chilean
Institute of Accountants</P></TD></TR>
<TR>
<TD vAlign=bottom width=577 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(2) This refers to the
release of conversion adjustment reserves due to dividend payments carried
out at our subsidiary Rio de Janeiro Refrescos Ltda. during the months of
March 2007</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=111>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 29 - PRICE-LEVEL
RESTATEMENT</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:D31></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=292></TD>
<TD width=30></TD>
<TD width=77></TD>
<TD width=77></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><U>Assets
- - &nbsp;(charges)/credits</U></P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><U>Index</U></P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(80,628)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(245,677)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>146,103 </P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(223,085)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Investments
in related companies</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>352,615 </P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(434,977)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Cash,
Time Deposits, Marketable Securities</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(7,565)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(21,863)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Trade
Accounts Receivable, Notes Receivable, Other Receivables</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">UF</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>8</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(9)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Trade
Accounts Receivable, Notes Receivable, Other Receivables</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(29)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Accounts
payable from related companies - short term</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>102,699 </P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(113,829)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Recoverable
taxes</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(4,643)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(8,929)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">UF</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>34,641 </P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(589)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(33,602)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>19,701 </P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Goodwill</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(2,468)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
long term assets</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">UF</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>355</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
long term assets</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>449,563 </P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(270,970)</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Cost
and expense accounts</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(16,357)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(17,058)</P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Total
(charges) credits </B></P></TD>
<TD vAlign=top width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>943,189 </B></P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>(1,319,782)</B></P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P>&nbsp;</P></TD>
<TD vAlign=top width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><U>Liabilities
- - (charges)/credits</U></P></TD>
<TD vAlign=top width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Shareholders&#146;
equity</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(549,466)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>827,051 </P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Short
and long term bank liabilities</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">UF</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(170,808)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>323,769 </P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Short
and long term bonds payable</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(341,074)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>56,965 </P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Accounts
payable to related companies</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">UF</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,006 </P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;Other
current liabilities </P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">UF</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(358)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>551</P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;Other
current liabilities </P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(76,170)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(113,630)</P></TD></TR>
<TR>
<TD vAlign=top width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">&nbsp;Other
long term liabilities </P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>(22,763)</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>5,087 </P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Income
accounts</P></TD>
<TD vAlign=top width=30>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CPI</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>20,590 </P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>21,584 </P></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total
(charges) credits</B></P></TD>
<TD vAlign=top width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>(1,140,049)</B></P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,124,383 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>29</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=292></TD>
<TD width=30></TD>
<TD width=77></TD>
<TD width=77></TD></TR>
<TR>
<TD vAlign=bottom width=292>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Price-level
restatement (loss ) gain</B></P></TD>
<TD vAlign=top width=30>
<P>&nbsp;</P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>(196,860)</B></P></TD>
<TD vAlign=top width=77>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>(195,399)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 30 - FOREIGN EXCHANGE
GAINS/LOSSES</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=298></TD>
<TD width=58></TD>
<TD width=74></TD>
<TD width=72></TD></TR>
<TR>
<TD width=298>
<P>&nbsp;</P></TD>
<TD width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Currency </B></P></TD>
<TD width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD width=298>
<P>&nbsp;</P></TD>
<TD width=58>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Assets -
(charges)/credits</U></B></P></TD>
<TD width=58>
<P>&nbsp;</P></TD>
<TD width=74>
<P>&nbsp;</P></TD>
<TD width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cash</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(38,307)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>67,292
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Time deposits</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>170</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>524</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Marketable
securities</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>60,710
</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>526,509
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other receivables</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>93</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>235,734
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Short term notes and
accounts receivable related companies </P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>695,237
</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,892,669
</P></TD></TR>
<TR>
<TD vAlign=top width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Inventories
</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(14,594)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>30,684
</P></TD></TR>
<TR>
<TD vAlign=top width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other current
assets </P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>122,958
</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>78,812
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Property, plant &amp;
equipment</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,013
</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,212
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other assets</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>742,755
</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,712,646
</P></TD></TR>
<TR>
<TD vAlign=top width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;Total (charges)
credits </B></P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>US$</B></P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,570,035
</B></P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>5,547,082
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P>&nbsp;</P></TD>
<TD vAlign=top width=58>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Liabilities -
(Charges) / credits</U></B></P></TD>
<TD vAlign=top width=58>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds payable</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;US$</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(34,602)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(111,659)</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounts payable</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;US$
</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(271)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7,403
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;US$
</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,608)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,253
</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds payable-long
term</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;US$
</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(207,625)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(563,810)</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other current
liabilities</P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;US$
</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(15,751)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>965</P></TD></TR>
<TR>
<TD vAlign=top width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes and accounts
payable related companies-long term </P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;US$
</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5,916
</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total (charges)
credits</B></P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;US$
</P></TD>
<TD vAlign=top width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(259,941)</P></TD>
<TD vAlign=top width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(662,848)</P></TD></TR>
<TR>
<TD vAlign=top width=298>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;Foreign
exchange gain (loss) on income </B></P></TD>
<TD vAlign=top width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;US$ </B></P></TD>
<TD vAlign=bottom width=74>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,310,094
</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>4,884,234
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 31 - EXTRAORDINARY
ITEMS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">There were no extraordinary
items in 2006 and 2005.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 32 - SHARE AND DEBT
SECURITY ISSUE AND PLACEMENT EXPENSES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bond issue and placement
expenses are presented in Other current assets and Other long-term assets and
are amortized on a straight-line basis over the term of the debt issued.
Amortization is presented as financial expenses.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds issued in the US
market:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Debt issue costs and discounts
have all been amortized, as a result of the repurchase of Bonds reported in note
22.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds issued in the local
market:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Debt issue costs and discounts
amounted to ThCh$3,271,612. &nbsp;Disbursements for risk rating reports, legal
and financial advisory services, printing and placement fees are included as
Debt issue costs.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Amortization for the period
2007 amounted to ThCh$94,306 and ThCh$100,655 in 2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 33 - CONSOLIDATED
STATEMENT OF CASH FLOWS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>30</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">For the projection of future
cash flows, there are no transactions and events to consider which have not been
revealed in these financial statements and accompanying notes. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The following table presents
an itemization of the movement of assets and liabilities not affecting the cash
flow in the period, but compromising future cash flows.</P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=245></TD>
<TD width=71></TD>
<TD width=77></TD>
<TD width=65></TD>
<TD width=77></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2007</U></B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B><U>Maturity Date</U></B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2006</U></B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B><U>Maturity Date</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Expected Cash
Flows</B></P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Expenses</U></B></P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Dividend payments</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(8,876,966)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>26-Apr-07</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,312,577)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>27-Apr-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additions to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,466,386)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-07</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(719,424)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additions to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(248,124)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>31-May-07</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(150,411)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Jun-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additions to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(11,262)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Jun-07</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(84,980)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-Sep-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additions to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(643,162)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Apr-07</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(91,693)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Apr-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additions to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(32,192)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>31-May-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additions to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(29,029)</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>18-Jun-06</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total
expenses</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(13,245,900)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(6,420,306)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=245>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Income</U></B></P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Sale of property, plant
and equipment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>22,860
</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-07</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>6,315
</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-06</P></TD></TR>
<TR>
<TD vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total
Income</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>22,860
</B></P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>6,315
</B></P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=245>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=245>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total Net</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(13,223,040)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(6,413,991)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=77>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>31</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 34 - DERIVATIVE
CONTRACTS</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:M24></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=42></TD>
<TD width=37></TD>
<TD width=42></TD>
<TD width=53></TD>
<TD width=61></TD>
<TD width=75></TD>
<TD width=90></TD>
<TD width=42></TD>
<TD width=62></TD>
<TD width=100></TD>
<TD width=38></TD>
<TD width=37></TD>
<TD width=44></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD>
<TD vAlign=top width=61>
<P>&nbsp;</P></TD>
<TD vAlign=top width=75>
<P>&nbsp;</P></TD>
<TD vAlign=top width=132 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;Hedged item or transaction </U></B></P></TD>
<TD vAlign=top width=62>
<P>&nbsp;</P></TD>
<TD vAlign=top width=139 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;Assets/liabilities </U></B></P></TD>
<TD vAlign=top width=82 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;Effect on income </U></B></P></TD></TR>
<TR>
<TD vAlign=top width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Derivative </B></P></TD>
<TD vAlign=top width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Contract </B></P></TD>
<TD vAlign=top width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Value
</B></P></TD>
<TD vAlign=top width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Maturity Period </B></P></TD>
<TD vAlign=top width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Specific
Item </B></P></TD>
<TD vAlign=top width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Position purchase / sale </B></P></TD>
<TD vAlign=top width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Concept
</B></P></TD>
<TD vAlign=top width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Hedged item value </B></P></TD>
<TD vAlign=top width=100>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Item
</B></P></TD>
<TD vAlign=top width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Realized </B></P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Unrealized </B></P></TD></TR>
<TR>
<TD vAlign=top width=42>
<P>&nbsp;</P></TD>
<TD vAlign=top width=37>
<P>&nbsp;</P></TD>
<TD vAlign=top width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=53>
<P>&nbsp;</P></TD>
<TD vAlign=top width=61>
<P>&nbsp;</P></TD>
<TD vAlign=top width=75>
<P>&nbsp;</P></TD>
<TD vAlign=top width=90>
<P>&nbsp;</P></TD>
<TD vAlign=top width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=100>
<P>&nbsp;</P></TD>
<TD vAlign=top width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">SWAP</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,705,992</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>3Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term bonds US$</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,747,465</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,710,695</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current and long term assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,134,634 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(55,248)</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>65,978 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">SWAP</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>41,629,259</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>4Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term bonds US$</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>47,599,704</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>40,440,750</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current and long term assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,027,984 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(319,562)</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,265,062 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">SWAP</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,112,414</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>1Q08</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term bonds US$</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,456,161</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,115,869</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current and long term assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,403,054 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(143,447)</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>229,528 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">SWAP</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,399,207</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2Q08</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term bonds US$</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,100,360</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,447,157</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current and long term assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,520,472 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(3,110)</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>647,163 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">SWAP</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,236,380</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>3Q08</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term bonds US$</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>16,771,453</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,278,538</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current and long term assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,453,744 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(213,803)</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>673,089 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">SWAP</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,462,759</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>1Q13</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term bonds US$</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,260,554</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,528,737</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current and long term assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,285,076 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(87,367)</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,015,123 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,997,565</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,101,231</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>101,937 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>101,937 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>16,180,062</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Dividends
Payable</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>15,865,250</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>314,812 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(314,812)</P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>893,749</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>916,906</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>22,757 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(22,757)</P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,349,877</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>3Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,434,768</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>81,367 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>81,367 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>964,126</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>3Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>988,558</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>23,417 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(23,417)</P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,330,480</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>4Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,461,658</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>186,420 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>186,420 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,262,989</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>4Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,294,064</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>44,269 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(44,269)</P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>413,817</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>448,080</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>395,886</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>36,807 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>36,807 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CI</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>129,976</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>25,150 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>165 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>422,091</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>3Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>459,453</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>391,292</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>44,294 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>44,294 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CI</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>355,504</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>3Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>74,503 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>522 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>823,111</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>4Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>905,383</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>761,192</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>67,376 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>67,376 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CI</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>326,882</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>4Q07</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>70,954 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>539 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>498,887</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>1Q08</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>551,762</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>468,088</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>82,025 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>82,025 </P></TD></TR>
<TR>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FU</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CI</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>421,706</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>1Q08</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Raw
Material Prices</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Future
purchases raw materials</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>84,082 </P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>688 </P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>32</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 35 - CONTINGENCIES AND
RESTRICTIONS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">a.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Litigation
and other legal actions:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina and its subsidiaries
are involved or likely to be involved in material judicial or out-of-court
litigation that, in the opinion of its legal advisors, could result in relevant
gains or losses for the Company.. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Current lawsuits and other
legal actions are described below.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">1)</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Vital
S.A.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 189px; FONT-FAMILY: Arial Narrow">The
Chilean Internal Revenue Service has commenced a penal lawsuit against our
subsidiary Vital S.A. and against those ultimately responsible for the
application of tax losses. &nbsp;At the same time, a lawsuit has been filed for
the recovery of income tax and the application of accumulated losses. &nbsp;The
company&#146;s legal advisors believe there is a remote or slight likelihood of a
negative outcome in both procedures. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">2)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Embotelladora
del Atl&#225;ntico S.A. faces labor and other lawsuits. &nbsp;Accounting provisions
to back any probable loss contingency stemming from these lawsuits, amounts to
ThCh$1,851,597(ThCh$1,779,454 in 2006). &nbsp;In accordance with its legal
counsel&#146;s opinion, the Company deems improbable that unstipulated contingencies
may affect the results or equity of the Company. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">3)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Rio de
Janeiro Refrescos Ltda. faces labor, tax and other lawsuits. Accounting
provisions to back any probable loss contingency arising from these lawsuits,
amounts to ThCh$938,756 (ThCh$17,501,999 in 2006). &nbsp;In accordance with its
legal counsel&#146;s opinion, the Company deems improbable that unstipulated
contingencies may affect the results or equity of the Company. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">4)</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Embotelladora
Andina S.A. faces, labor, tax, commercial and other lawsuits. &nbsp;Accounting
provisions to back any probable loss contingency stemming from these lawsuits,
amounts to ThCh$47,847 (ThCh$68,313 in 2006). &nbsp;&nbsp;In accordance with its
legal counsel&#146;s opinion, the Company deems improbable that contingencies without
provisions may affect the results or equity of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">b.</P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Restrictions</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The bond issue and placement
on the US market for US$ 350 million is subject to certain restrictions against
preventive attachments, sale and leaseback transactions, sale of assets,
subsidiary debt and certain conditions in the event of a merger or
consolidation.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The bond issue and placement
in the Chilean market for UF 7,000,000 is subject to the following
restrictions:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Leverage ratio, defined as the
total financial debt/shareholder&#146;s equity plus minority interest should be less
than 1.20 times.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Financial debt shall be deemed
Consolidated Finance Liabilities which include: (i) short-term bank liabilities,
(ii) short-term portion of long-term bank liabilities, (iii) short-term bonds
payable-promissory notes, (iv) short-term portion of bonds payable,
(v)&nbsp;long-term bank liabilities, and (vi) long-term bonds payable.
&nbsp;Consolidated equity means Total equity plus Minority Interest.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated assets are to be
free of any pledge, mortgage or other encumbrance for an amount equal to at
least 1.30 times the consolidated liabilities that are not guaranteed by the
investee.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina must retain and, in no
way, lose, sell, assign or dispose of to a third party the geographical zone
denominated &#147;Regi&#243;n Metropolitana", as a franchised territory in Chile by The
Coca-Cola Company for the preparation, production, sale and distribution of the
products and brands in accordance with the respective Bottling agreement,
renewable from time to time.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina shall not lose, sell,
assign or dispose of to a third party any other territory in Brazil or Argentina
that is currently franchised to Andina by The Coca-Cola Company for the
preparation, production, sale and distribution of the products and brands of the
franchisor, as long as the referred territory represents more than forty percent
of the Company&#146;s Consolidated Operating Cash Flows.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>33</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">c.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow">Direct
guarantees</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Guarantees at March 31, 2007
are presented on the following table: </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=118></TD>
<TD width=162></TD>
<TD width=70></TD>
<TD width=77></TD>
<TD width=80></TD>
<TD width=52></TD>
<TD width=84></TD>
<TD width=83></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=232 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;Debtor </U></P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;Assets involved </U></P></TD>
<TD vAlign=bottom width=167 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;Balances pending at end of period March 31
</U></P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;Guarantee creditor </U></P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><U>&nbsp;Name
</U></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><U>&nbsp;Relation
</U></P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;Type of guarantee </U></P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><U>&nbsp;Type </U></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><U>Book value</U></P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><U>2007</U></P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><U>2006</U></P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=162>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>ThCh$</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>ThCh$</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">ESTADO
RIO DE JANEIRO</P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">RIO
DE JANEIRO REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Real
Estate Deposit</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12,143,666</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,679,401</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,146,493</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">UNIAO
FEDERAL</P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">RIO
DE JANEIRO REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Real
Estate Deposit</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>68,835</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">ADUANA
DE BUENOS AIRES</P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
DEL ATLANTICO S.A.</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Guaranty</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,240,331</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,536,710</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">ADUANA
DE EZEIZA</P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
DEL ATLANTICO S.A.</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Guaranty</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,088</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AGA
S.A.</P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Parent
Company</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Guaranty
Receipt</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Agreement</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>161,763</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>162,116</P></TD></TR>
<TR>
<TD vAlign=bottom width=118>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">FIDAE
2006</P></TD>
<TD vAlign=bottom width=162>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Parent
Company</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Rental
Space</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Rental
Space</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,600</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 36 - GUARANTEES FROM
THIRD PARTIES</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:F16></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=175></TD>
<TD width=90></TD>
<TD width=108></TD>
<TD width=66></TD>
<TD width=59></TD>
<TD width=228></TD></TR>
<TR>
<TD vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>Guarantor</U></B></P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>Relationship</U></B></P></TD>
<TD vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>Type of Guarantee</U></B></P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>Amount</U></B></P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>Currency</U></B></P></TD>
<TD vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B><U>Transaction</U></B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>ThCh$</U></B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Russel
W. Coffin</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Letter
of Credit</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>45,019,908</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Purchase
of Nitvitgov Refrigerantes S.A.</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">CONFAB</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>30,000,000</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Purchase
of &nbsp;Rio de Janeiro Refrescos Ltda.</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
clients</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Deposits</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,151,853</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Guaranty
over containers</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Soc.
Com. Champfer</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,038,822</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">AGA
S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Parent
Company</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Receipt</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>600,000</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Supplier
Agreement</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mac
Coke Dist. Beb.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>585,252</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Franciscana
Dist.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>516,972</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Dist.
Real Cola (Apucarana)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>507,218</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Zulmer
Com&#233;rcio de Bebidas</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>414,553</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">ASXT
Fluminense Distrib.Bebidas</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>351,151</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Motta
Distribuidora de Beb</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>317,011</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Aguiar
Distrib.de Bebidas Ltda</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>292,626</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Rosas
de Casimiro</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>277,995</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Clauver
Nova Dist Beb Ltda</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>170,698</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Distributor
credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=175>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Catering
Argentina S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Guaranty</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>126,714</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>USD</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=228>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Supplier</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>34</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><U>NOTE
37 - LOCAL AND FOREIGN CURRENCY &nbsp;- &nbsp;&nbsp;ASSETS</U></P><A
name=RANGE!A1:D77></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=158></TD>
<TD width=82></TD>
<TD width=74></TD>
<TD width=74></TD></TR>
<TR>
<TD vAlign=top width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2007</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>March 31, 2006</B></P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Currency</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amount</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amount</B></P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><U>Current
Assets</U></P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Cash</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,802,689 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,017,913 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,645,431 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,667,492 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>836,158 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,653,445 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,207,535 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,108,981 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Time
Deposits</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>200,402 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,859,369 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>29,750,604 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,386,185 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>22,750,192 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">EURO</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,036,214 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Marketable
Securities</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>15,743,194 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,978,089 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>28,709,102 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,621,610 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(37,627)</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,342,768 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,280,158 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Trade
Accounts Receivable</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,898,615 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,519,159 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,010,468 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>766,211 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,553,962 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,252,660 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,291,379 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,293,229 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Notes
Receivable</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,793,543 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,121,132 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>241,568 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>317,227 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,849,485 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,958,876 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
debtors</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,806,108 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,306,711 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>578,653 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,254,070 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>950,594 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>631,354 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,662,252 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,892,934 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Notes
receivable related companies</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,442,763 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,274,194 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>321,521 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,043,488 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,930,181 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,722,420 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,992,457 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,661,035 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,186,113 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,909,740 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,146,201 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,956,399 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,799,878 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Recoverable
taxes</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>401,937 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>363,108 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,124,609 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,264,687 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,068,013 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,794,504 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,384,699 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>752,978 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Prepaid
expenses</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,017,505 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,673,337 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,601 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>125,725 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>240,353 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>194,357 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>529,039 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>258,931 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Deferred
Taxes</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>87,189 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>274,825 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
Current assets</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,113,967 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,445,556 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>14,738,944 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,575,627 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>676,391 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,804,014 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,663,778 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,770,911 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><U>Property,
plant and equipment</U></P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>63,847,816 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>64,090,028 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>81,137,429 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>79,389,345 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><U>Other
assets</U></P></TD>
<TD vAlign=top width=82>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD>
<TD vAlign=top width=74>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Investment
in related companies</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>16,719,094 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>18,561,738 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,080,214 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,190,240 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,630,717 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,451,883 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Investment
in other companies</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,552 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,582 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>42,649 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>42,686 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Goodwill</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>491,873 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>644,759 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>66,595,265 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>73,203,678 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term debtors</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>18,104 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>30,646 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>20,499 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>61,585 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Notes
receivable related companies</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>36,176 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>34,831 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Intangibles</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>430,378 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>431,318 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Amortization</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(264,635)</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(249,762)</P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,663,172 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,791,842 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>95,292,807 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>115,719,914 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,078,951 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,564,370 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,552,287 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,118,828 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,847,048 </P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>53,399 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Deferred
Taxes</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>356,220 </P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><U>Total
Assets</U></P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>56,412,233 </B></P></TD>
<TD vAlign=bottom width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>75,808,718 </B></P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>302,413,128 </B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>321,398,333 </B></P></TD></TR>
<TR>
<TD vAlign=top width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>AR$</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,185,413 </B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>13,215,181 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=158>
<P>&nbsp;</P></TD>
<TD vAlign=top width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>R$</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>56,573,659 </B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>49,972,613 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=158>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>EURO</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>0 </B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>10,036,214 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=158>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>87,129,512 </B></P></TD>
<TD vAlign=top width=74>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>86,844,591 </B></P></TD></TR></TABLE>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><U><A
name=RANGE!A1:K49></A></U>&nbsp;</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>35</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 37 - LOCAL AND FOREIGN
CURRENCY - &nbsp;SHORT-TERM LIABILITIES <BR></U></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=165></TD>
<TD width=80></TD>
<TD width=7></TD>
<TD width=59></TD>
<TD width=54></TD>
<TD width=59></TD>
<TD width=54></TD>
<TD width=59></TD>
<TD width=54></TD>
<TD width=59></TD>
<TD width=66></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Currency</B></P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=227 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;Up to 90 days </U></B></P></TD>
<TD vAlign=top width=240 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;90 days to 1 year </U></B></P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=113 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=top width=113 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD>
<TD vAlign=top width=114 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2007 </B></P></TD>
<TD vAlign=top width=126 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;March 31, 2006 </B></P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P>&nbsp;</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Int. Rate </B></P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Int. Rate </B></P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Int. Rate </B></P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Int. Rate </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;% </B></P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;% </B></P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;% </B></P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;% </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Short
term bank liabilities</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,025,174</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.00</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>22,506,297</P></TD>
<TD vAlign=top width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.51</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,003,770</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Long
term bank liabilities</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>452,092</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.66</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>508,077</P></TD>
<TD vAlign=top width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12.49</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Bonds
payable</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,883,051</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.20</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,141,578</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.20</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,063,080</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.20</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,071,793</P></TD>
<TD vAlign=top width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.20</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17,295,700</P></TD>
<TD vAlign=top width=54>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.00</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Dividends
payable </P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>215,700</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>221,385</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Accounts
payable </P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18,119,465</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18,432,375</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,445,009</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>677,933</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,647,590</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,344,632</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>11,120,028</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,859,646</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
Currencies</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15,199</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
creditors</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>219,063</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>46,632</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>54,585</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>76,049</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>47,893</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,579,202</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,420,000</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,684</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Notes
and accounts payable related companies </P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,607,589</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,068,815</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>146,314</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,578,610</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,587,816</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,201,245</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Provisions
</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>866,438</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>517,669</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Withholdings
</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,209,944</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,720,153</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,208,344</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,866,992</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,106,725</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,365,598</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,636,452</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
Currencies</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>81,974</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Income
Tax Provision</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,068,891</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,689,785</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,632,032</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>208,740</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,038,366</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,575,408</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Unearned
Income </P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>544,034</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>507,231</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Deferred
Taxes</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">$AR</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>117,646</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>508,207</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
current liabilities </P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,084,431</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,279,340</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Current Liabilities </B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P>&nbsp;</P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Non-Indexed
Ch$</B></P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>36,235,385</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>42,458,325</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=top width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=top width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,664,072</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>824,247</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,295,700</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>22,506,297</B></P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>AR$</B></P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>12,771,856</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>9,505,942</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>76,049</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>374,279</B></P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>R$</B></P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>19,287,046</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>16,484,661</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,066,000</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,719,937</B></P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>7,883,051</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,141,578</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,063,080</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,071,793</B></P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Other
Currencies</B></P></TD>
<TD vAlign=bottom width=7>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>97,173</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=54>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=66>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>36</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 37 - LOCAL AND FOREIGN
CURRENCY - &nbsp;SHORT-TERM LIABILITIES <BR></U></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=172></TD>
<TD width=72></TD>
<TD width=45></TD>
<TD width=78></TD>
<TD width=40></TD>
<TD width=78></TD>
<TD width=44></TD>
<TD width=78></TD>
<TD width=44></TD>
<TD width=69></TD></TR>
<TR>
<TD vAlign=top width=172>
<P style="MARGIN: 0px" align=right><BR></P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Currency
</B></P></TD>
<TD vAlign=top width=123 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;1 to 3 years </B></P></TD>
<TD vAlign=top width=118 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;3 to 5 years </B></P></TD>
<TD vAlign=top width=123 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;5 to 10 years </B></P></TD>
<TD vAlign=top width=113 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Over 10 years </B></P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P>&nbsp;</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=69>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P>&nbsp;</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Current
portion of long term bank liabilities</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>329,516</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Bonds
payable</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,156,856</P></TD>
<TD vAlign=top width=69>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.63</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,062,492</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.27</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,997,646</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.50</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>19,994,114</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.50</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>37,988,817</P></TD>
<TD vAlign=top width=69>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.50</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
creditors</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>111,289</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30,874</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Notes
and accounts payable related companies</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non
indexed Ch$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,457,140</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non
indexed Ch$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>682,608</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,967,047</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,851,597</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,022,322</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Deferred
taxes</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non
indexed Ch$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>860,461</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>324,229</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,754,550</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
liabilities</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non
indexed Ch$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,428,570</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>217,084</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,953,755</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,730,728</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Long term liabilities</B></P></TD>
<TD vAlign=top width=72>
<P>&nbsp;</P></TD>
<TD vAlign=top width=45>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>R$</B></P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>15,837,116</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>30,874</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,156,856</B></P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,062,492</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>7,997,646</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>19,994,114</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>37,988,817</B></P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>AR$</B></P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,962,886</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>541,313</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,953,755</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P>&nbsp;</P></TD>
<TD vAlign=top width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Non
indexed Ch$</B></P></TD>
<TD vAlign=top width=45>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,139,748</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,289,031</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,967,047</B></P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=172>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P></TD>
<TD vAlign=top width=72>
<P>&nbsp;</P></TD>
<TD vAlign=top width=45>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=40>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=44>
<P>&nbsp;</P></TD>
<TD vAlign=top width=69>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>37</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 37 - LOCAL AND FOREIGN
CURRENCY - &nbsp;LONG TERM LIABILITIES &nbsp;AS OF MARCH 31, 2006</U></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:J23></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=195></TD>
<TD width=78></TD>
<TD width=57></TD>
<TD width=51></TD>
<TD width=52></TD>
<TD width=84></TD>
<TD width=57></TD>
<TD width=47></TD>
<TD width=57></TD>
<TD width=47></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;Currency
</B></P></TD>
<TD vAlign=top width=108 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;1 to 3 years </U></B></P></TD>
<TD vAlign=top width=137 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;3 to 5 years </U></B></P></TD>
<TD vAlign=top width=104 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;5 to 10 years </U></B></P></TD>
<TD vAlign=top width=104 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><U>&nbsp;Over 10 years </U></B></P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=51 rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=84 rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=47 rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=top width=47 rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Average int rate % </B></P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Long
term bank liabilities</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>405,626</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12.49%</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Bonds
Payable</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17,333,449</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.00%</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,161,565</P></TD>
<TD vAlign=top width=47>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.625%</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18,215,389</P></TD>
<TD vAlign=top width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.20%</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,006,857</P></TD>
<TD vAlign=top width=84>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.50%</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>20,022,857</P></TD>
<TD vAlign=top width=47>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.50%</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42,048,001</P></TD>
<TD vAlign=top width=47>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.50%</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
creditors</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>103,827</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>77,359</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Notes
and accounts payable related companies</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,838,273</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,156,255</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>47,916</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,779,312</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17,501,999</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
liabilities</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,704,270</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>209,164</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,882,479</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,062,943</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
long term liabilities</B></P></TD>
<TD vAlign=top width=78>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P>&nbsp;</P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P>&nbsp;</P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P>&nbsp;</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P>&nbsp;</P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>R$</B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>19,970,568</B></P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>77,359</B></P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,333,449</B></P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,161,565</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>18,215,389</B></P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,006,857</B></P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>20,022,857</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>42,048,001</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>AR$</B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,883,139</B></P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>209,164</B></P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,882,479</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,886,189</B></P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,704,270</B></P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=195>
<P>&nbsp;</P></TD>
<TD vAlign=top width=78>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=51>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=84>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD>
<TD vAlign=top width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,156,255</B></P></TD>
<TD vAlign=top width=47>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>38</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>&nbsp;NOTE 38 -
PENALTIES</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company has not been
subject to penalties by the SVS or any other administrative authority.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 39 - SUBSEQUENT
EVENTS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Shareholders&#146; Meeting
Resolutions</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">At the Regular General
Shareholders&#146; Meeting of Embotelladora Andina S.A., held yesterday, April 17,
2007 (hereinafter the &#147;Meeting&#148;), among other matters, the following was
resolved:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Arial Narrow">1.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
distribution of the following amounts as <B>Final Dividend N&#176; 155</B>, on
account of the fiscal year ending December 31, 2006: </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 90px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -18px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 90px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Ch$11.120
(eleven pesos and one hundred and twenty cents) per Series A shares; and </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 90px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -18px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 90px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Ch$12.232
(twelve pesos and two hundred and thirty two cents) per Series B shares.
&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">This
dividend will be available to shareholders beginning <B>April 26, 2007</B>.
Regarding payment of this dividend, the Shareholders&#146; Registry will close on
April 20, 2007. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Arial Narrow">2.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
distribution of an <B>Additional</B> <B>Dividend N&#176; 156</B> on account of
retained earnings: </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 90px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -18px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 90px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Ch$65.190
(sixty five pesos and one hundred and ninety cents) per Series A shares; and
</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 90px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -18px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 90px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Ch$71.709
(seventy one pesos and seven hundred and nine cents) per Series B shares.
&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">This
dividend will be available to shareholders beginning <B>July 5, 2007</B>.
Regarding payment of this</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">dividend,
the Shareholders Registry will close on June 28, 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Arial Narrow">3.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
Meeting acknowledged and approved the amendment of the Company&#146;s dividend
safeguard and payment procedures that will be in full force and effect beginning
with the previously mentioned Final Dividend N&#176; 155. &nbsp;Current payment
procedures, consisting of the payment of dividends within the first seven days
at the Company&#146;s corporate domicile and the following days at the offices of
DCV, will no longer continue. &nbsp;The payment of dividends will now solely
take place at the offices of DCV, located at Hu&#233;rfanos 770, 22<SUP>nd</SUP>
floor, Santiago, in coordination with Banco de Cr&#233;dito e Inversiones S.A.
(&#147;BCI&#148;). &nbsp;Hence, the new dividend payment procedure considers the
participation of DCV Registros S.A., BCI and our Company. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Board Appointments and
Committees</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The following resolutions were
adopted at the Regular Board of Directors Meeting held April 24, 2007:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow">1.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Mr.
<B>Juan Claro</B> was ratified in his position of <B>Chairman of the Board
</B>of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow">2.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Mr.<B>
Salvador Said Somav&#237;a</B> was appointed new <B>Vice-Chairman of the Board</B> of
the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow">3.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
<B>Executive Committee</B> was elected, comprised of regular directors <B>Jos&#233;
Antonio Garc&#233;s Silva, Arturo Majlis Albala, Gonzalo Said Handal </B>and
<B>Salvador Said Somav&#237;a.</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">This
Committee is also comprised, by virtue of office, by Mr. <B>Juan Claro
Gonz&#225;lez</B>, Chairman of the Board, and Mr. <B>Jaime Garc&#237;a Rioseco</B>, Chief
Executive Officer of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow">4.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
current composition of the <B>Article 50-bis Directors Committee </B>(pursuant
to the Companies Law) was ratified, which will continue to be comprised of
Regular Directors <B>Juan Claro Gonz&#225;lez, Jos&#233; Antonio Garc&#233;s Silva</B> and
<B>Heriberto Urz&#250;a S&#225;nchez</B>. &nbsp;Mr. Claro will continue to be the Chairman
of this Committee.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow">5.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">The
current composition of the <B>Audit Committee under U.S. the Sarbanes&#150;Oxley Act
</B>was ratified, which will continue to be comprised of regular directors
<B>Juan Claro Gonz&#225;lez, Jos&#233; Antonio Garc&#233;s Silva</B> and <B>Heriberto Urz&#250;a
S&#225;nchez.</B> &nbsp;Mr. Claro will continue to be the Chairman of this
Committee.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow">6.</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Mr.
<B>Pedro Pellegrini Ripamonti,</B> Corporate Legal Manager, was appointed
representative or person authorized to receive notifications in absence of Mr.
<B>Renato Ram&#237;rez Fern&#225;ndez</B>, General Manager. </P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>39</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">There are no matters to be
reported which have occurred between the closing period of March 31, 2007 and
the date of preparation of these financial statements that may have an impact
over Company assets, liabilities and/or results.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 40 - COMPANIES SUBJECT
TO SPECIAL REGULATIONS</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina and its subsidiaries
are not subject to special regulations.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>NOTE 41 &#150;
ENVIRONMENT</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company has disbursed
ThCh$696,138 to improve its industrial process, industrial waste metering
equipment, laboratory analyses, environmental impact consultancy and other
studies. &nbsp;Future commitments, which are all short-term and for the same
concepts, amount to ThCh$2,585,311.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -48px; FONT-FAMILY: Arial Narrow"><B><U>I.</U></B></P>
<P
style="PADDING-LEFT: 48px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>ANALYSIS
OF THE FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2007.</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Highlights</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 40px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated
operating income reached US$53.2 million during the first quarter of 2007, 14.8%
growth when compared to the first quarter of 2006. Operating margin was
18.0%.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 40px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated
sales volume grew 6.3% during the quarter, reaching 114.1 million unit cases.
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">During
the quarter consolidated EBITDA totaled US$66.5 million, representing an
increase of 10.1% compared to the first quarter of 2006. EBITDA margin was
22.5%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 40px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Net
income for the period reached US$41.3 million, 3.0% higher than the first
quarter of 2006. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>Comments from the Chief
Executive Officer, Mr. Jaime Garcia R.</U></B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>&#147;We began 2007 with very
good results. Particularly, our operation in Argentina had an exceptional
performance during the quarter, of which we are proud. &nbsp;We are optimistic
regarding the Company&#146;s solid cash generation capacity for the remainder of
2007.&#148;</I></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>CONSOLIDATED
SUMMARY </U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>First
Quarter 2007 vs. First Quarter 2006</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina achieved solid results
in the first quarter of 2007 as a result of volume growth, an increase in real
prices and positive macroeconomic environments in each market where the Company
operates. The 4.4% average appreciation of the Brazilian real had a positive
impact on the Company&#146;s dollar-denominated costs. &nbsp;The Argentine peso and
the Chilean peso remained relatively stable, depreciating on average 1.2% and
2.7%, respectively.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated sales volume for
the first quarter of 2007 reached 114.1 million unit cases, an increase of 6.3%
compared to the first quarter of 2006. &nbsp;Our three franchises contributed to
this growth at different rates: &nbsp;Chile 5.5%; Brazil 4.6% and Argentina
9.9%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">As a result of higher volumes,
price adjustments in each of the three countries, and a favorable exchange rate
in Brazil upon translating figures, net sales amounted to US$295.4 million, a
14.0% improvement compared to the first three months of 2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cost of sales per unit case
increased 5.5%, mainly due to higher costs of certain raw materials such as
sugar and increased labor costs, offset by the appreciation of the Brazilian
real. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">SG&amp;A increased 17.1% due
to higher volumes and increased freight fees resulting from higher fuel
prices.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Consolidated operating income
amounted to US$53.2 million, a 14.8% increase compared to the US$46.3 million
reported in the same period of 2006. Operating margin was 18.0%, an increase of
10 basis points. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Finally, consolidated EBITDA
amounted to US$66.5 million, a 10.1% improvement compared to the same period of
the previous year. EBITDA margin was 22.5%, an increase of 80 basis points.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>40</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>SUMMARY BY COUNTRY </B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CHILE </B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>First
Quarter 2007 vs. First Quarter 2006</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">During the
first quarter of 2007, sales volume amounted to 38.9 million unit cases
reflecting growth of 5.5%. &nbsp;Soft Drinks increased 5.5%; Waters remained in
line with the previous year, while Juices increased 16.8%. The launch of Andina
Gold 100% Naranja focused on the natural juice market, and Nestea
(ready-to-drink tea) Lemon, Lemon Light and Peach flavors contributed to the
growth in the Juice segment. &nbsp;In the Soft Drinks segment the Light category
was enhanced with the launch of Coca-Cola Zero<I>.</I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Net sales
amounted to US$110.4 million, growth of 6.3%. &nbsp;This increase was a result
of higher volumes and price increases, offset by the<I> mix</I> effect on income
per unit case from the Juice and Waters categories.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cost of
sales per unit case decreased 1.0%. This lower cost is best explained by lower
costs of PET resin and a lower depreciation, given that the useful life period
of certain fixed assets came to an end. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating
income amounted to US$28.3 million, an increase of 12.0% versus 2006. Operating
margin was 25.7%, an increase of 130 basis points regarding the first quarter of
2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">EBITDA
amounted to US$ 33.6 million, 6.2% higher than the US$31.6 million recorded
during the same quarter of the previous year. &nbsp;EBITDA margin was 30.4%, a
decrease of 10 basis points regarding the first-three months of 2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;BRAZIL</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>First
Quarter 2007 vs. First Quarter 2006</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Sales
volume for the first quarter of 2007 amounted to 44.3 million unit cases, a 4.6%
increase compared to the first three months of 2006. &nbsp;The low temperatures
recorded in January 2007 in Rio de Janeiro, had a strong impact over this
figure. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Net sales
reached US$123.1 million, a 19.4% increase compared to the same period of 2006,
and a 14.1% increase in terms of unit case. &nbsp;This growth is best explained
by price adjustments during the period, in addition to the appreciation of the
Brazilian real, which benefited the translation of the Company&#146;s results into
U.S. dollars.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cost of
sales per unit case posted growth of 12.6%, best explained by the effect of the
conversion of figures (negatively affecting our costs), and increased prices on
certain raw materials. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating
Income reached US$18.5 million, a 14.3% increase, Operating margin was 15.0%, a
decrease of 70 basis points. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Finally,
EBITDA amounted to US$23.2 million, a 12.6% improvement compared to the US$20.6
million reported in the first quarter of 2006. &nbsp;&nbsp;EBITDA margin was
18.9%, a decrease of 110 basis points regarding the comparable period.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;<B>ARGENTINA</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>First
Quarter 2007 vs. First Quarter 2006</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Sales
volume for the quarter reached 30.9 million unit cases, a 9.9% improvement
compared to the same period of 2006, supported by the launch of Coca-Cola Zero
in the Light category.</P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>Net
sales reached US$63.5 million, an increase of 16.4% compared to the US$54.5
million reported in the first quarter of 2006. &nbsp;The improvement in net
sales is best explained by increased volumes and price adjustments that took
place during the quarter, which were partially offset by the effect upon
translating figures as a result of the depreciation of the Argentine peso (1.2%
average for the period.)</I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>Cost of
sales per unit case increased 2.1%, best explained by higher labor costs as well
as higher costs for certain raw materials, partially offset by the effects upon
translating figures.</I></P>
<P
style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating
Income totaled US$ 9.4 million, growth of 32.3%. Operating Margin was 14.8%, an
increase of 170 basis points compared to the first quarter of 2006. </P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>41</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">EBITDA
reached US$12.8 million, an increase of 22.7%. EBITDA margin amounted to 20.1%,
an increase of 100 basis points.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>NON-OPERATING RESULTS
</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><U>First
Quarter 2007 vs. First Quarter 2006</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">Non-operating
results totaled a loss of (US$3.9 million), which compares negatively to a lower
accumulated loss of (US$0.2 million) recorded in the same period of the previous
year. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">This
increased loss in the non-operating result line is best explained by:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 1px; MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol"><I>&#183;</I></P>
<P
style="PADDING-RIGHT: 1px; PADDING-LEFT: 96px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>Financial
Expense/Income (Net)</I>: &nbsp;Reflecting a positive variation due to lower
losses in the <I>Cross Currency Swap Agreements</I>, resulting from a lower
depreciation of the exchange rate during the first quarter 2007 compared to the
first quarter 2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 1px; MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol"><I>&#183;</I></P>
<P
style="PADDING-RIGHT: 1px; PADDING-LEFT: 96px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>Price
Level Restatement:</I> Lower foreign exchange gains due to a lower increase of
the exchange rate during the first quarter 2007 compared to the first quarter
2006 over the Company&#146;s U.S. dollar asset position. &nbsp;Additionally, the U.S.
dollar asset position is lower than that of the prior period. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 1px; MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol"><I>&#183;</I></P>
<P
style="PADDING-RIGHT: 1px; PADDING-LEFT: 96px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>Income
Taxes:</I> &nbsp;Increased given (i) the absorption of tax loss carry forwards
in Argentina and Brazil, and (ii) increased taxable earnings. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Finally, net income amounted
to US$41.3 million, an increase of 3.0% compared to the figure recorded in the
first quarter 2006.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>ANALYSIS OF THE BALANCE
SHEET </B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">As of
March 31, 2007, the company&#146;s financial assets amounted to US$ 337.8 million.
These represent cash, investments in mutual funds, deposits, structured notes,
corporate bonds and sovereign bonds. &nbsp;71.6% of total financial investments
are U.S. dollar-denominated. Nevertheless, through <I>&#147;Cross-Currency Swaps&#148;
</I>agreements entered into during 2003 and 2004<I>, </I>part of the portfolio
has been converted to Chilean pesos (UF &#150; Chilean Inflation Indexed Currency),
thereby decreasing the amount denominated in U.S. Dollars to 16.1%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 1px; MARGIN: 0px; FONT-FAMILY: Arial Narrow">On the
other hand, the Company&#146;s total debt was US$ 200.7 million, with an average
annual rate of 7.07% on U.S. dollar-denominated debt, and an average real annual
rate of 6.40% on Chilean peso-denominated debt. The U.S. dollar-denominated debt
represents 18.7% of total debt.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">As a result, the Company holds
a positive net cash position of US$ 137.1 million.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>42</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt; FONT-FAMILY: Arial Narrow"><B>II.</B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;MAIN
INDICATORS</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=11></TD>
<TD width=239></TD>
<TD width=69></TD>
<TD width=81></TD>
<TD width=69></TD>
<TD width=69></TD>
<TD width=131></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=251 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>INDICATORS</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Unit</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>mar-07</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>dic-06</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>mar-06</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Variance</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=251 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B><I>LIQUIDITY</I></B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Current
Ratio</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1.59</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1.30 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1.68</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; COLOR: #ff0000; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-0.09 </P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Acid
Tests</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1.38</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1.12 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1.52</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; COLOR: #ff0000; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-0.14 </P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Working
Capital</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>17,587 &nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>22,229 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>46,983</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; COLOR: #ff0000; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-29,396 </P></TD></TR>
<TR>
<TD vAlign=bottom width=251 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B><I>ACTIVITY</I></B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><I></I></B>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Investments</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>11,414 &nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>37,078 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7,384</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>4,030 &nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Inventory
turnover</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4.02 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>15.42 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4.50</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; COLOR: #ff0000; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-0.48 </P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Days
of inventory on hand</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Days</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>89.55 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>23.35 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>80.05</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>9.49 </P></TD></TR>
<TR>
<TD vAlign=bottom width=251 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B><I>INDEBTEDNESS</I></B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Debt
to equity ratio</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>73.69%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>86.94%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>85.56%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-11.87%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Short-term
liabilities to total liabilities</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>48.96%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>52.86%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>43.87%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>5.09%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Long-term
liabilities to total liabilities</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>51.04%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>47.14%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>56.13%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-5.09%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Interest
charges coverage ratio</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>20.32 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>23.50 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>15.70 </P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>4.62 </P></TD></TR>
<TR>
<TD vAlign=bottom width=251 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B><I>PROFITABILITY</I></B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Return
over equity</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7.75%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>27.10%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7.52%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>0.23%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Return
over total assets</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4.30%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>14.15%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3.94%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>0.36%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Return
over operating assets</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>9.70%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>30.72%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>8.36%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1.34%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Operating
income</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>28,688 &nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>95,387 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>24,987</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>3,701 </P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Operating
margin</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>18.01%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>17.41%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>17.89%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>0.12%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">EBITDA
(1)</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>36,817 &nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>128,172 </P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>35,765</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1,052 </P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">EBITDA
margin</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>23.12%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>23.40%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>25.60%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-2.49%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Dividends
payout ratio - Series A shares</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>5.83%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.61%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7.25%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-1.42%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Dividends
payout ratio - Series B shares</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=81>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>5.80%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.72%</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7.55%</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>-1.75%</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=422 colSpan=5>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Earnings
before income taxes, interests, depreciation, amortization</P></TD></TR>
<TR>
<TD vAlign=bottom width=11>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=239>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=151 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">and
extraordinary items.</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; COLOR: #3f3f3f; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; COLOR: #3f3f3f; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The main indicators contained
in the table reflect for both periods the solid financial position and
profitability of Embotelladora Andina S.A.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Although solid, liquidity
indicators decrease during this period mainly due to the short term
reclassification of the US$ 23 million in Yankee Bonds that expire in October of
2007. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Indicators of indebtedness
improve mainly due to amortizations of the local bond for an approximate amount
of MUS$23 carried out during June 2006 and December 2006. &nbsp;During the
period net financial expenses amounted to Ch$1,378 million and earnings before
interests and taxes amounted to Ch$27,990 million, achieving an interest
coverage of 20.3 times, significantly higher than the previous period. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating profitability
indicators and Profitability over Equity benefited from the reasons mentioned in
paragraph I.</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow"><B><U>III.</U></B></P>
<P
style="MARGIN: 0px; TEXT-INDENT: 24px; FONT-FAMILY: Arial Narrow"><B><U>&nbsp;ANALYSIS
OF BOOK VALUES AND PRSENT VALUE OF ASSETS</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">With respect to the Company&#146;s
main assets the following should be noted:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Given the high rotation of the
items that compose working capital, book values of current assets are considered
to represent market values. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Fixed asset values in the
Chilean companies are presented at restated acquisition cost. In the foreign
companies, fixed assets are valued in accordance with Technical Bulletin N&#176; 64
issued by the Chilean Institute of Accountants (controlled in historical
dollars).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Depreciation is estimated over
the restated value of assets along with the remaining useful economic life of
each asset. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>43</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">All fixed assets that are
considered available for sale are held at their respective market values.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investments in shares, in
situations where the Company has a significant influence on the issuing company,
are presented following the equity method. The Company&#146;s participation in the
results of the issuing company for each year has been recognized on an accrual
basis, and unrealized results on transactions between related companies have
been eliminated.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">In summary, assets are valued
in accordance with generally accepted accounting standards in Chile and the
instructions provided by the Chilean Securities Commission, as shown in Note 2
of the Financial Statements.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow"><B>IV.</B></P>
<P
style="MARGIN: 0px; TEXT-INDENT: 24px; FONT-FAMILY: Arial Narrow"><B>&nbsp;ANALYSIS
OF THE MAIN COMPONENTS OF CASH FLOW</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=233></TD>
<TD width=79></TD>
<TD width=72></TD>
<TD width=71></TD>
<TD width=71></TD></TR>
<TR>
<TD vAlign=bottom width=233>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Cash
Flow &nbsp;(MCH$)</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>March</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;2007</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;MCh$</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>March</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;2006</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>MCh$</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>Variation
MCh$</B></P></TD>
<TD vAlign=top width=71>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>Variation</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=233>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>37,534</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>43,695</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(6,161)
</P></TD>
<TD vAlign=top width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>-14</P></TD></TR>
<TR>
<TD vAlign=bottom width=233>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Financing</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,850)</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(4,712)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,138)</P></TD>
<TD vAlign=top width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>-67</P></TD></TR>
<TR>
<TD vAlign=bottom width=233>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investment</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(6,771)</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,660</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(8,431)</P></TD>
<TD vAlign=top width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>508</P></TD></TR>
<TR>
<TD vAlign=bottom width=233>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Net cash flow for the
Period</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,913</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>40,643</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(17,730)</B></P></TD>
<TD vAlign=top width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>44</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company generated positive
net cash flow of MCh$22,913 during the quarter, analyzed as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating activities generated
a positive net cash flow of MCh$37,534 representing a negative variation
regarding the previous year which amounted to Ch$6,161 million.
&nbsp;Principally higher BAT payments in the Chilean franchise, specifically
resulting from the fact that during 2006 said tax payment during the month of
January is significantly reduced through the fiscal credit generated from
anticipated sugar purchases and the situation is repeated during the first
quarter of 2007. &nbsp;Additionally during 2007 payments to suppliers are higher
than those carried out during 2006 and are partially offset by increased
collections from clients. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Financing activities generated
a negative cash flow of MCh$7,850 representing a negative variation of MCh$3,138
mainly explained by higher dividend payments and bank loans during 2007
regarding the same period of 2006. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investment activities
generated a negative cash flow of MCh$6,771; with a negative variation of
MCh$8,431 regarding the previous year, mainly because during January of 2006
&nbsp;there were collections due to sale of permanent investments given the
restructuring of the Water business, which does not occur during 2007.
&nbsp;Additionally, during the first quarter of 2007 there are additions to
property, plant and equipment which did not occur during the first quarter of
2006 and that will be destined to improve distribution centers of our Chilean
franchise. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow"><B>V.</B></P>
<P
style="MARGIN: 0px; TEXT-INDENT: 47px; FONT-FAMILY: Arial Narrow"><B>&nbsp;ANALYSIS
OF MARKET RISK</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>Interest Rate Risk</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">As of March 31, 2006 and 2007,
the Company held 100% of its debt obligations at fixed-rates.
&nbsp;Consequently, the risk fluctuation of market interest rates regarding the
Company&#146;s cash flow remains low. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>Foreign Currency
Risk</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Income generated by the
Company is linked to the currencies of the markets in which it operates.
&nbsp;For the period the breakdown for each is the following: </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">Chilean
peso:</P>
<P style="MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">37%</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">Brazilian
real:</P>
<P style="MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">42%</P>
<P
style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; FONT-FAMILY: Arial Narrow">Argentine
peso:</P>
<P style="MARGIN: 0px; TEXT-INDENT: 94px; FONT-FAMILY: Arial Narrow">21%</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Since the Company&#146;s sales are
not linked to the United States dollar, the policy adopted for managing foreign
exchange risk, this is the mismatch between assets and liabilities denominated
in a given currency, has been to maintain financial investments in
dollar-denominated instruments, for an amount at least equivalent to the
dollar-denominated liabilities.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>44</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 664px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 664px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Additionally, it is Company
policy to maintain foreign currency hedge agreements to lessen the effects of
exchange risk in cash expenditures expressed in US dollars which mainly
correspond to payment to suppliers for raw materials. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounting exposure of foreign
subsidiaries (Brazil and Argentina) for the difference between monetary assets
and liabilities, those denominated in local currency, and therefore, exposed to
risks upon translation to the US dollar, are only covered when it is foreseen
that it will result in significant negative differences and when the associated
cost of said coverage is deemed reasonable by management. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>Commodity Risks</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The Company faces the risk of
price changes in the international markets for sugar, aluminum and PET resin,
all of which are necessary raw materials for preparing beverages, and that
altogether represent between 25% and 30% of our operating costs. In order to
minimize and/or stabilize such risk, supply contracts and advanced purchases are
negotiated when market conditions are favorable. &nbsp;Likewise commodity
coverage instruments have also been utilized. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 6px; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I>This
document may contain forward-looking statements reflecting Embotelladora Andina
SA&#146;s good faith expectations and are based upon currently available data;
however, actual results are subject to numerous uncertainties, many of which are
beyond the control of the Company and any one or more of which could materially
impact actual performance. &nbsp;Among the factors that can cause performance to
differ materially are: &nbsp;political and economic conditions on consumer
spending, pricing pressure resulting from competitive discounting by other
bottlers, climatic conditions in the Southern Cone, and other risk factors
applicable from time to time and listed in Andina&#146;s periodic reports filed with
relevant regulatory institutions.</I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>MATERIAL EVENTS </B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">During the period January &#150;
March 2007, the following material events were filed: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><U>Dividend Distributions for
the 2007 period:</U></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=112></TD>
<TD width=112></TD>
<TD width=109></TD>
<TD width=94></TD></TR>
<TR>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Dividend
N&#176;</B></P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Date Paid</B></P></TD>
<TD vAlign=bottom width=109>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Series
A</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Ch$ per
share</B></P></TD>
<TD vAlign=bottom width=94>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Series
B</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Ch$ per
share</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">154</P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">31-Jan-07</P></TD>
<TD vAlign=bottom width=109>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>5.60</P></TD>
<TD vAlign=bottom width=94>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>6.16</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">No other significant events of
a financial or any other nature have occurred between March 31, 2007 and the
issuance date of these financial statements that affect or may affect the
assets, liabilities and/or income of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>45</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
</DIV>
<DIV style="WIDTH: 720px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=249></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=41></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=41></TD>
<TD width=52></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Embotelladora
Andina S.A.</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=307 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>First
Quarter Results for the period ended March 31, Chilean GAAP</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=307 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>(In
millions of constant 03/31/07 Chilean Pesos, except per share)</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=214 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>03/31/2007</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=213 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>03/31/2006</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><I></I></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Total (2)</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Total (2)</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>% Ch.</I></B></P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>VOLUME
TOTAL BEVERAGES (Million UC)</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>38.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>44.3</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>30.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>114.1</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>36.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>42.3</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>28.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>107.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6.3%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Soft
Drink</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>31.8</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42.1</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>104.4</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.2</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>40.5</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>27.8</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>98.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Mineral
Water</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4.1</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.5</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4.1</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.6</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-3.4%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Juices</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.7</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3.8</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2.6</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.4</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>2.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>28.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Beer</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1.0</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.9</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>59,536</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>66,359</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>34,232</B></P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>159,268</B></P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>56,025</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>55,568</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>29,412</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>139,689</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>14.0%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(32,819)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(37,742)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(20,814)</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(90,516)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(31,417)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(32,030)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(18,548)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(80,679)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>26,717</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>28,617</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>13,418</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>68,752</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>24,608</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>23,537</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>10,864</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>59,010</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>16.5%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>44.9%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43.1%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>39.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43.2%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43.9%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42.4%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>36.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(11,434)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(18,644)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(8,341)</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(38,419)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(10,965)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(14,814)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(7,025)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(32,805)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;CORPORATE
EXPENSES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1,645)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1,218)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>35.0%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>OPERATING
INCOME</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>15,283</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>9,973</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,077</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>28,688</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>13,643</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,723</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,839</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>24,987</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>14.8%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Operating
Margin</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>25.7%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.0%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14.8%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18.0%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>24.4%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.7%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>13.1%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>18,116</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>12,516</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,879</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>35,866</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,061</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>11,115</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,607</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>32,565</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>10.1%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.4%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18.9%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>20.1%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>22.5%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.5%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>20.0%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>19.1%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>23.3%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NON
OPERATIONAL RESULTS</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1,747)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(3,864)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-54.8%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>327</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>335</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-2.5%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1,649)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1,633)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;OTHER
INCOME/(EXPENSE)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(622)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(210)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>195.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,615</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,248</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-69.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NON-OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(2,076)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(124)</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1572.1%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=top width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>INCOME
BEFORE INCOME TAXES; AMORTIZATION OF </B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>26,612</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>24,863</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(4,299)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(3,187)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>34.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(54)</P></TD>
<TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(73)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-25.5%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NET
INCOME</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>22,259</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>21,603</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3.0%</B></P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Net
Margin</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14.0%</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.5%</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>760.3</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>760.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>EARNINGS
PER SHARE</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>29.3</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>28.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>EARNINGS
PER ADS</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>175.7</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>170.5</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3.0%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">(1)
EBITDA: Operating Income + Depreciation</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=364 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">(2)
Total may be different from the addition of the three countries because of
intercountry eliminations</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=422 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">(3)
Includes: Monetary Correction + Conversion Effect to Balance Sheet +
Income Statement Accounts.</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>46</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=249></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=41></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=41></TD>
<TD width=52></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Embotelladora
Andina S.A.</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=307 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>First
Quarter Results for the period ended March 31, Chilean GAAP</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>(In
millions US$, except per share)</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Exch. Rate &nbsp;:</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>539.21</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=214 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>03/31/2007</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=213 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>03/31/2006</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><I></I></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Total (2)</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>Total (2)</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B><I>% Ch.</I></B></P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>VOLUME
TOTAL BEVERAGES (Million UC)</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>38.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>44.3</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>30.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>114.1</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>36.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>42.3</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>28.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>107.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6.3%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Soft
Drink</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>31.8</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42.1</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>104.4</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.2</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>40.5</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>27.8</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>98.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Mineral
Water</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4.1</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.5</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4.1</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.6</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-3.4%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Juices</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.7</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3.8</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2.6</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.4</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>2.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>28.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;Beer</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1.0</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.9</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>110.4</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>123.1</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>63.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>295.4</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>103.9</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>103.1</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>54.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>259.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>14.0%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(60.9)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(70.0)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(38.6)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(167.9)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(58.3)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(59.4)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(34.4)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(149.6)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>49.5</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>53.1</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>24.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>127.5</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>45.6</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>43.7</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>20.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>109.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>16.5%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>44.9%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43.1%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>39.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43.2%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>43.9%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42.4%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>36.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>42.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(21.2)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(34.6)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(15.5)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(71.3)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(20.3)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(27.5)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(13.0)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(60.8)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;CORPORATE
EXPENSES</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(3.1)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(2.3)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>35.0%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>OPERATING
INCOME</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>28.3</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>18.5</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>9.4</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>53.2</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>25.3</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>16.2</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>7.1</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>46.3</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>14.8%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Operating
Margin</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>25.7%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.0%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14.8%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18.0%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>24.4%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.7%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>13.1%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>33.6</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>23.2</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>12.8</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>66.5</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31.6</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>20.6</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>10.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>60.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.4%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18.9%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>20.1%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>22.5%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30.5%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>20.0%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>19.1%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>23.3%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NON
OPERATIONAL RESULTS</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(3.2)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(7.2)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-54.8%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.6</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.6</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-2.5%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(3.1)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(3.0)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;OTHER
INCOME/(EXPENSE)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1.2)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(0.4)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>195.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3.0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9.7</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-69.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NON-OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(3.9)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>(0.2)</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1572.1%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=top width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>INCOME
BEFORE INCOME TAXES; AMORTIZATION OF </B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>49.4</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>46.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(8.0)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(5.9)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>34.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(0.1)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(0.1)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-25.5%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>NA</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>NET
INCOME</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>41.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>40.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3.0%</B></P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Net
Margin</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14.0%</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.5%</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>760.3</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>760.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>EARNINGS
PER SHARE</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.05</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.05</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>EARNINGS
PER ADS</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.33</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B></B>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=41>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.32</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3.0%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=249>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">(1)
EBITDA: Operating Income + Depreciation</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=364 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">(2)
Total may be different from the addition of the three countries because of
intercountry eliminations</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=422 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">(3)
Includes: Monetary Correction + Conversion Effect to Balance Sheet +
Income Statement Accounts.</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>47</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I42></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=170></TD>
<TD width=52></TD>
<TD width=52></TD>
<TD width=33></TD>
<TD width=10></TD>
<TD width=263></TD>
<TD width=52></TD>
<TD width=52></TD>
<TD width=39></TD></TR>
<TR>
<TD vAlign=bottom width=729 colSpan=9>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Embotelladora Andina S.A.</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=729 colSpan=9>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Consolidated Balance Sheet</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=729 colSpan=9>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>(In million of constant 03/31/07 Chilean
Pesos)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ASSETS</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2007</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2006</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>%Ch</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>LIABILITIES
&amp; SHAREHOLDERS' EQUITY</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2007</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2006</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>%Ch</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Cash
+ Time deposits + market. Securit.</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>68,773</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>99,787</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-31.1%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Short
term bank liabilities</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>29,535</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-100.0%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Account
receivables (net)</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>49,079</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>51,909</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-5.5%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Current
portion of long term bank liabilities</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>452</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>508</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-11.0%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>22,293</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18,055</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>23.5%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Current
portion of bonds payable</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>31,242</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14,213</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>119.8%</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30,335</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>19,024</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>59.5%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Trade
accounts payable and notes payable</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>50,251</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>46,490</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8.1%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Current Assets</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>170,481</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>188,775</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>-9.7%</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
liabilities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>25,397</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>21,438</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18.5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Current Liabilities</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>107,342</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>112,184</B></P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>-4.3%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>536,679</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>518,108</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3.6%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Depreciation</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(391,693)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(374,629)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4.6%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Long
term bank liabilities</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>330</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>406</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-18.8%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Property, Plant, and Equipment</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>144,985</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>143,479</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1.0%</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Bonds
payable</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>76,200</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>105,788</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-28.0%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
long term liabilities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>35,392</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>37,364</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-5.3%</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Investment
in related companies</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>21,430</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>21,204</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1.1%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Long Term Liabilities</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>111,922</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>143,558</B></P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>-22.0%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Investment
in other companies</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>56</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>56</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-0.1%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Goodwill</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>67,087</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>73,848</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-9.2%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Minority
interest</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,228</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,218</B></P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0.8%</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
long term assets</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>115,675</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>129,913</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-11.0%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total
Other Assets</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>204,248</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>225,021</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>-9.2%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Stockholders'
Equity</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>299,222</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>300,316</B></P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>-0.4%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>TOTAL
ASSETS</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>519,714</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>557,276</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=33>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>-6.7%</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>TOTAL
LIABILITIES &amp; SHAREHOLDERS' EQUITY</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>519,714</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>557,276</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=39>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>-6.7%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=689 colSpan=8>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Financial Highlights</B></P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=689 colSpan=8>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>(In million of constant 03/31/07 Chilean Pesos)</B></P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ADDITIONS
TO FIXED ASSETS</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2007</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2006</B></P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>DEBT
RATIOS</B></P></TD>
<TD
style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2007</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31/03/2006</B></P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Chile</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,803</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,257</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Financial
Debt / Total Capitalization</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.26</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.33</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Brazil</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,878</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,940</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Financial
Debt / EBITDA L12M</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0.84</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1.34</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=170>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Argentina</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>733</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,187</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">EBITDA
L12M+Interest Income / Interest Expense &nbsp;L12M </P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9.54</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.49</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>11,414</B></P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>7,384</B></P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">L12M:
Last twelve months</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=584 colSpan=6>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">*
As March 31, 2007, the company's registered a positive net cash position
of US$ 137.1 million. Total debt amounted to US$ 200.7 million.</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=637 colSpan=7>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Total
Cash amounted to US$ 337.8 million, which includes cash investments
accounted for under Other Current Assets as well as Other Long Term
Assets.</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=170>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=39>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PADDING-RIGHT: 24px; FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt"
align=center>48</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
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<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>SIGNATURES</P>
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<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Santiago, Chile.</P>
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<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P
style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 234px; LINE-HEIGHT: 14pt"><B>EMBOTELLADORA
ANDINA S.A.</B></P>
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<P
style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P
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<U>/s/ Osvaldo
Garay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P
style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 234px; LINE-HEIGHT: 14pt">Name:
&nbsp;&nbsp;Osvaldo Garay</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P
style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 234px; LINE-HEIGHT: 14pt">Title:
&nbsp;&nbsp;&nbsp;Chief Financial Officer </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt">Santiago, April 8,
2008</P><A name=_PictureBullets></A>
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