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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000893750-08-000291.txt : 20080604
<SEC-HEADER>0000893750-08-000291.hdr.sgml : 20080604
<ACCEPTANCE-DATETIME>20080604114439
ACCESSION NUMBER:		0000893750-08-000291
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080604
DATE AS OF CHANGE:		20080604

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:		08879592

	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>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>Financial Statements 1Q05</TITLE>
<META content="Karin O'Connor" name=author>
<META content=05/30/2008 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 683px">
<P style="MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<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="MARGIN: 0px" align=center><B>May 2008</B></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" align=justify>&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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>__________________________</P>
<P style="MARGIN: 0px">&nbsp;</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"><BR><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; 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"><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>
<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>
<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="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>CONSOLIDATED
FINANCIAL STATEMENTS</B></P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">As
of March 31, 2008 and 2007 </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">(Free
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="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Consolidated
Balance Sheets</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Consolidated
Statements of Income</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Consolidated
Statements of Cash Flows</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Notes
to the Consolidated Financial Statements</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Analysis
of Results</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Ch$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Chilean
pesos</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">ThCh$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Thousands
of Chilean pesos</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">US$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">United
States dollars</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 190px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -96px; LINE-HEIGHT: 14pt">UF</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 190px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -46px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 190px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Unidades
de Fomento (Chilean government inflation-indexed monetary units)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">AR$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">-
</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Argentine
pesos</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">R$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">-
&nbsp;</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Brazilian
Reais</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">ThR$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 94px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Thousands
Brazilian Reais</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>2</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 704px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Consolidated
Balance Sheets</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">(Figures in ThCh$ of
March 31, 2008)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=402></TD>
<TD width=110></TD>
<TD width=114></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P>&nbsp;</P></TD>
<TD vAlign=top width=225 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the period ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>ASSETS</B></P></TD>
<TD vAlign=top width=225 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD></TR>
<TR>
<TD vAlign=top width=402>
<P>&nbsp;</P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=top width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=top width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CURRENT
ASSETS</B></P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Cash </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19,665,569</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19,989,650</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Time deposits
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>65,243,049</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,877,101</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Marketable
securities (net) &nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>62,679,684</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>50,477,108</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Trade accounts
receivable (net) </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>30,392,459</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>31,083,532</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes receivable
(net) </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,384,773</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,604,248</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other receivables
(net) </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>14,202,074</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>10,807,413</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes and accounts
receivable from related companies </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,702,404</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,559,627</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Inventories (net)
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>22,183,883</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>24,098,822</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Recoverable taxes
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,055,360</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,706,578</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Prepaid expenses
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,388,819</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,946,338</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Deferred income
taxes </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,059,878</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>391,337</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other current
assets </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,962,478</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>20,747,719</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL CURRENT
ASSETS </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>242,920,430</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>184,289,473</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>PROPERTY, PLANT &amp;
EQUIPMENT </B></P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Land </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>16,835,231</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>17,696,061</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Buildings &amp;
improvements </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>94,662,977</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>93,714,754</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Machinery and
equipment </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>214,804,198</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>235,863,811</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other property,
plant &amp; equipment </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>216,610,739</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>230,647,729</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Technical
reappraisal of property, plant &amp; equipment </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,225,746</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,227,198</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Depreciation
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379,213,387)</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423,420,503)</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL PROPERTY,
PLANT &amp; EQUIPMENT </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>165,925,504</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>156,729,050</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>OTHER ASSETS
</B></P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Investments in
related companies </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>24,833,673</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>23,165,857</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Investments in
other companies </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>124,647</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>60,753</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Goodwill </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>49,085,865</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>72,521,196</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term
receivables </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>31,511</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>41,730</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term notes
and accounts receivable from related companies </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>57,296</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>39,106</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Intangibles
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>369,765</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>465,236</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Amortization
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227,337)</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286,070)</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Others </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>20,563,103</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>124,784,441</P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL OTHER
ASSETS </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>94,838,523</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>220,792,249</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=402>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>TOTAL
ASSETS</B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>503,684,457</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>561,810,772</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:D34></A><A
name=RANGE!A1:C34></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The accompanying
Notes 1 to 33 are an integral part of these consolidated financial
statements.</P><A name=RANGE!A1:C35></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>3</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 704px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Consolidated
Balance Sheets</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">(Figures in ThCh$ of
March 31, 2008)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=372></TD>
<TD width=110></TD>
<TD width=114></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=top width=225 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the period ended</B></P></TD></TR>
<TR>
<TD vAlign=top width=372>
<P>&nbsp;</P></TD>
<TD vAlign=top width=225 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD></TR>
<TR>
<TD vAlign=top width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>LIABILITIES AND
SHAREHOLDERS' EQUITY</B></P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=top width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=top width=372>
<P>&nbsp;</P></TD>
<TD vAlign=top width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>CURRENT LIABILITIES
</B></P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Short-term bank
liabilities </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Current portion of
long-term bank liabilities </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>107,191</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>488,711</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Current portion of
bonds payable </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>8,238,682</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>33,772,419</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Dividends payable
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>235,207</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>233,172</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Accounts payable
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>47,177,228</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>39,274,991</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other creditors
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,810,158</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,328,930</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Notes and accounts
payable to related companies </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,816,272</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,484,710</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Provisions </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,346,300</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,325,569</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Withholdings
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>12,927,346</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>12,920,915</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income taxes
payable </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,200,030</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,204,171</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Unearned income
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>518,191</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>588,101</P></TD></TR>
<TR>
<TD vAlign=top width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other current
liabilities </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,316,758</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,415,270</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL CURRENT
LIABILITIES </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>96,054,766</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>116,036,959</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>LONG-TERM LIABILITIES
</B></P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term bank
liabilities </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>634,737</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>356,207</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Bonds payable
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>74,218,794</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>82,372,119</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other creditors
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>70,783</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>153,678</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Long-term notes
and accounts payable to related companies </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,325,807</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,737,168</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Provisions </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>15,304,522</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>18,942,983</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Deferred income
taxes </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>11,924,176</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,258,318</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other long-term
liabilities </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>11,214,706</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>11,166,878</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL LONG-TERM
LIABILITIES </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>116,693,525</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>120,987,351</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Minority interest</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,324,232</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,327,272</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
SHAREHOLDERS&#146; EQUITY </B></P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Paid-in capital
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>217,013,513</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>218,427,940</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Reserve capital
revalued</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,736,108</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>436,856</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other reserves
</P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,165,500)</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,712,666</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Retained earnings
</B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>97,027,813</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>100,881,728</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=110>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Accumulated
earnings </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>76,183,700</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>76,820,085</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Net income for the
period </P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>20,844,113</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>24,061,643</P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
SHAREHOLDERS&#146; EQUITY </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>289,611,934</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>323,459,190</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=372>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL
LIABILITIES &amp; SHAREHOLDERS' EQUITY </B></P></TD>
<TD vAlign=bottom width=110>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>503,684,457</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>561,810,772</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The accompanying
Notes 1 to 33 are an integral part of these consolidated financial
statements.</P><A name=RANGE!A1:D39></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>4</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 704px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Consolidated
Statements of Income</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">(Figures in ThCh$ of
March 31, 2008)</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=267></TD>
<TD width=92></TD>
<TD width=95></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=188 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the period ended </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=188 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;OPERATING
INCOME </B></P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Gross margin
</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>79,439,926</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>74,320,986</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Net sales </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,514,937 </P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172,168,894
</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cost of sales </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(92,075,011)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(97,847,908)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Administrative and
selling expenses </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46,841,720)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,308,945)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;OPERATING
INCOME </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>32,598,206</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>31,012,041</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NON OPERATING
INCOME AND EXPENSE </B></P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Financial income
</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,143,556</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,171,246</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Equity in earnings
of equity investments </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>342,510</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>527,435</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other
non-operating income </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,029,466</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>571,539</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Equity in losses
of equity investments </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81,904)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174,200)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Amortization of
goodwill </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,318,372)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,782,968)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Financial expenses
</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,116,016)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,143,836)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other
non-operating expenses </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,141,280)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,617,139)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Price level
restatement </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,814
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212,806)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Foreign exchange
gains </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,869,807)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,416,212</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NON OPERATING
INCOME AND EXPENSE </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,994,033)</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,244,517)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income before
income taxes and extraordinary items </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>28,604,173</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>28,767,524</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income tax expense
</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,732,119)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,647,097)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income before
minority interest </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>20,872,054</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>24,120,427</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Minority interest
</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,941)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58,784)</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET INCOME FOR
THE PERIOD </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>20,844,113</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>24,061,643</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The accompanying
Notes 1 to 33 are an integral part of these consolidated financial
statements.</P><A name=RANGE!A1:D24></A><A name=RANGE!A1:C25></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>5</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 704px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Consolidated
Statements of Cash Flow</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">(Figures in ThCh$ of
March 31, 2008)</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C39></A><A
name=RANGE!A2:C37></A><A name=RANGE!A2:C34></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=337></TD>
<TD width=92></TD>
<TD width=95></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=188 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the year ended </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=188 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY OPERATING ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Collection of
trade receivables &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258,598,946 </P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,953,471
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Financial income
received &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,488,491
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,638,848
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Dividend &amp;
other distributions received </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,891,750
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Other income
received &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,939
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,698
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Payments to
suppliers and personnel &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189,630,445)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175,502,567)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Interest paid
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,044,987)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,750,254)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Income taxes paid
&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,224,578)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,996,151)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;VAT and other tax
payments &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,023,650)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,686,995)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY OPERATING ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,187,716
</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,573,800
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY (USED IN) FINANCING ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Borrowings
&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,739,737
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,346
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Dividend
distribution </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,387,365)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,496,541)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Loan payments
</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,006,167)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,990,864)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY (USED IN) FINANCING ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,653,795)</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,486,059)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY (USED IN) INVESTMENT ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Proceeds from
sales of property, plant and equipment &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,161
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165,620
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Proceeds from
sales of other investments &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,889
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,853,300
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Additions to
property, plant &amp; equipment </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,069,565)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,338,037)</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Permanent
investments</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,889)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0
&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;NET CASH
PROVIDED BY (USED IN) INVESTMENT ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,923,404)</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,319,117)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;TOTAL NET CASH
FOR THE PERIOD </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,610,517
</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,768,624
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Effect of inflation on
cash and cash equivalents </P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,450,149)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646,252
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Net (decrease)
increase in cash and cash equivalents &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,160,368
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,414,876
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Cash and cash
equivalents at beginning of period &nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118,659,054 </P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,248,367
</P></TD></TR>
<TR>
<TD vAlign=bottom width=337>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;Cash and cash
equivalents at end of period </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,819,422
</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,663,243
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C31></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The accompanying
Notes 1 to 33 are an integral part of these consolidated financial
statements.</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>6</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 704px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Reconciliation
between Net Income and Net Cash Flows</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Provided by
Operating Activities</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">(Figures in ThCh$ of
March 31, 2008)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=417></TD>
<TD width=104></TD>
<TD width=104></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=208 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;For the year ended </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=208 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Net Income</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,844,113
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,061,643
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Income on sale of
assets:</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,154
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405,827
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Loss (Gain) on sale of
property, plant and equipment</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,819
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414,264
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Gain on sale of other
assets</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,665)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,437)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Income on sale of
assets:</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,844,113
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,061,643
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<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=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Depreciation</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,379,752
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,759,210
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Amortization of
intangibles</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,038
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345,937
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Write-offs and
provisions</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184,605
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,984
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Equity in earnings of
equity investments</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342,510)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(527,435)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Equity in losses of
equity investments</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,904
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,200
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Amortization of
goodwill</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,318,372
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,782,968
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Price level
restatement</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,814)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212,806
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Foreign exchange gains,
net</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,869,807
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,416,212)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other credits to income
that do not represent cash flows</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612,836)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other charges to income
that do not represent cash flows</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,211,686
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,303
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<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=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,742,840
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,894,925
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Changes in operating
assets</B></P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Increase) decrease in
trade accounts receivable</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,329,573
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,814,133
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Increase) decrease in
inventories</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,686,862
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697,417
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(Increase) decrease in
other assets</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,737,435)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506,334)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Changes in operating
assets</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,279,000
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,005,216
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Changes in operating
liabilities</B></P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
accounts payable related to operating income</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,795,161)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,242,127)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
interest payable</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,927,481
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,759,347
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
income taxes payable</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,745,296)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,974,262
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
other accounts payable related to non-operating income</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,792,652
</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,081,083
</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Increase (decrease) in
value added tax and other similar items</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,901,008)</P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,425,160)</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Changes in operating
liabilities</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(721,332)</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,852,595)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Minority
interest</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,941
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,784
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>NET CASH PROVIDED BY
OPERATING ACTIVITIES</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,187,716
</B></P></TD>
<TD vAlign=bottom width=104>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,573,800
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C32></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The accompanying
Notes 1 to 33 are an integral part of these consolidated financial
statements.</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>7</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">As of March 31, 2008
and 2007 (figures in ThCh$ of March 31, 2008)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 1 -
Incorporation in the Securities Register</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 2 - Summary
of Significant Accounting Principles</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">a)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Accounting
period</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The consolidated
financial statements cover the period January 1 to March 31, 2008 and are
compared to the same period in 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">b)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Basis
of preparation </P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">c)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Basis
of presentation</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">For comparison
purposes, the figures in the prior-year financial statements have been restated
by 8.1% according to CPI and minor reclassifications have been made.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">d)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Basis
of consolidation</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="PADDING-RIGHT: 2px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Holding
percentages</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=293></TD>
<TD width=84></TD>
<TD width=83></TD>
<TD width=56></TD>
<TD width=68></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Company
Name</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=293 colSpan=4>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Ownership Interest</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=224 colSpan=3>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=68>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=293>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Direct</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Indirect</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=68>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Total</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Abisa
Corp S.A.</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<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=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<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=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9999</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9999</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9999</P></TD></TR>
<TR>
<TD vAlign=bottom width=293>
<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=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Embotelladora
del Atl&#225;ntico S.A.</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.98</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.98</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<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=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Servicios
Multivending Ltda.</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Transportes
Andina Refrescos Ltda.</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.9</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0.09</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Vital
S.A.</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<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=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>99.99</P></TD>
<TD vAlign=bottom width=68>
<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=293>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Vital
Aguas S.A.</P></TD>
<TD vAlign=bottom width=84>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>56.5</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>56.5</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>56.5</P></TD></TR></TABLE>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>8</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR><BR><BR><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=293></TD>
<TD width=84></TD>
<TD width=83></TD>
<TD width=56></TD>
<TD width=68></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">e)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Price-level
restatement</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 0.8% for the period December
1, 2007 to February 29, 2008 (0.2% for the same period of the previous year).
</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">f)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Currency
translation</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 restated by the corresponding restatement index or
by the agreed upon rate. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Assets and
liabilities in foreign currency and Unidades de Fomento have been translated
into local currency at the following end of period exchange rates:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=116></TD>
<TD width=37></TD>
<TD width=58></TD>
<TD width=58></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Ch$</B></P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Ch$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Unidades de Fomento
</P></TD>
<TD vAlign=bottom width=37>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(UF)</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19,822.53</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>18,372.97</P></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">United States dollars
</P></TD>
<TD vAlign=bottom width=37>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(US$)</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>437.71</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>539.21</P></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Argentine pesos </P></TD>
<TD vAlign=bottom width=37>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(AR$)</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>138.17</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>173.94</P></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Brazilian Real </P></TD>
<TD vAlign=bottom width=37>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(R$)</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>250.25</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>262.98</P></TD></TR>
<TR>
<TD vAlign=bottom width=116>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Euro</P></TD>
<TD vAlign=bottom width=37>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(&#128;$)</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>690.94</P></TD>
<TD vAlign=bottom width=58>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>714.19</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">g)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Marketable
securities</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Investments in bonds
are valued at the lesser of restated cost plus accrued interest and market
value.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">h)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Inventories</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The cost of raw
materials includes all disbursements made in the acquisition process and deemed
necessary for them to be readily available for use. &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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Provisions are made
for obsolescence on the basis of turnover of raw materials and finished
products.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">i)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Allowance
for doubtful accounts</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The allowance for
doubtful accounts consists of a general provision determined on the basis of the
aging of accounts receivable 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: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>9</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">j)
</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Property,
plant and equipment</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">For companies
incorporated in Chile, Property, Plant and Equipment is carried at acquisition
value 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 2m. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">k)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Depreciation
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">l)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Containers</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">m)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Investments
in related companies</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">n)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Intangibles</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">o)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Goodwill</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>10</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">p)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Bonds
payable</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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, under Financial Expenses.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">q)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Income
taxes and deferred income taxes</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">r)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Staff
severance indemnities</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">s)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Deposits
for containers</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">t)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Revenue
recognition</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>11</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">u)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Derivative
contracts</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Derivative contracts
include instruments used to hedge the risk of exposure to exchange rate
differences as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Derivative
instruments used to hedge existing items on the balance sheet are recorded at
their fair values. &nbsp;Unrealized losses are recognized as a charge to income
and gains are deferred and included in Other liabilities (current or long-term).
Hedge ineffectiveness is recognized in the income statement. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Derivative
instruments used to hedge forecasted transactions are recorded at their market
values and the changes in their values are accounted for as unrealized gains or
losses. &nbsp;Upon contract expiration, the deferred gains and losses are
recorded in the income statements.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">v)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Computer
software</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Corresponds to
computer packages currently in use that have a future economic benefit, and are
amortized over a period equal to their useful life. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">w)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Research
and development costs</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">x)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Consolidated
statement of cash flows</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 Securities and Exchange
Commission) </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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 3 -
Accounting Changes</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>12</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 4 -
Marketable Securities</B></P>
<P style="MARGIN: 0px; LINE-HEIGHT: 8pt"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=150></TD>
<TD width=93></TD>
<TD width=117></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Type of Instrument
</B></P></TD>
<TD vAlign=bottom width=211 colSpan=2>
<P
style="PADDING-LEFT: 106px; MARGIN: 0px; TEXT-INDENT: -106px; FONT-FAMILY: Arial Narrow"
align=center><B>Accounting value for the period </B></P>
<P
style="PADDING-LEFT: 106px; MARGIN: 0px; TEXT-INDENT: -106px; FONT-FAMILY: Arial Narrow"
align=center><B>ended March 31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P
style="PADDING-LEFT: 106px; MARGIN: 0px; TEXT-INDENT: -52px; FONT-FAMILY: Arial Narrow"><B>2008</B></P></TD>
<TD vAlign=bottom width=117>
<P
style="PADDING-LEFT: 106px; MARGIN: 0px; TEXT-INDENT: -28px; FONT-FAMILY: Arial Narrow"><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=93>
<P
style="PADDING-LEFT: 106px; MARGIN: 0px; TEXT-INDENT: -57px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=117>
<P
style="PADDING-LEFT: 106px; MARGIN: 0px; TEXT-INDENT: -33px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>897,869</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,178,866</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Mutual funds</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,371,399</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19,342,276</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investment funds</P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>54,410,416</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>29,955,966</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total marketable
securities</B></P></TD>
<TD vAlign=bottom width=93>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>62,679,684</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>50,477,108</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=201></TD>
<TD width=72></TD>
<TD width=76></TD>
<TD width=59></TD>
<TD width=51></TD>
<TD width=50></TD>
<TD width=76></TD></TR>
<TR>
<TD vAlign=bottom width=201>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Bonds</B></P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=201>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=201>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Type of Instrument
</B></P></TD>
<TD vAlign=bottom width=148 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Date</B></P></TD>
<TD vAlign=bottom width=59 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Par
Value</B></P></TD>
<TD vAlign=bottom width=101 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Accounting Value</B></P></TD>
<TD vAlign=bottom width=76 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Market
Value</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=201>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Purchase</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Maturity</B></P></TD>
<TD vAlign=bottom width=51>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=50>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Rate</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=201>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=51>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=201>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;UNITED STATES
TREASURY NOTES </P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>July
26-2006</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>June
30-2008</P></TD>
<TD vAlign=bottom width=59>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>897,869
</P></TD>
<TD vAlign=bottom width=51>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>897,869
</P></TD>
<TD vAlign=bottom width=50>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>&nbsp;5,125%
</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>906,337
</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=247></TD>
<TD width=64></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Mutual
funds:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P
style="MARGIN: 0px; TEXT-INDENT: 156px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247 rowSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Institution</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Fondo Mutuo Larra&#237;n
Vial</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,985,399</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Fondo Mutuo B.Scotiabank
</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>135,000</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Fondo Mutuo Ita&#250;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,251,000</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Balance mutual
funds</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>7,371,399</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Investment
funds:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247 rowSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Institution</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Fondo Mutuo DWS
Institutional USD Money Plus</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>13,331,521</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Citi Institutional
Liquid Reserves Limited - USA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>41,078,895</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=247>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Balance investment
funds</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>54,410,416</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 5 &#150; Short and
Long-Term Receivables</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; LINE-HEIGHT: 7pt"><BR></P><A name=RANGE!A5:N15></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=131></TD>
<TD width=51></TD>
<TD width=52></TD>
<TD width=0.467></TD>
<TD width=66></TD>
<TD width=55></TD>
<TD width=0.467></TD>
<TD width=24></TD>
<TD width=47></TD>
<TD width=19></TD>
<TD width=46></TD>
<TD width=50></TD>
<TD width=53></TD>
<TD width=48></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=120 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CURRENT</B></P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>LONG TERM</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=103 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Up to 90 days</B></P></TD>
<TD vAlign=bottom width=123 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>More than 90 days up to 1 year</B></P></TD>
<TD vAlign=bottom width=72 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Subtotal</B></P></TD>
<TD vAlign=bottom width=115 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;&nbsp;&nbsp;Total current (net)</B></P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<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>2008</B></P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<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=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=55>
<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=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=50>
<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=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<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=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Trade
receivables</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30,528,386</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30,206,680</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>646,302</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>876,852</P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>31,174,688</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>30,392,459</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>31,083,532</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(782,229)</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Notes
receivable</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,333,105</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,152,422</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>528,973</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>451,827</P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,862,078</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,384,773</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,604,248</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;0</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(477,305)</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
receivables</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>13,269,037</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,083,565</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,099,769</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>723,848</P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14,368,806</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>14,202,074</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,807,413</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>31,511</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>41,730</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=bottom width=51>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=72 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(166,732)</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=188 colSpan=6>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>Total long term receivables</B></P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>31,511</B></P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>41,730</B></P></TD><A name=RANGE!A5:J15></A></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>13</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 6 - Balances
and Transactions with Related Companies</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Receivable and
payable balances with related companies correspond to the following concepts:
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">1) &nbsp;Notes and
accounts receivable.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Embonor
S.A.: Sale of products</P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Embotelladora
Coca-Cola Polar S.A.: Sale of products</P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Coca-Cola
de Chile S.A.: Advertising agreements.</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=286></TD>
<TD width=79></TD>
<TD width=92></TD>
<TD width=68></TD>
<TD width=85></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Company</B></P></TD>
<TD vAlign=bottom width=172 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Short
Term</B></P></TD>
<TD vAlign=bottom width=154 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Long
Term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Coca-Cola de Chile S.
A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>595,512</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>57,296</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>39,106</P></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embonor S.A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,173,812</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>580,995</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora
&nbsp;Coca-Cola Polar S.A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>528,592</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>383,120</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=286>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Total</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,702,404</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,559,627</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>57,296</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>39,106</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">2) Notes and accounts
payable: </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Recofarma
Ind&#250;strias do Amazonas Ltda.: Concentrate purchases</P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Envases
CMF S.A.: &nbsp;Raw material purchases</P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Servicios
y Productos para Bebidas Refrescantes S.R.L.: Concentrate purchases </P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Envases
Central S.A.: Net balance corresponds to raw materials and finished products
transactions. </P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Envases
del Pac&#237;fico S.A.: Raw material purchases </P>
<P
style="PADDING-LEFT: 18px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -18px; LINE-HEIGHT: 14pt">Cican
S.A.: &nbsp;Net balance corresponds to raw materials and finished products
transactions.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=263></TD>
<TD width=82></TD>
<TD width=86></TD>
<TD width=82></TD>
<TD width=83></TD></TR>
<TR>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Company</B></P></TD>
<TD vAlign=bottom width=168 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Short Term</B></P></TD>
<TD vAlign=bottom width=165 colSpan=2>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Long Term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 45px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>2008</B></P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 42px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>2007</B></P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 45px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>2008</B></P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 42px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=263>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 40px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 37px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 40px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; TEXT-INDENT: 34px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Recofarma
Ind&#250;strias do Amazonas Ltda.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,513,806</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>3,878,429</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Envases
CMF S. A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,397,215</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,914,042</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Coca-Cola
de Chile S.A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,284,703</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Servicios
y Productos para Bebidas Refrescantes S.R.L.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,469,811</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,500,355</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Envases
Central S. A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,058,806</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>953,393</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Envases
del Pac&#237;fico S. A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>91,931</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>32,368</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Cican
S.A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>206,123</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Embonor
S.A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,583,844</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,972,762</P></TD></TR>
<TR>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Embotelladora
Coca-Cola Polar S.A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>669,669</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>764,406</P></TD></TR>
<TR>
<TD vAlign=bottom width=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Centralli
Refrigerantes S.A.</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>72,294</P></TD>
<TD vAlign=bottom width=83>
<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=263>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>9,816,272</B></P></TD>
<TD vAlign=bottom width=86>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>9,484,710</B></P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,325,807</B></P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,737,168</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: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>14</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 672px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">3) Transactions with
related companies </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The following table
includes the transactions with related companies that exceed ThCh$200,000. </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=205></TD>
<TD width=96></TD>
<TD width=142></TD>
<TD width=50></TD>
<TD width=70></TD>
<TD width=50></TD>
<TD width=66></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<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=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Relation</B></P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Transaction</B></P></TD>
<TD vAlign=bottom width=120 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=116 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=142>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Effect on income (charge) credit</B></P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Effect on income (charge) credit</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=142>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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=70>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=66>
<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=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Envases
Central S.A</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Equity
Investee</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Sales
of raw materials and supplies </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418,446
</P></TD>
<TD vAlign=bottom width=70>
<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;17,536
</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494,778
</P></TD>
<TD vAlign=bottom width=66>
<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;46,705
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Finished
product purchase</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;3,773,886
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;4,656,638
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Coca-Cola
de Chile S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Shareholder</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Concentrate
purchases</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;12,898,067
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;13,950,030
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Payment
of advertising participation</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625,743
</P></TD>
<TD vAlign=bottom width=70>
<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;(625,743)</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;1,104,590
</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,104,590)</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Water
source rental </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723,054
</P></TD>
<TD vAlign=bottom width=70>
<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;(723,054)</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637,277
</P></TD>
<TD vAlign=bottom width=66>
<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;(637,277)</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Sales
of advertisement</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811,154
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723,218
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Envases
CMF S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Equity
Investee</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Purchase
of containers</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;3,349,468
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;4,469,158
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Services
rendered </P></TD>
<TD vAlign=bottom width=50>
<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;</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,727
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Dividend
payment</P></TD>
<TD vAlign=bottom width=50>
<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;</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;1,891,750
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Envases
del Pac&#237;fico S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
in common</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Purchase
of raw materials</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97,945
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,731
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Servicios
y Productos para Bebidas Refrescantes S.R.L.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Shareholder</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Concentrate
purchases</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;7,891,168
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;8,021,378
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Recofarma
Ind&#250;strias Do Amazonas Ltda.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Shareholder
related</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Concentrate
purchases</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;14,624,748
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;17,466,226
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Payment
of advertising participation </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;1,077,486
</P></TD>
<TD vAlign=bottom width=70>
<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;1,077,486
</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533,102
</P></TD>
<TD vAlign=bottom width=66>
<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;533,102
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Reimbursements
and other purchases</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;8,167,200
</P></TD>
<TD vAlign=bottom width=70>
<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;8,167,200
</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130,139
</P></TD>
<TD vAlign=bottom width=66>
<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;130,139
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Embonor
S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Shareholder
related</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Sale
of finished products</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;2,607,322
</P></TD>
<TD vAlign=bottom width=70>
<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;533,082
</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;2,366,013
</P></TD>
<TD vAlign=bottom width=66>
<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;473,859
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Embotelladora
Coca-Cola Polar S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Shareholder
related</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Sale
of finished products</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;1,506,702
</P></TD>
<TD vAlign=bottom width=70>
<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;275,449
</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;1,227,098
</P></TD>
<TD vAlign=bottom width=66>
<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;15,227
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Iansagro
S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
in common</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Purchase
of raw materials </P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;2,869,110
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;3,018,430
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Coca-Cola
de Argentina S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
in common</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Advertising
expense</P></TD>
<TD vAlign=bottom width=50>
<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;</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,060
</P></TD>
<TD vAlign=bottom width=66>
<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;(197,026)</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Cican
S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Equity
investee</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Purchase
of finished products</P></TD>
<TD vAlign=bottom width=50>
<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;</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466,191
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Sale
of raw materials</P></TD>
<TD vAlign=bottom width=50>
<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;</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159,419
</P></TD>
<TD vAlign=bottom width=66>
<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;46,392
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">BBVA
Administradora General de Fondos</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
related company</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Investment
in mutual funds</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;6,890,000
</P></TD>
<TD vAlign=bottom width=70>
<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;&nbsp;-
&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;21,387,585
</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
related company</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Redemption
of mutual funds</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;6,890,000
</P></TD>
<TD vAlign=bottom width=70>
<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;36,517
</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;23,590,663
</P></TD>
<TD vAlign=bottom width=66>
<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;85,550
</P></TD></TR>
<TR>
<TD vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Vendom&#225;tica
S.A.</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Director
related company</P></TD>
<TD vAlign=bottom width=142>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Sale
of finished products</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301,069
</P></TD>
<TD vAlign=bottom width=70>
<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;90,321
</P></TD>
<TD vAlign=bottom width=50>
<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;</P></TD>
<TD vAlign=bottom width=66>
<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;&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Within the normal
course of business, in 2006 the Company entered into a future supply agreement
with Iansagro S.A. for the purchase of sugar. &nbsp;This agreement will expire
in January 2009.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 7 &#150;
Inventories</B></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>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=136></TD>
<TD width=79></TD>
<TD width=91></TD>
<TD width=71></TD>
<TD width=84></TD>
<TD width=87></TD>
<TD width=89></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=242 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=262 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Gross
Value</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Obsolescence provision</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Net
value</B></P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Gross
Value</B></P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Obsolescence provision</B></P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Net
value</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<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=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Finished products</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>10,340,225
</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(494,576)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,845,649
</P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>10,255,166</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(423,328)</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,831,838
</P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Raw materials</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>10,050,200
</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(215,719)</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,834,481
</P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>12,459,347</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(126,647)</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>12,332,700
</P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Products in
process</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,897,085
</P></TD>
<TD vAlign=bottom width=91>
<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>1,897,085
</P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,162,880</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,162,880
</P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Raw materials in
transit</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>606,668
</P></TD>
<TD vAlign=bottom width=91>
<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>606,668
</P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>771,404</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>771,404
</P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=87>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=136>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,894,178 </B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(710,295)</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>22,183,883 </B></P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>24,648,797</B></P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(549,975)</B></P></TD>
<TD vAlign=bottom width=89>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>24,098,822</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>15</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 677px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 8 - Deferred
Taxes and Income Taxes</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>At period end 2008 and 2007, the Company had accumulated taxable
profits for ThCh$&nbsp;9,365,543 with 17% credit, and also taxable profits for
ThCh$ 12,565,400 with no credit.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>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>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=161></TD>
<TD width=67></TD>
<TD width=63></TD>
<TD width=61></TD>
<TD width=65></TD>
<TD width=63></TD>
<TD width=67></TD>
<TD width=61></TD>
<TD width=71></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=257 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=264 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131 colSpan=2>
<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=126 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Liabilities</B></P></TD>
<TD vAlign=bottom width=130 colSpan=2>
<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=133 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center><B>Liabilities</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 19px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Short
term</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 16px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Long
term</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 19px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Short
term</B></P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 22px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Long
term</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 18px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Short
term</B></P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 21px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Long
term</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 21px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Short
term</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 25px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Long
term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Temporary
differences</B></P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 26px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 23px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 25px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 29px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 25px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 28px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 28px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 32px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Allowance
for doubtful accounts</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>266,873</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>19,950</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>270,767</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>38,927</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Vacation
provision</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>134,333</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>124,530</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Production
expenses</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>73,901</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>17,728</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Depreciation
of property, plant &amp; equipment</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>132,810</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,393,765</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>504</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>125,258</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,317,137</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Severance
indemnities</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,837</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>22,096</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>179,273</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,328</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,450</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>33,360</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>224,203</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Provision
for assets write off</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>210,163</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,003,563</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>360,266</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>941,390</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Provision
for labor lawsuits</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,212,862</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,416,350</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Tax
loss carry-forwards</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,379,828</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,424,625</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,407,870</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Guarantee
deposit</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>598,834</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>531,396</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>585,467</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>23</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>699,736</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>627,529</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Local
bond issue expenses</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>143,097</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>161,505</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Contingency
allowance</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>242,832</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>248,219</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Social
contributions</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,412,399</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>872,864</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,226,833</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Income
participation provision</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>201,077</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>198,867</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Accrued
interests abroad</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,427,260</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Exchange
rate difference (FRN Debt-Brazil)</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>11,385,204</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>10,116,454</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Unrealized
income</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>245,450</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>297,222</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<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=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Others</B></P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Complementary
accounts, net of amortization</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(1,867,039)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>(2,954,025)</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,214,807</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,310,124</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>154,929</B></P></TD>
<TD vAlign=bottom width=65>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>15,234,300</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,977,215</B></P></TD>
<TD vAlign=bottom width=67>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,205,790</B></P></TD>
<TD vAlign=bottom width=61>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,585,878</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>12,464,108</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I25></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">b)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">The
following table contains information on income taxes at each period-end.</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=392></TD>
<TD width=65></TD>
<TD width=65></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Current tax expense (tax
allowance)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,190,165)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(4,217,969)</P></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Deferred income tax
expense/effect over assets or liabilities</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>279,267</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(359,244)</P></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Amortization of deferred
income tax asset and liability complementary accounts</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(57,615)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(40,989)</P></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other charges or
credits</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(763,606)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(28,895)</P></TD></TR>
<TR>
<TD vAlign=bottom width=392>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total </B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(7,732,119)</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(4,647,097)</B></P></TD><A name=RANGE!A1:I26></A><A
name=RANGE!A1:I27></A></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C9></A><A
name=RANGE!A1:C10></A><A name=RANGE!A4:C12></A><A name=RANGE!A4:C13></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>16</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 677px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 9 - Other
Current Assets</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=409></TD>
<TD width=118></TD>
<TD width=118></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=118>
<P
style="MARGIN: 0px; TEXT-INDENT: 65px; FONT-FAMILY: Arial Narrow"><B>2007</B></P></TD>
<TD vAlign=bottom width=118>
<P
style="MARGIN: 0px; TEXT-INDENT: 65px; FONT-FAMILY: Arial Narrow"><B>2006</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=118>
<P
style="MARGIN: 0px; TEXT-INDENT: 60px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=118>
<P
style="MARGIN: 0px; TEXT-INDENT: 60px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Supplies</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4,882,356
</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3,397,995
</P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cross currency swap and
forward effects</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>720,875
</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>14,897,375
</P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Short term bonds
discount</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>183,378
</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>206,426
</P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accrued interest on
long-term bonds</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,511,370
</P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Pacts </P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>100,054
</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Wachovia Investment Fund
(restricted)</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>90,963
</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>275,319
</P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>984,852
</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>459,234
</P></TD></TR>
<TR>
<TD vAlign=bottom width=409>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>6,962,478
</B></P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>20,747,719 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C8></A><A
name=RANGE!A10:C19></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 10 &#150; Purchase
Agreements, Sale Agreements, Sale-back Agreements and Purchase-back Agreements
of securities and goods</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=52></TD>
<TD width=49></TD>
<TD width=179></TD>
<TD width=47></TD>
<TD width=78></TD>
<TD width=35></TD>
<TD width=57></TD>
<TD width=78></TD>
<TD width=70></TD></TR>
<TR>
<TD vAlign=bottom width=101 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Dates</B></P></TD>
<TD vAlign=bottom width=179>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Counterparty </B></P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Currency</B></P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Subscription value</B></P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Rate </B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Final Value</B></P></TD>
<TD vAlign=bottom width=78 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Identification of instruments</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Market Value </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Beginning</B></P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Ending</B></P></TD>
<TD vAlign=bottom width=179>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=47>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=35>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>28-Mar-08</P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>31-Mar-09</P></TD>
<TD vAlign=bottom width=179>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">SANTANDER
S.A. AGENTE DE VALORES</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>92,733</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0.54%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>92,834</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">D$SAN
310309</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>92,783</P></TD></TR>
<TR>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>28-Mar-08</P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>5-Jan-09</P></TD>
<TD vAlign=bottom width=179>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">SANTANDER
S.A. AGENTE DE VALORES</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4,720</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0.54%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4,724</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">D$SAN
050109</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4,723</P></TD></TR>
<TR>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1-Aug-03</P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1-Aug-18</P></TD>
<TD vAlign=bottom width=179>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">SANTANDER
S.A. AGENTE DE VALORES</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,340</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0.54%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,342</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">STD47D0803</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,341</P></TD></TR>
<TR>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1-Feb-01</P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>2-Feb-13</P></TD>
<TD vAlign=bottom width=179>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">SANTANDER
S.A. AGENTE DE VALORES</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>207</P></TD>
<TD vAlign=bottom width=35>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0.54%</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>208</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">STD67L0201</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>207</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 11 -
Property, Plant and Equipment</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 geographically distributed as
follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Chile</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">:
</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 141px; LINE-HEIGHT: 14pt">Santiago,
Puente Alto, Maip&#250;, Renca, Rancagua, San Antonio and Rengo</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Argentina</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">:
</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 141px; LINE-HEIGHT: 14pt">Buenos
Aires, Mendoza, Cordoba, and Rosario</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Brazil</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">:
</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 141px; LINE-HEIGHT: 14pt">Rio
de Janeiro, Niteroi, Campos, Cabo Fr&#237;o, Nova Igua&#231;u, Esp&#237;rito Santo and
Vitoria.</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=196></TD>
<TD width=69></TD>
<TD width=8></TD>
<TD width=68></TD>
<TD width=22></TD>
<TD width=48></TD>
<TD width=72></TD>
<TD width=23></TD>
<TD width=53></TD>
<TD width=24></TD>
<TD width=57></TD>
<TD width=13></TD></TR>
<TR>
<TD vAlign=bottom width=656 colSpan=12>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">a)
Principal components of property, plant and equipment</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=216 colSpan=5>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31, 2008</B></P></TD>
<TD vAlign=bottom width=243 colSpan=6>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Balances at March 31, 2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=76 colSpan=2 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=70 colSpan=2 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net, property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=72 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=76 colSpan=2 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=94 colSpan=3 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Net, property, plant and equipment</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<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=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 26px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<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=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Land</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>16,835,231 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>16,835,231 </P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>17,696,061 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>17,696,061 </P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Buildings
and improvements</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>94,662,977 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 34,835,355)</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>59,827,622</P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>93,714,754 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 37,127,500)</P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>56,587,254 </P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Machinery
and equipment</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>214,804,198 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 166,810,745)</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>47,993,453</P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>235,863,811 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 191,910,840)</P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>43,952,971 </P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
property, plant and equipment</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>216,610,739 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 176,890,500)</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>39,720,239</P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>230,647,729 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 193,706,722)</P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>36,941,007 </P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Technical
reappraisal of property, plant &amp; equipment</P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,225,746 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 676,787)</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,548,959</P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,227,198 </P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>( 675,441)</P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,551,757 </P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>17</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 677px">
<P style="MARGIN: 0px"><BR><BR><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=196></TD>
<TD width=69></TD>
<TD width=8></TD>
<TD width=68></TD>
<TD width=22></TD>
<TD width=48></TD>
<TD width=72></TD>
<TD width=23></TD>
<TD width=53></TD>
<TD width=24></TD>
<TD width=57></TD>
<TD width=13></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=69>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>545,138,891 </B></P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>( 379,213,387)</B></P></TD>
<TD vAlign=bottom width=70 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>165,925,504 </B></P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>580,149,553 </B></P></TD>
<TD vAlign=bottom width=76 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>( 423,420,503)</B></P></TD>
<TD vAlign=bottom width=94 colSpan=3>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>156,729,050 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=288></TD>
<TD width=60></TD>
<TD width=133></TD>
<TD width=131></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">b) Other property, plant
and equipment</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2008</U></B></P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2007</U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Containers</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>126,206,283
</P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>130,785,446
</P></TD></TR>
<TR>
<TD vAlign=bottom width=348 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Refrigerating equipment,
promotional items and other minor assets</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,021,294
</P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>61,999,338</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Furniture and
tools</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7,435,431
</P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,389,866
</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>29,947,731
</P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>29,473,079
</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=288>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total other property,
plant and equipment</B></P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=133>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>216,610,739 </B></P></TD>
<TD vAlign=bottom width=131>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>230,647,729 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=148></TD>
<TD width=79></TD>
<TD width=83></TD>
<TD width=12></TD>
<TD width=28></TD>
<TD width=51></TD>
<TD width=28></TD>
<TD width=37></TD>
<TD width=22></TD>
<TD width=28></TD>
<TD width=37></TD>
<TD width=30></TD>
<TD width=28></TD>
<TD width=27></TD>
<TD width=28></TD></TR>
<TR>
<TD vAlign=bottom width=352 colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">c) Technical reappraisal
of &nbsp;property, plant and equipment</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96 colSpan=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55 colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96 colSpan=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=255 colSpan=5>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Balances
at March 31, 2008</B></P></TD>
<TD vAlign=bottom width=268 colSpan=9>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Balances
at March 31, 2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=83 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=92 colSpan=3 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Net,
property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=88 colSpan=3 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=114 colSpan=4 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Net,
property, plant and equipment</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=83>
<P style="MARGIN: 0px; TEXT-INDENT: -16px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=92 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=114 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Land</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,486,578
</P></TD>
<TD vAlign=bottom width=83>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=92 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,486,578
</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,487,360
</P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0 </P></TD>
<TD vAlign=bottom width=114 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,487,360
</P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Buildings and
improvements</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>208,120
</P></TD>
<TD vAlign=bottom width=83>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(
151,565)</P></TD>
<TD vAlign=bottom width=92 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>56,555
</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>208,228
</P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(
146,813)</P></TD>
<TD vAlign=bottom width=114 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>61,415
</P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Machinery and
equipment</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>531,048
</P></TD>
<TD vAlign=bottom width=83>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(
525,222)</P></TD>
<TD vAlign=bottom width=92 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5,826
</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>531,610
</P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(
528,628)</P></TD>
<TD vAlign=bottom width=114 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2,982
</P></TD></TR>
<TR>
<TD vAlign=bottom width=148>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>2,225,746
</B></P></TD>
<TD vAlign=bottom width=83>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>(
676,787)</B></P></TD>
<TD vAlign=bottom width=92 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,548,959
</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>2,227,198
</B></P></TD>
<TD vAlign=bottom width=88 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>(
675,441)</B></P></TD>
<TD vAlign=bottom width=114 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,551,757
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 4px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">d)
Depreciation for the period</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 4px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Depreciation
charges for the period amounted to ThCh$ 7,379,752 (ThCh$ 7,759,210 in 2007) of
which ThCh$ 5,847,360 (ThCh$ 5,818,360 in 2007) are included under Operating
Costs and ThCh$ 1,532,392 (ThCh$ 1,940,850 in 2007) under Sales and
Administrative Expenses in the income statement.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>18</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 12 -
Investment in Related Companies</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt">1.</P>
<P
style="PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Investments
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. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=99></TD>
<TD width=41></TD>
<TD width=37></TD>
<TD width=44></TD>
<TD width=23></TD>
<TD width=23></TD>
<TD width=36></TD>
<TD width=36></TD>
<TD width=33></TD>
<TD width=33></TD>
<TD width=29></TD>
<TD width=32></TD>
<TD width=36></TD>
<TD width=36></TD>
<TD width=33></TD>
<TD width=33></TD>
<TD width=36></TD>
<TD width=36></TD></TR>
<TR>
<TD vAlign=bottom width=99 rowSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>Company </B></P></TD>
<TD vAlign=bottom width=41 rowSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Country </B></P></TD>
<TD vAlign=bottom width=37 rowSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Functional</B></P>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>Currency </B></P></TD>
<TD vAlign=bottom width=44 rowSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;N&#176; of Shares </B></P></TD>
<TD vAlign=bottom width=46 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Ownership &nbsp;Interest </B></P></TD>
<TD vAlign=bottom width=73 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Equity of companies </B></P></TD>
<TD vAlign=bottom width=67 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Income (loss) for the period </B></P></TD>
<TD vAlign=bottom width=62 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Accrued income </B></P></TD>
<TD vAlign=bottom width=73 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Partic. in net income (loss) </B></P></TD>
<TD vAlign=bottom width=67 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;Unrealized income (loss) </B></P></TD>
<TD vAlign=bottom width=73 colSpan=2>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>Accounting value of investment </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">ENVASES
CMF S.A.</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">CHILE</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>28,000</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>50.00</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>50.00</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>38,715,392</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>38,292,717</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>892,669</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,483,048</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>180,268</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>521,328</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>19,357,696</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>19,196,359</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,043,660</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,123,017</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>18,314,036</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>18,073,342</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">ENVASES
CENTRAL S.A.</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">CHILE</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,499,398</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>49.91</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>49.91</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>4,798,542</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>4,785,518</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(31,762)</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(37,758)</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(21,951)</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(22,329)</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>2,394,952</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>2,388,452</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>242,612</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>243,708</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>2,152,340</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>2,144,744</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">KAIK
PARTIPACOES LTDA.</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">BRAZIL</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>16,098,919</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>11.32</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>11.32</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>7,972,844</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>15,725,337</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(529,635)</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>53,946</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(59,953)</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>6,107</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>902,502</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,780,061</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>902,502</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,780,061</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">HOLDFAB
PARTIC. LTDA.</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">BRASIL</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,283,158,339</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>14.73</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>0.00</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>23,518,996</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,101,308</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>162,242</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>3,464,795</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>3,464,795</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">CICAN
S.A.</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">ARGENTINA</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>3,040</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>0.00</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>15.00</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>7,682,304</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(856,486)</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(130,186)</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,167,710</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>1,167,710</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">CENTRALLI
REFRIGERANTES S.A.</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow">BRAZIL</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>3,005</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>0.00</P></TD>
<TD vAlign=bottom width=23>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>25.00</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=29>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>(21,685)</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=99>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=23>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=36>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=36>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=29>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=32>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right><B>26,119,945</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right><B>24,532,582</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,286,272</B></P></TD>
<TD vAlign=bottom width=33>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,366,725</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right><B>24,833,673</B></P></TD>
<TD vAlign=bottom width=36>
<P
style="FONT-SIZE: 5pt; MARGIN: 0px; LINE-HEIGHT: 7pt; FONT-FAMILY: Arial Narrow"
align=right><B>23,165,857</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: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>19</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The main changes
occurred in the reported periods are described below:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -1px; LINE-HEIGHT: 14pt">On
October 4, 2007, our subsidiary Rio de Janeiro Refrescos Ltda, acquired a
14.732% ownership interest in Holdfab Participa&#231;&#245;es Ltda., for an amount of
ThR$12,831.63. &nbsp;In turn, Holdfab Participa&#231;&#245;es Ltda. holds a 50% ownership
interest in Amarantina Participa&#231;&#245;es S.A. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The
investment in Kaik Participa&#231;&#245;es Ltda. (Brazil) where Embotelladora Andina S.A.
holds an indirect ownership of 11.32% has been accounted for under the equity
method, since the Company has a significant influence through one of its
directors, who participates in the process of setting policies, operating and
financial decision-making in accordance with the ownership structure which is
exclusively owned by the Coca-Cola bottlers in Brazil </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Envases
CMF S.A. (purchase of property, plant and equipment): ThCh$ -1,043,660 in 2008
(ThCh$ -1,123,017 in 2007)</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Envases
Central S.A. (purchase of finished products): ThCh$ -6,099 in 2008 (ThCh$ -3,484
in 2007)</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">2.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">No
liabilities have been designated as hedging instruments for investments
abroad.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">3.</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Income
likely to be remitted by subsidiaries abroad amounts to US$307 million. </P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A3:S12></A><A name=RANGE!A3:S5></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>20</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 13 - Goodwill
and Negative Goodwill </B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=250></TD>
<TD width=88></TD>
<TD width=112></TD>
<TD width=97></TD>
<TD width=99></TD></TR>
<TR>
<TD vAlign=bottom width=250 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Company</B></P></TD>
<TD vAlign=bottom width=201 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=196 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Amortization <BR>during the period</B></P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Goodwill
balance</B></P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Amortization during the period</B></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Goodwill
balance</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=250>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;ThCh$</B></P></TD>
<TD vAlign=bottom width=112>
<P
style="MARGIN: 0px; TEXT-INDENT: 36px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=97>
<P
style="MARGIN: 0px; TEXT-INDENT: 46px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=99>
<P
style="MARGIN: 0px; TEXT-INDENT: 35px; FONT-FAMILY: Arial Narrow"><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=250>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Rio de Janeiro Refrescos
Ltda.</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>745,073</P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>30,704,614</P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>979,842</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>44,457,907</P></TD></TR>
<TR>
<TD vAlign=bottom width=250>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora del
Atl&#225;ntico S.A.</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>573,299</P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>18,381,251</P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>763,447</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>27,531,574</P></TD></TR>
<TR>
<TD vAlign=bottom width=250>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Vital S.A.</P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>39,679</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>531,715</P></TD></TR>
<TR>
<TD vAlign=bottom width=250>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=88>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,318,372</P></TD>
<TD vAlign=bottom width=112>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>49,085,865</P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,782,968</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>72,521,196</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:F5></A><A name=RANGE!A2:F10></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 14 - Other
Long Term Assets</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=330></TD>
<TD width=90></TD>
<TD width=98></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P>&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=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds:</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Celulosa Arauco
S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>13,292,171</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Enap S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>10,281,336</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Endesa S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>8,798,449</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Chile Soberano</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>8,347,263</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Petr&#243;leos
Mexicanos S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,875,750</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Compa&#241;&#237;a Manufacturera
de Papeles y Cartones S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>8,075,720</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Tel&#233;fonos de M&#233;xico
S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,795,318</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Codelco S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,920,862</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">M&#233;xico Soberano</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,401,992</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Federal Home Loan Bank
(FHLB)</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,920,579</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Brasil Telecom
S.A.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,304,507</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Raytheon Company</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,365,631</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">International Paper
Company</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,331,544</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Altria Group</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,328,318</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">United States Treasury
Notes</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,200,574</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Alcoa Inc.</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,187,428</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">CLN Endesa-Deutsche Bank
A.G. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>5,828,860</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Judicial deposits
(Brazil)</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,288,949</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,120,009</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Transfer fiscal credits
(Brazil)</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,914,725</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Prepaid expenses</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,213,950</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,141,877</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bond issuance and
placement expenses</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,841,531</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,145,440</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Spare parts</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,088,069</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,134,442</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Non operating
assets</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,154,917</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,306,297</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cross currency
swap</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>11,938,412</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>60,962</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,741,662</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=330>
<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>20,563,103 </B></P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>124,784,441 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:B27></A>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>21</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 15 -
Short-Term and Long-Term Bank Liabilities</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=196></TD>
<TD width=100></TD>
<TD width=100></TD>
<TD width=100></TD>
<TD width=100></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">SHORT TERM BANK
LIABILITIES</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=400 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Currency or
indexation adjustment</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bank or Financial
Institution</P></TD>
<TD vAlign=bottom width=200 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Other
foreign currencies</P></TD>
<TD vAlign=bottom width=200 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>2008</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>2007</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>2008</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>2007</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>&nbsp;ThCh$
</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;BANCO DO BRASIL
</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;TOTAL </P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Principal due
</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Annual average
interest rate </P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>6.75%</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">LONG TERM BANK
LIABILITIES CURRENT PORTION</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=400 colSpan=4>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Currency or
indexation adjustment</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bank or Financial
Institution</P></TD>
<TD vAlign=bottom width=200 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Other
foreign currencies</P></TD>
<TD vAlign=bottom width=200 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>TOTAL</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>2008</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>2007</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>2008</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>2007</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">BANCO SANTANDER</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>364,171</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>364,171</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">BANCO ALFA</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>105,401</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>124,540</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>105,401</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>124,540</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">BANCO VOTORANTIM
(BRAZIL)</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,790</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,790</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">TOTAL</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>107,191</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>488,711</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>107,191</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>488,711</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Principal due</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>107,191</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>488,711</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>107,191</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>488,711</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;Annual average
interest rate </P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>11.89%</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>15.66%</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Foreign currency
liabilities (%)</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>100</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Local currency
liabilities (%)</P></TD>
<TD vAlign=bottom width=100>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I19></A><A
name=RANGE!A1:E16></A><A name=RANGE!A1:E15></A><A name=RANGE!A1:E17></A><A
name=RANGE!A1:H16></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 16 -
Long-Term Bank Liabilities</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=96></TD>
<TD width=84></TD>
<TD width=85></TD>
<TD width=91></TD>
<TD width=78></TD>
<TD width=1></TD>
<TD width=86></TD>
<TD width=72></TD>
<TD width=72></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=255 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Years to
maturity</B></P></TD>
<TD vAlign=bottom width=88 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Total
long term at year end</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Annual
average interest rate</B></P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Total
long term at year end</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Bank or
Financial</B></P>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;Institution</B></P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Currency
or indexation adjustment</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>More
than</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>&nbsp;1
up to 2</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>More
than </B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>2 up to
3</B></P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>More
than </B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>3 up to
5</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Banco Alfa</P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other currencies</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>103,546</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>105,977</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>17,761</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>227,284</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>10.79%</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>356,207</P></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Banco Votorantim</P></TD>
<TD vAlign=bottom width=84>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other currencies</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>101,525</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>102,845</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>203,083</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>407,453</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>9.40%</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<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=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>205,071</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>208,822</B></P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>220,844</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>634,737</B></P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>356,207</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<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=180 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Foreign currency
liabilities (%)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>100.00</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<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=180 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Local currency
liabilities (%)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>-</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">&nbsp;</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>22</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:H10></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 17 &#150; Long and
Short-Term Bonds Payable (Promissory Notes and Bonds)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">1.</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt">Current
risk rating of bonds is as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">BONDS ISSUED IN THE
US MARKET</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">A-</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">:</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Rating
according to Fitch Ratings Ltd.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">BBB+</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">:</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Rating
according to Standard &amp; Poor&#146;s</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">BONDS ISSUED IN THE
LOCAL MARKET</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">AA
</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">:</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Rating
according to Fitch Chile Clasificadora de Riesgo Ltda.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">AA
</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">:</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 94px; LINE-HEIGHT: 14pt">Rating
according to Feller Rate Clasificadora de Riesgo Ltda.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">2.</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Bond
repurchases.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">During
2000, 2001, 2002 and 2007, 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$348 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; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">3.</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt">Bonds
issued by the subsidiary Rio de Janeiro Refrescos Ltda. (RJR).</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>23</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The following table
contains more information on Bonds Payable: </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=149></TD>
<TD width=37></TD>
<TD width=54></TD>
<TD width=42></TD>
<TD width=43></TD>
<TD width=59></TD>
<TD width=55></TD>
<TD width=82></TD>
<TD width=55></TD>
<TD width=55></TD>
<TD width=53></TD></TR>
<TR>
<TD vAlign=bottom width=149 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Instrument
subscription or ID N&#176;</B></P></TD>
<TD vAlign=bottom width=37 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Series</B></P></TD>
<TD vAlign=bottom width=54 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Current nominal value</B></P></TD>
<TD vAlign=bottom width=42 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Currency</B></P></TD>
<TD vAlign=bottom width=43 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Interest rate</B></P></TD>
<TD vAlign=bottom width=59 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Maturity date</B></P></TD>
<TD vAlign=bottom width=138 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Term</B></P></TD>
<TD vAlign=bottom width=111 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Par value</B></P></TD>
<TD vAlign=bottom width=53 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Placement in Chile or abroad</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Interest paid</B></P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>Amortization period</B></P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Current
portion of bonds payable</B></P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=43>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<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=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Yankee
bonds</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>7.00%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Oct.
1, 2007</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">October
2007</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>18,696,651</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Abroad</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Register
254 SVS June 13, 2001</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>330,000</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>6.20%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">June
1, 2008</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">June
2008</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6,674,592</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>13,508,628</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Register
254 SVS June 13, 2001</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,700,000</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>6.50%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">June
1, 2026</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">December
2009</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,564,090</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,567,140</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total
current maturities</B></P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=43>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,238,682</B></P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>33,772,419</B></P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=43>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Long
term portion of bonds payable</B></P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=43>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Yankee
bonds</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>0.00%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Oct.
1, 2007</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">October
2007</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,331,554</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Abroad</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Yankee
bonds</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,000,000</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>7.63%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Oct.
1, 2027</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">October
2027</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>875,420</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Abroad</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Register
254 SVS June 13, 2001</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>A</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>330,000</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>6.20%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">June
1, 2008</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">June
2008</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>-</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6,554,207</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Register
254 SVS June 13, 2001</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>B</P></TD>
<TD vAlign=bottom width=54>
<P
style="PADDING-RIGHT: 0px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,700,000</P></TD>
<TD vAlign=bottom width=42>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=43>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>6.50%</P></TD>
<TD vAlign=bottom width=59>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">June
1, 2026</P></TD>
<TD vAlign=bottom width=55>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Half
yearly</P></TD>
<TD vAlign=bottom width=82>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">December
2009</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>73,343,374</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>73,486,368</P></TD>
<TD vAlign=bottom width=53>
<P
style="PADDING-LEFT: 9px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=149>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total
long term</B></P></TD>
<TD vAlign=bottom width=37>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=43>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>74,218,794</B></P></TD>
<TD vAlign=bottom width=55>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>82,372,119</B></P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 18 -
Provisions and Write-Offs</B></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=403></TD>
<TD width=68></TD>
<TD width=68></TD>
<TD width=76></TD>
<TD width=76></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=137 colSpan=2 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Short
term</B></P></TD>
<TD vAlign=bottom width=152 colSpan=2 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Long
term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provisions</P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=68>
<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>2008</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Taxation on banking
transactions and social contributions (Brazil)</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,608,290</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,354,809</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,656,788</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>9,747,568</P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Staff severance
indemnities</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>690,349</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>884,881</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,442,699</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,107,277</P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Contingencies</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>47,661</P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>85,879</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,205,035</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3,088,138</P></TD></TR>
<TR>
<TD vAlign=bottom width=403>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>3,346,300</B></P></TD>
<TD vAlign=bottom width=68>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>3,325,569</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>15,304,522</B></P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>18,942,983</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 19 - Staff
Severance Indemnities</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=299></TD>
<TD width=90></TD>
<TD width=90></TD></TR>
<TR>
<TD vAlign=bottom width=299>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=299>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=299>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Beginning balance</P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>7,133,869</P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>6,732,433</P></TD></TR>
<TR>
<TD vAlign=bottom width=299>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provision for the
period</P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>94,441</P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>311,264</P></TD></TR>
<TR>
<TD vAlign=bottom width=299>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Payments</P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(
95,262)</P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(
51,539)</P></TD></TR>
<TR>
<TD vAlign=bottom width=299>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Ending
balance</B></P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>7,133,048
</B></P></TD>
<TD vAlign=top width=90>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>6,992,158
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>24</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 20 - Minority
Interest</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=359></TD>
<TD width=79></TD>
<TD width=65></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Liabilities</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Vital Aguas S. A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,315,750</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,304,510</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora del
Atl&#225;ntico S. A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8,464</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>22,720</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina Inversiones
&nbsp;Societarias S.A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>18</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>42</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>1,324,232</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>1,327,272</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Income
Statement</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<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=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Vital Aguas S. A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(27,452)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(57,936)</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Embotelladora del
Atl&#225;ntico S. A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(487)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(845)</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Andina Inversiones
&nbsp;Societarias S.A.</P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>(2)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3)</P></TD></TR>
<TR>
<TD vAlign=bottom width=359>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>(
27,941)</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(58,784)</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: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>25</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 21 - Changes
in Shareholders&#146; Equity</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The activity in
Shareholders&#146; Equity, Dividend Distribution and Other Reserves is detailed in
the following tables:</P><A name=RANGE!A1:M9></A><A name=RANGE!A1:N12></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=102></TD>
<TD width=45></TD>
<TD width=38></TD>
<TD width=46></TD>
<TD width=47></TD>
<TD width=46></TD>
<TD width=46></TD>
<TD width=45></TD>
<TD width=37></TD>
<TD width=38></TD>
<TD width=47></TD>
<TD width=46></TD>
<TD width=46></TD></TR>
<TR>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=271 colSpan=6>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2008</P></TD>
<TD vAlign=bottom width=261 colSpan=6>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2007</P></TD></TR>
<TR>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Paid-in Capital</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Reserve Capital Revalued</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Other Reserves</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Accumulated Income</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Interim Dividends</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Net Income</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Paid in Capital</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Reserve Capital Revalued</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Other Reserves</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Accumulated Income</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Interim Dividends</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Net Income</P></TD></TR>
<TR>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=102>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Beginning
balance</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>217,013,513</P></TD>
<TD vAlign=bottom width=38>
<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>(11,443,442)</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,171,454</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(17,194,331)</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>81,601,944</P></TD>
<TD vAlign=bottom width=45>
<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=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,750,257</P></TD>
<TD vAlign=bottom width=47>
<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 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></TR>
<TR>
<TD vAlign=bottom width=102>
<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=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=38>
<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=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>64,407,613</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,194,331</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(81,601,944)</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</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=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=47>
<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 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></TR>
<TR>
<TD vAlign=bottom width=102>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Translation
adjustment reserve</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=38>
<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>(14,630,510)</P></TD>
<TD vAlign=bottom width=47>
<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>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</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=38>
<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=47>
<P>&nbsp;</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=102>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Capital
revalued</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,736,108</P></TD>
<TD vAlign=bottom width=46>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(91,548)</P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>604,633</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>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>404,122</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,501</P></TD>
<TD vAlign=bottom width=47>
<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 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=102>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Income
for the period </P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=38>
<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=47>
<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>20,844,113</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</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=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=47>
<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>22,258,689</P></TD></TR>
<TR>
<TD vAlign=bottom width=102>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Ending
balance</B></P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>217,013,513</B></P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,736,108</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>(26,165,500)</B></P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>76,183,700</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>20,844,113</B></P></TD>
<TD vAlign=bottom width=45>
<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=37>
<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=38>
<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=47>
<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 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></TR>
<TR>
<TD vAlign=bottom width=102>
<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=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=38>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=47>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>218,427,940</B></P></TD>
<TD vAlign=bottom width=37>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>436,856</B></P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,712,666</B></P></TD>
<TD vAlign=bottom width=47>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>76,820,085</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>24,061,643</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>26</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:M13></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=91></TD>
<TD width=210></TD>
<TD width=194></TD>
<TD width=196></TD></TR>
<TR>
<TD vAlign=bottom width=302 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Number of
shares</B></P></TD>
<TD vAlign=bottom width=194>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=196>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Series</B></P></TD>
<TD vAlign=bottom width=210>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Subscribed shares</B></P></TD>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Paid in
shares</B></P></TD>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Number
of shares with voting rights</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">A</P></TD>
<TD vAlign=bottom width=210>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>380,137,271</P></TD>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>380,137,271</P></TD>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>380,137,271</P></TD></TR>
<TR>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">B</P></TD>
<TD vAlign=bottom width=210>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>380,137,271</P></TD>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>380,137,271</P></TD>
<TD vAlign=bottom width=196>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>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=194></TD>
<TD width=249></TD>
<TD width=249></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Capital</B></P></TD>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=249>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Series</B></P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Subscribed capital</B></P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Paid in
capital</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">A</P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>108,506,757</P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>108,506,757</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">B</P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>108,506,756</P></TD>
<TD vAlign=bottom width=249>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>108,506,756</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=331></TD>
<TD width=79></TD>
<TD width=106></TD>
<TD width=91></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Other
Reserves</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=331>
<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=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=197 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>March
31,</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=justify>Reserve
for cumulative translation adjustments<SUP>(1)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(27,257,873)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>2,619,720</P></TD></TR>
<TR>
<TD vAlign=bottom width=411 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Reserve for technical
reappraisal of property, plant and equipment</P></TD>
<TD vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>67,825</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>68,383</P></TD></TR>
<TR>
<TD vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,024,548</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,024,563</P></TD></TR>
<TR>
<TD vAlign=bottom width=331>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=79>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=106>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>26,165,000</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>3,712,666</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><SUP>(1)</SUP>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>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=209></TD>
<TD width=13></TD>
<TD width=13></TD>
<TD width=108></TD>
<TD width=87></TD>
<TD width=105></TD>
<TD width=91></TD>
<TD width=87></TD></TR>
<TR>
<TD vAlign=bottom width=715 colSpan=8>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">The activity in the
Reserve for cumulative translation adjustments was as follows:</P>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=192 colSpan=2
rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Foreign
Exchange rate generated during the period</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91 rowSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Release/
transfers of reserve(*)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87 rowSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Balance
March 31, 2008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Balance</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Company</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>January
1, 2008</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Investment</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Liabilities</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>M$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Rio de Janeiro Refrescos
Ltda.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,635,401)</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(10,708,833)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>0</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1,590,266</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(16,753,968)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<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=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(4,991,961)</P></TD>
<TD vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,511,944)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<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>(10,503,905)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(12,627,362)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(16,220,777)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>0</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>1,590,266</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=87>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(27,257,873)</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<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=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<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></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=209>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=13>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<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=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<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></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=715 colSpan=8
rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">(*) Reserve realized
resulted from dividends paid by our subsidiary Rio de Janeiro Refrescos
Ltda. And by the capital decrease of our subsidiary Embotelladora del
Atl&#225;ntico S.A. carried out in the 2008 period.</P></TD></TR>
<TR></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><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>27</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 22 - Other
Non-Operating Income and Expenses</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=448></TD>
<TD width=96></TD>
<TD width=96></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<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=192 colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=192 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=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=448>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Reverse provision
devaluation fixed assets</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>4,895,389</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cumulative translation
reserve realized<SUP>(2)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>14,814</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other income</P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>134,077</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>14,194</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Sub-total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>5,029,466</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>29,008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Translation of financial
statements<SUP>(1)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>542,531</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>5,029,466</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>571,539</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Other non-operating
expenses during the period were as follows:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cumulative translation
reserve realized<SUP>(2)</SUP></P></TD>
<TD vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,590,266)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bank taxes</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(474,705)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(916,093)</P></TD></TR>
<TR>
<TD vAlign=bottom width=448>
<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=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(26)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provision for labor and
commercial lawsuits</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(164,765)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(138,385)</P></TD></TR>
<TR>
<TD vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Loss on sale of
property, plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(17,819)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(414,264)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(272,305)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(148,371)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Sub-total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(2,519,860)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(1,617,139)</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Translation of financial
statements<SUP>(1)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(621,420)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>&nbsp;Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(3,141,280)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(1,617,139)</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=448>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=96>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=640 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><SUP>(1) </SUP>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, which are presented as Other
Non-Operating Income and/or expenses accordingly.</P></TD></TR>
<TR>
<TD vAlign=bottom width=640 colSpan=3>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><SUP>(2) </SUP>This
refers to the release of conversion adjustment reserves due to dividend
payments carried out at our subsidiary Rio de Janeiro Refrescos Ltda. and
the remittance of capital by Embotelladora del Atl&#225;ntico S.A. during the
2008 and 2077 period, respectively.</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: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>28</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:C23></A>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 23 -
Price-Level Restatement</B></P><A name=RANGE!A1:D31></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=352></TD>
<TD width=82></TD>
<TD width=96></TD>
<TD width=97></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Adjustment index</B></P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2007 </B></P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;2006 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Assets
- - &nbsp;(charges)/credits</B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<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=97>
<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=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(52,755)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(87,159)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>758,899 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>157,937 </P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Investments
in related companies</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>1,448,103 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>381,177 </P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Cash,
Time Deposits, Marketable Securities</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>230,984 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(8,178)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Cash,
Time Deposits, Marketable Securities</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>533,548 </P></TD>
<TD vAlign=bottom width=97>
<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=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Accounts
receivable, notes receivable, and other debtors </P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>9</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Accounts
receivable related companies - short term</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>72,688 </P></TD>
<TD vAlign=bottom width=97>
<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=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Accounts
receivable related companies - short term</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>368,510 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>111,018 </P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Recoverable
taxes</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,984 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(5,019)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>179,948 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>37,447 </P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(21,788)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(36,324)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
long term assets</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>16</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>385</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
long term assets</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>17,184 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>485,978 </P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Cost
and expense accounts</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>125,247 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(17,684)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total
(charges) credits </B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,663,568 </B></P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,019,587 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Liabilities
- - (charges)/credits</B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Shareholders&#146;
equity</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(2,249,193)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(593,973)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Short
and long term bonds payable</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(800,496)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(184,643)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Short
and long term bonds payable</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(27,379)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(368,701)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Accounts
payable related companies - short term</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(261,953)</P></TD>
<TD vAlign=bottom width=97>
<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=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Accounts
payable related companies - short term</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(108,871)</P></TD>
<TD vAlign=bottom width=97>
<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=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
current liabilities </P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>UF</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>120,528 </P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(387)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
current liabilities </P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(44,663)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(82,340)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Other
long term liabilities </P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(107,123)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(24,607)</P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Income
accounts</P></TD>
<TD vAlign=bottom width=82>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>CPI</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>(166,604)</P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>22,258 </P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Total
(charges) credits</B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>(3,645,754)</B></P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>(1,232,393)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=352>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"><B>Price-level
restatement (loss) gain</B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=96>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,814 </B></P></TD>
<TD vAlign=bottom width=97>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right><B>(212,806)</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><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>29</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 24 - Foreign
Exchange Gains/Losses</B></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:D30></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=345></TD>
<TD width=67></TD>
<TD width=107></TD>
<TD width=95></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Currency</B></P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Assets -
(charges)/credits</B></P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Cash</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>143</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(41,410)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Time deposits</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>184</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Marketable securities
(net)</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(4,569,933)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>65,628
</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounts
receivable</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>423</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other debtors
(net)</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,500)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>101</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounts receivable
related companies short-term</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(5,397,140)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>751,551
</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Inventories (net)</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(15,776)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other current
assets</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>327,507
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>132,918
</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Property, plant and
equipment</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>210</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,095
</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(120,250)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>802,918
</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total
(charges)/credits</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>US$</B></P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(9,764,540)</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,697,209
</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=107>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=107>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Liabilities -
(Charges) / credits</B></P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=107>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds payable</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(37,405)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounts payable</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>66,387
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(293)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounts payable related
companies</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>14,321
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>14,527
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(8,224)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Bonds payable long
term</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>883,370
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(224,443)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Other liabilities</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(139,401)</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(17,027)</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Accounts payable related
companies &#150; long term</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>6,395
</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Prepaid income</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>US$</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>55,529
</P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total (charges)
credits</B></P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>894,733
</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(280,997)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=345>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Foreign exchange gain
(loss) on income</B></P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=107>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(8,869,807)</B></P></TD>
<TD vAlign=bottom width=95>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right><B>1,416,212
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:D26></A>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 25 - Share
and Debt Security Issue and Placement Expenses</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Bonds issued in
the US market:</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Debt issue costs and
discounts have all been amortized, as a result of the repurchase of Bonds
reported in note 17.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Bonds issued in
the local market:</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Debt issue costs and
interest rate differences net of amortization as of the end of the period
amounted to ThCh$3,209,740 and ThCh$3,513,711 in 2007. &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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Amortization for the
period 2008 amounted to ThCh$94,661 and ThCh$108,808 in 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>30</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 26 -
Consolidated Statement of Cash Flows</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=282></TD>
<TD width=98></TD>
<TD width=105></TD>
<TD width=98></TD>
<TD width=108></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2008</U></B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Maturity
date</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B><U>2007</U></B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center><B>Maturity
date</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<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=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Expected cash
outflow</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Expenses</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Dividend payment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(7,288,372)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>24-Apr-08</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(9,596,000)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>26-Apr-07</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Addition to property,
plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(338,467)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Apr-08</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(695,258)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Jun-07</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Addition to property,
plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(2,328,984)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-08</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3,747,163)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-07</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Addition to property,
plant and equipment</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(254,298)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>31-May-08</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(268,222)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>31-May-07</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Addition to property,
plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(13,705)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Jun-08</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(12,174)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Jun-07</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total
expenses</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(10,223,826)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(14,318,817)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Expected cash
inflow</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Income</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Sale of property, plant
and equipment</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9,778</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>30-Apr-08</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>24,712</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>15-May-07</P></TD></TR>
<TR>
<TD vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total
income</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>9,778</B></P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>24,712</B></P></TD>
<TD vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=282>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Total net</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(10,214,048)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>(14,294,105)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=108>
<P>&nbsp;</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><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>31</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 624px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 27 -
Derivative Contracts</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Derivative contracts
at March 31, 2008 were as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=34></TD>
<TD width=30></TD>
<TD width=44></TD>
<TD width=66></TD>
<TD width=62></TD>
<TD width=53></TD>
<TD width=88></TD>
<TD width=38></TD>
<TD width=104></TD>
<TD width=34></TD>
<TD width=32></TD>
<TD width=39></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=30>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=127 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><U>Hedged item or </U></P>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center><U>Transaction</U></P></TD>
<TD vAlign=bottom width=139 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Assets/</P>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Liabilities</P></TD>
<TD vAlign=bottom width=71 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Effect on</P>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>income</P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Derivative</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Contract</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Value</P></TD>
<TD vAlign=bottom width=66>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Maturity period</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Specific Item</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Position Purchase / Sale</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Concept</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Amount </P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Item </P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Amount </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Realized </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;Unrealized </P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=30>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=88>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,875,522</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2nd &nbsp;&nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,774,399</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,277,846 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(1,277,846)</P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCPE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>46,391,477</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2nd &nbsp;&nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Foreign
currency investment</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>45,690,602</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>793,503 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>700,875 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>92,628 </P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,939,945</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2nd &nbsp;&nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,925,924</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>283,441 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>283,441 </P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,394,443</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3rd &nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,176,423</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>641,913 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(641,913)</P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,883,212</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3rd &nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,855,453</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>236,458 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>236,458 </P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,567,703</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4th &nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,257,567</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>778,588 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(778,588)</P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,833,769</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4th &nbsp;Quarter 2008</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>S</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,766,327</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>338,183 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>338,183 </P></TD></TR>
<TR>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">FR</P></TD>
<TD vAlign=bottom width=30>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">CCTE</P></TD>
<TD vAlign=bottom width=44>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,163,249</P></TD>
<TD vAlign=bottom width=66>
<P
style="PADDING-RIGHT: 5px; FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1st &nbsp;&nbsp;&nbsp;Quarter 2009</P></TD>
<TD vAlign=bottom width=62>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>US$ Exchange rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>P</P></TD>
<TD vAlign=bottom width=88>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Suppliers
foreign currency</P></TD>
<TD vAlign=bottom width=38>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,094,275</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets and liabilities</P></TD>
<TD vAlign=bottom width=34>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,800 </P></TD>
<TD vAlign=bottom width=32>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0 </P></TD>
<TD vAlign=bottom width=39>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(17,800)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:M24></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>32</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 28 -
Contingencies and Restrictions</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt"><B>a.</B></P>
<P
style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Litigation
and other legal actions:</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">There are various
judicial actions and other out-of-court claims pending against the Company
incidental to its business and operations. Management believes, based on the
opinion of its legal counsel, that none of these proceedings will have a
material adverse effect on the Company&#146;s financial position or result of
operations.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Current lawsuits and
other legal actions are described below.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -47px; LINE-HEIGHT: 14pt">1)</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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$1,334,048 (ThCh$2,001,576 in 2007). &nbsp;In accordance with its legal
counsel&#146;s opinion, the Company deems if 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; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -47px; LINE-HEIGHT: 14pt">2)</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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$870,987 (ThCh$1,014,795 in 2007). &nbsp;In accordance with its
legal counsel&#146;s opinion, the Company deems if 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; PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -47px; LINE-HEIGHT: 14pt">3)</P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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$47,661 (ThCh$51,722 in 2007). &nbsp;&nbsp;In accordance with its
legal counsel&#146;s opinion, the Company deems if improbable that contingencies
without provisions may affect the results or equity of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"><B>b.</B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt"><B>Restrictions</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The bond issue and
placement on the US market for US$ 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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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&#148;, as a franchised territory
in Chile by The Coca-Cola Company for </P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>33</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"><B>c.</B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt"><B>Direct
guarantees</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Guarantees at March
31, 2008 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=127></TD>
<TD width=155></TD>
<TD width=64></TD>
<TD width=75></TD>
<TD width=68></TD>
<TD width=63></TD>
<TD width=56></TD>
<TD width=55></TD>
<TD width=1></TD>
<TD width=49></TD>
<TD width=0.733></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=155>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=131 colSpan=2 rowSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Assets involved</P></TD>
<TD vAlign=bottom width=112 colSpan=2 rowSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Balances pending <BR>at end of period</P></TD>
<TD vAlign=bottom width=51 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guarantee
creditor</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Debtor</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Type of guaranty</P></TD>
<TD vAlign=bottom width=51 colSpan=3>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Guaranty release</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Name</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Relation</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Type</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>Accounting <BR>Value</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2008</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2007</P></TD>
<TD vAlign=bottom width=50 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=155>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=50 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">ESTADO
RIO DE JANEIRO</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">RIO
DE JANEIRO REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Real
estate</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,857,762</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,162,298</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,968,359</P></TD>
<TD vAlign=bottom width=50 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=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">UNIA
FEDERAL</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">RIO
DE JANEIRO REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Mortgage</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Real
estate</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,829,230</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56 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=50 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=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">ADUANA
DE EZEIZA</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
DEL ATLANTICO S.A.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Subsidiary</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
insurance</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,014</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56 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=50 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=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AGA
S.A.</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Parent
company</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Agreement</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>131,727</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>174,866</P></TD>
<TD vAlign=bottom width=50 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=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">MUNICIPALIDAD
DE SANTIAGO</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Parent
company</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
Receipt</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,092</P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,122</P></TD>
<TD vAlign=bottom width=50 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,092</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">ESCUELA
MILITAR</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">EMBOTELALDORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Parent
company</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
Receipt</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,000</P></TD>
<TD vAlign=bottom width=56 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=50 colSpan=2>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,000</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">MUNICIPALIDAD
DE MAIPU</P></TD>
<TD vAlign=bottom width=155>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Parent
company</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=68>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Guaranty
Receipt</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>99,172</P></TD>
<TD vAlign=bottom width=56 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=50 colSpan=2>
<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></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A3:I11></A><A
name=RANGE!A3:I10></A><A name=RANGE!A3:H10></A>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>34</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 28 -
Guarantees from Third Parties</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Guarantees from Third
Parties at March 31, 2008 were as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=194></TD>
<TD width=83></TD>
<TD width=95></TD>
<TD width=58></TD>
<TD width=52></TD>
<TD width=199></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Guarantor</B></P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Relationship</B></P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Type of Guarantee</B></P></TD>
<TD vAlign=bottom width=58>
<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=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Currency</B></P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center><B>Transaction</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=83>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=199>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">AGA
S.A.</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Parent Company</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Receipt</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>600,000</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Supplier
agreement</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">RUSEEL
W. COFFIN</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Letter of credit</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>52,774,133</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Purchase
of Nitvitgov Refrigerantes S.A.</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">CONFAB</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Mortgage</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>30,000,000</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Purchase
of Rio de Janeiro Refrescos Ltda.</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">CLIENTES
DIVERSOS</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Deposits</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>3,339,782</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Guaranty
over containers</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">COMPA&#209;&#205;A
AZUCARERA CONCEPCI&#211;N</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Guaranty insurance</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,574,586</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Supplier
</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">ATANOR
- - S.C.A</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Guaranty insurance</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>289,641</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Supplier
</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">LEDESMA
- - SAAI </P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Guaranty insurance</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>2,932,492</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Supplier
</P></TD></TR>
<TR>
<TD vAlign=bottom width=194>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">CATERING
ARGENTINA S.A.</P></TD>
<TD vAlign=bottom width=83>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Subsidiary</P></TD>
<TD vAlign=bottom width=95>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>Guaranty insurance</P></TD>
<TD vAlign=bottom width=58>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=right>102,862</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow"
align=center>US$</P></TD>
<TD vAlign=bottom width=199>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: Arial Narrow">Supplier
</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>35</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 29 - Local
and Foreign Currency</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Assets at each period
end were composed of local and foreign currencies as follows: </P>
<P style="MARGIN: 0px; LINE-HEIGHT: 9pt"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=193></TD>
<TD width=94></TD>
<TD width=73></TD>
<TD width=73></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>31-Mar-08</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>31-Mar-07</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Current
Assets</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Cash</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,847,475 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,353,707 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>803,367 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,587,862 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,183,711 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>574,971 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>903,887 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>10,851,894 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,548,345 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Time
Deposits</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>65,134,364 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,660,466 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>18,074 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>90,606 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>216,635 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Marketable
Securities</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,405,800 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,018,393 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>55,004,342 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>31,034,539 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(2,140)</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(40,675)</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>271,682 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,464,851 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Accounts
receivable</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>15,061,672 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>15,024,403 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>84,820 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>381,541 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,092,316 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,087,790 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,679,833 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,776,636 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,286,980 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Notes
Receivable</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,849,091 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,262,820 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>438,532 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>261,135 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,097,150 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,080,293 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
debtors</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,552,588 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,952,403 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>662,461 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>49,482 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>625,524 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,040,509 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,027,592 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,897,034 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>7,201,894 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Notes
Receivable related companies</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,702,404 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,559,627 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Inventories</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>532,893 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,209,011 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,691,499 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,942,936 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,138,373 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,795,579 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,641,824 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,307,429 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>9,179,294 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,843,867 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Recoverable
taxes</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,669,849 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>434,494 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>170,503 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,496,860 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,065,523 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,215,702 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>149,485 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,559,522 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Prepaid
expenses</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,380,715 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,099,923 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>52,337 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>30,715 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>14,702 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>199,796 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>259,822 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>725,256 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>571,891 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Deferred
taxes</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>636,248 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>94,251 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>58,295 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>297,086 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,365,335 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
current assets</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>323,695 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,285,198 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,793,582 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,478,426 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>15,932,798 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>673,765 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>731,179 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,693,010 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,798,544 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Property,
plant and equipment</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>91,096,743 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>69,019,489 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>74,828,761 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>87,709,561 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Other
assets</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Investments
in related companies</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>20,466,376 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>18,073,341 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,167,711 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,367,297 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,924,805 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Investments
in other companies</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>46,080 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>43,104 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>78,567 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>17,649 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Goodwill</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,056,708 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>531,715 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>48,029,157 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>71,989,481 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Long
term debtors</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>12,614 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>19,571 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>13,684 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>22,159 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>5,213 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Notes
Receivable related companies</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>57,296 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>39,106 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Intangibles</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>349,364 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>465,236 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>20,401 </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></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Amortization</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(227,337)</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>(286,070)</P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Others</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,992,732 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>6,121,889 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,110,523 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>3,077,660 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>1,051,998 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>103,011,524 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>2,577,978 </P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>4,409,346 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>11,829,872</P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right>8,164,022 </P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Total
Assets</B></P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Non-Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>200,707,324 </B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>130,001,114 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</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>34,566,877 </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>25,164,515 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>187,781,256</B></P></TD>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"
align=right><B>326,911,587 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>AR$</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>14,603,058 </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>18,577,433 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=193>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial Narrow"><B>R$</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>66,025,942 </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>61,156,123 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px; LINE-HEIGHT: 3pt"><BR></P><A name=RANGE!A1:D77></A><A
name=RANGE!A1:D82></A><A name=RANGE!A1:K49></A><A name=RANGE!A1:D78></A>
<P style="MARGIN: 0px; LINE-HEIGHT: 3pt"><BR><BR><BR><BR><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>36</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 29 - Local
and Foreign Currency (continuation)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Current liabilities
for the period ended March 31, 2008 and 2007, denominated in local and foreign
currencies were as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=178></TD>
<TD width=85></TD>
<TD width=56></TD>
<TD width=49></TD>
<TD width=56></TD>
<TD width=6></TD>
<TD width=33></TD>
<TD width=44></TD>
<TD width=52></TD>
<TD width=50></TD>
<TD width=52></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=169 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Up to 90 days</P></TD>
<TD vAlign=bottom width=33>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>90 days to 1 year</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=106 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>2008</P></TD>
<TD vAlign=bottom width=95 colSpan=3>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>2007</P></TD>
<TD vAlign=bottom width=97 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>2008</P></TD>
<TD vAlign=bottom width=103 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>2007</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Currency</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Short
term bank liabilities</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,361,403</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Long
term bank liabilities</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>107,191</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>488,711</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>15.66</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Long
term bonds payable </P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,238,682</P></TD>
<TD vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7.0</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>8,521,578</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.2</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,554,189</P></TD>
<TD vAlign=bottom width=52>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6.2</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>18,696,652</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Dividends
payable</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>231,434</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>233,172</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,773</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Accounts
payable</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>29,768,748</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>19,587,142</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,207,556</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,562,055</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,438,418</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,105,044</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>7,762,506</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>12,020,750</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
creditors</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>78,429</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>236,807</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>52,147</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>50,409</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>97,533</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>82,210</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,582,049</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,950,117</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>9,387</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Notes
and accounts payable related companies</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>5,832,655</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,899,804</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,706,477</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,983,617</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,878,429</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>738,010</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>936,619</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,608,290</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,388,950</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Withholdings</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,520,726</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>6,183,486</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,799,149</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,180,218</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,607,471</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,557,211</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Income
tax provision</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,880,234</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>3,317,471</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>2,752,033</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,764,227</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=56>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>567,763</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,122,473</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Unearned
income</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>518,191</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>588,101</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Other
current liabilities</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>1,316,758</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right>4,415,270</P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<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>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<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>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<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=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>R$</B></P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,796,766</B></P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>20,849,296</B></P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,783,524</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,557,345</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,238,682</B></P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,521,578</B></P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom 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=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,554,189</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>3,285,985</B></P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,798,862</B></P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>18,696,652</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>47,806,756</B></P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>39,170,452</B></P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom 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=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=178>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"><B>AR$</B></P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>13,045,520</B></P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>13,806,375</B></P></TD>
<TD vAlign=bottom width=39 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>97,533</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial Narrow"
align=right><B>82,210</B></P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</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" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:J53></A>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>37</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 29 - Local
and Foreign Currency (continuation)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Long term liabilities
at March 31, 2008 were composed of local and foreign currencies as follows: </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=185></TD>
<TD width=90></TD>
<TD width=53></TD>
<TD width=41></TD>
<TD width=48></TD>
<TD width=41></TD>
<TD width=53></TD>
<TD width=41></TD>
<TD width=53></TD>
<TD width=41></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Currency</P></TD>
<TD vAlign=bottom width=94 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1 to 3 years</P></TD>
<TD vAlign=bottom width=89 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>3 to 5 years</P></TD>
<TD vAlign=bottom width=94 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>5 to 10 years</P></TD>
<TD vAlign=bottom width=94 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Over 10 years</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>%</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Long
term bank liabilities</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>634,737</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Long
term bonds payable</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6,471,473</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.2</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>8,628,628</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.5</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>21,571,591</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.5</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>37,547,102</P></TD>
<TD vAlign=bottom width=41>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7.625</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
creditors</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>70,783</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Notes
and accounts payable related companies</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,253,513</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>72,294</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>758,625</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>5,684,074</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,334,048</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7,527,775</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Deferred
taxes</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>11,924,176</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
liabilities</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>400,000</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>4,820,978</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">AR$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>205,317</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>1,847,852</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">R$</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,940,559</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total
long term liabilities</B></P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>R$</B></P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>24,099,541</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>10,883,611</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,628,628</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>26,392,569</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>37,547,102</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>AR$</B></P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,404,831</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>205,317</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>1,847,852</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=185>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=53>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,684,074</B></P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:J23></A><A
name=RANGE!A1:J24></A><A name=RANGE!A1:J25></A>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>38</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 29 - Local
and Foreign Currency (continuation)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Long term liabilities
at March 31, 2007 were composed of local and foreign currencies as follows:</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:J22></A>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=165></TD>
<TD width=78></TD>
<TD width=57></TD>
<TD width=45></TD>
<TD width=54></TD>
<TD width=48></TD>
<TD width=57></TD>
<TD width=45></TD>
<TD width=57></TD>
<TD width=45></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Currency</P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>1 to 3 years</P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>3 to 5 years</P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>5 to 10 years</P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Over 10 years</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Amount</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>Annual average interest rate</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Long
term bank liabilities</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$R</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>356,207</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Long
term bonds payable</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">US$</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,331,561</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>7.625</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>8,715,554</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.27</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>8,645,455</P></TD>
<TD vAlign=bottom width=48>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.5</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>21,613,637</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.5</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>41,065,912</P></TD>
<TD vAlign=bottom width=45>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>6.5</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
creditors</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$AR</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>120,303</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$R</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>33,375</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Notes
and accounts payable related companies</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>3,737,168</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Provisions</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>737,899</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>5,369,095</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$AR</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,001,576</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$R</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>10,834,413</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Deferred
taxes</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>930,158</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$AR</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>350,492</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$R</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,977,668</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Other
liabilities</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>5,868,284</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$AR</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>234,668</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,112,009</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">-</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow">$R</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>2,951,917</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right>0</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Total
long term liabilities</B></P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>$R</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>17,120,205</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>33,375</B></P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>US$</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,331,561</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,715,554</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>8,645,455</B></P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>21,613,637</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>41,065,912</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>$AR</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,121,879</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>585,160</B></P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>2,112,009</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>4,475,067</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>6,798,442</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial Narrow"
align=right><B>5,369,095</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 30 &#150;
Penalties</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 31 -
Subsequent Events</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">At the Regular
General Shareholders&#146; Meeting of Embotelladora Andina S.A., held April 15, 2008,
among other matters, the following was resolved:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt">1.</P>
<P
style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The
distribution of the following amounts as Final Dividend N&#176; 160, on account of
the fiscal year ending December 31, 2007: &nbsp;(a) Ch$9.130 (nine pesos and one
hundred and thirty cents) per Series A shares; and (b) Ch$10.043 (ten pesos and
forty three cents) per Series B shares. This dividend will be available to
shareholders beginning April 24, 2008. Regarding payment of this dividend, the
Shareholders&#146; Registry will close on April 18, 2008. </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt">2.</P>
<P
style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The
distribution of an Additional Dividend N&#176; 161 on account of retained earnings:
(a) Ch$60.00 (sixty pesos) per Series A shares; and (b) Ch$66.00 (sixty six
pesos) per Series B shares. This dividend will be available to shareholders
beginning May 14, 2008. Regarding payment of this dividend, the Shareholders
Registry will close on May 8, 2008.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>39</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 32 &#150;
Companies subject to special regulations</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The Company and its
subsidiaries are not subject to special regulations. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Note 33 &#150;
Environment</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The Company has
disbursed ThCh$855,210 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$653,273.</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>40</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 2px; MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"><B>I.</B></P>
<P
style="PADDING-RIGHT: 2px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt"><B>Analysis
of Results for the First Quarter of 2008 and the Period ended March 31,
2008</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Highlights</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px">Consolidated
operating income reached Ch$32,598 million during the first quarter of 2008, a
5.1% growth in real terms when compared to the first quarter of 2007. Operating
margin was 19.0%.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px">Consolidated sales
volume grew 5.7% during the quarter, reaching 120.6 million unit cases. </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px">During the quarter
consolidated EBITDA totaled Ch$39,978 million, representing an increase of 3.1%
in real terms compared to the first quarter of 2007. EBITDA margin was
23.3%.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px">Net income for the
period reached Ch$20,844 million, 13.4% lower in real terms than the first
quarter of 2007. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>Comments from the Chief Executive
Officer, Mr. Jaime Garcia R.</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&#147;We have begun year 2008 with results
that met our expectations. Our Chilean operation showed remarkable growth for a
mature market, and in the Brazilian and Argentine operations we improved
margins. The appreciation of the Chilean peso, on the other hand, had a
significant impact upon translation of figures for the operations outside of
Chile. As always, we know we will have to face challenges during this year yet
we remain optimistic and enthusiastic.&#148; </P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>CONSOLIDATED SUMMARY</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>First Quarter 2008 vs. First Quarter
2007</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">During this quarter our results were
affected by volume growth, stable real prices and mixed macroeconomic
environments. The appreciation of the Brazilian real and the Chilean peso of an
average 17.8% and 16.4% positively impacted operations at the local level
respectively, which had a positive impact over our dollar-denominated costs and
also offset the price increase of commodities. &nbsp;However the strong 18.8%
appreciation of the Chilean peso for the period had a negative impact upon
conversion of figures of our Brazilian and Argentine operations. &nbsp;The
Argentine peso remained relatively stable with an average depreciation of 1.9%.
&nbsp;The increased restatement index figure due to the 8.1% inflation rate in
Chile for the period is added to the exchange rate effect that had a negative
impact upon comparing figures. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Consolidated sales volume for the first
quarter of 2008 reached 120.6 million unit cases, an increase of 5.7% compared
to the first quarter of 2007. &nbsp;Our three franchises contributed to this
growth at different rates: &nbsp;Chile 8.7%; Brazil 2.3% and Argentina 6.6%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Net Sales amounted to Ch$171,515
million, a 0.4% decrease in real terms compared to the first three months of
2007. &nbsp;Higher volumes were offset by a drop in average income, driven by a
shift in product mix and by the effect of translating figures already mentioned
for Brazil and Argentina. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Cost of sales per unit case decreased
10.9%, mainly due to the effect of the appreciation of the Brazilian real and
Chilean peso over dollar-denominated costs, and in this case the positive effect
upon conversion of figures for Brazil and Argentina. &nbsp;This enabled the
Company to offset the price increase of certain raw materials such as sugar and
PET resin, as well as the increased labor costs. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>41</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px">SG&amp;A increased 8.1% due to higher
volumes and also due to salary readjustments and increased labor costs in the
commercial area in Brazil. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Consolidated operating income amounted
to Ch$32,598 million, a 5.1% increase in real terms compared to the Ch$31,012
million reported in the same period of 2007. Operating margin was 19.0%, an
increase of 100 basis points. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Finally, consolidated EBITDA amounted to
Ch$39,978 million, a 3.1% improvement in real terms compared to the same period
of the previous year. EBITDA margin was 23.3%, an increase of 80 basis
points.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>SUMMARY BY COUNTRY</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>CHILE</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>First Quarter 2008 vs. First Quarter
2007</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">During the first quarter of 2008, sales
volume amounted to 42.3 million unit cases reflecting a growth of 8.7%.
&nbsp;Soft Drinks increased 5.4%, Waters increased 30.0% and Juices increased
14.8%. The significant increase in the Waters segment is explained in part due
to the incorporation of the Benedictino brand during February of this year, </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Net sales amounted to Ch$67,079 million,
a growth of 4.2% in real terms. &nbsp;This increase was offset by real prices
slightly below those of the comparable period and by the mix effect on income
per unit case from the Juice and Waters categories.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Cost of sales per unit case decreased
2.4% in real terms. This lower cost is best explained by the effect of the
appreciation of the Chilean peso over dollar-denominated costs that more than
compensated the increase of certain raw material prices such as PET resin and
the increase of concentrate costs for incremental sales (this year the mechanism
set by the new bottler agreement with The Coca-Cola Company became effective).
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Operating income amounted to Ch$15,052
million, a decrease of 5.2% in real terms compared to the same period during
2007. Operating margin was 22.4%, a drop of 230 basis points relating to the
first quarter of 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">EBITDA amounted to Ch$18,610 million,
1.7% lower in real terms than the Ch$18.932 million recorded during the same
quarter of the previous year. &nbsp;EBITDA margin was 27.7%, a decrease of 170
basis points regarding the first-three months of 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>42</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>BRAZIL</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>First Quarter 2008 vs. First Quarter
2007</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Sales volume for the first quarter of
2008 amounted to 45.3 million unit cases, a 2.3% increase compared to the first
three months of 2007. &nbsp;Lower than usual temperatures and a possible shift
in consumption towards durable goods had a strong impact over the low increase
in volumes especially regarding soft drinks. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Net sales reached Ch$69,823 million, a
2.7% decrease in real terms compared to the same period of 2007, and a 4.8%
decrease in real terms per unit case. &nbsp;Price adjustments in Brazil more
than offset the effect of the appreciation of the Chilean peso regarding real
figures upon translation of results.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Cost of sales per unit case recorded a
decrease of 17.7% in real terms best explained by the effect of appreciation of
the Brazilian real over dollar-denominated costs and of the Chilean peso
relating to the Brazilian real upon conversion of figures, and lower prices on
the costs of sugar and aluminum. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Operating Income reached Ch$12,949
million, a 24.0% increase in real terms. Operating margin was 18.5%, an increase
of 390 basis points. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Finally, EBITDA amounted to Ch$15,326
million, a 16.1% improvement in real terms compared to the Ch$13,196 million
reported in the first quarter of 2007. &nbsp;&nbsp;EBITDA margin was 21.9%, an
increase of 350 basis points regarding the comparable period.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>ARGENTINA</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>First Quarter 2008 vs. First Quarter
2007</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Sales volume for the first quarter of
2008 reached 33.0 million unit cases, a 6.6% improvement compared to the same
period of 2007, supported by high consumption levels still recorded in
Argentina.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Net sales reached Ch$35,147 million, a
decrease of 5.0% in real terms compared to the Ch$37,005 million reported in the
first quarter of 2007. &nbsp;The decrease in net sales is best explained by
increased volumes and price adjustments that took place during the quarter,
which were more than offset by the effect of currency exchange rates as a result
of the depreciation of the Argentine peso (1.9% average for the period) and the
significant appreciation of the Chilean peso (18.8% as of the end of
period).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Cost of sales per unit case decreased
14.0% in real terms, higher labor costs as well as higher costs for certain raw
materials such as sugar and PET resin, were more than offset by the effects upon
translating figures.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Operating Income totaled Ch$5,235
million, in line with that of the same period of 2007. Operating Margin was
14.9%, an increase of 70 basis points compared to the first quarter of 2007.
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">EBITDA reached Ch$6,680 million, a
decrease of 7.4% in real terms. EBITDA margin amounted to 19.0%, a decrease of
50 basis points.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>43</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>NON-OPERATING RESULTS</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>First Quarter 2008 vs. First Quarter
2007</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">Non-operating results totaled a loss of
Ch$3,994 million, which compares negatively to a lower accumulated loss of
Ch$2,245 million recorded in the same period of the previous year. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">This increased loss in the non-operating
result line is best explained by:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -24px">Financial
Expense/Income (Net): &nbsp;Reflecting a positive variation due to higher
earnings in the Cross Currency Swap Agreements, resulting from the appreciation
of the Chilean peso during the First quarter of 2008 compared to the devaluation
recorded during the First Quarter 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -24px">Price
Level Restatement: Resulted in a loss due to the exchange rate over our U.S.
dollar asset position, that although significantly lower than that of 2007, was
impacted by the strong appreciation of the Chilean peso. &nbsp;The translation
of the subsidiaries&#146; financial statements is added to this effect as well as the
loss in hedging over dollar-denominated raw materials. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -47px; LINE-HEIGHT: 14pt">-</P>
<P
style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: -24px">Income
Taxes: &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="FONT-SIZE: 12pt; MARGIN: 0px">Finally, net income amounted to
Ch$20,844 million, a decrease of 13.4% in real terms compared to net income of
the First Quarter 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px"><B>ANALYSIS OF THE BALANCE SHEET</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">As of March 31, 2008, the company&#146;s
financial assets amounted to Ch$148,389 million. These represent cash,
investments in mutual funds, time deposits and sovereign bonds. &nbsp;83.4% of
total financial investments are in denominated in Chilean pesos, 8.7% in U.S.
dollars, 7.5% in Brazilian reais and 0.4% in Argentine pesos.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">On the other hand, the Company&#146;s total
debt was Ch$84,561 million, with an average annual rate of 6.48% on Chilean
peso-denominated debt and an average annual rate of 7.63% on U.S.
dollar-denominated debt. Chilean peso-denominated debt represents 96.5% of total
debt.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px">As a result, the Company holds a
positive net cash position of Ch$63,828 million.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>44</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"><B>II.</B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 24px; LINE-HEIGHT: 14pt"><B>&nbsp;Main
Indicators</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=12></TD>
<TD width=204></TD>
<TD width=39></TD>
<TD width=46></TD>
<TD width=48></TD>
<TD width=46></TD>
<TD width=54></TD></TR>
<TR>
<TD vAlign=bottom width=216 colSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>INDICATORS</B></P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Unit</B></P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Mar-08</B></P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Dec-07</B></P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Mar-07</B></P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Variance</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=216 colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><I>LIQUIDITY</I></B></P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Current Ratio</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2.53</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1.92 </P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1.59</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0.94
</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Acid Tests</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>2.30</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1.72 </P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1.38</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>0.92
</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Working Capital</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>MCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>19,380
</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>27,624
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19,011</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>369
</P></TD></TR>
<TR>
<TD vAlign=bottom width=216 colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><I>ACTIVITY</I></B></P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><I></I></B>&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investments</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>MCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>11,070
</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>56,473
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>12,338</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,268)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Inventory
turnover</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3.71 </P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>13.60
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4.02</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(0.32)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Days of inventory on
hand</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>Days</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>97.16
</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>26.46
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>89.54</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7.62
</P></TD></TR>
<TR>
<TD vAlign=bottom width=216 colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><I>INDEBTEDNESS</I></B></P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Debt to equity
ratio</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>73.92%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>92.22%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>73.69%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>0.23</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Short-term liabilities
to total liabilities</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>45.15%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>53.48%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>48.96%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(3.81)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Long-term liabilities to
total liabilities</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>54.85%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>46.52%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>51.04%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>3.81</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Interest charges
coverage ratio</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>Times</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>46.58
</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>60.47
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>20.32
</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>26.27
</P></TD></TR>
<TR>
<TD vAlign=bottom width=216 colSpan=2>
<P
style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B><I>PROFITABILITY</I></B></P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Return over
equity</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7.28%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>28.32%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7.75%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(0.47)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Return over total
assets</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>3.98%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>14.94%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>4.30%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(0.33)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Return over operating
assets</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>8.52%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>32.80%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>9.67%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1.15)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating income</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>MCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>32,598
</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>116,418
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>31,012</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>1,586
</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating margin</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>19.01%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>18.14%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>18.01%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>0.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">EBITDA (1)</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>MCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>37,930
</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>147,158
</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>39,799</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(1,869)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">EBITDA margin</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>22.11%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>22.93%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>22.58%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>(0.47)</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Dividends payout ratio -
Series A shares</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>6.95%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7.16%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5.83%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1.12</P></TD></TR>
<TR>
<TD vAlign=bottom width=12>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">&nbsp;</P></TD>
<TD vAlign=bottom width=204>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Dividends payout ratio -
Series B shares</P></TD>
<TD vAlign=bottom width=39>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=center>%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7.11%</P></TD>
<TD vAlign=bottom width=48>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>7.33%</P></TD>
<TD vAlign=bottom width=46>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow" align=right>5.80%</P></TD>
<TD vAlign=bottom width=54>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>1.31</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><SUP>1</SUP>Earnings
before income taxes, interests, depreciation, amortization and extraordinary
items.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Liquidity indicators
improved due to (i) the sale of long term corporate bond portfolios which were
reinvested in marketable securities and short term time deposits, and (ii) the
maturity of Series A Yankee bonds in October of 2007 in the amount of US$32
million that as of March 2007 was classified as short term. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Indicators of
indebtedness reflect a slight improvement mainly due to a decrease in
shareholders&#146; equity resulting from the payment of an additional dividend during
July 2007. &nbsp;During the period net financial expenses amounted to Ch$628
million and earnings before interest and taxes amounted to Ch$29,232 million,
achieving an interest coverage of 46.58 times, significantly higher than the
previous period. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">At the closing of the
period ended March 31, 2008, operating profitability indicators benefited from
the factors mentioned in paragraph I. &nbsp;Net income was impacted mainly by
higher tax payments and the revaluation of the Chilean peso which had an impact
on profitability over shareholders&#146; equity resulting from the extraordinary
dividend payment during July 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"><B>III.</B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt"><B>Analysis
of Book Values and Present Value of Assets</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">With respect to the
Company&#146;s main assets the following should be noted:</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>45</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 of transactions between
related companies have been eliminated.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt"><B>IV.</B></P>
<P
style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>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=161></TD>
<TD width=69></TD>
<TD width=65></TD>
<TD width=65></TD>
<TD width=60></TD></TR>
<TR>
<TD vAlign=bottom width=161 rowSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Mar-2008</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Mar-2007</B></P></TD>
<TD vAlign=bottom width=65 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Variation MCh$</B></P></TD>
<TD vAlign=bottom width=60 rowSpan=2>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>Variation %</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>MCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>MCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Operating</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,188 </P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,574 </P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,614 </P></TD>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>29</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Financing</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,654)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,486)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832
</P></TD>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>10</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow">Investment</P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,923)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,319)</P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,604)</P></TD>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center>(49)</P></TD></TR>
<TR>
<TD vAlign=bottom width=161>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"><B>Net cash flow for the
Period</B></P></TD>
<TD vAlign=bottom width=69>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,611
</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,769
</B></P></TD>
<TD vAlign=bottom width=65>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,842
</B></P></TD>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px; FONT-FAMILY: Arial Narrow"
align=center><B>(36)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The Company generated
positive net cash flow of MCh$33,611 during the quarter, analyzed as
follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Operating activities
generated a positive cash flow of MCh$52,188 representing a positive variation
of MCh$11,614 mainly explained by higher financial income resulting from the
liquidation of cross currency swap agreements that was partially offset by lower
dividends received. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Financing activities
generated a negative cash flow of MCh$7,654; with a positive variation of
MCh$832 compared to the prior year, mainly because of lower net payments of bank
liabilities during the 2008 period compared to the same period of 2007.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Investment activities
generated a negative cash flow of MCh$10,923 with a negative variation of
MCh$3,604 compared to the prior year, mainly because during the first quarter of
2007 income was collected from the sale of financial investments which did not
occur during the first quarter of 2008, partially offset by lower additions to
property, plant and equipment during 2008 compared to the same period of 2008.
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>46</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 673px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"><B>V.</B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 47px; LINE-HEIGHT: 14pt"><B>&nbsp;Analysis
Of Market Risk</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Interest Rate
Risk</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">As of March 31, 2008
and 2007, the Company held 100% of its debt obligations at fixed rates of
interest. &nbsp;Consequently, the risk of fluctuation of market interest rates
affecting the Company&#146;s cash flow remains low. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Foreign Currency
Risk</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Chilean
peso:</P>
<P
style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 165px; LINE-HEIGHT: 14pt">39%</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Brazilian
real:</P>
<P
style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 165px; LINE-HEIGHT: 14pt">41%</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Argentine
peso:</P>
<P
style="PADDING-LEFT: 24px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 165px; LINE-HEIGHT: 14pt">20%</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Since the Company&#146;s
sales are not linked to the U.S. dollar, the policy adopted for managing foreign
exchange risk, which 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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 consist of payments to suppliers for raw materials. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Commodity Risks</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">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 30% and 35% of our operating costs. In order
to minimize and/or stabilize such risk, supply contracts and advance purchases
are negotiated when market conditions are favorable. &nbsp;Likewise commodity
coverage instruments have also been utilized. </P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 11pt; MARGIN: 0px; LINE-HEIGHT: 13pt" align=center>47</P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"><B>Embotelladora
Andina S.A.</B></P>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"><B>First
Quarter Results for the period ended March 31 (Chilean GAAP)</B></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"
align=right><B>(In millions of constant 03/31/08 Chilean Pesos, except per share
and per ADS data)</B></P>
<P style="MARGIN: 0px" align=right><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=205></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=49></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=49></TD>
<TD width=52></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=239 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>3/31/2008</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=239 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>3/31/2007</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52 rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
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=205>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Chilean</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Brazilian</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Argentine</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Total (2)</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Chilean</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Brazilian</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Argentine</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Total (2)</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=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>VOLUME
TOTAL BEVERAGES (Million UC)</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>42.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>45.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>33.0</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>120.6</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>38.9</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>44.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>30.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>114.1</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"
align=right><B>5.7%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Soft
Drink</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>33.6</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>42.5</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>32.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>108.5</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>31.8</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>42.1</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>30.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>104.4</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"
align=right>3.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Mineral
Water</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>5.3</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.9</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.4</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>6.6</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>4.1</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.5</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>4.9</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"
align=right>34.6%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Juices</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.4</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.8</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>4.4</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.7</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>3.8</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"
align=right>15.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Beer</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1.1</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>1.1</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1.0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>1.0</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"
align=right>8.3%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>67,069</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>69,823</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>35,147</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>171,515</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>64,358</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>71,734</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>37,005</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>172,169</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"
align=right><B>(0.4)%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(37,635)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(34,330)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(20,634)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(92,075)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(35,477)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(40,799)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(22,500)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(97,848)</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"
align=right>(5.9)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>29,434</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>35,493</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>14,513</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>79,440</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>28,881</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>30,935</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>14,505</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>74,321</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"
align=right><B>6.9%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>43.9%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>50.8%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>41.3%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>46.3%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>44.9%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>43.1%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>39.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>43.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(14,383)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(22,543)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(9,278)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(46,204)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(13,011)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(20,488)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(9,237)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(42,736)</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"
align=right>8.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>CORPORATE
EXPENSES (4)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(638)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(573)</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"
align=right>11.3%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>OPERATING
INCOME</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15,052</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>12,949</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>5,235</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>32,598</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15,870</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>10,447</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>5,267</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>31,012</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"
align=right><B>5.1%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Operating
Margin</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>22.4%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>18.5%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>19.0%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>24.7%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.6%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>18.0%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>18,610</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15,326</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>6,680</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>39,978</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>18,932</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>13,196</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>7,216</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>38,771</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"
align=right><B>3.1%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>27.7%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>21.9%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>19.0%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>23.3%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>29.4%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>18.4%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>19.5%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>22.5%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NON
OPERATIONAL RESULTS</B></P>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>4,028</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(973)</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"
align=right>514.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>261</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>353</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"
align=right>(26.2)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(1,318)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(1,783)</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"
align=right>(26.1)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>OTHER
INCOME/(EXPENSE)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>2,510</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(1,588)</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"
align=right>258.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(9,473)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1,746</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"
align=right>(642.6)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NON(OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(3,994)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(2,245)</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"
align=right><B>77.9%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>INCOME
BEFORE INCOME TAXES; AMORTIZATION OF</B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>28,604</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>28,768</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"
align=right>(0.6)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(7,732)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(4,647)</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"
align=right>66.4%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(28)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(59)</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"
align=right>(52.5)%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0</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"
align=right>NA</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NET
INCOME</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>20,844</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>24,062</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"
align=right><B>(13.4</B>)<B>%</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=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>Net
Margin</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>12.2%</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>14.0%</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=205>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>760.3</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>760.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EARNINGS
PER SHARE</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>27.4</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>31.6</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&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=205>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EARNINGS
PER ADS</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>164.5</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=49>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>189.9</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"
align=right><B>(13.4)%</B></P></TD></TR></TABLE>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(1)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">EBITDA:
Operating Income + Depreciation</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(2)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Total
may be different from the addition of the three countries because of
intercountry eliminations</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(3)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Includes:
Monetary Correction + Conversion Effect to Balance Sheet + Income Statement
Accounts</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(4)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Corporate
expenses partially reclassified to the operations.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">48</P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"><B>Embotelladora
Andina S.A.</B></P>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"><B>First
Quarter Results for the period ended March 31 (Chilean GAAP)</B></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"
align=right><B>(In millions of US$, except per share and per ADS data)<BR>Pesos
restated to March 31, 2008 currency converted into U.S. dollars at the eop
exchange rate </B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=215></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=44></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=44></TD>
<TD width=52></TD></TR>
<TR>
<TD vAlign=bottom width=215>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=234
colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B>Exch. Rate: &nbsp;437.71</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=234
colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B>Exch. Rate: 437.71</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=215>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=234
colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B>3/31/2008</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=234
colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B>3/31/2007</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52
rowSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>% Ch.</I></B></P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=215>
<P>&nbsp;</P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Chilean</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Brazilian</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Argentine</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Total (2)</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Chilean</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Brazilian</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Argentine</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Total (2)</I></B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>VOLUME
TOTAL BEVERAGES (Million UC)</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>42.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>45.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>33.0</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>120.6</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>38.9</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>44.3</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>30.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>114.1</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"
align=right><B>5.7%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Soft
Drink</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>33.6</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>42.5</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>32.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>108.5</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>31.8</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>42.1</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>30.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>104.4</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"
align=right>3.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Mineral
Water</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>5.3</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.9</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.4</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>6.6</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>4.1</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.5</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>4.9</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"
align=right>34.6%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Juices</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.4</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.8</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>4.4</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.7</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>3.8</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"
align=right>15.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Beer</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1.1</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>1.1</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1.0</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>1.0</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"
align=right>8.3%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>153.2</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>159.5</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>80.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>391.8</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>147.0</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>163.9</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>84.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>393.3</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"
align=right><B>(0.4)%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 5px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(86.0)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(78.4)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(47.1)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(210.4)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(81.1)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(93.2)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(51.4)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(223.5)</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"
align=right>(5.9<B>)</B>%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>67.2</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>81.1</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>33.2</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>181.5</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>66.0</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>70.7</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>33.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>169.8</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"
align=right><B>6.9%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>43.9%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>50.8%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>41.3%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>46.3%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>44.9%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>43.1%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>39.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>43.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(32.9)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(51.5)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(21.2)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(105.6)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(29.7)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(46.8)</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(21.1)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(97.6)</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"
align=right>8.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>CORPORATE
EXPENSES (4)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(1.5)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(1.3)</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"
align=right>11.3%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>OPERATING
INCOME</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>34.4</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>29.6</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>12.0</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>74.5</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>36.3</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>23.9</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>12.0</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>70.9</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"
align=right><B>5.1%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Operating
Margin</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>22.4%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>18.5%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>19.0%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>24.7%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.6%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>18.0%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>42.5</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>35.0</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>91.3</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>43.3</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>30.1</B></P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>16.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>88.6</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"
align=right>3.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>27.7%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>21.9%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>19.0%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>23.3%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>29.4%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>18.4%</P></TD>
<TD vAlign=bottom width=63>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>19.5%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>22.5%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NON
OPERATIONAL RESULTS</B></P>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>9.2</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(2.2)</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"
align=right>514.1%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.6</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.8</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"
align=right>(26.2<B>)</B>%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(3.0)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(4.1)</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"
align=right>(26.1<B>)</B>%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>OTHER
INCOME (EXPENSE)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>5.7</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(3.6)</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"
align=right>258.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="PADDING-LEFT: 7px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(21.6)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>4.0</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"
align=right>(642.6)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NON-OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(9.1)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
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"
align=right><B>77.9%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>INCOME
BEFORE INCOME TAXES; AMORTIZATION OF</B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>65.3</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>65.7</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"
align=right>(0.6)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(17.7)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(10.6)</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"
align=right>66.4%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(0.1)</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(0.1)</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"
align=right>(52.5)%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.0</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.0</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"
align=right>NA</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NET
INCOME</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>47.6</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>55.0</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"
align=right><B>(13.4</B>)<B>%</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=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>Net
Margin</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>12.2%</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>14.0%</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=215>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>760.3</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>760.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EARNINGS
PER SHARE</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.06</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.07</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=52>
<P>&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=215>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EARNINGS
PER ADS</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.38</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.43</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"
align=right><B>(13.4)%</B></P></TD></TR></TABLE>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(1)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">EBITDA:
Operating Income + Depreciation</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(2)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Total
may be different from the addition of the three countries because of
intercountry eliminations</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(3)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Includes:
Monetary Correction + Conversion Effect to Balance Sheet + Income Statement
Accounts</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(4)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Corporate
expenses partially reclassified to the operations.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">49</P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"><B>Embotelladora
Andina S.A.</B></P>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"><B>First
Quarter Results for the period ended March 31, Chilean GAAP</B></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"
align=right><B>(In millions nominal of US$, except per share and per ADS
data)</B></P>
<P style="MARGIN: 0px" align=right><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=204></TD>
<TD width=64></TD>
<TD width=64></TD>
<TD width=64></TD>
<TD width=44></TD>
<TD width=64></TD>
<TD width=64></TD>
<TD width=64></TD>
<TD width=44></TD>
<TD width=53></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=238
colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B>Exch. Rate: 437.71</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=238
colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B>Exch. Rate: &nbsp;539.21</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=238 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>3/31/2008</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=238 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>3/31/2007</I></B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Chilean</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Brazilian</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Argentine</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Total (2)</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Chilean</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Brazilian</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Argentine</I></B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Operations</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>Total (2)</I></B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=center><B><I>% Ch.</I></B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>VOLUME
TOTAL BEVERAGES (Million UC)</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>42.3</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>45.3</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>33.0</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>120.6</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>389</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>44.3</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>30.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>114.1</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>5.7%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Soft
Drink</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>33.6</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>42.5</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>32.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>108.5</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>31.8</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>42.1</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>30.5</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>104.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.9%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Mineral
Water</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>5.3</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.9</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.4</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>6.6</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>4.1</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.5</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>4.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>34.6%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Juices</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.4</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.8</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>4.4</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.0</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.7</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.1</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>3.8</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>15.2%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Beer</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1.1</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>1.1</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>1.0</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>1.0</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>8.3%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>153.2</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>159.5</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>80.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>391.8</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>110.4</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>123.1</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>63.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>295.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>32.7%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(86.0)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(78.4)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(47.1)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(210.4)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(60.9)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(70.0)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(38.6)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(167.9)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>25.3%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>67.2</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>81.1</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>33.2</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>181.5</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>49.5</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>53.1</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>24.9</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>127.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>42.3%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>43.9%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>50.8%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>41.3%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>46.3%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>44.9%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>43.1%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>39.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>43.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(32.9)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(51.5)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(21.2)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(105.6)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(22.3)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(35.1)</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(15.8)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(73.3)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>44.0%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>CORPORATE
EXPENSES (4)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(1.5)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(1.0)</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>48.3%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>OPERATING
INCOME</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>34.4</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>29.6</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>12.0</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>74.5</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>27.2</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>17.9</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>9.0</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>53.2</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>40.0%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Operating
Margin</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>22.4%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>18.5%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>14.9%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>19.0%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>24.7%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>14.6%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>14.2%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>18.0%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>42.5</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>35.0</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>91.3</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>32.5</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>22.6</B></P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>12.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>66.5</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>37.3%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>27.7%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>21.9%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>19.0%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>23.3%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>29.4%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>18.4%</P></TD>
<TD vAlign=bottom width=64>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>19.5%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>22.5%</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NON
OPERATIONAL RESULTS</B></P>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>9.2</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(1.7)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>651.5%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.6</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.6</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(1.8)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(3.0)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(3.1)</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(1.5)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>OTHER
INCOME/(EXPENSE)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>5.7</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(2.7)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>310.4%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(21.6)</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>3.0</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(822.6)%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NON(OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(9.1)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(3.9)</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>137.0%</B></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>INCOME
BEFORE INCOME TAXES; AMORTIZATION OF</B></P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>65.3</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>49.4</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>324%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(17.7)</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(8.0)</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>121.6%</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(0.1)</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>(0.1)</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>(36.7)%</P></TD></TR>
<TR>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.0</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>0.0</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>NA</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>NET
INCOME</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>47.6</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>41.3</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15.4%</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=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>Net
Margin</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>12.2%</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>14.0%</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>760.3</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right>760.3</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
vAlign=bottom width=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B>EARNINGS
PER SHARE</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>0.06</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>0.05</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=53>
<P>&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=204>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"><B><U>EARNINGS
PER ADS</U></B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>0.38</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=44>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>0.33</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=53>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial"
align=right><B>15.4%</B></P></TD></TR></TABLE>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(1)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">EBITDA:
Operating Income + Depreciation</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(2)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Total
may be different from the addition of the three countries because of
intercountry eliminations</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(3)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">Includes:
Monetary Correction + Conversion Effect to Balance Sheet + Income Statement
Accounts.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 7pt; MARGIN-BOTTOM: -12px; LINE-HEIGHT: 9pt; FONT-FAMILY: Arial">(4)</P>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; TEXT-INDENT: 14px; LINE-HEIGHT: normal; FONT-FAMILY: Arial">Corporate
expenses partially reclassi<FONT style="FONT-SIZE: 6pt">fi</FONT>ed to the
operations.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">50</P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>Embotelladora Andina
S.A.</B></P>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><BR><B>Consolidated
Balance Sheet<BR>(In million of constant 03/31/08 Chilean Pesos)</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=173></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=57></TD>
<TD width=173></TD>
<TD width=71></TD>
<TD width=71></TD>
<TD width=71></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>ASSETS</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2008</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2007</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>%Ch</B></P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>LIABILITIES
&amp; SHAREHOLDERS' EQUITY</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2008</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2007</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>%Ch</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<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=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Cash
+ Time deposits + market. Securit.</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>147,588</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>74,344</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>98.5%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Short
term bank liabilities</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>1,361</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>0</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>&#151;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Account
receivables (net)</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>55,682</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>53,055</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>5.0%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Current
portion of long term bank liabilities</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>107</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>489</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(78.1)%</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Inventories</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>22,184</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>24,099</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(7.9)%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Current
portion of bonds payable</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>8,239</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>33,772</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(75.6)%</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Other
current assets</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>17,467</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>32,792</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(46.7)%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Trade
accounts payable and notes payable</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>62,039</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>54,322</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>14.2)%</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Total
Current Assets</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>242,920</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>184,289</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>31.8%</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Other
liabilities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>24,309</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>27,454</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(11.5)%</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<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=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Total
Current Liabilities</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>96,055</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>116,037</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>(17.2)%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Property,
plant and equipment</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>545,139</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>580,150</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(6.0)%</P></TD>
<TD vAlign=bottom width=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Depreciation</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(379,213)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(423,421)</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(10.4)%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Long
term bank liabilities</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>635</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>356</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>78.2%</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Total
Property, Plant, and Equipment</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>165,926</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>156,729</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>5.9%</B></P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Bonds
payable</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>74,219</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>82,372</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(9.9)%</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<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 style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Other
long term liabilities</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>41,840</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>38,259</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>9.4%</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Investment
in related companies</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>24,834</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>23,166</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>7.2%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Total
Long Term Liabilities</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>116,694</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>120,987</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>(3.5)%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Investment
in other companies</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>125</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>61</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>105.2%</P></TD>
<TD vAlign=bottom width=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Goodwill</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>49,086</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>72,521</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(32.3)%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Minority
interest</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>1,324</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>1,327</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>(0.2)%</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Other
long term assets</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>20,794</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>125,044</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(83.4)%</P></TD>
<TD vAlign=bottom width=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Total
Other Assets</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>94,839</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>220,792</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>(57.0)%</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Shareholders&#146;
Equity</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>289,612</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>323,459</B></P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>(10.5)%</B></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>TOTAL
ASSETS</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>503,684</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>561,811</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>(10.3)%</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>TOTAL
LIABILITIES &amp; SHAREHOLDERS' EQUITY</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>503,684</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>561,811</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>(10.3)%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<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=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<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=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=735 colSpan=8>
<P style="MARGIN: 0px; FONT-FAMILY: Arial" align=center><B>Financial
Highlights</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=735 colSpan=8>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial"
align=center><B>(in million of constant 03/31/08 Chilean
Pesos)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=735 colSpan=8>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>ADDITIONS
TO FIXED ASSETS</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2008</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2007</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>DEBT
RATIOS</B></P></TD>
<TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2008</B></P></TD>
<TD
style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>3/31/2007</B></P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<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=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Chile</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>7,990</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>7,354</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Financial
Debt / Total Capitalization</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>023</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>0.26</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Brazil</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>2,068</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>4,192</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">Financial
Debt / EBITDA L12M</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>0.58</P></TD>
<TD vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>0.85</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"><B>Argentina</B></P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>1,011</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>792</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">EBITDA
L12M+Interest Income / Interest Expense</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>15.30</P></TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=71>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right>11.88</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=173>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>11,070</B></P></TD>
<TD vAlign=bottom width=57>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial"
align=right><B>12,338</B></P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=173>
<P
style="FONT-SIZE: 6pt; MARGIN: 0px; LINE-HEIGHT: 8pt; FONT-FAMILY: Arial">L12M:
Last twelve months</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=71>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt; FONT-FAMILY: Arial">*
As of March 31, 2008, the Company registered a positive net cash position of US$
145.8 million. Total debt amounted to US$ 193.2 million Total cash amounted to
US$ 339.0 million, which includes cash investments accounted for under Other
Current Assets.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">51</P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Material Events
</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">During the period
between January 1, 2008 and March 31, 2008, the following material events were
filed: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>New Bottler
Agreement with Coca-Cola </B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Embotelladora Andina
S.A. signed a new Bottler Agreement for its Chilean operations for a term of 5
years beginning January 1, 2008.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=justify>The new
agreement, called NEWBA, does not significantly differ from the agreement
previously signed by Andina&#180;s bottlers in the other countries where it has
operations.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>Special Meeting of
the Board of Directors</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=justify>The
following was approved at a special meeting of the Company&#146;s Board of Directors
held March 13, 2008:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt"
align=justify>1.</P>
<P style="PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>Propose to the Shareholders&#146; Meeting, the distribution of a
<I>Final Dividend</I>, on account of the fiscal year ending December 31, 2007,
(that along with the interim dividends already distributed totals 30% of
earnings for the period) for the following amounts:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt">a)</P>
<P
style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Ch$9.13
(nine pesos and 13/100) per Series A Shares and;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt">b)</P>
<P
style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Ch$10.043
(ten pesos and 043/100) per Series B Shares</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">If
the Shareholders&#146; Meeting approves the payment of this dividend it will be
available to shareholders beginning April 24, 2008. &nbsp;The Shareholders&#146;
Registry will close on April 18, 2008 for payment of this dividend.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt"
align=justify>2.</P>
<P style="PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>Propose to the Shareholders&#146; Meeting, in addition to the Final
Dividend for the fiscal year 2007 the payment of an <I>Additional Dividend</I>
from of the Retained Earnings Fund, for the following amounts:</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt"
align=justify>a)</P>
<P style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>Ch$60 (sixty pesos) per Series A share; and</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -24px; LINE-HEIGHT: 14pt"
align=justify>b)</P>
<P style="PADDING-LEFT: 71px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>Ch$66 (sixty-six pesos) per Series B share.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="PADDING-LEFT: 47px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>If approved by the Shareholders Meeting, this Additional Dividend
would be paid starting May 14, 2008 and the Shareholders&#146; Registry will close
May 8, 2008 for determining the recipients of this payment.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 6px; FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">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 affecting
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.</P>
<P style="MARGIN: 0px"><BR><BR></P></DIV>
<DIV style="WIDTH: 720px">
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">52</P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 683px">
<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>SIGNATURES</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; 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>
<P style="MARGIN: 0px"><BR></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 336px; LINE-HEIGHT: 14pt"><B>EMBOTELLADORA
ANDINA S.A.</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 336px; LINE-HEIGHT: 14pt">By:
<U>/s/ Osvaldo
Garay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 336px; LINE-HEIGHT: 14pt">Name:
&nbsp;&nbsp;Osvaldo Garay</P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 336px; LINE-HEIGHT: 14pt">Title:
&nbsp;&nbsp;&nbsp;Chief Financial Officer </P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Santiago, May 27,
2008</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
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<DIV style="WIDTH: 720px">
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">53</P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
