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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000893750-09-000358.txt : 20090615
<SEC-HEADER>0000893750-09-000358.hdr.sgml : 20090615
<ACCEPTANCE-DATETIME>20090615130800
ACCESSION NUMBER:		0000893750-09-000358
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20090615
DATE AS OF CHANGE:		20090615

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:		09891490

	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>Form 6-K</TITLE>
<META content=STB name=author>
<META content=06/12/2009 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 624px">
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><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="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>June 2009</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="FONT-SIZE: 16pt; MARGIN: 0px; LINE-HEIGHT: 18pt"
align=center><B>Embotelladora Andina S.A. </B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" 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="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>(Translation of Registrant&#180;s name into English) </P>
<P style="FONT-SIZE: 7.5pt; MARGIN: 0px">&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><B>Avda.
El Golf 40, Piso 4</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><B>Las
Condes</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>Santiago, Chile</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>(Address
of principal executive office)</P>
<P style="FONT-SIZE: 7.5pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" 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 _______ <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)(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="MARGIN: 0px"><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; 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: 96px; MARGIN: 0px"><B>CONSOLIDATED FINANCIAL
STATEMENTS</B></P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">As of March 31, 2009 and 2008 </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">(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: 96px; MARGIN: 0px">Consolidated Balance Sheets</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Consolidated Statements of Income</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Consolidated Statements of Cash
Flows</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Notes to the Consolidated Financial
Statements</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px">ThCh$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 45px">-</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px; TEXT-INDENT: 93px">Thousands of
Chilean pesos</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px">US$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 45px">-</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px; TEXT-INDENT: 93px">United States
dollars</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px">AR$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 45px">-
</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px; TEXT-INDENT: 93px">Argentine
pesos</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px">R$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 45px">-
&nbsp;</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px; TEXT-INDENT: 93px">Brazilian
Reais</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px">ThR$</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 45px">-</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px; TEXT-INDENT: 93px">Thousands
Brazilian Reais</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px">UF</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 45px">-</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px; TEXT-INDENT: 93px">Unidades de
Fomento (Chilean inflation-indexed monetary units)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">1</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Consolidated Balance Sheets</B></P>
<P style="MARGIN: 0px">(Figures in ThCh$ of March 31, 2009)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=433></TD>
<TD width=102></TD>
<TD width=102></TD></TR>
<TR>
<TD vAlign=top width=433>
<P>&nbsp;</P></TD>
<TD vAlign=top width=204 colSpan=2>
<P style="MARGIN: 0px" align=center><B>For the period ended </B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>ASSETS</B></P></TD>
<TD vAlign=top width=204 colSpan=2>
<P style="MARGIN: 0px" align=center><B>March 31,</B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>CURRENT ASSETS</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>ThCh$ </B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Cash </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>18,415,608</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>20,591,939</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Time deposits </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>86,065,173</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>68,831,417</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Marketable securities (net) &nbsp;</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>39,160,164</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>66,127,067</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Trade accounts receivable (net) </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>34,635,712</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>31,991,243</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Notes receivable (net) </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>10,635,990</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>9,900,936</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Other receivables (net) </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>15,091,731</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>14,921,964</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Notes and accounts receivable from related
companies </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>1,044,176</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>913,695</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Inventories (net) </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>28,091,453</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>23,073,700</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Recoverable taxes </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>3,248,333</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>3,157,052</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Prepaid expenses </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>2,856,741</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>2,508,505</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Deferred income taxes </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>2,392,004</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>5,326,686</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Other current assets </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>5,856,557</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>7,144,727</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL CURRENT ASSETS </B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>247,493,642</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>254,488,931</B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>PROPERTY, PLANT &amp; EQUIPMENT </B></P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Land </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>19,356,665</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>17,669,090</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Buildings &amp; improvements </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>117,775,655</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>98,177,315</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Machinery and equipment </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>278,887,237</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>224,679,670</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Other property, plant &amp; equipment </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>271,998,657</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>228,446,473</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Technical reappraisal of property, plant
&amp; equipment </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>2,350,481</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>2,348,162</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Depreciation </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>(480,780,561)</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>(399,457,951)</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL PROPERTY, PLANT &amp; EQUIPMENT
</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>209,588,134</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>171,862,759</B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>OTHER ASSETS</B></P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Investments in related companies </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>28,877,073</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>28,002,481</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Investments in other companies </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>124,036</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>131,503</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Goodwill </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>58,122,358</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>51,785,588</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Long-term receivables </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>11,826</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>33,244</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Long-term notes and accounts receivable from
related companies </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>35,979</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>60,447</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Intangibles </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>670,793</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>390,102</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Amortization </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>(187,623)</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>(239,841)</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px">&nbsp;Others </P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>22,512,013</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right>21,632,431</P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL OTHER ASSETS </B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>110,166,455</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>101,795,955</B></P></TD></TR>
<TR>
<TD vAlign=top width=433>
<P style="MARGIN: 0px"><B>TOTAL ASSETS</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>567,248,231</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=right><B>528,147,645</B></P></TD><A
name=RANGE!A1:D34></A><A name=RANGE!A1:C34></A></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The accompanying Notes 1 to 35 are an integral part of
these consolidated financial statements.</P><A name=RANGE!A1:C35></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">2</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Consolidated Balance Sheets</B></P>
<P style="MARGIN: 0px">(Figures in ThCh$ of March 31, 2009)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=431></TD>
<TD width=103></TD>
<TD width=103></TD></TR>
<TR>
<TD vAlign=top width=431>
<P>&nbsp;</P></TD>
<TD vAlign=top width=207 colSpan=2>
<P style="MARGIN: 0px" align=center><B>For the period ended</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P>&nbsp;</P></TD>
<TD vAlign=top width=207 colSpan=2>
<P style="MARGIN: 0px" align=center><B>March 31,</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P>&nbsp;</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Short-term bank liabilities </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">1,853,457</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">1,436,280</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Current portion of long-term bank liabilities
</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">208,502</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">113,087</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Current portion of bonds payable </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">3,934,739</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">8,691,810</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Dividends payable </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">165,210</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">248,143</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Accounts payable </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">52,797,982</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">48,734,035</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Other creditors </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">3,896,932</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">5,074,717</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Notes and accounts payable to related
companies </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">11,758,025</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">9,652,677</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Provisions </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">3,742,236</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">3,530,347</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Withholdings </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">15,181,286</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">13,561,284</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Income taxes payable </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">4,272,008</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">6,541,032</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Unearned income </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 74px">0</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">546,691</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Other current liabilities </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">1,243,745</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">1,389,180</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL CURRENT LIABILITIES </B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px"><B>99,054,122</B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px"><B>99,519,283</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P>&nbsp;</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P>&nbsp;</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Long-term bank liabilities </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">331,260</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 37px">669,648</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Bonds payable </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">75,270,233</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">78,300,828</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Other creditors </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 44px">47,530</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 44px">74,676</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Long-term notes and accounts payable to
related companies </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">2,923,935</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">3,432,456</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Provisions </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">15,665,400</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">16,138,129</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Deferred income taxes </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">11,093,836</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">12,555,302</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Other long-term liabilities </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">11,500,308</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">11,907,785</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL LONG-TERM LIABILITIES </B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px"><B>116,832,502</B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px"><B>123,078,824</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Minority interest</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 44px">11,463</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 50px">8,948</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P>&nbsp;</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Paid-in capital </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px">236,327,716</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px">228,949,256</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Reserve capital revalued</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 18px">(5,435,537)</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">1,831,594</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Other reserves </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 28px">(768,882)</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 11px">(27,604,602)</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Accumulated earnings </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">98,545,817</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">80,373,803</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px">&nbsp;Net income for the period </P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">22,681,030</P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">21,990,539</P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL SHAREHOLDERS&#146; EQUITY </B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px"><B>351,350,144</B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px"><B>305,540,590</B></P></TD></TR>
<TR>
<TD vAlign=top width=431>
<P style="MARGIN: 0px"><B>&nbsp;TOTAL LIABILITIES &amp; SHAREHOLDERS'
EQUITY </B></P></TD>
<TD vAlign=top width=103>
<P style="MARGIN: 0px; TEXT-INDENT: 14px"><B>567,248,231</B></P></TD>
<TD vAlign=top width=103>
<P
style="MARGIN: 0px; TEXT-INDENT: 14px"><B>528,147,645</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The accompanying Notes 1 to 35 are an integral part of
these consolidated financial statements.</P><A name=RANGE!A1:D39></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">3</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Consolidated Statements of Income</B></P>
<P style="MARGIN: 0px">(Figures in ThCh$ of March 31, 2009)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=428></TD>
<TD width=102></TD>
<TD width=102></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=204 colSpan=2>
<P style="MARGIN: 0px" align=center><B>For the period ended</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=204 colSpan=2>
<P style="MARGIN: 0px" align=center><B>March 31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Net sales </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px">85,685,864</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px">83,618,187</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Cost of sales </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">195,497,976</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">179,011,541</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>Gross margin </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 21px"><B>(109,812,112)</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 27px"><B>(95,393,354)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Administrative and selling expenses </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">(52,065,142)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">(49,325,782)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>OPERATING INCOME </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px"><B>33,620,722</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px"><B>34,292,405</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Financial income </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 43px">3,059,766</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 43px">6,903,780</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Equity in earnings of equity investments
</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 53px">380,844</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 53px">392,757</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Other non-operating income </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 53px">682,583</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 43px">5,305,568</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Equity in losses of equity investments
</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 51px">(50,532)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 51px">(86,409)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Amortization of goodwill </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(1,753,814)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(1,390,882)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Financial expenses </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(2,107,585)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(2,657,823)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Other non-operating expenses </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(1,263,870)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(3,314,028)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Price level restatement </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 53px">848,202</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 60px">46,051</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Foreign exchange losses</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(3,496,529)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(9,357,122)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>&nbsp;NON OPERATING INCOME AND EXPENSE
</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px"><B>(3,700,935)</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px"><B>(4,158,108)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px"><BR></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Income before income taxes and extraordinary
items </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px">29,919,787</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px">30,134,297</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Income tax expense </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(7,237,948)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 34px">(8,143,242)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Income before minority interest </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px">22,681,839</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px">21,991,055</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">&nbsp;Minority interest </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 67px">(809)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 67px">(516)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>&nbsp;NET INCOME FOR THE PERIOD </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px; TEXT-INDENT: 36px"><B>22,681,030</B></P></TD>
<TD vAlign=bottom width=102>
<P
style="MARGIN: 0px; TEXT-INDENT: 36px"><B>21,990,539</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The accompanying Notes 1 to 35 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>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">4</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Consolidated Statements of Cash Flow</B></P>
<P style="MARGIN: 0px">(Figures in ThCh$ of March 31, 2009)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=428></TD>
<TD width=102></TD>
<TD width=102></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=top width=204 colSpan=2>
<P style="MARGIN: 0px" align=center><B>&nbsp;For the period ended
</B></P></TD></TR>
<TR>
<TD vAlign=top width=428>
<P>&nbsp;</P></TD>
<TD vAlign=top width=204 colSpan=2>
<P style="MARGIN: 0px" align=center><B>March 31,</B></P></TD></TR>
<TR>
<TD vAlign=top width=428>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=102>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Collection of trade receivables</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>288,832,505 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>268,010,517 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Financial income received &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>2,786,376 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>24,780,090 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Other income received &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>7,475 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>25,256 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Payments to suppliers and personnel &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(208,275,545)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(195,572,456)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Interest paid &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(2,932,975)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(2,157,306)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Income taxes paid &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(6,800,386)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(3,397,912)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">VAT and other tax payments &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(37,056,761)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(36,869,059)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>NET CASH PROVIDED BY OPERATING ACTIVITIES
</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>36,560,689 </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>54,819,130 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Borrowings &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>5,118,548 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>8,165,423 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Dividend distribution </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(5,327,454)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(5,683,670)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Loan payments </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(8,516,041)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(10,556,506)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>(8,724,947)</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>(8,074,753)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Proceeds from sales of property, plant and
equipment &nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>400,403 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>154,200 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Proceeds from sales of other investments
&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>0 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>16,763 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Additions to property, plant &amp; equipment
</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(10,200,910)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(11,641,850)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Permanent investments</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(211,904)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(16,763)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Investments in financial instruments</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(76,218)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>0 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>NET CASH PROVIDED BY (USED IN) INVESTMENT
ACTIVITIES </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>(10,088,629)</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>(11,487,650)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=428>
<P style="MARGIN: 0px"><B>TOTAL NET CASH FOR THE PERIOD </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>17,747,113 </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>35,256,727 </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Effect of inflation on cash and cash equivalents
</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(353,006)</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>(5,749,518)</P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Net &nbsp;increase in cash and cash equivalents
&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>17,394,107 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>29,507,209 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px">Cash and cash equivalents at beginning of period
&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>126,246,838 </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right>125,126,489 </P></TD></TR>
<TR>
<TD vAlign=bottom width=428>
<P style="MARGIN: 0px"><B>Cash and cash equivalents at end of period
</B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>143,640,945 </B></P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px" align=right><B>154,633,698
</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:C39></A><A
name=RANGE!A2:C37></A><A name=RANGE!A1:C31></A>
<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">The accompanying Notes 1 to 35 are an integral part of
these consolidated financial statements.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">5</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Reconciliation between Net Income and Net Cash
Flows</B></P>
<P style="MARGIN: 0px"><B>Provided by Operating Activities</B></P>
<P style="MARGIN: 0px">(Figures in ThCh$ of March 31, 2009)</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=436></TD>
<TD width=114></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=top width=436>
<P>&nbsp;</P></TD>
<TD vAlign=top width=196 colSpan=2>
<P style="MARGIN: 0px" align=center><B>&nbsp;For the period ended
</B></P></TD></TR>
<TR>
<TD vAlign=top width=436>
<P>&nbsp;</P></TD>
<TD vAlign=top width=196 colSpan=2>
<P style="MARGIN: 0px" align=center><B>March 31,</B></P></TD></TR>
<TR>
<TD vAlign=top width=436>
<P>&nbsp;</P></TD>
<TD vAlign=top width=114>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=top width=436>
<P>&nbsp;</P></TD>
<TD vAlign=top width=114>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=top width=82>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=top width=436>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>Net Income</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>22,681,030</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>21,990,539</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>Income on sale of assets:</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>7,429</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>15,664</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Loss on sale of property, plant and
equipment</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>10,494</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>18,374</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Gain on sale of other assets</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(3,065)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(2,710)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>Adjustments to net income that do not represent
movements of cash</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>12,668,069</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>20,689,779</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Depreciation</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>8,476,357</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>7,718,629</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Amortization of intangibles</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>88,830</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>47,460</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Write-offs and provisions</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>154,573</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>194,757</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Equity in earnings of equity investments</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(380,844)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(392,757)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Equity in losses of equity investments</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>50,532</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>86,409</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Amortization of goodwill</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>1,753,814</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>1,390,882</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Price level restatement</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(848,202)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(46,051)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Foreign exchange losses, net</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>3,496,529</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>9,357,122</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Other credits to income that do not represent cash
flows</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(123,520)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Other charges to income that do not represent cash
flows</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>2,333,328</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>Changes in operating assets</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>27,032,828</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>12,597,326</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">(Increase) decrease in trade accounts
receivable</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>25,126,400</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>17,931,178</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">(Increase) decrease in inventories</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>3,968,362</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>2,831,526</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">(Increase) decrease in other assets</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(2,061,934)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(8,165,378)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>Changes in operating liabilities</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>(25,829,476)</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>(474,694)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Increase (decrease) in accounts payable related to
operating income</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(26,163,901)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(24,856,975)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Increase (decrease) in interest payable</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>4,830,136</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>26,298,341</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Increase (decrease) in income taxes payable</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(1,660,549)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(3,961,414)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Increase (decrease) in other accounts payable
related to non-operating income</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(667,930)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>5,056,381</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px">Increase (decrease) in valued added tax and other
similar items</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(2,167,232)</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>(3,011,027)</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>Minority interest</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>809</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>516</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=436>
<P style="MARGIN: 0px"><B>NET CASH PROVIDED BY OPERATING
ACTIVITIES</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>36,560,689</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>54,819,130</B></P></TD><A
name=RANGE!A1:C32></A></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The accompanying Notes 1 to 35 are an integral part of
these consolidated financial statements.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">6</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="MARGIN: 0px">As of March 31, 2009 and 2008 (figures expressed in ThCh$
of March 31, 2009)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 1 - Incorporation in the Securities
Register</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Embotelladora Andina S.A. was incorporated in the
Securities Register under No. 00124 and, in conformity with Law 18,046 is
subject to the supervision of the Chilean Superintendence of Securities and
Insurance Companies (the &#147;SVS&#148;).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 2 - Summary of Significant Accounting
Principles</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">a)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Accounting period</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">The consolidated financial statements cover the period
January 1 to March 31, 2009 and are compared to the same period in 2008.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">b)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Basis of preparation </P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">The consolidated financial statements have been prepared
in conformity with generally accepted accounting principles issued by the
Chilean Institute of Accountants, as well as rules and regulations of the SVS.
&nbsp;In the event of discrepancy, the SVS regulations will prevail. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">c)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Basis of presentation</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">For comparison purposes, the figures in the prior-year
financial statements have been restated by 5.5% according to the variation of
the Chilean Consumer Price Index (CPI) <FONT
style="BACKGROUND-COLOR: #ffffff">and in addition, some minor
reclassifications</FONT> have been made.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">d)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Basis of consolidation</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">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="MARGIN: 0px">In addition, for proper presentation of consolidated net
income, the minority shareholders participation in income is shown in the
consolidated statements of income under Minority interest.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B>Holding percentages</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=318></TD>
<TD width=92></TD>
<TD width=91></TD>
<TD width=55></TD>
<TD width=75></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=318>
<P style="MARGIN: 0px"><B>Company Name</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=315 colSpan=4>
<P style="MARGIN: 0px" align=center><B>Ownership Interest</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=318>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=239 colSpan=3>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=75>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=318>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center><B>Direct</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>Indirect</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=55>
<P style="MARGIN: 0px" align=center><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=75>
<P style="MARGIN: 0px" align=center><B>Total</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Abisa Corp.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;- &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Andina Bottling Investments S.A.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>99.90</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>0.09</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Andina Inversiones Societarias S.A.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>- &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Andina Bottling Investments Dos S.A.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>99.90</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>0.09</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Embotelladora del Atl&#225;ntico S.A.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>&nbsp;- &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>99.98</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.98</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.98</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Rio de Janeiro Refrescos Ltda.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>- &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Servicios Multivending Ltda.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>99.90</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>0.09</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Transportes Andina Refrescos Ltda.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>99.90</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>0.09</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">Vital S.A.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>- &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR>
<TR>
<TD vAlign=bottom width=318>
<P style="MARGIN: 0px">RJR Investments Corp S.A.</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>- &nbsp;&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=55>
<P style="MARGIN: 0px" align=right>99.99</P></TD>
<TD vAlign=bottom width=75>
<P style="MARGIN: 0px" align=right>99.99</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">7</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">e)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Price-level restatement</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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
- -2.3% for the period December 1, 2008 to February 28, 2009 (0.8% for the same
period of the previous year). </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">f)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px">Currency translation</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><FONT style="BACKGROUND-COLOR: #ffffff">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
indexation, these have been restated by the corresponding restatement index or
by the agreed upon terms.</FONT></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><FONT style="BACKGROUND-COLOR: #ffffff">Assets and
liabilities in foreign currency and Unidades de Fomento have been translated
into local currency at the following year end exchange rates:</FONT></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=231></TD>
<TD width=131></TD>
<TD width=137></TD>
<TD width=137></TD></TR>
<TR>
<TD vAlign=top width=231>
<P>&nbsp;</P></TD>
<TD vAlign=top width=131>
<P>&nbsp;</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=top width=231>
<P>&nbsp;</P></TD>
<TD vAlign=top width=131>
<P>&nbsp;</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px" align=center><B>Ch$</B></P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px" align=center><B>Ch$</B></P></TD></TR>
<TR>
<TD vAlign=top width=231>
<P style="MARGIN: 0px">Unidades de Fomento </P></TD>
<TD vAlign=top width=131>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">(UF)</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 32px">20,959.77</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 32px">19,822.53</P></TD></TR>
<TR>
<TD vAlign=top width=231>
<P style="MARGIN: 0px">United States dollars </P></TD>
<TD vAlign=top width=131>
<P style="MARGIN: 0px; TEXT-INDENT: 41px">(US$)</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">583.26</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">437.71</P></TD></TR>
<TR>
<TD vAlign=top width=231>
<P style="MARGIN: 0px">Argentine pesos </P></TD>
<TD vAlign=top width=131>
<P style="MARGIN: 0px; TEXT-INDENT: 39px">(AR$)</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">156.79</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">138.17</P></TD></TR>
<TR>
<TD vAlign=top width=231>
<P style="MARGIN: 0px">Brazilian Real </P></TD>
<TD vAlign=top width=131>
<P style="MARGIN: 0px; TEXT-INDENT: 49px">(R$)</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">251.93</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">250.25</P></TD></TR>
<TR>
<TD vAlign=top width=231>
<P style="MARGIN: 0px">Euro</P></TD>
<TD vAlign=top width=131>
<P style="MARGIN: 0px; TEXT-INDENT: 50px">(&#128;$)</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">775.41</P></TD>
<TD vAlign=top width=137>
<P style="MARGIN: 0px; TEXT-INDENT: 48px">690.94</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">g)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Marketable securities</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Marketable securities include investments in mutual funds
and investment fund quotas, valued at the year end redemption value.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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; MARGIN-BOTTOM: -16px">h)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Inventories</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">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="MARGIN: 0px">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="MARGIN: 0px">The stated values of inventories do not exceed their
estimated net realizable value.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">i)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Allowance for doubtful accounts</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">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-TOP: 0px; MARGIN-BOTTOM: -16px">j) </P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Property, plant and equipment</P>
<P style="MARGIN: 0px; LINE-HEIGHT: 6pt"><BR></P>
<P style="MARGIN: 0px">For companies incorporated in Chile, Property, Plant and
Equipment is carried at acquisition cost plus price-level restatements. For
companies incorporated abroad it has been restated in terms of the variation of
the U.S. dollar according to the criteria described in Note 2m. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">8</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Fixed assets to be disposed of are valued at the lower of
the net realizable value and book value. Estimated losses are reflected in the
consolidated statement of income under other non-operating expenses.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">k)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Depreciation </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Depreciation of property, plant and equipment is
determined by the straight-line method based on the estimated useful lives of
the assets. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">l)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Containers</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Inventories of containers, bottles and plastic containers
at plants, warehouses, and with third parties are stated at cost plus
price-level restatements and are included in other property, plant and
equipment. &nbsp;Broken or damaged containers at plants and warehouses are
expensed in each accounting period.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">m)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Investments in unconsolidated
affiliates</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Investments in shares or rights in companies in which the
Company has a significant holding in the investee are accounted for using the
equity method. &nbsp;The Company&#146;s proportionate share of net income and losses
of related companies is recognized in the consolidated statements of income,
after eliminating any unrealized profits or losses from transactions between
related companies.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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 these investments and to translate
the financial statements of the foreign companies. &nbsp;Assets and liabilities
are translated into Chilean pesos at year end exchange rate, except that
non-monetary assets and liabilities and shareholders&#146; equity are first expressed
at their equivalent value in historical US dollars. &nbsp;Income and expense
items are first translated into US dollars at the average exchange rate during
the month.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">n)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Intangibles</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Intangibles include franchise rights and licenses that
are amortized over the terms of the contracts, which do not exceed of 20
years.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">o)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Goodwill</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Goodwill represents the difference between purchase cost
of the shares acquired and the proportional equity value of investment on the
purchase date. &nbsp;These differences are amortized based on the expected
period of return of the investment, estimated at 20 years.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">p)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Bonds payable</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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; MARGIN-BOTTOM: -16px">q)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Income taxes and deferred income
taxes</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">9</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">existing at the time of the enforcement of the
aforementioned Bulletin, i.e. January 1, 2000, and not previously recognized,
are recorded as gain or loss according to their estimated reversal period.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">r)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Staff severance indemnities</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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 4.0% annual rate (7% for
the previous year) and a capitalization period using the staff&#146;s expected length
of service to their retirement date.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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
the required years of service. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">s)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Deposits for containers</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Corresponds to the liabilities constituted by cash
guarantees received from clients for lending bottles to them. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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, and record that effect in operating income of the
Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">This liability is presented in other long-term
liabilities, considering that the number of new containers in circulation in the
market during the year is historically greater than the number of containers
returned by clients during the same period.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">t)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Revenue recognition</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Given the nature of its operations, the Company records
revenue based on the physical delivery of finished products to its clients,
based on the realization principle and in accordance with Technical Bulletin No.
70 issued by the Chilean Institute of Accountants.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">u)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Derivative contracts</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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="MARGIN: 0px">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="MARGIN: 0px">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; MARGIN-BOTTOM: -16px">v)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Computer software</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Corresponds to computer packages currently in use, which
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; MARGIN-BOTTOM: -16px">w)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Research and development costs</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Costs incurred by the Company in research and development
are immaterial given the nature of the business and the strong support from The
Coca-Cola Company to its bottlers. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">x)</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Consolidated statement of cash
flows</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">10</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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, short term time
deposits (less than 90 days), agreements and financial investments maturing
within 90 days.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Cash flows from operating activities include all
business-related cash flows as well as interest paid, financial income and, in
general, all cash flows not defined as from financial or investment activities.
The operating concept used for this statement is broader than that in the
statement of income.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 3 - Accounting Changes</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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></P>
<P style="MARGIN: 0px"><B>NOTE 4 - Marketable Securities</B></P>
<P style="MARGIN: 0px; LINE-HEIGHT: 8pt"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=267></TD>
<TD width=99></TD>
<TD width=99></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=top width=199 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Accounting value for the
period</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=top width=199 colSpan=2>
<P style="MARGIN: 0px" align=center><B>ended March 31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px"><B><U>Type of Instrument </U></B></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px">Bonds</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>947,252</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px">Mutual funds</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>29,367,580</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>7,776,826</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px">Investment funds</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>9,792,584</P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right>57,402,989</P></TD></TR>
<TR>
<TD vAlign=bottom width=267>
<P style="MARGIN: 0px"><B>Total marketable securities</B></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px" align=right><B>39,160,164</B></P></TD>
<TD vAlign=bottom width=99>
<P style="MARGIN: 0px"
align=right><B>66,127,067</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=268></TD>
<TD width=197></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=197>
<P style="PADDING-LEFT: 59px; MARGIN: 0px" align=center><B>Accounting
value<BR>for the period<BR>ended March 31, 2009</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B><U>Mutual funds:</U></B></P></TD>
<TD vAlign=bottom width=197>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Institution</B></P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Fondo Mutuo Royal Bank of Canada</P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right>10,011,280</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Fondo Mutuo BBVA</P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right>8,051,000</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Fondo Mutuo Ita&#250; Corporate</P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right>4,141,300</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Fondo Mutuo BCI</P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right>3,143,000</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Fondo Mutuo Banchile</P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right>3,075,000</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Fondo Mutuo Santander</P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px" align=right>946,000</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Balance mutual funds</B></P></TD>
<TD vAlign=bottom width=197>
<P style="MARGIN: 0px"
align=right><B>29,367,580</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=270></TD>
<TD width=195></TD></TR>
<TR>
<TD vAlign=bottom width=270>
<P style="MARGIN: 0px"><B><U>Investment funds:</U></B></P></TD>
<TD vAlign=bottom width=195>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=270>
<P style="MARGIN: 0px"><B>Institution</B></P></TD>
<TD vAlign=bottom width=195>
<P style="MARGIN: 0px" align=right><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=270>
<P style="MARGIN: 0px">Citi Institutional Liquid Reserves Limited -
USA</P></TD>
<TD vAlign=bottom width=195>
<P style="MARGIN: 0px" align=right>9,792,584</P></TD></TR>
<TR>
<TD vAlign=bottom width=270>
<P style="MARGIN: 0px"><B>Balance investment funds</B></P></TD>
<TD vAlign=bottom width=195>
<P style="MARGIN: 0px"
align=right><B>9,792,584</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">11</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 5 &#150; Short and Long-Term Receivables</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">These balances correspond, almost entirely to the soft
drinks category. &nbsp;The balance of other accounts receivable mainly
corresponds to prepayment to our sugar suppliers.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=138></TD>
<TD width=92></TD>
<TD width=72></TD>
<TD width=94></TD>
<TD width=99></TD>
<TD width=76></TD>
<TD width=72></TD>
<TD width=6></TD>
<TD width=75></TD>
<TD width=2></TD>
<TD width=1></TD>
<TD width=79></TD>
<TD width=2></TD>
<TD width=84></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=359 colSpan=4>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>CURRENT</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85 colSpan=3>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=167 colSpan=4>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>LONG TERM</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=165 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Up to 90 days</B></P></TD>
<TD vAlign=bottom width=193 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>More than 90 days up to 1 year</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Subtotal</B></P></TD>
<TD vAlign=bottom width=157 colSpan=4>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Total current (net)</B></P></TD>
<TD vAlign=bottom width=167 colSpan=4>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>For the period ended <BR>March 31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Trade
receivables</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>35,028,348</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>31,309,394</P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>627,139</P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>681,849</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>35,655,487</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>34,635,712</P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>31,991,243</P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Allowance for
doubtful<BR>&nbsp;&nbsp;&nbsp;accounts</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(1,019,775)</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Notes
receivable</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>10,531,800</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>9,342,869</P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>639,885</P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>558,067</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>11,171,685</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>10,635,990</P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>9,900,936</P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Allowance for
doubtful<BR>&nbsp;&nbsp;&nbsp;accounts</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(535,695)</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Other
receivables</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>14,044,713</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>13,761,708</P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1,179,984</P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1,160,256</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>15,224,697</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>15,091,731</P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>14,921,964</P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>11,826</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>33,244</P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Allowance for
doubtful<BR>&nbsp;&nbsp;&nbsp;accounts</P></TD>
<TD vAlign=bottom width=92>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=94>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=99>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(132,966)</P></TD>
<TD vAlign=bottom width=78 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=80 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=81 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD></TR>
<TR>
<TD vAlign=bottom width=138>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=99>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=230 colSpan=4>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>Total long term receivables</B></P></TD>
<TD vAlign=bottom width=83 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>11,826 </B></P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>33,244 </B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A5:N15></A><A
name=RANGE!A5:J15></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">12</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 6 - Balances and Transactions with Related
Companies</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Receivable and payable balances with related companies
correspond to the following concepts: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">1) &nbsp;Accounts receivable from related companies.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Embonor S.A.:
Sale of products</P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Embotelladora
Coca-Cola Polar S.A.: Sale of products</P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Coca-Cola de
Chile S.A.: Advertising agreements</P>
<P style="MARGIN: 0px">Envases CMF S.A.: &nbsp;Corresponds to net balance of
dividends receivable net from accounts payable resulting from purchase of raw
materials.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=363></TD>
<TD width=80></TD>
<TD width=67></TD>
<TD width=63></TD>
<TD width=63></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=148 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Short Term</B></P></TD>
<TD vAlign=bottom width=127 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Long Term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px"><B>Company</B></P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px">COCA-COLA DE CHILE S.A.</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>35,979</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>60,447</P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px">EMBONOR S.A.</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=right>559,582</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=right>643,322</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px">EMBOTELLADORA COCA COLA POLAR S.A.</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=right>310,891</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=right>270,373</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px">ENVASES CMF S.A.</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=right>56,553</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px">EMBOTELLADORA IQUIQUE S.A.</P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=right>117,150</P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=363>
<P style="MARGIN: 0px"><B>TOTAL</B></P></TD>
<TD vAlign=bottom width=80>
<P style="MARGIN: 0px" align=right><B>1,044,176</B></P></TD>
<TD vAlign=bottom width=67>
<P style="MARGIN: 0px" align=right><B>913,695</B></P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right><B>35,979</B></P></TD>
<TD vAlign=bottom width=63>
<P style="MARGIN: 0px" align=right><B>60,447</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">2) Accounts payable to related companies: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Recofarma
Ind&#250;strias do Amazonas Ltda.: Concentrate purchases</P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Envases CMF S.A.:
&nbsp;Raw material purchases </P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Servicios y
Productos para Bebidas Refrescantes S.R.L.: Concentrate purchases </P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Envases Central
S.A.: Net balance corresponds to raw materials and finished products
transactions. </P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Envases del
Pac&#237;fico S.A.: Raw material purchases </P>
<P style="PADDING-LEFT: 18px; MARGIN: 0px; TEXT-INDENT: -18px">Vital Aguas S.A.:
&nbsp;Purchase of finished products</P>
<P style="MARGIN: 0px">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>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=368></TD>
<TD width=77></TD>
<TD width=77></TD>
<TD width=77></TD>
<TD width=77></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=155 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Short Term</B></P></TD>
<TD vAlign=bottom width=155 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Long Term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px"><B>Company</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">RECOFARMA INDUSTRIAS DO AMAZONAS LTDA.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>1,683,699</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>2,652,065</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">ENVASES CMF S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>1,476,690</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">COCA-COLA DE CHILE S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>6,153,154</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>2,001,462</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">SERVICIOS Y PRODUCTOS PARA BEBIDAS REFRESCANTES
S.R.L.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>1,875,576</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>1,550,651</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">ENVASES CENTRAL S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>994,425</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>1,117,040</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">ENVASES DEL PACIFICO S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>266,486</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>95,591</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">VITAL AGUAS S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>784,685</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>759,178</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">EMBONOR S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>2,324,903</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>2,725,955</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px">EMBOTELLADORA COCA-COLA POLAR S.A.</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>599,032</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>706,501</P></TD></TR>
<TR>
<TD vAlign=bottom width=368>
<P style="MARGIN: 0px"><B>TOTAL</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right><B>11,758,025</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right><B>9,652,677</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right><B>2,923,935</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px"
align=right><B>3,432,456</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">13</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">3) Transactions with related companies </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The following table includes the transactions with
related companies that exceed ThCh$200,000. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">During the normal course of business, the Company entered
into an agreement with IANSAGRO S.A. in 2006 for the future supply of sugar in
order to cover its needs and these will expire during the year 2009.</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=333></TD>
<TD width=104></TD>
<TD width=184></TD>
<TD width=62></TD>
<TD width=63></TD>
<TD width=62></TD>
<TD width=63></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=184>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=125 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=184>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Effect on income (charge) credit</B></P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Effect on income (charge) credit</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Company</B></P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Relation</B></P></TD>
<TD vAlign=bottom width=184>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Transaction</B></P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">ENVASES CENTRAL
S.A</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Equity
Investee</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Sales of raw
materials and supplies</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>637,026</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>142,732</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>441,461</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,500</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Purchase of
finished products</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,096,066</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,981,450</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">COCA-COLA DE
CHILE S.A.</P></TD>
<TD vAlign=bottom width=104>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Concentrate
purchases</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>12,962,938</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>13,607,461</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Payment of
advertising participation</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,196,727</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,196,727)</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>660,159</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(660,159)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Water source
rental</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>645,341</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(645,341)</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>762,822</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(762,822)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Sales of
advertisement</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>42,276</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>205,928</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
sales</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>922,708</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
purchases</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>770,197</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>485,803</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">ENVASES CMF
S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Equity
Investee</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Container
purchases</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,657,141</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,533,689</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">ENVASES DEL
PACIFICO S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Director in
common</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Purchase of raw
materials</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>288,261</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>103,332</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">SERVICIOS Y
PRODUCTOS PARA BEBIDAS REFRESCANTES</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Concentrate
purchases</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>10,616,289</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,325,182</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">RECOFARMA
INDUSTRIAS DO AMAZONAS LTDA.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Concentrate
purchases</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>13,521,256</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>15,429,109</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Payment of
advertising participation</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,711,299</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(2,711,299)</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,136,748</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,136,748</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Reimbursements
and other purchases</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>161,004</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(161,004)</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,616,396</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(8,616,396)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">EMBONOR
S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Sales of
finished products</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,799,292</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>751,441</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,750,725</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>562,402</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">EMBOTELLADORA
COCA-COLA POLAR S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Sales of
finished products</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,474,294</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>264,600</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,589,571</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>290,599</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">IANSAGRO
S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Director in
common</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Purchase of raw
materials</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,026,911</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">COCA-COLA DE
ARGENTINA S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Director in
common</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Advertising
expenses</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,006,043</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,006,043)</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>649,840</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(649,840)</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">BBVA
ADMINISTRADORA GENERAL DE FONDOS</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Investments in
mutual funds</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>12,895,544</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,268,950</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Redemption of
mutual funds</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,268,950</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>38,525</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">VENDOMATICA
S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Sales of
finished products</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>316,368</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>107,565</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>317,628</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>95,289</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">VITAL AGUAS
S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Equity
Investee</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Purchase of
finished products</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,816,753</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,846,041</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=333>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">EMBOTELLADORA
IQUIQUE S.A.</P></TD>
<TD vAlign=bottom width=104>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Shareholder
related</P></TD>
<TD vAlign=bottom width=184>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Sales of
finished products</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>173,065</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>53,229</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>105,012</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>24,570</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">14</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<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"><B>Note 7 &#150; Inventories</B></P><A
name=RANGE!B1:H10></A><A name=RANGE!B1:I10></A><A name=RANGE!B1:I11></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=141></TD>
<TD width=77></TD>
<TD width=98></TD>
<TD width=72></TD>
<TD width=77></TD>
<TD width=100></TD>
<TD width=72></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=247 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>31-March-09</B></P></TD>
<TD vAlign=bottom width=250 colSpan=3>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>31-March-08</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Gross Value</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Obsolescence provision</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Net value</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Gross Value</B></P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Obsolescence provision</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Net value</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=100>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Finished
products</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>13,229,657</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(76,811)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>13,152,846</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>10,902,343</P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(521,777)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>10,380,566</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Raw
materials</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>12,774,635</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(244,336)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>12,530,299</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>10,270,552</P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(218,878)</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>10,051,674</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Products in
process</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1,510,973</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1,510,973</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2,001,425</P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2,001,425</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Raw materials in
transit</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>897,335</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>897,335</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>640,035</P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>640,035</P></TD></TR>
<TR>
<TD vAlign=bottom width=141>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>28,412,600</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>(321,147)</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>28,091,453</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>23,814,355</B></P></TD>
<TD vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>(740,655)</B></P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>23,073,700</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 8 - Income Taxes and Deferred Income
Taxes</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">For period ended March 31, 2009 the Company presented
taxable retained earnings in the amount of ThCh$122,116,270 including profits
with credit resulting from corporate income tax in the amount of ThCh$54,411,500
and profits without credit in the amount of ThCh$67,704,770. For the period
ended March 31, 2008, the Company presented taxable retained earnings in the
amount ThCh$23,137,145 including profits with credit resulting from corporate
income tax in the amount of ThCh$9,880,648 and profits without credit in the
amount of ThCh$13,256,497.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Short-term and long-term deferred tax assets and
liabilities are shown as net balances in balance sheet.</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=174></TD>
<TD width=59></TD>
<TD width=57></TD>
<TD width=59></TD>
<TD width=59></TD>
<TD width=59></TD>
<TD width=57></TD>
<TD width=59></TD>
<TD width=59></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=235 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>31-March-09</B></P></TD>
<TD vAlign=bottom width=235 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>31-March-08</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=118 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Liabilities</B></P></TD>
<TD vAlign=bottom width=117 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=118 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Liabilities</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Short term</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Long term</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Short term</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Long term</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Short term</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Long term</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Short term</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Long term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Temporary
differences</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Allowance for
doubtful accounts</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>348,923</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>91,343</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>281,551</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,047</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Vacation
provision</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>129,656</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>136,649</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Production
expenses</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>13,933</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>73,032</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Depreciation of
property, plant &amp;<BR>&nbsp;&nbsp;&nbsp;equipment</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>186,201</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,761,376</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>140,115</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,664,334</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Severance
indemnities</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>88,970</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>10,626</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>86,437</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,103</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>23,311</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>190,517</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Provision for
assets write off</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>180,685</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>519,029</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>221,722</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,058,759</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Provision for
labor and commercial<BR>&nbsp;&nbsp;&nbsp;lawsuits</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,311,419</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,279,569</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Tax loss
carry-forwards</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>193,383</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,510,717</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Others</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>630,273</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>117,461</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>161</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>200,000</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>559,144</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>617,668</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>24</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Local bond issue
expenses</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>91,007</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>150,967</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Contingency
allowance</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>327,433</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>256,188</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Social
contributions</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>637,172</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,490,082</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Provision for
participation in income</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>365,997</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>212,136</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Exchange rate
difference (FRN Debt-<BR>&nbsp;&nbsp;&nbsp;Brazil)</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,825,225</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>12,011,391</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Temporary
difference fiscal incentives<BR>&nbsp;&nbsp;&nbsp;Brazil</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,257,886</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Unearned
income</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>225,192</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>258,950</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><U>Others</U></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Complementary
accounts, net of <BR>&nbsp;&nbsp;&nbsp;amortization</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,536,218)</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,969,726)</P></TD></TR>
<TR>
<TD vAlign=bottom width=174>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Total</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>2,588,992</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>2,591,877</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>196,988</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>13,685,713</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>5,490,136</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,492,181</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>163,450</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>16,047,483</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I25></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">15</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The following table contains information on income taxes
at each year-end.</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:I26></A><A
name=RANGE!A1:I27></A>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=401></TD>
<TD width=118></TD>
<TD width=118></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=center><B>31-March-09</B></P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=center><B>31-March-08</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P style="MARGIN: 0px">Current tax expense (tax allowance)</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(5,623,963)</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(7,576,874)</P></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P style="MARGIN: 0px">Deferred income tax expense/effect over assets or
liabilities</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(1,498,921)</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>326,575</P></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P style="MARGIN: 0px">Amortization of deferred income tax asset and
liability complementary<BR>&nbsp;&nbsp;&nbsp;accounts</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(102,270)</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(88,555)</P></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P style="MARGIN: 0px">Other charges or credits</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(12,794)</P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right>(804,388)</P></TD></TR>
<TR>
<TD vAlign=bottom width=401>
<P style="MARGIN: 0px"><B>Total </B></P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px" align=right><B>(7,237,948)</B></P></TD>
<TD vAlign=bottom width=118>
<P style="MARGIN: 0px"
align=right><B>(8,143,242)</B></P></TD></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></P>
<P style="MARGIN: 0px"><B>Note 9 - Other Current Assets</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=397></TD>
<TD width=117></TD>
<TD width=117></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>31-March-09</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>31-March-08</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P style="MARGIN: 0px">Supplies</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,463,843</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>5,055,755</P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P style="MARGIN: 0px">Forward agreement effects over existing inventories
</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>179,471</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>760,523</P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P style="MARGIN: 0px">Short term bonds discount</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>339,901</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>535,685</P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P style="MARGIN: 0px">Wachovia Investment Fund (restricted)</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>95,966</P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P style="MARGIN: 0px">Others</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>873,342</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>696,798</P></TD></TR>
<TR>
<TD vAlign=bottom width=397>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>5,856,557</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px"
align=right><B>7,144,727</B></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:C8></A><A
name=RANGE!A10:C19></A>
<P style="MARGIN: 0px"><B>Note 10 - Property, Plant and Equipment</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Property, plant and equipment consist principally of
land, buildings, improvements and machinery. Machinery and equipment includes
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; MARGIN-BOTTOM: -16px">Chile</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px">: </P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px">Santiago, Puente Alto, Maip&#250;, Renca,
Rancagua, San Antonio and Rengo</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Argentina</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px">: </P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px">Buenos Aires, Mendoza, Cordoba, and
Rosario</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Brazil</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 94px">: </P>
<P style="MARGIN: 0px; TEXT-INDENT: 141px">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>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=202></TD>
<TD width=68></TD>
<TD width=76></TD>
<TD width=68></TD>
<TD width=68></TD>
<TD width=76></TD>
<TD width=68></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>a) Main
components of property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<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=68>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=213 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Balances at March 31, 2009</B></P></TD>
<TD vAlign=bottom width=213 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Balances at March 30, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=76 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=68 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Net, property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=68 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=76 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=68 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Net, property, plant and equipment</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Land</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,356,665</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,356,665</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,669,090</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,669,090</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Buildings and
improvements</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>117,775,655</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(46,483,198)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>71,292,457</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>98,177,315</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(36,625,580)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>61,551,735</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Machinery and
equipment</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>278,887,237</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(218,140,150)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>60,747,087</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>224,679,670</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(175,528,875)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>49,150,795</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other property,
plant and equipment</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>271,998,657</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(215,439,798)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>56,558,859</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>228,446,473</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(186,589,486)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>41,856,987</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Technical
reappraisal of property, plant &amp; equipment</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,350,481</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(717,415)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,633,066</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,348,162</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(714,010)</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,634,152</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Total</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>690,368,695</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(480,780,561)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>209,588,134</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>571,320,710</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(399,457,951)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>171,862,759</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">16</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=447></TD>
<TD width=92></TD>
<TD width=92></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P style="MARGIN: 0px"><B>b) Other property, plant and
equipment</B></P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center><B>31-March-09</B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center><B>31-March-08</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P style="MARGIN: 0px">Containers</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>159,711,937</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>133,091,191</P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P style="MARGIN: 0px">Refrigerating equipment, promotional items and
other minor assets</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>64,944,719</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>55,937,465</P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P style="MARGIN: 0px">Furniture and tools</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>11,371,743</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>7,824,374</P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P style="MARGIN: 0px">Other</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>35,970,258</P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right>31,593,443</P></TD></TR>
<TR>
<TD vAlign=bottom width=447>
<P style="MARGIN: 0px"><B>Total other property, plant and
equipment</B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px" align=right><B>271,998,657</B></P></TD>
<TD vAlign=bottom width=92>
<P style="MARGIN: 0px"
align=right><B>228,446,473</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=132></TD>
<TD width=52></TD>
<TD width=105></TD>
<TD width=98></TD>
<TD width=52></TD>
<TD width=91></TD>
<TD width=98></TD></TR>
<TR>
<TD vAlign=bottom width=290 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>c) Technical
reappraisal of &nbsp;property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=105>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=255 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Balances at March 31, 2009</B></P></TD>
<TD vAlign=bottom width=241 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Balances at March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=105 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=98 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Net, property, plant and equipment</B></P></TD>
<TD vAlign=bottom width=52 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Assets</B></P></TD>
<TD vAlign=bottom width=91 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accumulated depreciation</B></P></TD>
<TD vAlign=bottom width=98 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Net, property, plant and equipment</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=105>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Land</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,569,096</P></TD>
<TD vAlign=bottom width=105>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,569,096</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,568,339</P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,568,339</P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Buildings and
improvements</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>219,673</P></TD>
<TD vAlign=bottom width=105>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(160,349)</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>59,324</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>219,567</P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(159,901)</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>59,666</P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Machinery and
equipment</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>561,712</P></TD>
<TD vAlign=bottom width=105>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(557,066)</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4,646</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>560,256</P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(554,109)</P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6,147</P></TD></TR>
<TR>
<TD vAlign=bottom width=132>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Total</B></P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>2,350,481</B></P></TD>
<TD vAlign=bottom width=105>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(717,415)</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,633,066</B></P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>2,348,162</B></P></TD>
<TD vAlign=bottom width=91>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(714,010)</B></P></TD>
<TD vAlign=bottom width=98>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,634,152</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 4px; MARGIN: 0px"><B>d) Depreciation for the
year</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 4px; MARGIN: 0px">Depreciation charges for the period
amounted to ThCh$ 8,476,357 (ThCh$ 7,718,629 in 2008) of which ThCh$ 5,797,062
(ThCh$ 6,132,454 in 2008) are included under Operating Costs and ThCh$ 2,679,295
(ThCh$ 1,586,174 in 2008) under Sales and Administrative Expenses in the income
statement.</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">17</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 912px">
<P style="MARGIN: 0px"><B>Note 11 - Investment in Unconsolidated
Affiliates</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">1.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Investments in unconsolidated
affiliates 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" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=127></TD>
<TD width=45></TD>
<TD width=52></TD>
<TD width=63></TD>
<TD width=28></TD>
<TD width=28></TD>
<TD width=51></TD>
<TD width=56></TD>
<TD width=46></TD>
<TD width=46></TD>
<TD width=41></TD>
<TD width=41></TD>
<TD width=51></TD>
<TD width=51></TD>
<TD width=46></TD>
<TD width=46></TD>
<TD width=51></TD>
<TD width=51></TD></TR>
<TR>
<TD vAlign=bottom width=127 rowSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Company </B></P></TD>
<TD vAlign=bottom width=45 rowSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Country </B></P></TD>
<TD vAlign=bottom width=52 rowSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Functional </B></P></TD>
<TD vAlign=bottom width=63 rowSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;N&#176; of Shares </B></P></TD>
<TD vAlign=bottom width=56 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Ownership &nbsp;Interest </B></P></TD>
<TD vAlign=bottom width=107 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Equity of companies </B></P></TD>
<TD vAlign=bottom width=93 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Income (loss) for the period </B></P></TD>
<TD vAlign=bottom width=82 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Accrued income </B></P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Partic. in net income (loss) </B></P></TD>
<TD vAlign=bottom width=93 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Unrealized income (loss) </B></P></TD>
<TD vAlign=bottom width=102 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Accounting value of investment </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2007</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2007</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Currency</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>ThCh$</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">ENVASES CMF
S.A.</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CHILE</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>28,000 </P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>50%</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>50%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>35,814,128</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>40,844,739</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>806,959</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>941,766</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>240,531</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>190,183</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>17,907,064</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>20,422,369</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,016,646</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,101,061</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>16,890,418</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>19,321,308</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">ENVASES CENTRAL
S.A.</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CHILE</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,499,398 </P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>49%</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>49%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,534,472</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,062,462</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,361</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(33,509)</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(4,330)</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(23,158)</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,762,255</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,526,674</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>257,100</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>255,956</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,505,155</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,270,718</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">KAIK PARTIPACOES
LTDA.</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">BRAZIL</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>US$</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>16,098,919 </P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>11%</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>11%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>9,221,013</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>8,411,350</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,117,697</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(558,765)</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>126,520</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(63,251)</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,043,791</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>952,140</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,043,791</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>952,140</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">HOLDFAB PARTIC.
LTDA.</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">BRAZIL</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>US$</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,283,158,339 </P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>14%</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>14%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>45,308,502</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>248,125,391</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(313,617)</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,161,880</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(46,202)</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>171,166</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,674,846</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,655,359</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,674,846</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,655,359</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">VITAL AGUAS
S.A.</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CHILE</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Ch$</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>5,650
</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>56%</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>56%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,120,112</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,191,073</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>33,602</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>66,580</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>13,793</P></TD>
<TD vAlign=bottom width=41>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>31,408</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,762,863</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,802,956</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,762,863</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,802,956</P></TD></TR>
<TR>
<TD vAlign=bottom width=127>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Total</B></P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<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=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=41>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right><B>30,150,819</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right><B>29,359,498</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right><B>1,273,746</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right><B>1,357,017</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right><B>28,877,073</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right><B>28,002,481</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: 864px">
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">18</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<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"><B>Note 11 - Investment in Unconsolidated Affiliates
(continued)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The main changes occurred in the reported periods are
described below:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Centralli Refrigerantes S.A. shows negative equity, which
has been duly provided for. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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 exclusive owned by the Coca-Cola bottlers in Brazil
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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="MARGIN: 0px">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 that is 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="MARGIN: 0px">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="PADDING-LEFT: 47px; MARGIN: 0px">Envases CMF S.A. (purchase of
property, plant and equipment: bottles): ThCh$ -186.102 in 2009 (ThCh$ -280,701
in 2008)</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px">Vital Aguas S.A. (purchase of
finished products): ThCh$-5,192 in 2009 (ThCh$-6,209 in 2008)</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px">Envases Central S.A. (purchase of
finished products): ThCh$ -7,006 in 2009 (ThCh$ -6,434 in 2008)</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">2.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px">No liabilities have been designated as
hedging instruments for investments abroad.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">3.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px">Income likely to be remitted by
subsidiaries abroad amounts to US$304 million.</P><A name=RANGE!A3:S12></A><A
name=RANGE!A3:S5></A>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">19</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 12 - Goodwill </B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=266></TD>
<TD width=91></TD>
<TD width=91></TD>
<TD width=91></TD>
<TD width=91></TD></TR>
<TR>
<TD vAlign=bottom width=266 rowSpan=2>
<P style="MARGIN: 0px"><B>Company</B></P></TD>
<TD vAlign=bottom width=183 colSpan=2>
<P style="MARGIN: 0px" align=center><B>31-March-2009</B></P></TD>
<TD vAlign=bottom width=183 colSpan=2>
<P style="MARGIN: 0px" align=center><B>31-March-2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>Amortization during the
period</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>Goodwill balance</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>Amortization during the
period</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>Goodwill balance</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px">RIO DE JANEIRO REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>989,878</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>36,684,603</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>786,052</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>32,393,368</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px">EMBOTELLADORA DEL ATL&#193;NTICO S.A.</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>763,936</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>21,437,755</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>604,830</P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right>19,392,220</P></TD></TR>
<TR>
<TD vAlign=bottom width=266>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right><B>1,753,814</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right><B>58,122,358</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px" align=right><B>1,390,882</B></P></TD>
<TD vAlign=bottom width=91>
<P style="MARGIN: 0px"
align=right><B>51,785,588</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:F5></A><A name=RANGE!A2:F10></A>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 13 - Other Long Term Assets</B></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:B27></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=382></TD>
<TD width=125></TD>
<TD width=125></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center><B>31-March-2009</B></P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center><B>31-March-2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Transfer fiscal credits (Brazil)</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>6,828,639</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>5,185,035</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Judicial deposits (Brazil)</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>6,402,637</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>6,634,842</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Prepaid expenses</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>2,881,267</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>3,390,717</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Bond issuance and placement discounts and expenses
</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>2,636,306</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>2,997,815</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Spare parts</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>2,218,431</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>2,141,270</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Non operating assets</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>1,442,841</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>1,218,437</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px">Others</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>101,892</P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right>64,315</P></TD></TR>
<TR>
<TD vAlign=bottom width=382>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px" align=right><B>22,512,013</B></P></TD>
<TD vAlign=bottom width=125>
<P style="MARGIN: 0px"
align=right><B>21,632,431</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">20</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 14 - Short-Term Bank Borrowings</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=296></TD>
<TD width=85></TD>
<TD width=86></TD>
<TD width=82></TD>
<TD width=82></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>a) Short term bank liabilities</B></P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=171 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Currency or indexation
adjustment</B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>Bank or Financial Institution</B></P></TD>
<TD vAlign=bottom width=171 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Other foreign currencies</B></P></TD>
<TD vAlign=bottom width=165 colSpan=2>
<P style="MARGIN: 0px" align=center><B>TOTAL</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">BANCO DO BRASIL (BRASIL)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>1,436,280</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>1,436,280</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">BANCO SANTANDER</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>9,094</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>9,094</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">BANCO NVO SANTA FE</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>18,188</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>18,188</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">BANCO BBVA FRANCES</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>1,826,175</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>1,826,175</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>1,853,457</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right><B>1,436,280</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>1,853,457</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>1,436,280</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>Principal due</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>1,567,920</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right><B>1,436,280</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>1,567,920</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>1,436,280</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">Annual average interest rate </P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>18.00%</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>6.75%</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">Foreign currency liabilities </P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>100.00%</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=381 colSpan=2>
<P style="MARGIN: 0px"><B>b) Long term bank liabilities (short term
portion)</B></P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=171 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=171 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Currency or indexation
adjustment</B></P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>Bank or Financial Institution</B></P></TD>
<TD vAlign=bottom width=171 colSpan=2>
<P style="MARGIN: 0px" align=center><B>Other foreign currencies</B></P></TD>
<TD vAlign=bottom width=165 colSpan=2>
<P style="MARGIN: 0px" align=center><B>TOTAL</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=center>&nbsp;ThCh$ </P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=center>&nbsp;ThCh$ </P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center>&nbsp;ThCh$ </P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=center>&nbsp;ThCh$ </P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">BANCO ALFA</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>105,719</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>111,199</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>105,719</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>111,199</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">BANCO VOTORATIM (BRAZIL)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>102,783</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>1,888</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>102,783</P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right>1,888</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>208,502</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right><B>113,087</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>208,502</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>113,087</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px"><B>Principal due</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>207,765</B></P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right><B>113,087</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>207,765</B></P></TD>
<TD vAlign=bottom width=82>
<P style="MARGIN: 0px" align=right><B>113,087</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">Annual average interest rate </P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>10.51%</P></TD>
<TD vAlign=bottom width=86>
<P style="MARGIN: 0px" align=right>11.89%</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P style="MARGIN: 0px">Foreign currency liabilities </P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>100.00%</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=296>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=82>
<P>&nbsp;</P></TD><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></TR></TABLE>
<P style="MARGIN: 0px"><B>Note 15 - Long-Term Bank Borrowings</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=165></TD>
<TD width=90></TD>
<TD width=65></TD>
<TD width=65></TD>
<TD width=81></TD>
<TD width=69></TD>
<TD width=85></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Currency</B></P></TD>
<TD vAlign=bottom width=130 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Years to maturity</B></P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Total long term</B></P></TD>
<TD vAlign=bottom width=69 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=85>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Total long term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Bank or
Financial Institution</B></P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>or indexation adjustment</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>More than 1 up to 2</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>More than 2 up to 3</B></P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>at March 31, 2009</B></P></TD>
<TD vAlign=bottom width=85>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>at March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>%</B></P></TD>
<TD vAlign=bottom width=85>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">BANCO
ALFA</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
currencies</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>106,290</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,765</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>124,055</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>10.79</P></TD>
<TD vAlign=bottom width=85>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>239,785</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">BANCO
VOTORANTIM</P></TD>
<TD vAlign=bottom width=90>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
currencies</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>103,355</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>103,850</P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>207,205</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9.40</P></TD>
<TD vAlign=bottom width=85>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>429,863</P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>TOTAL</B></P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>209,645</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>121,615</B></P></TD>
<TD vAlign=bottom width=81>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>331,260</B></P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>669,648</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=165>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Foreign
currency liabilities</B></P></TD>
<TD vAlign=bottom width=90>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>100%</B></P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=81>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:H10></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">21</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 16 &#150; Long and Short-Term Bonds Payable</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">1.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Current risk rating of bonds is as
follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">BONDS ISSUED IN THE US MARKET</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px">A</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px">:</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px">Rating according
to Fitch Ratings Ltd.</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px">BBB+</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px">:</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px">Rating according
to Standard &amp; Poor&#146;s</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">BONDS ISSUED IN THE LOCAL MARKET</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px">AA+ </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px">:</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px">Rating according
to Fitch Chile Clasificadora de Riesgo Ltda.</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px">AA </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: 47px">:</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: 94px">Rating according
to Feller Rate Clasificadora de Riesgo Ltda.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">2. Bond repurchases.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">During 2000, 2001, 2002, 2007 and 2008, 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$350 million of which US$200 million are
outstanding and presented deducting the long term liability from the bonds
payable account. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">3.</P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px">Bonds issued by the subsidiary Rio de
Janeiro Refrescos Ltda. (RJR).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">22</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 16 &#150; Long and Short-Term Bonds Payable
(continued)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=259></TD>
<TD width=40></TD>
<TD width=57></TD>
<TD width=102></TD>
<TD width=49></TD>
<TD width=58></TD>
<TD width=75></TD>
<TD width=78></TD>
<TD width=63></TD>
<TD width=63></TD>
<TD width=62></TD></TR>
<TR>
<TD vAlign=bottom width=259 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Instrument
subscription or ID N&#176;</B></P></TD>
<TD vAlign=bottom width=40 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Series</B></P></TD>
<TD vAlign=bottom width=57 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Current nominal value</B></P></TD>
<TD vAlign=bottom width=102 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Currency</B></P></TD>
<TD vAlign=bottom width=49 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Interest rate</B></P></TD>
<TD vAlign=bottom width=58 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Maturity date</B></P></TD>
<TD vAlign=bottom width=153 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Term</B></P></TD>
<TD vAlign=bottom width=126 colSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Par value</B></P></TD>
<TD vAlign=bottom width=62 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Placement in Chile or abroad</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Interest
paid</B></P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Amortization period</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Current portion
of bonds payable</P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Register 254 SVS
June 13, 2001 capital and interest</P></TD>
<TD vAlign=bottom width=40>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>A</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>6.20%</P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>01-Jun-08</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Semiannual</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Jun-08</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>7,041,695</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Register 254 SVS
June 13, 2001 capital and interest</P></TD>
<TD vAlign=bottom width=40>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>B</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,700,000</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>6.50%</P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>01-Jun-26</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Semiannual</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Dec-09</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,934,739</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1,650,115</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total current
maturities</B></P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>3,934,739</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>8,691,810</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Long term
portion of bonds payable</P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<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=62>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Yankee
bonds</P></TD>
<TD vAlign=bottom width=40>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>B</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt" align=center>US$
Exchange rate</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>7.63%</P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>01-Oct-27</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Semiannual</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Oct-27</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>923,568</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Abroad</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Register 254 SVS
June 13, 2001</P></TD>
<TD vAlign=bottom width=40>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>B</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,700,000</P></TD>
<TD vAlign=bottom width=102>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>6.50%</P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>01-Jun-26</P></TD>
<TD vAlign=bottom width=75>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Semiannual</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Dec-09</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>75,270,233</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>77,377,260</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Chile</P></TD></TR>
<TR>
<TD vAlign=bottom width=259>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total long
term</B></P></TD>
<TD vAlign=bottom width=40>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>75,270,233</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>78,300,828</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">23</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<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"><B>Note 17 - Provisions and Write-Offs</B></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:E9></A>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=316></TD>
<TD width=83></TD>
<TD width=81></TD>
<TD width=73></TD>
<TD width=78></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=165 colSpan=2
rowSpan=2>
<P style="MARGIN: 0px" align=center><B>Short term</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=152 colSpan=2
rowSpan=2>
<P style="MARGIN: 0px" align=center><B>Long term</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=316>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=73>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=78>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px"><B>Provisions</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=73>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=78>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px">Taxation on banking transactions and social
contributions (Brazil)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P style="MARGIN: 0px; TEXT-INDENT: 11px">2,789,249</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; TEXT-INDENT: 7px">2,751,747</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; TEXT-INDENT: 6px">4,648,747</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; TEXT-INDENT: 8px">7,022,910</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px">Staff severance indemnities</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P style="MARGIN: 0px; TEXT-INDENT: 21px">912,471</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; TEXT-INDENT: 17px">728,318</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; TEXT-INDENT: 6px">8,720,991</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; TEXT-INDENT: 8px">6,788,907</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px">Contingencies</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P style="MARGIN: 0px; TEXT-INDENT: 27px">40,516</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; TEXT-INDENT: 23px">50,282</P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; TEXT-INDENT: 6px">2,295,662</P></TD>
<TD vAlign=bottom width=78>
<P style="MARGIN: 0px; TEXT-INDENT: 8px">2,326,312</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=316>
<P style="MARGIN: 0px"><B>TOTAL</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=83>
<P style="MARGIN: 0px; TEXT-INDENT: 11px"><B>3,742,236</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=81>
<P style="MARGIN: 0px; TEXT-INDENT: 7px"><B>3,530,347</B></P></TD>
<TD vAlign=bottom width=73>
<P style="MARGIN: 0px; TEXT-INDENT: 0px"><B>15,665,400</B></P></TD>
<TD vAlign=bottom width=78>
<P
style="MARGIN: 0px; TEXT-INDENT: 2px"><B>16,138,129</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 18 - Staff Severance Indemnities</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=321></TD>
<TD width=156></TD>
<TD width=156></TD></TR>
<TR>
<TD vAlign=bottom width=321>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B>Staff Severance Indemnities</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Beginning balance</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right>9,179,042</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right>7,519,518</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Provision for the period</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right>640,517</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right>98,208</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Payments</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right>(186,097)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right>(100,501)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B>Ending balance</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px" align=right><B>9,633,462</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=156>
<P style="MARGIN: 0px"
align=right><B>7,517,225</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 19 - Minority Interest</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=321></TD>
<TD width=155></TD>
<TD width=155></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B>LIABILITIES</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Embotelladora del Atl&#225;ntico S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>11,442</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>8,929</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Andina Inversiones &nbsp;Societarias S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>21</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>19</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B>11,463</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B>8,948</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px"><B>INCOME STATEMENT</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Embotelladora del Atl&#225;ntico S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>(809)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>(514)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">Andina Inversiones &nbsp;Societarias S.A.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right>(2)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=321>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B>(809)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=155>
<P style="MARGIN: 0px" align=right><B>(516)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">24</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P></DIV>
<DIV style="WIDTH: 912px">
<P style="MARGIN: 0px"><B>Note 20 - Changes in Shareholders&#146; Equity</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The movement in Shareholders&#146; Equity, Dividend
Distribution and Other Reserves is detailed in the following table:</P><A
name=RANGE!A1:M9></A><A name=RANGE!A1:N12></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=150></TD>
<TD width=63></TD>
<TD width=60></TD>
<TD width=60></TD>
<TD width=70></TD>
<TD width=65></TD>
<TD width=65></TD>
<TD width=63></TD>
<TD width=53></TD>
<TD width=65></TD>
<TD width=70></TD>
<TD width=65></TD>
<TD width=65></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=385 colSpan=6>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31,2009</B></P></TD>
<TD vAlign=bottom width=384 colSpan=6>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31,2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Paid in Capital</B></P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Capital revalued reserve</B></P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Other Reserves</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accumulated Income</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Interim Dividends</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Net Income</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Paid in Capital</B></P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Capital revalued reserve</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Other Reserves</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accumulated Income</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Interim Dividends</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Net Income</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=53>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Beginning
balance</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>236,327,716</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,055,154</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>23,201,754</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(17,171,979)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>94,835,957</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>217,013,513</P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(11,443,442)</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 8px; LINE-HEIGHT: 10pt">11,171,454</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(17,194,331)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>81,601,944</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Distribution of
prior year income</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>77,663,978</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,171,979</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(94,835,957)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 8px; LINE-HEIGHT: 10pt">64,407,613</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,194,331</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(81,601,944)</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Translation
adjustment reserve</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(9,615,766)</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(14,630,510)</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 50px; LINE-HEIGHT: 10pt">0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Capital
revalued</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(5,435,537)</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(208,270)</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(2,319,915)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,736,108</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(91,548)</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 21px; LINE-HEIGHT: 10pt">604,633</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Income for the
period </P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>22,681,030</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 50px; LINE-HEIGHT: 10pt">0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>20,844,113</P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Ending
balance</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>236,327,716</B></P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(5,435,537)</B></P></TD>
<TD vAlign=bottom width=60>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(768,882)</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>98,545,817</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>22,681,030</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>217,013,513</B></P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,736,108</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(26,165,500)</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 8px; LINE-HEIGHT: 10pt"><B>76,183,700</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>20,844,113</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=150>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Price level
restated balances</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>228,949,256</B></P></TD>
<TD vAlign=bottom width=53>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,831,594</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(27,604,602)</B></P></TD>
<TD vAlign=bottom width=70>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; TEXT-INDENT: 8px; LINE-HEIGHT: 10pt"><B>80,373,803</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>21,990,539</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: 864px">
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">25</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 21 - Changes in Shareholders&#146; Equity
(continued)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:M13></A>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=59></TD>
<TD width=155></TD>
<TD width=123></TD>
<TD width=215></TD></TR>
<TR>
<TD vAlign=bottom width=214 colSpan=2>
<P style="MARGIN: 0px"><B>Number of shares</B></P></TD>
<TD vAlign=bottom width=123>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=215>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=59>
<P style="MARGIN: 0px" align=center><B>Series</B></P></TD>
<TD vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center><B>Subscribed shares</B></P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center><B>Paid in shares</B></P></TD>
<TD vAlign=bottom width=215>
<P style="MARGIN: 0px" align=center><B>Number of shares with voting
rights</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=59>
<P style="MARGIN: 0px">A</P></TD>
<TD vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center>380,137,271</P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center>380,137,271</P></TD>
<TD vAlign=bottom width=215>
<P style="MARGIN: 0px" align=center>380,137,271</P></TD></TR>
<TR>
<TD vAlign=bottom width=59>
<P style="MARGIN: 0px">B</P></TD>
<TD vAlign=bottom width=155>
<P style="MARGIN: 0px" align=center>380,137,271</P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center>380,137,271</P></TD>
<TD vAlign=bottom width=215>
<P style="MARGIN: 0px" 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" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=60></TD>
<TD width=152></TD>
<TD width=123></TD></TR>
<TR>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px"><B>Capital</B></P></TD>
<TD vAlign=bottom width=152>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=123>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px"><B>Series</B></P></TD>
<TD vAlign=bottom width=152>
<P style="MARGIN: 0px" align=center><B>Subscribed capital</B></P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center><B>Paid in capital</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=60>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=152>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px">A</P></TD>
<TD vAlign=bottom width=152>
<P style="MARGIN: 0px" align=center>118,163,858</P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center>118,163,858</P></TD></TR>
<TR>
<TD vAlign=bottom width=60>
<P style="MARGIN: 0px">B</P></TD>
<TD vAlign=bottom width=152>
<P style="MARGIN: 0px" align=center>118,163,858</P></TD>
<TD vAlign=bottom width=123>
<P style="MARGIN: 0px" align=center>118,163,858</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Other Reserves</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=452></TD>
<TD width=89></TD>
<TD width=97></TD></TR>
<TR>
<TD vAlign=top width=452>
<P style="MARGIN: 0px">Balance of Other Reserves is composed as
follows:</P></TD>
<TD vAlign=top width=89>
<P>&nbsp;</P></TD>
<TD vAlign=top width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P>&nbsp;</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px" align=center><B>2009</B></P></TD>
<TD vAlign=top width=97>
<P style="MARGIN: 0px" align=center><B>2008</B></P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P>&nbsp;</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=top width=97>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P>&nbsp;</P></TD>
<TD vAlign=top width=89>
<P>&nbsp;</P></TD>
<TD vAlign=top width=97>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P style="MARGIN: 0px">Reserve for cumulative translation
adjustments<SUP>(1)</SUP></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; TEXT-INDENT: 5px">(1,921,862)</P></TD>
<TD vAlign=top width=97>
<P style="MARGIN: 0px; TEXT-INDENT: -1px">(28,757,058)</P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P style="MARGIN: 0px">Reserve for technical reappraisal of property,
plant and equipment</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">69,362</P></TD>
<TD vAlign=top width=97>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">71,555</P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P style="MARGIN: 0px">Other</P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; TEXT-INDENT: 14px">1,083,618</P></TD>
<TD vAlign=top width=97>
<P style="MARGIN: 0px; TEXT-INDENT: 14px">1,080,901</P></TD></TR>
<TR>
<TD vAlign=top width=452>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=top width=89>
<P style="MARGIN: 0px; TEXT-INDENT: 15px"><B>(768,882)</B></P></TD>
<TD vAlign=top width=97>
<P
style="MARGIN: 0px; TEXT-INDENT: -1px"><B>(27,604,602)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><SUP>(1) &nbsp;</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>
<P style="MARGIN: 0px">The activity in the Reserve for cumulative translation
adjustments was as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=191></TD>
<TD width=66></TD>
<TD width=162></TD>
<TD width=114></TD>
<TD width=98></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=191>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P style="MARGIN: 0px" align=center><B>Balance</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=162>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Foreign exchange rate generated during the
period</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=114>
<P style="MARGIN: 0px" align=center><B>Reserve release /
realized(*)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px" align=center><B>Balance</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=191>
<P style="MARGIN: 0px"><B>Company</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P style="MARGIN: 0px" align=center><B>01-Jan-08</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=162>
<P style="MARGIN: 0px" align=center><B>Investment</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=114>
<P style="MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=191>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=162>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=114>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=191>
<P style="MARGIN: 0px">Rio de Janeiro Refrescos Ltda.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=66>
<P style="MARGIN: 0px" align=right>4,396,518</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=162>
<P style="MARGIN: 0px" align=right>(6,225,593)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>(19,892)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px" align=right>(1,848,967)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=191>
<P style="MARGIN: 0px">Embotelladora del Atl&#225;ntico S.A.</P></TD>
<TD vAlign=bottom width=66>
<P style="MARGIN: 0px" align=right>3,297,357</P></TD>
<TD vAlign=bottom width=162>
<P style="MARGIN: 0px" align=right>(3,370,252)</P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px" align=right>(72,895)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=191>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD vAlign=bottom width=66>
<P style="MARGIN: 0px" align=right><B>7,693,875</B></P></TD>
<TD vAlign=bottom width=162>
<P style="MARGIN: 0px" align=right><B>(9,595,845)</B></P></TD>
<TD vAlign=bottom width=114>
<P style="MARGIN: 0px" align=right><B>(19,892)</B></P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px"
align=right><B>(1,921,862)</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">(*) Reserve realized resulted from dividends paid by our
subsidiary R&#237;o de Janeiro Refrescos Ltda. </P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">26</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 22 - Other Non-Operating Income and
Expenses</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=437></TD>
<TD width=97></TD>
<TD width=97></TD></TR>
<TR>
<TD vAlign=bottom width=437>
<P style="MARGIN: 0px"><B>Other non-operating income during the period was
as follows:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=center><B><U>2009</U></B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=center><B><U>2008</U></B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Reverse provision property, plant &amp; equipment
devalued</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>5,164,636</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Conversion adjustment reserve
realized<SUP>(2)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>19,892</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Other income</P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>559,063</P></TD>
<TD vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>140,932</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px"><B>Sub-total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>578,955</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>5,305,568</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Translation of financial
statements<SUP>(1)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>103,628</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>682,583</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>5,305,568</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=535 colSpan=2>
<P style="MARGIN: 0px"><B>Other non-operating expenses during the period
was as follows:</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Conversion adjustment reserve
realized<SUP>(2)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(1,677,731)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Bank taxes<SUP>(3)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(649,528)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(500,814)</P></TD></TR>
<TR>
<TD vAlign=bottom width=437>
<P style="MARGIN: 0px">Provision for labor and commercial lawsuits</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(133,298)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(173,827)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Provision loss of investment in Centralli</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(23,726)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(10,554)</P></TD></TR>
<TR>
<TD vAlign=bottom width=437>
<P style="MARGIN: 0px">Loss on sale of property, plant and
equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(10,494)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(18,374)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Effect of rate exchange over calculation of
severance payments</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(276,002)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Others</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(170,822)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(277,131)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px"><B>Sub-total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>(1,263,870)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>(2,658,431)</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">Translation of financial
statements<SUP>(1)</SUP></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>(655,597)</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px"><B>Total</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>(1,263,870)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right><B>(3,314,028)</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=437>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=97>
<P style="MARGIN: 0px" align=right>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 3px; MARGIN: 0px"><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>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 3px; MARGIN: 0px"><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
and dividend distribution by Embotelladora del Atl&#225;ntico S.A. during the 2008
and 2007 period, respectively.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 3px; MARGIN: 0px"><SUP>(3) </SUP>This refers to taxes
charged in the normal course of business due to banking Accounts movements in
our foreign subsidiaries and are not related to the obtaining of financial
resources.</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A2:C23></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">27</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><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" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=324></TD>
<TD width=76></TD>
<TD width=85></TD>
<TD width=85></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center><B>Adjustment index</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px"><B>Assets - &nbsp;(charges)/credits</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>&nbsp;ThCh$ </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Inventories</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(234,250)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(33,181)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Property, plant and equipment</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(2,366,714)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>774,990</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Investments in related companies</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(4,160,711)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>1,552,546</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Cash, Time Deposits, Marketable Securities</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(317,176)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>243,688</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Cash, Time Deposits, Marketable Securities</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(1,231)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>562,893</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Short term accounts receivable from related
companies</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(595,972)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>76,686</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Short term accounts receivable from related
companies</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(487,072)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>388,778</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Recoverable taxes</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(24,475)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>2,368</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other current assets</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(1,300,334)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>189,845</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other current assets</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(153,930)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(17,034)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other long term assets</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(7,253)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>17</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other long term assets</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(36,903)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>18,129</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Cost and expense accounts</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(258,758)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>122,125</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px"><B>Total (charges) credits </B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>(9,944,779)</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>3,881,850</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px"><B>Liabilities - (charges)/credits</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Shareholders&#146; equity</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>7,963,722</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(2,372,899)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Short and long term bonds payable</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>1,816,008</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(844,523)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Short and long term bonds payable</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(28,885)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Short term accounts receivable from related
companies</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>483,740</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(276,360)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Short term accounts receivable from related
companies</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>108,409</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(114,859)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other current liabilities </P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>UF</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(3,822)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>127,157</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other current liabilities </P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(80,518)</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(47,119)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Other long term liabilities </P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>134,351</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(113,015)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px">Income accounts</P></TD>
<TD vAlign=bottom width=76>
<P style="MARGIN: 0px" align=center>CPI</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>371,091</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right>(165,296)</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px"><B>Total (charges) credits</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>10,792,981</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>(3,835,799)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="MARGIN: 0px"><B>Price-level restatement (loss) gain</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>848,202</B></P></TD>
<TD vAlign=bottom width=85>
<P style="MARGIN: 0px" align=right><B>46,051</B></P></TD></TR></TABLE>
<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">28</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 24 - Exchange Gains/Losses</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=294></TD>
<TD width=64></TD>
<TD width=94></TD>
<TD width=94></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px"><B>Currency</B></P></TD>
<TD vAlign=bottom width=94>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=94>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px"><B>Assets - (charges)/credits</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=94>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Cash</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>100,604</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>1,637</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Time deposits</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(604,688)</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Marketable securities (net)</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(425,046)</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(4,821,279)</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Trade accounts receivable</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(126)</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>446</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Other debtors (net)</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(42,868)</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(4,101)</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Accounts receivable related companies short
term</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(2,941,870)</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(5,693,983)</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Other current assets</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>422,123</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>345,520</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Other assets</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(126,863)</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px"><B>Total (charges)/credits</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right><B>(3,491,871)</B></P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right><B>(10,298,623)</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px"><B>Liabilities - (Charges) / credits</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=94>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Accounts payable</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>92,480</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>67,596</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Notes and accounts payable related companies</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(115,452)</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>15,109</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Provisions</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>18,314</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>15,326</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Bonds payable long term</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>931,955</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Other liabilities</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>(147,068)</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px">Prepaid income</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px" align=center>US$</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right>58,583</P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px"><B>Total (charges) credits</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right><B>(4,658)</B></P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right><B>941,501</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=294>
<P style="MARGIN: 0px"><B>Foreign exchange gain (loss) on
income</B></P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right><B>(3,496,529)</B></P></TD>
<TD vAlign=top width=94>
<P style="MARGIN: 0px" align=right><B>(9,357,122)</B></P></TD><A
name=RANGE!A1:D30></A><A name=RANGE!A1:D26></A></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 25 - Share and Debt Security Issue and Placement
Expenses</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Bond issue and placement expenses are presented in other
current assets and other long-term assets and are amortized on a straight-line
basis over the term of the debt issued. Amortization is presented as financial
expenses.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Bonds issued in the US market:</B></P>
<P style="MARGIN: 0px">Debt issue costs and discounts have all been amortized,
as a result of the repurchase of Bonds reported in note 16.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Bonds issued in the local market:</B></P>
<P style="MARGIN: 0px">Debt issue costs and interest rate differences net of
amortization as of the end of the period amounted to ThCh$2,976,207
(ThCh$3,533,500 in 2008). &nbsp;Disbursements for risk rating reports, legal and
financial advisory services, printing and placement fees are included as Debt
issue costs.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Amortization for the period 2009 amounted to ThCh$58,929
(ThCh$103,698 in 2008).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">29</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 26 - Consolidated Statement of Cash Flows</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">For the projection of future cash flows, there are no
transactions and events to consider which have not been revealed in these
financial statements and accompanying notes. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The following table presents an itemization of the
movement of assets and liabilities not affecting the cash flow in the period,
but compromising future cash flows.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=233></TD>
<TD width=90></TD>
<TD width=90></TD>
<TD width=90></TD>
<TD width=90></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center><B>31-Mar-09</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90 rowSpan=2>
<P style="MARGIN: 0px" align=center><B>Maturity date</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center><B>31-Mar-08</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90 rowSpan=2>
<P style="MARGIN: 0px" align=center><B>Maturity date</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Expected cash outflow</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Expenses</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Dividend payment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(11,279,813)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>30-Apr-09</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(7,689,232)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>24-Apr-08</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Dividend payment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(34,326,396)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>28-May-09</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(50,513,647)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>15-May-08</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Addition to property, plant and equipment</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(402,950)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>30-Apr-09</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(357,083)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>30-Apr-08</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Addition to property, plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(991,930)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>15-May-09</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(2,457,078)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>15-May-08</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Addition to property, plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(133,518)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>31-May-09</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(268,284)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>31-May-08</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Addition to property, plant and equipment</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>(14,459)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>30-Jun-08</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Total expenses</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B>(47,134,607)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B>(61,299,783)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px">&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px">&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Expected cash inflow</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Income</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px">Sale of property, plant and equipment</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>24,422</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>30-Apr-09</P></TD>
<TD vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right>10,316</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=center>30-Apr-08</P></TD></TR>
<TR>
<TD vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Total income</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B>24,422</B></P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B>10,316</B></P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=233>
<P style="MARGIN: 0px"><B>Total net</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B>(47,110,185)</B></P></TD>
<TD vAlign=bottom width=90>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px" align=right><B>(61,289,467)</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=90>
<P style="MARGIN: 0px"><B></B>&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>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">30</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 27 - Derivative Contracts</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Derivative contracts at March 31, 2009 were as
follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=50></TD>
<TD width=45></TD>
<TD width=46></TD>
<TD width=75></TD>
<TD width=84></TD>
<TD width=57></TD>
<TD width=151></TD>
<TD width=46></TD>
<TD width=46></TD>
<TD width=130></TD>
<TD width=42></TD>
<TD width=43></TD>
<TD width=52></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=198 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B><U>Hedged item or Transaction</U></B></P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=172 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B><U>&nbsp;Assets / Liabilities </U></B></P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B><U>&nbsp;Effect on income </U></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Derivative</B></P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Contract</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Value</B></P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Maturity period</B></P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Specific Item</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Position Purchase / Sale</B></P></TD>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Concept</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Hedged Item Value </B></P></TD>
<TD vAlign=bottom width=130>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Item </B></P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=43>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Realized </B></P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>&nbsp;Unrealized </B></P></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=45>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=151>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=130>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=43>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">FR</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CCPE</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,238,290</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>2nd
Quarter 2009</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>S</P></TD>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Foreign currency
financial investment</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,238,290</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,417,762</P></TD>
<TD vAlign=bottom width=130>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Other current
assets </P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>179,471</P></TD>
<TD vAlign=bottom width=43>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>179,471</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">FR</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CCTE</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>4,724,406</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>2nd
Quarter 2009</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>P</P></TD>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Suppliers foreign
currency</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>4,691,778</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=130>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Other current
assets &amp; liabilities</P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>32,628</P></TD>
<TD vAlign=bottom width=43>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>32,628</P></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">FR</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CCTE</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,249,340</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>3rd
Quarter 2009</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>P</P></TD>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Suppliers foreign
currency</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,440,742</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=130>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Other current
assets &amp; liabilities</P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>191,402</P></TD>
<TD vAlign=bottom width=43>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(191,402)</P></TD></TR>
<TR>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">FR</P></TD>
<TD vAlign=bottom width=45>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">CCTE</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,249,340</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>4th
Quarter 2009</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>US$
Exchange Rate</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>P</P></TD>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Suppliers foreign
currency</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>5,632,692</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=130>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Other current
assets &amp; liabilities</P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>383,352</P></TD>
<TD vAlign=bottom width=43>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>(383,352)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:M24></A>
<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">31</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 28 - Contingencies and Restrictions</B></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px"><B>a.</B></P>
<P style="PADDING-LEFT: 24px; MARGIN: 0px"><B>Litigation and other legal
actions:</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Current lawsuits and other legal actions are described
below.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -47px">1)</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px">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$1,344,447
(ThCh$1,407,421 in 2008). &nbsp;In accordance with its legal counsel&#146;s opinion,
the Company deems improbable that contingencies without provisions may affect
the results or equity of the Company. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -47px">2)</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px">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$946,894 (ThCh$918,891
in 2008). &nbsp;In accordance with its legal counsel&#146;s opinion, the Company
deems improbable that contingencies without provisions may affect the results or
equity of the Company. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -47px">3)</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px">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$7,423 (ThCh$50,282 in 2008). &nbsp;&nbsp;In accordance with its legal
counsel&#146;s opinion, the Company deems improbable that contingencies without
provisions may affect the results or equity of the Company.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px"><B>b.</B></P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px"><B>Restrictions</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The bond issue and placement on the US market for US$ 200
million is subject to certain restrictions against preventive attachments, sale
and leaseback transactions, sale of assets, subsidiary debt and certain
conditions in the event of a merger or consolidation.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The bond issue and placement in the Chilean market for UF
3,700,000 is subject to the following restrictions:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Leverage ratio, defined as the total financial
debt/shareholder&#146;s equity plus minority interest should be less than 1.20
times.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Financial debt shall be deemed Consolidated Finance
Liabilities which include: (i) short-term bank liabilities, (ii) short-term
portion of long-term bank liabilities, (iii) short-term bonds payable-promissory
notes, (iv) short-term portion of bonds payable, (v)&nbsp;long-term bank
liabilities, and (vi) long-term bonds payable. &nbsp;Consolidated equity means
Total equity plus Minority Interest.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Consolidated assets are to be free of any pledge,
mortgage or other encumbrance for an amount equal to at least 1.30 times the
consolidated liabilities that are not guaranteed by the investee.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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
the preparation, production, sale and distribution of the products and brands in
accordance with the respective Bottling agreement, renewable from time to
time.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">32</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<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"><B>Note 28 - Contingencies and Restrictions
(continued)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px"><B>c.</B></P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px"><B>Direct guarantees</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Guarantees at March 31, 2009 are presented on the
following table: </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>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=151></TD>
<TD width=189></TD>
<TD width=72></TD>
<TD width=84></TD>
<TD width=77></TD>
<TD width=12></TD>
<TD width=73></TD>
<TD width=52></TD>
<TD width=12></TD>
<TD width=51></TD>
<TD width=21></TD>
<TD width=21></TD>
<TD width=51></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=189>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=90 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=126 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=85 colSpan=3 rowSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Balances pending at March 31,</B></P></TD>
<TD vAlign=bottom width=73 colSpan=2 rowSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Guaranty release March 31,</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Guarantee
creditor</B></P></TD>
<TD vAlign=bottom width=189>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Type of
guaranty</B></P></TD>
<TD vAlign=bottom width=216 colSpan=4>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Assets involved</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=189>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Debtor</B></P></TD>
<TD vAlign=bottom width=72>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Relation</B></P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Type</B></P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B>Accounting
Value</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2009</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2008</B></P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2010</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>2011</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=189>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=72>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=84>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">ESTADO RIO DE
JANEIRO</P></TD>
<TD vAlign=bottom width=189>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">RIO DE JANEIRO
REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Subsidiary</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Mortgage</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Real
estate</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>13,135,726</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>10,230,603</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>10,721,224</P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">PODER
JUDICIARIO</P></TD>
<TD vAlign=bottom width=189>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">RIO DE JANEIRO
REFRESCOS LTDA.</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Subsidiary</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Judicial
Deposit</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Judicial
deposit</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>10,897,806</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">ADUANA DE
EZEIZA</P></TD>
<TD vAlign=bottom width=189>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">EMBOTELLADORA DEL
ATLANTICO S.A.</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Subsidiary</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Guaranty
insurance</P></TD>
<TD vAlign=bottom width=77>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Inventories</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>29,947</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">AGA S.A.</P></TD>
<TD vAlign=bottom width=189>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Parent
company</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Agreement</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>174,978</P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">MUNICIPALIDAD DE
SANTIAGO</P></TD>
<TD vAlign=bottom width=189>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Parent
company</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Guaranty
Receipt</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>11,728</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>11,702</P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=151>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">ESCUELA
MILITAR</P></TD>
<TD vAlign=bottom width=189>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">EMBOTELLADORA
ANDINA S.A.</P></TD>
<TD vAlign=bottom width=72>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Parent
company</P></TD>
<TD vAlign=bottom width=84>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Guaranty
receipt</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Guaranty
Receipt</P></TD>
<TD vAlign=bottom width=86 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD>
<TD vAlign=bottom width=43 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>1,525</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>0</P></TD></TR></TABLE>
<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">33</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 29 - Guarantees from Third Parties</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Guarantees from Third Parties at March 31, 2009 were as
follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=202></TD>
<TD width=102></TD>
<TD width=121></TD>
<TD width=98></TD>
<TD width=64></TD>
<TD width=261></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">Guarantor</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Relationship</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Type of Guarantee</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px">Amount</P></TD>
<TD vAlign=bottom width=64>
<P style="MARGIN: 0px">Currency</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Transaction</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=102>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=121>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=98>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=261>
<P>&nbsp;</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">RUSSEL W. COFFIN</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Letter of Credit</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 13px">39,870,775</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Purchase of Nitvitgov Refrigerantes S.A.</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">CONFAB</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 13px">30,000,000</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Purchase of Rio de Janeiro Refrescos
Ltda.</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">SEVERAL CLIENTS</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Deposits</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">2,799,689</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Guaranty over containers</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">SOC. COM. CHAMPFER</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">1,283,109</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">ATANOR</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 20px">1,009,291</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">MAC COKE DIST. BEB.</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">837,941</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">ATANOR</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">756,968</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">ATANOR</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">756,968</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">ATANOR</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">756,968</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">FRANCISCANA DIST. </P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">630,615</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=202>
<P style="MARGIN: 0px">DIST REAL COLA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">609,019</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">AGA S.A.</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Parent Company</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Receipt</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">600,000</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier agreement</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">ZULEMAR COMERCIO DE BEBIDAS </P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">507,516</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">ECOPRENEUR SA</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">439,427</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">ASXT FLUMINENSE DIST. BEBIDAS</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">370,594</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">BEST SELECT CHILE S.A.</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Parent Company</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Receipt</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 7px">202,083,656</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">Ch$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supermarket resupplying agreement</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">MOTTA DISTRIBUIDORA DE BEBIDAS</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">323,946</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">ROSAS DE CASIMIRO</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">304,077</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">AGUIAR DIST. DE BEBIDAS</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">295,871</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">SOBERANA DE CARMO DIST BEB</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Mortgage</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">265,636</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Distributor credit</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">ECOPRENEUR SA</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">194,881</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR>
<TR>
<TD vAlign=bottom width=202>
<P style="MARGIN: 0px">CATERING ARGENTINA S.A.</P></TD>
<TD vAlign=bottom width=102>
<P style="MARGIN: 0px">Subsidiary</P></TD>
<TD vAlign=bottom width=121>
<P style="MARGIN: 0px">Guaranty Receipt</P></TD>
<TD vAlign=bottom width=98>
<P style="MARGIN: 0px; TEXT-INDENT: 30px">137,066</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=64>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=261>
<P style="MARGIN: 0px">Supplier</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">34</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 30 - Local and Foreign Currency</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Assets at March 31, 2009 and 2008 were composed of local
and foreign currencies as follows: </P><A name=RANGE!A1:D77></A><A
name=RANGE!A1:D82></A><A name=RANGE!A1:K49></A><A name=RANGE!A1:D78></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=268></TD>
<TD width=130></TD>
<TD width=117></TD>
<TD width=117></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Current Assets</B></P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>Currency</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Cash</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,573,901</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,951,039</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>847,552</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>6,584,380</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,738,005</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,210,357</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>606,594</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>8,046,970</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>11,448,749</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Time Deposits</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>75,235,593</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,020,942</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>68,716,754</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>19,068</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,808,638</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>95,595</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Marketable Securities (Net)</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>29,367,581</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,813,119</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>9,792,583</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>58,027,323</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>286,625</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Trade Accounts Receivable (Net)</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>16,838,448</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>15,817,263</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>89,485</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>459,279</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>402,526</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,891,056</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,202,618</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>14,446,929</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>13,479,351</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Notes Receivable</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>8,084,758</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,225,791</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>609,371</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>462,651</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,941,861</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,212,494</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Other Debtors (Net)</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,985,981</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,741,756</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>698,896</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>117,325</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>52,204</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,240,441</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,152,737</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,747,984</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,276,371</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Notes Receivable Related Companies</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,044,176</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>913,695</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Inventories (Net)</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,938,889</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>262,296</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,772,055</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,949,531</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,104,289</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,280,593</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,700,668</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,897,124</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>11,575,552</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>9,684,156</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Recoverable Taxes</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>749,961</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,695,338</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,910,857</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>179,880</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>386,484</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,124,127</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>201,031</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>157,707</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Prepaid Expenses</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,698,650</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,456,654</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">35</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=268></TD>
<TD width=130></TD>
<TD width=117></TD>
<TD width=117></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Current Assets</B></P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>Currency</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>55,216</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>20,705</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>258,961</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>210,784</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>899,130</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>765,146</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Deferred Taxes</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>353,227</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>659,756</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>61,502</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>533,195</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,505,582</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,605,428</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Other Current Assets</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>200,061</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>140,811</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,779,715</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,892,229</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,802,303</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,559,739</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,074,478</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>710,822</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,841,126</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Property, Plant and Equipment</B></P></TD>
<TD vAlign=bottom width=130>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Property, Plant and Equipment</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>94,335,732</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>92,918,416</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>115,252,402</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>78,944,343</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Other Assets</B></P></TD>
<TD vAlign=bottom width=130>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Investments in Related Companies</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>21,158,436</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>23,394,983</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,718,637</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,607,498</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Investments in Other Companies</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>56,016</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>48,614</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>68,020</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>82,889</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Goodwill</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>950,520</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,114,827</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>57,171,838</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>50,670,761</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Long Term Debtors</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>7,255</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>13,307</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>4,571</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>14,437</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>0</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>5,500</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Notes Receivable Related Companies</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>35,979</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>60,447</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Intangibles</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>333,551</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>368,579</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>337,242</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>21,523</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Amortization</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>(187,623)</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>(239,841)</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">Others</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Non-indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,298,635</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,040,690</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">Indexed Ch$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,636,308</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,281,601</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">US$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>10,065</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>1,109,858</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">AR$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>3,054,940</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>2,719,767</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px">-</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px">R$</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>15,512,065</P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right>12,480,515</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=117>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P style="MARGIN: 0px"><B>Total Assets</B></P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>Non-indexed Ch$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>83,233,002</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>115,692,445</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>Indexed Ch$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>200,135,232</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>129,371,656</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>US$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>193,508,412</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>198,017,684</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>AR$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>20,967,206</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>15,406,224</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=268>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=130>
<P style="MARGIN: 0px"><B>R$</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px" align=right><B>69,404,379</B></P></TD>
<TD vAlign=bottom width=117>
<P style="MARGIN: 0px"
align=right><B>69,659,636</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">36</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 30 - Local and Foreign Currency
(continued)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Current liabilities at March 31, 2009 and 2008
denominated in local and foreign currencies were as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=258></TD>
<TD width=114></TD>
<TD width=70></TD>
<TD width=58></TD>
<TD width=70></TD>
<TD width=54></TD>
<TD width=64></TD>
<TD width=59></TD>
<TD width=64></TD>
<TD width=59></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=199 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Up to 90 days</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=247 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>90 days to 1 year</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=128 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=124 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31, 2008</B></P></TD>
<TD vAlign=bottom width=123 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31, 2009</B></P></TD>
<TD vAlign=bottom width=123 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>March 31, 2008</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Currency</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=54>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Short term bank
liabilities</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,436,280</P></TD>
<TD vAlign=bottom width=54>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.75%</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,853,457</P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18.00%</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Long term bank
liabilities</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>113,087</P></TD>
<TD vAlign=bottom width=54>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>11.89%</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>208,502</P></TD>
<TD vAlign=bottom width=59>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>10.51%</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Bonds
payable</P></TD>
<TD vAlign=bottom width=114>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Indexed-Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,934,739</P></TD>
<TD vAlign=bottom width=58>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.50%</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,691,810</P></TD>
<TD vAlign=bottom width=54>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.26%</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Dividends
payable</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>159,873</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>244,163</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,337</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,980</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Accounts
payable</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>25,743,687</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>30,544,196</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">US$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,703,380</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,337,881</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>11,181,907</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6,792,531</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>14,150,938</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,059,427</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">EURO$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,070</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
creditors</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">US$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>104,508</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>82,743</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>134,798</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>55,015</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>76,192</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>102,897</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,581,434</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4,834,062</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Notes and
accounts payable related companies</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,198,750</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,449,961</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,875,576</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,550,651</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,683,699</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,652,065</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Provisions</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>919,894</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>778,601</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,822,342</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,751,746</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Withholdings</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,098,941</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6,802,300</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6,496,104</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4,008,102</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>586,241</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,750,882</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Income
taxes</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>967,179</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,038,647</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,423,638</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,903,395</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>881,191</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>598,990</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Unearned
income</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>546,691</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other current
liabilities</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-Indexed
Ch$</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,243,745</P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,389,180</P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Total current
liabilities</B></P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>R$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>19,416,071</B></P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>17,094,921</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>4,498,276</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>6,101,618</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>AR$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>23,970,817</B></P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>15,313,674</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>76,192</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>102,897</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Indexed-Ch$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,934,739</B></P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>8,691,810</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>US$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,807,888</B></P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,420,624</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Non-Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>45,332,069</B></P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>48,793,739</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=258>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=114>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EURO$</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>18,070</B></P></TD>
<TD vAlign=bottom width=58>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=54>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=59>
<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:J53></A>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">37</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<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"><B>Note 30 - Local and Foreign Currency
(continued)</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Long term liabilities at March 31, 2009 were composed of
local and foreign currencies as follows: </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>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=216></TD>
<TD width=89></TD>
<TD width=65></TD>
<TD width=76></TD>
<TD width=61></TD>
<TD width=80></TD>
<TD width=61></TD>
<TD width=80></TD>
<TD width=65></TD>
<TD width=76></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Currency</B></P></TD>
<TD vAlign=bottom width=141 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>1 to 3 years</B></P></TD>
<TD vAlign=bottom width=142 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>3 to 5 years</B></P></TD>
<TD vAlign=bottom width=142 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>5 to 10 years</B></P></TD>
<TD vAlign=bottom width=141 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Over 10 years</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=80>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=80>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>ThCh$</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Long term bank
liabilities</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>331,260 </P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9.92%</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Bonds payable
long term</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,123,665 </P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.50%</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,123,665 </P></TD>
<TD vAlign=bottom width=80>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.50%</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,123,665 </P></TD>
<TD vAlign=bottom width=80>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.50%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>47,899,238 </P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.50%</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
creditors</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>47,530 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Notes and
accounts payable related companies</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,923,935 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Provisions</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,068,931 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,652,060 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,344,447 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,599,962 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Deferred
taxes</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>993,097 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,422,475 </P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,678,264 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
liabilities</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4,310,121 </P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>319,388 </P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,874,494 </P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,996,305 </P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Total long
term liabilities</B></P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>R$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>18,605,791 </B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>-</B></P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,123,665 </B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,123,665 </B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,123,665 </B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>55,551,298 </B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>AR$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,391,977 </B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,741,863 </B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>2,874,494 </B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=216>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>4,985,963 </B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>4,310,121 </B></P></TD>
<TD vAlign=bottom width=80>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD></TR></TABLE>
<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">38</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Long term liabilities at March 31, 2008 were composed of
local and foreign currencies as follows:</P>
<P style="MARGIN: 0px"><BR></P><A name=RANGE!A1:J22></A>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=225></TD>
<TD width=89></TD>
<TD width=78></TD>
<TD width=61></TD>
<TD width=77></TD>
<TD width=62></TD>
<TD width=76></TD>
<TD width=63></TD>
<TD width=77></TD>
<TD width=61></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89 rowSpan=2>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Currency</B></P></TD>
<TD vAlign=bottom width=139 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>1 to 3 years</B></P></TD>
<TD vAlign=bottom width=139 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>3 to 5 years</B></P></TD>
<TD vAlign=bottom width=139 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>5 to 10 years</B></P></TD>
<TD vAlign=bottom width=139 colSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Over 10 years</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;Amount </B></P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Annual average interest rate</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=89>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>%</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>%</B></P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>%</B></P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>&nbsp;ThCh$ </B></P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Long term bank
liabilities</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">$R</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>669,648</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Long term bonds
payable</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,103,205</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.5%</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,103,205</P></TD>
<TD vAlign=bottom width=62>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.5%</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,103,205</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.5%</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>50,067,630</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6.50%</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">US$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>923,583</P></TD>
<TD vAlign=bottom width=61>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7.63%</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
creditors</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>74,676</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Notes and
accounts payable related companies</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,432,456</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Provisions</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>792,207</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Indexed
Ch$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,996,698</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,407,421</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,941,803</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Deferred
taxes</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>12,555,302</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Other
liabilities</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Non-indexed
Ch$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>498,270</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,086,132</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AR$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>216,609</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,949,484</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">-</P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">R$</P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4,157,290</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Total long
term liabilities</B></P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>R$</B></P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>25,324,043</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>-</B></P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,103,205</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,103,205</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,103,205</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>56,064,328</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>-</B></P></TD>
<TD vAlign=bottom width=89>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>US$</B></P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>923,583</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>-</B></P></TD>
<TD vAlign=bottom width=89>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>AR$</B></P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,482,097</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>216,609</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,949,484</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=225>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>-</B></P></TD>
<TD vAlign=bottom width=89>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Non-indexed
Ch$</B></P></TD>
<TD vAlign=bottom width=78>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>4,722,933</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=62>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>5,086,132</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=77>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0</B></P></TD>
<TD vAlign=bottom width=61>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">39</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 31 &#150; Penalties</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The Company has not been subject to penalties by the SVS
or any other administrative authority.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 32- Subsequent Events</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>Regular Shareholders&#146; Meeting Agreements</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The following resolutions were adopted at the
Shareholders&#146; Meeting held April 14, 2009:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">1) </P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">Renewal of the Board of Directors:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>SERIES A SHARES DIRECTORS</U>:</P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=308></TD>
<TD width=308></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px"><U>DIRECTOR </U></P></TD>
<TD vAlign=top width=308>
<P style="MARGIN: 0px"><U>ALTERNATE DIRECTOR</U></P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">HERIBERTO URZ&#218;A S&#193;NCHEZ</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">GONZALO PAROT PALMA</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">JOS&#201; ANTONIO GARC&#201;S SILVA (HIJO)</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">PATRICIO PARODI GIL</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">ARTURO MAJLIS ALBALA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">CRISTIAN ALLIENDE ARRIAGADA</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">BRYAN &nbsp;J. SMITH</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">JORGE HURTADO GARRET&#211;N</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">GONZALO SAID HANDAL</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">JOSE MARIA EYZAGUIRRE BAEZA</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">SALVADOR SAID SOMAVIA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">JOS&#201; DOMINGO ELUCHANS URENDA</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>SERIES B SHARES DIRECTORS </U>:</P></TD>
<TD vAlign=top width=308>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P>&nbsp;</P></TD>
<TD vAlign=top width=308>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px"><U>DIRECTOR</U></P></TD>
<TD vAlign=top width=308>
<P style="MARGIN: 0px"><U>ALTERNATE DIRECTOR</U></P></TD></TR>
<TR>
<TD vAlign=top width=308>
<P style="MARGIN: 0px">JUAN CLARO GONZ&#193;LEZ</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width=308>
<P style="MARGIN: 0px">ERNESTO BERTELSEN REPETTO</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 47px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -47px">2)</P>
<P style="PADDING-LEFT: 47px; MARGIN: 0px; TEXT-INDENT: -23px">The distribution
of a Final Dividend N&#186; 165 on account of the fiscal year ending December 31,
2008.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">a) &nbsp;Ch$14.13 (fourteen pesos and 13/100) per each
Series A share and;</P>
<P style="MARGIN: 0px">b) &nbsp;Ch$15.543 (fifteen pesos and 543/100) per each
Series B share.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">This dividend will be available to shareholders beginning
April 30, 2009. </P>
<P style="MARGIN: 0px">The Shareholders&#146; Registry will close on April 24,
2009.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">3) &nbsp;</P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px">The distribution of an Additional
Dividend N&#186; 166 on account of the Retained Earnings Fund.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">a) &nbsp;Ch$43.00 (forty three pesos) per each Series A
share and;</P>
<P style="MARGIN: 0px">b) &nbsp;Ch$47.30 (forty seven pesos and 30/100) per each
Series B share.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">This dividend will be available to shareholders beginning
May 28, 2009. &nbsp;</P>
<P style="MARGIN: 0px">The Shareholders&#146; Registry will close on May 22,
2009.</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">40</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 33 &#150; Environment</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Disbursements and commitments for this period related to
environmental issues were according to the following table: </P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=177></TD>
<TD width=210></TD>
<TD width=95></TD>
<TD width=200></TD>
<TD width=68></TD>
<TD width=120></TD></TR>
<TR>
<TD vAlign=bottom width=177 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Name of the project associated with the
disbursement</B></P></TD>
<TD vAlign=bottom width=210 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Concept for which disbursement was realized or will be
realized </B></P></TD>
<TD vAlign=bottom width=95 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Accounting register &nbsp;Cost of Asset/
Expense</B></P></TD>
<TD vAlign=bottom width=200 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Description of asset or expense item</B></P></TD>
<TD vAlign=bottom width=68 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Amount Disbursed ThCh$</B></P></TD>
<TD vAlign=bottom width=120 rowSpan=2>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Certain or expected date of disbursement</B></P></TD></TR>
<TR></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Disbursements
that are part of assets</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Argentina</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Effluents
Plant</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Investments in
refurbishment of Effluents Plant (in the process of execution)</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Property, plant
&amp; equipment</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Works in
progress</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>219,046</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Effluents
Plant</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Investments in
refurbishment of Effluents Plant (in the process of execution)</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Property, plant
&amp; equipment</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Works in
progress</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,069,249</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Argentina</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,288,295</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Brazil</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Bomba Dosadora
para ETA</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>26,221</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Extension
project for capturing water from rain</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>600</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Remodeling of
CEDAE - ETA water system</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,465</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements in
water quality</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Extension
project for capturing water from rain</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>37,018</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Brazil</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>83,304</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Chile</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Hand Held
Equipments Sales force (110)</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Avoid printing
paper</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Hand Held
equipment</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>88,962</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Air conditioning
equipments (SA)</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Avoid air
pollution</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Air conditioning
equipments</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,98</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">41</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=177></TD>
<TD width=210></TD>
<TD width=95></TD>
<TD width=200></TD>
<TD width=68></TD>
<TD width=120></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Replacement of
air compressors</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Save
energy</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Cost of
Asset</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Latest
technology compressors</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,352</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Chile</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>93,294</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Assets</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,464,893</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Disbursements
charged to expenses</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Argentina</B></P></TD>
<TD vAlign=bottom width=210>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ecological
Island</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Service of
selective residue collection</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>63,681</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ecological
Island</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Collection of
residues</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,638</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ecological
Island</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Crushing
boxes</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,92</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ecological
Island</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AE rental</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Rentals</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,76</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Effluents
Plant</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">External
analysis of effluents in Cordoba</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>716</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Anti-spill
containers and kits</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Materials</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>267</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Legal
counseling</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Counseling on
environment legislation</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Fees</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>470</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Legal
obligations</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Rates /
Taxes</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Taxes</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>61</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Legal
obligations</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">External
analysis of effluents in Cordoba</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>464</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">42</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=177></TD>
<TD width=210></TD>
<TD width=95></TD>
<TD width=200></TD>
<TD width=68></TD>
<TD width=120></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Legal
obligations</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Emissions and
noise control AE and trucks Distribution Centers</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>657</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Travel
expenses</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Travel expenses
to Distribution Centers</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Travel
expenses</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>127</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Desagotes
CD</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,411</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ecological
Island</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Service of
selective residue collection</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>219,012</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ecological
Island</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Collection of
residues</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,952</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Absorbing
materials</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Materials</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>376</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Containers</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Materials</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>941</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Anti-spill
containers and kits</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Materials</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>110</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Effluents
Plant</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">External
analysis of effluents in Cordoba</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,42</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Effluents
Plant</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Maintenance of
fish habitat</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>376</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Effluents
Plant</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Mud extraction
effluents plant</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>26,341</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">43</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=177></TD>
<TD width=210></TD>
<TD width=95></TD>
<TD width=200></TD>
<TD width=68></TD>
<TD width=120></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Legal
counseling</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Counseling on
environment legislation</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Fees</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,223</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Collection of
dangerous residues at distribution centers</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>627</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Travel
expenses</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Travel expenses
to Distribution Centers</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Travel
expenses</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,029</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Environment
management systems</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">SGA -
Maintenance audits ISO 14001</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4,39</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Hydric
resource</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">SGA-Water
fountain protection campaign (CSR)</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,411</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Waste
Managements</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Desagotes DC/
Unforeseen events</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Services</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,516</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>2&#176;,
3&#176; and 4&#176; Quarter year 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Argentina</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>366,896</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Brazil</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Interaction -
Operation of Materials Treatment Area</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Interaction -
Operation of Materials Treatment Area</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>251,642</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Lixo
disposal</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Lixo disposal
</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>32,929</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Mud
disposal</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Mud
disposal</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,556</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">ETE
operation/maintenance costs</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">ETE
operation/maintenance costs</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>41,598</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">44</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=177></TD>
<TD width=210></TD>
<TD width=95></TD>
<TD width=200></TD>
<TD width=68></TD>
<TD width=120></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">IBAMA quarterly
rate</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">IBAMA quarterly
rate</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>454</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Biological
treatment esgoto sanit&#225;rio Pr&#233;dio Administrativo e Industrial</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Biological
treatment esgoto sanit&#225;rio Pr&#233;dio Administrativo e Industrial</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,764</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Collection/disposal
of ambulatory residues</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Collection/disposal
of ambulatory residues</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>719</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Acquisition of
anaerobic mud for ETE </P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Verification and
control of fulfillment of regulations and rules related to industrial
procedures</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Acquisition of
anaerobic mud for ETE </P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>6,509</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Environment
Consultancy - &nbsp;Customize ETE according to FEEMA and IEMA
patterns</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements
and/or investments in production processes</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Environment
Consultancy - &nbsp;Customize ETE according to FEEMA and IEMA
patterns</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,078</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Disposal of
non-useful products</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvements
and/or investments in production processes</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Disposal of
non-useful products</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,192</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt" align=center>1&#176;
Quarter 2009</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Brazil</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>347,441</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Chile</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">AGA gasification
project</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Save
energy</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improvement of
productive process capacity</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>96,351</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center>39814</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Blowing
equipments</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Save
energy</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improve energy
efficiency</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>16,004</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center>39814</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Increase
generating capacity-2nd stage </P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Save
energy</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Improve energy
efficiency</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,224</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center>39814</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Equipments for
the increase of cold capacity</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Save
energy</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Reduces energy
consumption in the cooling process</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>16,076</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center>39873</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Increase
capacity of cooling equipments</P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Save
energy</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Expense</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Reduces energy
consumption in the cooling process</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,014</P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center>39845</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Chile</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>178,669</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=177>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>Total Expenses</B></P></TD>
<TD vAlign=bottom width=210>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=95>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=200>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>893,006</B></P></TD>
<TD vAlign=bottom width=120>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">45</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<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="PADDING-RIGHT: 2px; MARGIN: 0px"><B>Note 34 &#150; Time Deposits</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The Company and its subsidiaries have invested in time
deposits that are valued at the restated cost plus accrued interests as of the
closing date of these financial statements, according to the following
table:</P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=176></TD>
<TD width=125></TD>
<TD width=76></TD>
<TD width=100></TD>
<TD width=100></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Financial
Institution</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Currency</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76 rowSpan=2>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Rate</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B><U>March 31, 2009</U></B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B><U>March 31, 2008</U></B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>ThCh$</B></P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
SANTANDER</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>2.42%`</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>14,737,143</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
BBVA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>2.90%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>8,125,257</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
BBVA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>1.00%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>7,531,224</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">ROYAL BANK OF
CANADA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>2.80%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>7,020,942</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO BCI</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>2.00%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>17,802,376</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
ITA&#218;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>R$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.00%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,778,945</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
ITA&#218;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>6.50%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>6,190,430</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CHILE</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>2.00%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>5,525,731</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
ITA&#218;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.17%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,301,975</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CHILE</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>3.40%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2,280,219</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CHILE</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>1.20%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2,042,921</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
VOTORANTIM</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>R$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>13.61%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>29,693</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>95,103</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
ESTADO</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>UF</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>9.50%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>7,698,317</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CITIBANK</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>R$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.00%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>492</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO BBVA
FRANCES</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>AR$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>9.50%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>19,068</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CHILE</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>2.90%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,714,723</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CHILE</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.58%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2,413,648</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
SANTANDER</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.59%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1,618,436</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
BBVA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.58%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>8,133,745</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
SANTANDER</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.59%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>15,112,251</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
BBVA</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.580%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>15,109,435</P></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=176>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">BANCO
CHILE</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=125>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>Ch$</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=76>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center>0.580%</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>22,614,516</P></TD></TR>
<TR>
<TD vAlign=bottom width=176>
<P style="MARGIN: 0px"><B>TOTAL</B></P></TD>
<TD vAlign=bottom width=125>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=76>
<P>&nbsp;</P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>86,065,173</B></P></TD>
<TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width=100>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>68,831,417</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">46</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Note 35 &#150; Implementation of International Accounting
Standards</B></P>
<P style="MARGIN: 0px"><B><U></U></B>&nbsp;</P>
<P style="MARGIN: 0px">It is of public knowledge that the country is committed
to the development of a convergence plan to fully adopt International Financial
Reporting Standards (IFRS), based on a progressive calendar as from year 2009.
&nbsp;&nbsp;In accordance with the regulations established by the Chilean
Institute of Accountants on this matter and what has been specifically
established by circulars N&#176;427 and N&#176;485 of the Superintendencia de Valores y
Seguros <I>(Chilean Securities and Exchange Commission</I>), the Company has
chosen to present its financial statements for the year ended December 31, 2009
under the current norm, including only as pro-forma information within the 2009
the financial statements, the information adjusted in accordance to
international accounting standards.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Consequently, 2010 will be the first year in which the
Company will perform a complete application of IFRS. The Company is developing a
plan to integrally face the impacts of this change.</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">47</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Material Events</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">During the period between January 1, 2009 and March 31,
2009, the following material events were filed: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>New Subsidiary Incorporated</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The Board of Directors of Embotelladora Andina S.A. has
agreed to incorporate a new subsidiary corporation to be engaged in the
industrial and commercial areas. Its corporate capital will be Ch$10,000.000,
and 99% of its capital stock will be owned by Embotelladora Andina S.A.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>Appointment of new General Manager of Chilean Soft
Drinks Operation</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The Board of Directors of Embotelladora Andina S.A. has
appointed Mr. Abel Bouchon Silva as new General Manager of the Chilean Soft
Drink Operation. &nbsp;Mr. Bouchon will begin office on March 1, 2009. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>Regular Shareholders&#146; Meeting</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The Board of Directors of Embotelladora Andina resolved
the following:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 75px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -51px"><B>I.</B></P>
<P style="PADDING-LEFT: 75px; MARGIN: 0px">To convene a <B>Regular Shareholders&#146;
Meeting</B> for April 14, 2009, at 10:30 a.m., at the Company&#146;s offices located
at Av. Carlos Valdovinos N&#186;560, Borough of San Joaqu&#237;n.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 75px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -51px"><B>II.</B></P>
<P style="PADDING-LEFT: 75px; MARGIN: 0px">The following matters will be
discussed at the Regular Shareholders&#146; Meeting: </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">1.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">The Annual Report, Balance and
Financial Statements for the year 2008; as well as the Report of Independent
Auditors with respect to the Financial Statements;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">2.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Earnings distribution and dividend
payments;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">3.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Present Company dividend distribution
policy and inform about the distribution and payment procedures utilized;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">4.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Renewal of the Board of Directors</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">5.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Determine the compensation for
directors and committee members pursuant to Law N&#176; 19,705; and the Audit
Committee established by the Sarbanes Oxley Act. </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">6.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Appoint the Company&#146;s independent
auditors for the year 2009;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">7.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Appoint the Company&#146;s rating
agencies;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">8.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">Report on Board agreements which took
place after that last Shareholders&#146; Meeting, relating to operations referred to
by Article 44 of Law N&#176; 18,046; and</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px">9.</P>
<P style="PADDING-LEFT: 96px; MARGIN: 0px">In general, to resolve every other
matter under its competency and any other matter of Company interest. </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 75px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -51px"><B>III.</B></P>
<P style="PADDING-LEFT: 75px; MARGIN: 0px">Propose to the Meeting, the
distribution of a final dividend, on account of the fiscal year ending December
31, 2008.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 75px; MARGIN: 0px">a) &nbsp;Ch$14.13 (Fourteen pesos and
13/100) per Series A Shares and;</P>
<P style="PADDING-LEFT: 75px; MARGIN: 0px">b) &nbsp;Ch$15.543 (Fifteen pesos and
543/100) per Series B Shares</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">48</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 75px; MARGIN: 0px">If the Shareholders&#146; Meeting approves
payment of this dividend, it will be paid on account of income from the 2008
fiscal year and will be available to shareholders beginning April 30, 2009.
&nbsp;The Shareholders&#146; Registry will close on April 24, 2009 for payment of
this dividend.</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>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B>Analysis of Results for the First
Quarter ended March 31, 2009</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><U>Highlights</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; COLOR: #3f3f3f"><B><I>All figures are expressed under
Chilean GAAP and in constant Chilean pesos as of March 31, 2009, therefore all
variations are in real terms over a 5.5% annual inflation (March 2008 through
March 2009.)</I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-RIGHT: 40px; MARGIN-TOP: 0px; PADDING-LEFT: 24px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-RIGHT: 40px; PADDING-LEFT: 24px; MARGIN: 0px">Operating Income
reached Ch$33,621 million during the First Quarter of 2009, a 2.0% decrease in
real terms compared to the same period of the previous year. &nbsp;Operating
Margin was 17.2%.</P>
<P
style="PADDING-RIGHT: 40px; MARGIN-TOP: 0px; PADDING-LEFT: 24px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-RIGHT: 40px; PADDING-LEFT: 24px; MARGIN: 0px">Consolidated
Sales Volume for the First Quarter amounted to 120 million unit cases,
representing a 1.8% increase regarding the same period last year. </P>
<P
style="PADDING-RIGHT: 40px; MARGIN-TOP: 0px; PADDING-LEFT: 24px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-RIGHT: 40px; PADDING-LEFT: 24px; MARGIN: 0px">First Quarter
EBITDA totaled Ch$42,097 million, remaining stable in real terms compared to the
First Quarter of 2008. EBITDA Margin was 21.5%.</P>
<P
style="PADDING-RIGHT: 40px; MARGIN-TOP: 0px; PADDING-LEFT: 24px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-RIGHT: 40px; PADDING-LEFT: 24px; MARGIN: 0px">Net Income for
the First Quarter of 2009 reached Ch$22,681 million, 3.1% higher than the figure
recorded in the First Quarter of 2008.</P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><B><U>Comments from the Chief Executive Officer, Mr.
Jaime Garcia R.</U></B></P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><I>&#147;Despite the worldwide financial crisis triggered 6
months ago, we believe that the solid position we have reached has enabled us to
grow during this quarter, in terms of sales volume and net income. The
foundations of our business remain strong and therefore we are confident that we
will continue reaching the goals established for the short, medium and long
term.&#148; &nbsp;</I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><U>Consolidated Summary</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Currencies devalued in the three countries where we
operate. The Brazilian <I>real</I> presented a slight devaluation with respect
to the Chilean <I>peso</I>, resulting in a minor negative impact upon
translation of figures. &nbsp;The Argentine <I>peso</I> had a significantly
lower devaluation than the Chilean peso, resulting in a positive effect upon
translation of figures. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>First Quarter 2009 vs. First
Quarter 2008</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Consolidated Sales Volume for the First Quarter of 2009
reached 120 million unit cases, representing a 1.8% growth with respect to the
same period of last year, mainly driven by operation in Brazil.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Net Sales amounted to Ch$195,498 &nbsp;million,
representing a 9.2% improvement in real terms compared to the First Quarter of
2008, mainly due to increased volumes, price adjustments and a favorable
exchange rate upon translation of figures in the case of Argentina.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Cost of Sales per unit case increased 13.1%, mainly
explained by: (i) increased costs of principal raw materials, mainly due to the
significant devaluation of the three currencies during the quarter; (ii)
increased concentrate costs in Argentina due to higher prices; (iii) increased
labor costs in Argentina, and (iv) the effect upon translation of figures for
the case of Argentina. All of which was partially offset by the lower price of
sugar in Chile and Brazil resulting from negotiations with suppliers, and lower
PET resin prices in the three countries. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">SG&amp;A expenses increased 5.2%, as a result of higher
freight fees, increased labor costs in Argentina, increased advertising
investments due to launchings during the quarter, expense efficiencies during
the second half of 2008, in addition to the effect upon translation of figures
of our Argentine operation.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Increased volumes and prices and the impacts over costs
and expenses previously explained, resulted in a Consolidated Operating Income
of Ch$33,621 million, a 2.0% decrease in real terms compared to the First
Quarter of 2008. Operating Margin was 17.2%. </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>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Consolidated EBITDA amounted to Ch$42,097 million,
remaining stable in real terms compared to the same period of the previous year.
EBITDA Margin was 21.5%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><U>Summary by Country</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>CHILE</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>First Quarter 2009 vs. First
Quarter 2008</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">During the First Quarter of 2009 Sales Volume amounted to
39.9 million unit cases, a 1.0% growth compared to the same period of the
previous year. &nbsp;&nbsp;This volume was driven by the juices and waters
categories (+6.7%) due to launchings of new products Nestea Durazno Light
(peach), Powerade in the 250 cc tetrapak format, Powerade grape flavor, Kapo
Zero and Quatro Guaran&#225; in the soft drinks category </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Net Sales amounted to Ch$70,060 million, reflecting a
growth of 1.8%, with a real average income per unit case 0.8% higher than that
of 2008. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Cost of Sales per unit case increased 4.1%. &nbsp;This
increased cost is mainly explained by the negative effect of the 31.0% average
devaluation of the Chilean <I>peso</I> during the period over all U.S.
dollar-denominated raw materials and partially offset by lower prices of sugar
and PET resin. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">SG&amp;A expenses remained stable despite increased
freight fees and advertising investments, due to efficiencies that took place
during 2008. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Increased volumes and the previously explained effects
over costs, resulted in an Operating Income of Ch$14,919 million, a 5.5%
decrease in real terms compared to the First Quarter of 2008. &nbsp;Operating
Margin was 21.3%. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">EBITDA amounted to Ch$18,693 million representing a 4.0%
decrease in real terms compared to the EBITDA figure recorded during the same
period of the previous year. &nbsp;EBITDA Margin was 26.7%. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>BRAZIL </U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>First Quarter 2009 vs. First
Quarter 2008</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Sales Volume for the First Quarter of 2009 amounted to
47.1 million unit cases, representing a 3.8% increase compared to the First
Quarter of 2008. &nbsp;&nbsp;This volume growth was driven mainly by the soft
drinks category (+4.1%). </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Net Sales reached Ch$75,143 million, representing an
increase of 2.0% and is mainly explained by higher volumes and a lower average
income due to the effect of restatement of figures resulting from Chilean
inflation, and partially offset by a slight increase of local prices.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Cost of Sales per unit case increased 12.5% mainly due
to: (i) higher concentrate costs (due to price adjustments); (ii) increased
aluminum costs, and; (iii) an average 33.0% depreciation of the Brazilian
<I>real</I> during the period, with a negative impact over U.S.
dollar-denominated raw materials. &nbsp;All of these factors were partially
offset by a decrease in sugar and PET resin prices. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">SG&amp;A expenses decreased 13.8% due to lower labor
costs resulting from expense efficiencies which took place during the second
half of 2008. </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>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The increase in volumes along with increased costs
resulted in Operating Income of Ch$12,360 million, a 9.5% decrease compared to
the same period of 2008 and Operating Margin was 16.4%. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Finally, EBITDA amounted to Ch$15,136 million, a decrease
of 6.4% compared to the First Quarter of 2008. &nbsp;&nbsp;EBITDA Margin was
20.1%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B><U>ARGENTINA</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; COLOR: #3f3f3f"><B><I>For the First Quarter ended March
31, 2009 the 16.5% appreciation of the Argentine peso to the Chilean peso
respectively, &nbsp;had a positive impact over income and a negative impact over
costs and expenses due to figure translation. </I></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>First Quarter 2009 vs. First
Quarter 2008</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Sales Volume for the First Quarter of 2009 remained
stable reaching 33.0 million unit cases. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Net Sales reached Ch$50,738 million, representing an
increase of 37.0% in real terms compared to the First Quarter of 2008.
&nbsp;This improvement is explained by significant price adjustments, above
costs&#146; inflation, and the effect upon translation of figures. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Cost of Sales per unit case increased 29.1% mainly
explained by increased costs of concentrate (as a result of price increases),
the effect of the devaluation of the Argentine peso over U.S. dollar-denominated
raw materials, higher labor costs and the effect upon translation of figures.
</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">SG&amp;A expenses increased 57.9%, mainly due to higher
salaries, increased freight fees (resulting from labor costs and fuel prices),
and advertising investments due to launchings during the period, in addition to
the effect upon translation of figures.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Operating Income amounted to Ch$7,240 million, a 31.1%
increase in real terms compared to the same period of 2008. Operating Margin was
14.3%. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">EBITDA reached Ch$9,166 million, an increase of 30.1%.
EBITDA Margin was 18.0%.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>Non-Operating
Results</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 2px; MARGIN: 0px"><B><U>First Quarter ended March 31,
2009 vs. First Quarter ended March 31, 2008</U></B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><I>Non-Operating Results totaled a loss of Ch$3,701
million, which compares positively to the accumulated loss of Ch$4,158 million
recorded during 2008. This decreased loss in the non-operating result line is
best explained by: </I></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Financial Expense/Income (Net)<I>:
&nbsp;Strongly affected by a negative variation basically resulting from profits
in hedging operations.</I></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol"><I>&#183;</I></P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px"><I>Price Level Restatement: Resulted
in profits compared to a loss during 2008, mainly due to a higher exchange rate
over our U.S. dollar asset position. </I></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: -16px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol">&#183;</P>
<P style="PADDING-LEFT: 48px; MARGIN: 0px">Other Non-Operating
Income/Expenses<I>: &nbsp;Resulted in a loss compared to the previous period
resulting from non-recurring income obtained during 2008. </I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><I>Finally, net income amounted to Ch$22,681 million, an
increase of 3.1% in real terms compared to the figure recorded as of March 31,
2008.</I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>ANALYSIS OF THE BALANCE SHEET</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">52</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">As of March 31, 2009, the Company&#146;s Net Cash Position
amounted to US$ 107 million. Accumulated excess cash is invested in short term
time deposits with top of the line banks and money markets. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">During 2008 the company carried out hedge operations for
a portion of its U.S. dollar-denominated investments so as to match part of the
debt denominated in UFs with the financial assets. Upon maturity of these
hedging operations we have converted our financial assets to UFs or to Chilean
pesos, permanently reducing our balance sheet exposure to the U.S. dollar.
&nbsp;As a result, the Company holds 46.4% of its financial assets in Chilean
pesos, 37.5% in UFs, 8.2% in Brazilian reais, and 5.7% in U.S. dollars, and 2.1%
in Argentine pesos. Total financial assets amounted to US$246.9 million. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Financial debt level as of March 31, 2009 amounted to
US$139.9 million, 97.1% of which is UF-denominated, 2.3% in Argentine pesos, and
0.7% is in Brazilian reais.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px"><B>II.</B></P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px"><B>&nbsp;Main Indicators</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=73></TD>
<TD width=264></TD>
<TD width=55></TD>
<TD width=65></TD>
<TD width=65></TD>
<TD width=56></TD>
<TD width=52></TD></TR>
<TR>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=338 colSpan=2>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>INDICATORS</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Unit</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Mar-09</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Dec-08</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Mar-08</B></P></TD>
<TD style="BACKGROUND-COLOR: #c0c0c0" vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center><B>Variance</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B><I>LIQUIDITY</I></B></P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Current
Ratio</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Times</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,50</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>1,94
</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,56</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-0,06 </P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Acid Tests</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Times</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,21</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>1,71
</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>2,33</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-0,11 </P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Working
Capital</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>24.133 </P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>16.649 </P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>17.783</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>6.349 </P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B><I>ACTIVITY</I></B></P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px"><B><I></I></B>&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Investments</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>10.201 </P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>65.068 </P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>11.642</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>(1.441)</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Inventory
turnover</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Times</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>3,77
</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>14,91
</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,68</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>0,09</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Days of inventory
on hand</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Days</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>95,47
</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>24,15
</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>97,71</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-2,24</P></TD></TR>
<TR>
<TD vAlign=bottom width=338 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B><I>INDEBTEDNESS</I></B></P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Debt to equity
ratio</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>61,45%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>73,06%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>72,86%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-11,41%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Short-term
liabilities to total liabilities</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>45,88%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>51,83%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>44,71%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>1,17%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Long-term
liabilities to total liabilities</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>54,12%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>48,17%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>55,29%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-1,17%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Interest charges
coverage ratio</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>Times</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>125,92 </P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>37,01
</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=right>46,31
</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>79,61 </P></TD></TR>
<TR>
<TD vAlign=bottom width=338 colSpan=2>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"><B><I>PROFITABILITY</I></B></P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px" align=center>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px"><I></I>&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Return over
equity</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,58%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>29,07%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>7,28%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-0,70%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Return over total
assets</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,94%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>16,01%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>3,98%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-0,04%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Return over
operating assets</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>7,68%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>32,53%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>8,59%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-0,91%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Operating
income</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>33.621 </P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>135.458 </P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>34.292</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>-672
</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Operating
margin</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>17,20%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>16,09%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>19,16%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-1,96%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">EBITDA (1)</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>MCh$</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>40.389 </P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>164.871 </P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>40.016</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt" align=center>374
</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">EBITDA
margin</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>20,66%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>19,58%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>22,29%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-1,63%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Dividends payout
ratio - Series A shares</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>7,21%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>7,67%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,95%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>0,26%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">Dividends payout
ratio - Series B shares</P></TD>
<TD vAlign=bottom width=55>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,99%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>6,96%</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=right>7,11%</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt"
align=center>-0,12%</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=264>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=55>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=56>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=73>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; COLOR: #3f3f3f; LINE-HEIGHT: 9pt"><B>(1)EBITDA</B></P></TD>
<TD vAlign=bottom width=450 colSpan=4>
<P
style="FONT-SIZE: 7pt; MARGIN: 0px; COLOR: #3f3f3f; LINE-HEIGHT: 9pt">Earnings
before income taxes, interests, depreciation, amortization and
extraordinary items.</P></TD>
<TD vAlign=bottom width=56>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=52>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The main indicators reflect the solid financial position
and profitability held by the Company during both periods. </P>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">Liquidity indicators record a slight decrease due to a
7.7% decrease in cash, basically resulting from an additional dividend payment
during may of 208 amounting to Ch$47,900 million. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Indicators of indebtedness reflect a decrease due to an
increase in shareholders&#146; equity resulting from the exchange rate difference
over our foreign subsidiaries and amortizations of the local bond. &nbsp;During
the period net financial expenses amounted to Ch$240 million and earnings before
interests and taxes amounted to Ch$30,159 million, achieving an interest
coverage of 125.9 times. &nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">As of March 31, 2009, operating profitability indicators
and profitability over equity benefited from the reasons mentioned in paragraph
I.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px"><B>III.</B></P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px"><B>&nbsp;Analysis of Book Values and
Present Value of Assets</B></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">53</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">With respect to the Company&#146;s main assets the following
should be noted:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Given the high rotation of the items that compose working
capital, book values of current assets are considered to represent market
values. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Fixed asset values in the Chilean companies are presented
at restated acquisition cost. In the foreign companies, fixed assets are valued
in accordance with Technical Bulletin N&#176; 64 issued by the Chilean Institute of
Accountants (controlled in historical dollars).</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Depreciation is estimated over the restated value of
assets along with the remaining useful economic life of each asset. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">All fixed assets that are considered available for sale
are held at their respective market values.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Investments in shares, in situations where the Company
has a significant influence on the issuing company, are presented following the
equity method. The Company&#146;s participation in the results of the issuing company
for each year has been recognized on an accrual basis, and unrealized results on
transactions between related companies have been eliminated.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">In summary, assets are valued in accordance with
generally accepted accounting standards in Chile and the instructions provided
by the Chilean Securities Commission, as shown in Note 2 of the Financial
Statements.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px"><B>IV.</B></P>
<P style="MARGIN: 0px; TEXT-INDENT: 24px"><B>&nbsp;Analysis Of The Main
Components Of Cash Flow</B></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=253></TD>
<TD width=71></TD>
<TD width=77></TD>
<TD width=140></TD>
<TD width=81></TD></TR>
<TR>
<TD vAlign=bottom width=253>
<P style="MARGIN: 0px"><B>Cash Flow &nbsp;(MCh$)</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px" align=right><B>March 2009</B></P>
<P style="MARGIN: 0px" align=right><B>MCh$</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right><B>March 2008 Ch$</B></P></TD>
<TD vAlign=bottom width=140>
<P style="MARGIN: 0px" align=center><B>Variation MCh$</B></P></TD>
<TD vAlign=top width=81>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>Variation</B></P>
<P style="MARGIN: 0px" align=center><B>%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=253>
<P style="MARGIN: 0px">Operating</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px" align=right>36,561</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>54,819</P></TD>
<TD vAlign=bottom width=140>
<P style="MARGIN: 0px" align=center>-18,258</P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center>-33%</P></TD></TR>
<TR>
<TD vAlign=bottom width=253>
<P style="MARGIN: 0px">Financing</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px" align=right>-8,725</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>-8,075</P></TD>
<TD vAlign=bottom width=140>
<P style="MARGIN: 0px" align=center>-650</P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center>-8%</P></TD></TR>
<TR>
<TD vAlign=bottom width=253>
<P style="MARGIN: 0px">Investment</P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px" align=right>-10,089</P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right>-11,487</P></TD>
<TD vAlign=bottom width=140>
<P style="MARGIN: 0px" align=center>1,389</P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center>12%</P></TD></TR>
<TR>
<TD vAlign=bottom width=253>
<P style="MARGIN: 0px"><B>Net cash flow for the Period</B></P></TD>
<TD vAlign=bottom width=71>
<P style="MARGIN: 0px" align=right><B>17,747</B></P></TD>
<TD vAlign=bottom width=77>
<P style="MARGIN: 0px" align=right><B>35,257</B></P></TD>
<TD vAlign=bottom width=140>
<P style="MARGIN: 0px" align=center><B>-17,510</B></P></TD>
<TD vAlign=bottom width=81>
<P style="MARGIN: 0px" align=center><B>-50%</B></P></TD></TR></TABLE>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px">The Company generated positive net cash flow of
MCh$17,747 during the quarter, analyzed as follows:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Operating activities generated a positive cash flow of
MCh$36,561 representing a negative variation of MCh$18,258 mainly explained by
higher financial income resulting from the expiration of Cross Currency Swaps
during 2008, which did not occur in 2009. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Financing activities generated a negative cash flow of
MCh$8,725; with a negative variation of MCh$650 regarding the previous year,
mainly because of lower net bank loans during 2009 regarding the same period of
2008. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Investment activities generated a negative cash flow of
MCh$10,089 with a positive variation of MCh$1,398 regarding the previous year,
mainly explained by lower additions of property, plant and equipment during 2009
with respect to 2008. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px"><B>V.</B></P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px"><B>Analysis of Market Risk</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>Interest Rate Risk</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">As of March 31, 2008 and 2009 the Company held 100% of
its debt obligations at fixed-rates. &nbsp;Consequently, the risk fluctuation of
market interest rates regarding the Company&#146;s cash flow remains low. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>Foreign Currency Risk</U></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">54</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Income generated by the Company is linked to the
currencies of the markets in which it operates. &nbsp;For the period the
breakdown for each is the following: </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Chilean peso:</P>
<P style="MARGIN: 0px; TEXT-INDENT: 94px">36%</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Brazilian real:</P>
<P style="MARGIN: 0px; TEXT-INDENT: 94px">38%</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -16px">Argentine peso:</P>
<P style="MARGIN: 0px; TEXT-INDENT: 94px">26%</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Since the Company&#146;s sales are not linked to the United
States dollar, the policy adopted for managing foreign exchange risk, this is
the mismatch between assets and liabilities denominated in a given currency, has
been to maintain financial investments in dollar-denominated instruments, for an
amount at least equivalent to the U.S. dollar-denominated liabilities.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Additionally, it is Company policy to maintain foreign
currency hedge agreements to lessen the effects of exchange risk in cash
expenditures expressed in US dollars which mainly correspond to payment to
suppliers for raw materials. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">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 U.S. dollar, are only covered when it is foreseen that it will result in
significant negative differences and when the associated cost of said coverage
is deemed reasonable by management. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><U>Commodity Risks</U></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">The Company faces the risk of price changes in the
international markets for sugar, aluminum and PET resin, all of which are
necessary raw materials for preparing beverages, and that altogether represent
between 25% and 30% of our operating costs. In order to minimize and/or
stabilize such risk, supply contracts and advanced purchases are negotiated when
market conditions are favorable. &nbsp;Likewise commodity coverage instruments
have also been utilized. </P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-RIGHT: 6px; MARGIN: 0px">This document may contain
forward-looking statements reflecting Embotelladora Andina SA&#146;s good faith
expectations and are based upon currently available data; however, actual
results are subject to numerous uncertainties, many of which are beyond the
control of the Company and any one or more of which could materially impact
actual performance. &nbsp;Among the factors that can cause performance to differ
materially are: &nbsp;political and economic conditions on consumer spending,
pricing pressure resulting from competitive discounting by other bottlers,
climatic conditions in the Southern Cone, and other risk factors applicable from
time to time and listed in Andina&#146;s periodic reports filed with relevant
regulatory institutions.</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">55</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 864px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=323></TD>
<TD width=68></TD>
<TD width=70></TD>
<TD width=66></TD>
<TD width=51></TD>
<TD width=65></TD>
<TD width=66></TD>
<TD width=66></TD>
<TD width=46></TD>
<TD width=57></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Embotelladora
Andina S.A.</B></P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>First Quarter
Results for the period ended March 31, Chilean GAAP</B></P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>(In million
constant 03/31/09 Chilean Pesos, except per share)</B></P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=256 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>03/31/2009</I></B></P></TD>
<TD vAlign=bottom width=244 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>03/31/2008</I></B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center><B><I></I></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P>&nbsp;</P></TD>
<TD width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Total (2)</I></B></P></TD>
<TD width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Total (2)</I></B></P></TD>
<TD width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>% Ch.</I></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>VOLUME TOTAL
BEVERAGES (Million UC)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>39,9</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>47,1</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>33,0</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>120,0</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>39,5</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>45,4</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>33,0</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>117,8</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,8%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Soft
Drink</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>33,6</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>44,2</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>32,4</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>110,2</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>33,6</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>42,5</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>32,5</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>108,5</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Mineral
Water</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,5</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,6</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,2</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,4</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,5</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,9</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,4</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,8</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-11,0%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Juices</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,8</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,0</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,3</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>5,2</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,4</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,9</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,1</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>4,4</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,3%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Beer</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,2</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,2</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,1</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,1</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>70.060</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>75.143</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>50.783</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>195.498</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>68.821</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>73.663</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>37.080</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>179.012</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9,2%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(39.935)</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(42.281)</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(28.084)</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(109.812)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(37.959)</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(36.219)</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(21.769)</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(95.393)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>15,1%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>30.125</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>32.862</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>22.699</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>85.686</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>30.862</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>37.445</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>15.311</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>83.618</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>2,5%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,0%</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,7%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>44,7%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,8%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>44,8%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>50,8%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>41,3%</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>46,7%</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(15.206)</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(20.502)</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(15.460)</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(51.168)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(15.082)</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(23.783)</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(9.788)</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(48.653)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,2%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;CORPORATE
EXPENSES (4)</B></P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(898)</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(673)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>33,4%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>OPERATING
INCOME</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>14.919</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>12.360</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>7.240</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>33.621</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>15.780</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>13.662</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>5.523</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>34.292</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-2,0%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Operating
Margin</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,3%</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>16,4%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>14,3%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,2%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>22,9%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,5%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>14,9%</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,2%</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>18.693</B></P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>15.136</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>9.166</B></P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>42.097</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>19.468</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>16.169</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>7.047</B></P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>42.011</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0,2%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>26,7%</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>20,1%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,0%</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,5%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>28,3%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,9%</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,0%</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>23,5%</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NON
OPERATIONAL RESULTS</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>952</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>4.246</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-77,6%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>330</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>306</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>7,8%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1.754)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1.391)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>26,1%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;OTHER
INCOME/(EXPENSE)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(685)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2.647</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-125,9%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(2.545)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(9.967)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-74,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NON-OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(3.701)</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(4.158)</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-11,0%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>INCOME BEFORE
INCOME TAXES; AMORTIZATION OF </B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>29.920</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>30.134</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-0,7%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(7.238)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(8.143)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-11,1%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1)</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1)</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>56,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NET
INCOME</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>22.681</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>21.991</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,1%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Net
Margin</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>11,6%</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>12,3%</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>760,3</P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>760,3</P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EARNINGS PER
SHARE</B></P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>29,8</B></P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>28,9</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EARNINGS PER
ADS</B></P></TD>
<TD vAlign=bottom width=68>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>179,0</B></P></TD>
<TD vAlign=bottom width=65>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>173,5</B></P></TD>
<TD vAlign=bottom width=57>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,1%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=323>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(1) EBITDA:
Operating Income + Depreciation</P></TD>
<TD vAlign=bottom width=68>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=70>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=461 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(2) Total may be
different from the addition of the three countries because of intercountry
eliminations</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=51>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=65>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=46>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">56</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=669></TD>
<TD width=26></TD>
<TD width=26></TD>
<TD width=16></TD>
<TD width=16></TD>
<TD width=16></TD>
<TD width=16></TD>
<TD width=16></TD>
<TD width=16></TD>
<TD width=57></TD></TR>
<TR>
<TD vAlign=bottom width=721 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(3) Includes:
Monetary Correction + Conversion Effect to Balance Sheet + Income
Statement Accounts.</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=669>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(4) Corporate
expenses partially reclassified to the operations.</P></TD>
<TD vAlign=bottom width=26>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=26>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=16>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=57>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">57</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=324></TD>
<TD width=66></TD>
<TD width=75></TD>
<TD width=67></TD>
<TD width=50></TD>
<TD width=63></TD>
<TD width=69></TD>
<TD width=67></TD>
<TD width=49></TD>
<TD width=48></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Embotelladora
Andina S.A.</B></P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>First Quarter
Results for the period ended March 31, Chilean GAAP</B></P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>(In million
nominal &nbsp;US$, except per share)</B></P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Exch. Rate &nbsp;:</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>583,26</B></P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>Exch. Rate &nbsp;:</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B>437,71</B></P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=259 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>03/31/2009</I></B></P></TD>
<TD vAlign=bottom width=249 colSpan=4>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>03/31/2008</I></B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center><B><I></I></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Total (2)</I></B></P></TD>
<TD width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Chilean Operations</I></B></P></TD>
<TD width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Brazilian Operations</I></B></P></TD>
<TD width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Argentine Operations</I></B></P></TD>
<TD width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>Total (2)</I></B></P></TD>
<TD width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><B><I>% Ch.</I></B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>VOLUME TOTAL
BEVERAGES (Million UC)</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>39,9</B></P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>47,1</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>33,0</B></P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>120,0</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>39,5</B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>45,4</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>33,0</B></P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>117,8</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,8%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Soft
Drink</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>33,6</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>44,2</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>32,4</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>110,2</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>33,6</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>42,5</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>32,5</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>108,5</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Mineral
Water</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,5</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,6</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,2</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,4</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>2,5</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,9</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,4</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>3,8</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-11,0%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Juices</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,8</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,0</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,3</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>5,2</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>3,4</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,9</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,1</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>4,4</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,3%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">&nbsp;&nbsp;Beer</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,2</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,2</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,1</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>1,1</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>8,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px">&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NET
SALES</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>120,1</B></P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>128,8</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>87,1</B></P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>335,2</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>149,0</B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>159,5</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>80,3</B></P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>387,7</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-13,5%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;COST
OF SALES</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(68,5)</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(72,5)</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(48,2)</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(188,3)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(82,2)</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(78,4)</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(47,1)</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(206,6)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-8,9%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>GROSS
PROFIT</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>51,6</B></P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>56,3</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>38,9</B></P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>146,9</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>66,8</B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>81,1</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>33,2</B></P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>181,1</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-18,9%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Gross
Margin</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,0%</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,7%</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>44,7%</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>43,8%</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>44,8%</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>50,8%</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>41,3%</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>46,7%</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;SELLING
AND ADMINISTRATIVE EXPENSES</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(26,1)</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(35,2)</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(26,5)</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(87,7)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(32,7)</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(51,5)</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(21,2)</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(105,4)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-16,7%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;CORPORATE
EXPENSES (4)</B></P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,5)</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,5)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,6%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>OPERATING
INCOME</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>25,6</B></P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>21,2</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>12,4</B></P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>57,6</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>34,2</B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>29,6</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>12,0</B></P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>74,3</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-22,4%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Operating
Margin</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,3%</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>16,4%</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>14,3%</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>17,2%</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>22,9%</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,5%</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>14,9%</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,2%</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EBITDA
(1)</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>32,0</B></P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>26,0</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>15,7</B></P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>72,2</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>42,2</B></P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>35,0</B></P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>15,3</B></P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>91,0</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-20,7%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">Ebitda
Margin</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>26,7%</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>20,1%</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>18,0%</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,5%</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>28,3%</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>21,9%</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>19,0%</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>23,5%</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NON
OPERATIONAL RESULTS</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=center><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;FINANCIAL
EXPENSE/INCOME (Net)</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>1,6</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>9,2</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-82,2%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;RESULTS
FROM AFFILIATED</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,6</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,7</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-14,6%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;AMORTIZATION
OF GOODWILL</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(3,0)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(3,0)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-0,2%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;OTHER
INCOME/(EXPENSE)</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(1,2)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>5,7</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-120,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P
style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>&nbsp;&nbsp;PRICE
LEVEL RESTATEMENT (3)</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(4,4)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(21,6)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-79,8%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NON-OPERATING
RESULTS</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(6,3)</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>(9,0)</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-29,5%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>INCOME BEFORE
INCOME TAXES; AMORTIZATION OF </B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NEGATIVE
GOODWILL AND MINORITY INTEREST</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>51,3</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>65,3</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-21,4%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>INCOME
TAXES</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(12,4)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(17,6)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>-29,6%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>MINORITY
INTEREST</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(0,0)</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>(0,0)</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>23,9%</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>AMORTIZATION
OF NEGATIVE GOODWILL</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,0</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>0,0</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>NA</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>NET
INCOME</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>38,9</B></P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>47,6</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-18,3%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>Net
Margin</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>11,6%</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>12,3%</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=48>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>WEIGHTED
AVERAGE SHARES OUTSTANDING</B></P></TD>
<TD vAlign=bottom width=66>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>760,3</P></TD>
<TD vAlign=bottom width=63>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right>760,3</P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=324>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EARNINGS PER
SHARE</B></P></TD>
<TD vAlign=bottom width=66>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=75>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=50>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0,05</B></P></TD>
<TD vAlign=bottom width=63>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=69>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=67>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=49>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0,06</B></P></TD>
<TD vAlign=bottom width=48>
<P style="FONT-SIZE: 8pt; MARGIN: 0px"
align=right><B></B>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">58</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=417></TD>
<TD width=18></TD>
<TD width=18></TD>
<TD width=12></TD>
<TD width=28></TD>
<TD width=12></TD>
<TD width=12></TD>
<TD width=12></TD>
<TD width=28></TD>
<TD width=42></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"><B>EARNINGS PER
ADS</B></P></TD>
<TD vAlign=bottom width=18>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=18>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=center><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0,31</B></P></TD>
<TD vAlign=bottom width=12>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P style="FONT-SIZE: 8pt; MARGIN: 0px" align=right><B></B>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>0,38</B></P></TD>
<TD vAlign=bottom width=42>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=right><B>-18,3%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(1) EBITDA:
Operating Income + Depreciation</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=453 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(2) Total may be
different from the addition of the three countries because of intercountry
eliminations</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=453 colSpan=3>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(3) Includes:
Monetary Correction + Conversion Effect to Balance Sheet + Income
Statement Accounts.</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=417>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt">(4) Corporate
expenses partially reclassified to the operations.</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=18>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=12>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=28>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=42>
<P>&nbsp;</P></TD></TR></TABLE>
<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">59</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 rules=none frame=void>
<TR style="FONT-SIZE: 0px">
<TD width=204></TD>
<TD width=64></TD>
<TD width=64></TD>
<TD width=44></TD>
<TD width=10></TD>
<TD width=298></TD>
<TD width=64></TD>
<TD width=64></TD>
<TD width=44></TD></TR>
<TR>
<TD vAlign=bottom width=858 colSpan=9>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Embotelladora Andina S.A.</B></P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=858 colSpan=9>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Consolidated Balance Sheet</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=858 colSpan=9>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>(In million constant 03/31/09 Chilean Pesos)</B></P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>ASSETS</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2009</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2008</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>%Ch</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>LIABILITIES
&amp; SHAREHOLDERS' EQUITY</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2009</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2008</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>%Ch</B></P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Cash + Time
deposits + market. Securit.</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>143.641</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>155.550</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-7,7%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Short term bank
liabilities</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1.853</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1.436</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>29,0%</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Account
receivables (net)</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>61.408</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>57.728</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>6,4%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Current portion
of long term bank liabilities</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>209</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>113</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>84,4%</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Inventories</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>28.091</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>23.074</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>21,7%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Current portion
of bonds payable</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3.935</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>8.692</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-54,7%</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Other current
assets</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>14.354</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>18.137</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-20,9%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Trade accounts
payable and notes payable</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>68.618</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>63.710</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>7,7%</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total Current
Assets</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>247.494</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>254.489</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>-2,7%</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Other
liabilities</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>24.439</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>25.569</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-4,4%</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total Current
Liabilities</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>99.054</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>99.519</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>-0,5%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Property, plant
and equipment</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>690.369</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>571.321</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>20,8%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P
style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Depreciation</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(480.781)</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>(399.458)</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>20,4%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Long term bank
liabilities</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>331</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>670</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-50,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total
Property, Plant, and Equipment</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>209.588</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>171.863</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>22,0%</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Bonds
payable</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>75.270</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>78.301</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-3,9%</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Other long term
liabilities</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>41.231</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>44.108</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-6,5%</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Investment in
related companies</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>28.877</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>28.002</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>3,1%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total Long
Term Liabilities</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>116.833</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>123.079</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>-5,1%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Investment in
other companies</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>124</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>132</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>-5,7%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Goodwill</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>58.122</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>51.786</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>12,2%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Minority
interest</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>11</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>9</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>28,1%</B></P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Other long term
assets</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>23.043</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>21.876</P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>5,3%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Total Other
Assets</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>110.166</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>101.796</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>8,2%</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>Stockholders'
Equity</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>351.350</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>305.541</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>15,0%</B></P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>TOTAL
ASSETS</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>567.248</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>528.148</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>7,4%</B></P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>TOTAL
LIABILITIES &amp; SHAREHOLDERS' EQUITY</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>567.248</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>528.148</B></P></TD>
<TD vAlign=bottom width=44>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>7,4%</B></P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=814 colSpan=8>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>Financial Highlights</B></P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=814 colSpan=8>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=center><B>(In million constant 03/31/09 Chilean Pesos)</B></P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>ADDITIONS TO
FIXED ASSETS</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>3/3/2009</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2008</B></P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"><B>DEBT
RATIOS</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2009</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>03/31/2008</B></P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Chile</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>5.757</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>8.393</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Financial Debt /
Total Capitalization</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0,19</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0,23</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Brazil</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2.698</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>2.182</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Financial Debt /
EBITDA L12M</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0,47</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>0,58</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Argentina</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1.746</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>1.067</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">EBITDA
L12M+Interest Income / Interest Expense &nbsp;L12M </P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>19,00</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right>15,27</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=204>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>10.201</B></P></TD>
<TD vAlign=bottom width=64>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt"
align=right><B>11.642</B></P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">L12M: Last
twelve months</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD 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=44>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=10>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=298>
<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=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=686 colSpan=6>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">* As March 31,
2009, the Company registered a positive net cash position of US$ 106.7
million. Total debt amounted to US$ 139.9 million.</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=bottom width=686 colSpan=6>
<P style="FONT-SIZE: 9pt; MARGIN: 0px; LINE-HEIGHT: 11pt">Total Cash
amounted to US$ 246.6 million, which includes cash investments accounted
for under Other Current Assets.</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=64>
<P>&nbsp;</P></TD>
<TD vAlign=bottom width=44>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">60</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
</DIV>
<DIV style="WIDTH: 624px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><B>SIGNATURE</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px; TEXT-INDENT: 47px">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="PADDING-LEFT: 283px; MARGIN: 0px"><B>EMBOTELLADORA ANDINA S.A.</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="PADDING-LEFT: 283px; MARGIN: 0px">By<U>: &nbsp;/s/ Osvaldo
Garay</U></P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 283px; MARGIN-BOTTOM: -16px">Name:</P>
<P style="PADDING-LEFT: 283px; MARGIN: 0px; TEXT-INDENT: 44px">Osvaldo Garay</P>
<P style="MARGIN-TOP: 0px; PADDING-LEFT: 283px; MARGIN-BOTTOM: -16px">Title:
&nbsp;</P>
<P style="PADDING-LEFT: 283px; MARGIN: 0px; TEXT-INDENT: 44px">Chief Financial
Officer</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Santiago, June 15, 2009<A name=_PictureBullets></A></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0px; TEXT-INDENT: 286px; LINE-HEIGHT: 13pt">61</P>
<P
style="MARGIN: 0px"><BR></P></DIV></BODY>
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