Table of Contents

Exhibit 4.14

THIS BOTTLERS AGREEMENT (the Agreement) entered into with effect from November 1, 1994 by and between THE COCA-COLA COMPANY, a corporation organized and existing under the laws of the state of Delaware, United States of
America, with its principal offices on One Coca-Cola Plaza, N.W., in the city of Atlanta, State of Georgia, U.S.A.(hereinafter referred to as the Company), and COCA-COLA DE PANAMÁ, COMPAÑÍA EMBOTELLADORA, a corporation
organized and existing under the laws of Panama with principal offices at the city of Panamá (hereinafter referred to as the Bottler).

WITNESSETH:

WHEREAS,

A. The Company is engaged in the manufacture and sale of certain concentrates and beverage bases (hereinafter referred to as the Beverage Bases) the formulae for which are industrial secrets of the Company, from which non-alcoholic
beverage syrups (hereinafter referred to as the Syrups) are prepared, and is also engaged in the manufacture and sale of the Syrups, which are used in the preparation of certain non-alcoholic beverages which are more fully described in
Appendix I (hereinafter referred to as the Beverages) and which are offered for sale in bottles and other containers in other forms or manners.

B. The Company is the owner of the trade marks set forth in Appendix II that distinguish the said Beverage Bases, Syrups and Beverages and it is also owner of several trade marks consisting on Distinctive Bases in various sizes on which the
Beverages have been marketed for many years, as well as the trademarks consisting on the designs of a Dynamic Tape, which is used on the publicity and marketing of some Beverages (all of the said trade marks being collectively or severally referred
to hereinafter as the Trade Marks).

C. The Company has the exclusive right to prepare, package and sell the Beverages and the exclusive right to manufacture and sell the Beverage Bases and the Syrups in THE REPUBLIC OF PANAMA.

D. The Company has designated and authorized certain third parties to manufacture the Beverage Bases for sale to duly appointed bottlers (said third parties being hereinafter referred to as Authorized Suppliers).

E. The Bottler has requested a license from the Company to use the Trade Marks in connection with the preparation and packaging of the Beverages and in connection with the distribution and sale of the Beverages in and throughout a territory as
defined and described in this Agreement.

F. The Company is willing to grant the requested license to the Bottler under the terms and conditions set forth in this Agreement.

NOW, THEREFORE,the parties hereto agree as follows:

I.AUTHORIZATION

1. The Company hereby authorized the Bottler, and the Bottler undertakes, subject to the terms and conditions contained herein, to prepare and package the Beverages in Authorized Containers, as defined hereinafter, and to distribute and sell the
same under the Trade Marks, in and throughout, but only in and throughout, the territory which is defined and described in Appendix III (hereinafter referred to as the Territory).

2. The Company shall, during the term of this Agreement, in its discretion, approve for each of the Beverages the container types, sizes, shapes and other distinguishing characteristics (hereinafter referred to as Authorized Containers)
which the Bottler is authorized to use under this Agreement for the packaging of each of the Beverages. The list of Authorized Containers in respect of each of the Beverages as of the effective date hereof is set forth in Appendix IV.  The Company
may, by giving written notice to the

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Bottler, authorize the Bottler to use additional Authorized Containers in the preparation, packaging, distribution and sales of one or more of the Beverages.

The Company reserves the right to cancel its authorization of each of the Authorized Containers for any of the Beverages upon six (6) months written notice to the Bottler. It is recognized between the parties hereto that the Company will exercise
its right to cancel its authorization in such a way as to enable the Bottler to prepare, package, distribute and sell the Beverages pursuant to this Agreement in at least one Authorized Container. In the event of such cancellation of the provisions
of Clause 30(c) shall apply to containers in respect of which authorization has been cancelled. The Company shall not withdraw with respect to an Authorized Container for the sole purpose of granting a third party rights to manufacture, package,
distribute and sell Beverages in that Authorized Container in the Territory.

3. The Schedules, if any, attached hereto identify the nature of the supplemental authorizations which may be granted from time to time to the Bottler pursuant to this Agreement and govern the particular rights and obligations of the parties in
respect of the supplemental authorizations.

II.OBLIGATIONS OF THE COMPANY

4. The Company or the Authorized Suppliers will sell and deliver to the Bottler such quantities of the

Beverage Bases as may be ordered by the Bottler from time to time provided that:

(a) the Bottler will order, and the Company or Authorized Suppliers will sell and deliver to the Bottler, only such quantities of the Beverage Bases as may be necessary and sufficient to implement this Agreement; and

(b) the Bottler will use the Beverage Bases exclusively for the preparation of the Beverages as prescribed from time to time by the Company, and the Bottler undertakes not to sell the Beverage Bases or the Syrups nor permit the same to fall into the
hands of third parties without the prior written consent of the Company.

The Company shall retain the sole and exclusive right at any time to determine the formulae, composition or ingredients for the Beverages and the Beverage Bases.

5. The Company, during the term of this Agreement, except as provided in Clause 11, will refrain from selling or distributing or from authorizing third parties to sell or distribute the Beverage throughout the Territory in Authorized Containers
reserving the rights, however, to prepare and package the Beverages in Authorized Containers in the Territory for sale outside the Territory and to prepare, package, distribute and sell or authorize third parties to prepare, package, distribute or
sell the Beverages in the territory in any other manner or form.

III.OBLIGATIONS OF THE BOTTLER RELATIVE TO MARKETING OF THE BEVERAGES, FINANCIAL CAPACITY AND PLANNING

6. The Bottler shall have a continuing obligation to develop, stimulate and satisfy fully the demand for each of the Beverages within the Territory. The Bottler therefore covenants and agrees with the Company:

(a) to prepare, package, distribute and sell such quantities of each of the Beverages as shall in all respects satisfy fully every demand for each of the Beverages within the Territory;

(b) to make every effort and to employ all proven, practical and approved means to develop and exploit fully the potential of the business of preparing, packaging, marketing and distributing each of the Beverages throughout the Territory by
creating, stimulating and expanding continuously the future demand for each of the Beverages and by satisfying fully and in all respects the existing demand therefore;

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(c) to invest all the capital and incur all expenses required for the organization, installation, operation, maintenance, and replacement within the Territory of such manufacturing, warehousing, marketing, distribution, delivery, transportation and
other facilities and equipment as shall be necessary to implement this Agreement;

(d) to sell and distribute the Beverages in Authorized Containers only to retail outlets or final consumers in the Territory; provided, however, that the Bottler shall be authorized to distribute and sell the Beverages in Authorized Containers to
wholesale outlets in the Territory who sell only to retail outlets in the Territory. Any other methods of distribution shall be subject to the prior written approval of the Company; and

(e) to provide competent and well-trained management, and to recruit, train, maintain and direct all personnel required, sufficient in every respect to perform all of the obligations of the Bottler under this Agreement.

7. The parties agree that, to develop and stimulate demand for each of the Beverages, advertising and other forms of marketing activities are required.  The Bottler agrees, therefore, to spend such funds for the advertising and marketing of the
Beverages as may be required to maintain and to increase the demand for each of the Beverages in the Territory.  The Company may, in its sole discretion, contribute to such advertising and marketing expenditures.  The Company may also undertake at
its own expense any advertising or promotional activity that the Company deems appropriate to conduct in the Territory, but this shall in no way affect the obligations of the Bottler to spend funds for the advertising and marketing of each of the
Beverages so as to stimulate and develop the demand for each of the Beverages in the Territory.

8. The Bottler shall submit to the Company, for its prior approval, all advertising and all promotions relating to the Trade Marks of the Beverages and shall use, publish, maintain, or distribute only such advertising or promotional material
relating to the Trade Marks or to the Beverages as the Company shall approve and authorize.

9. The Bottler shall maintain the consolidated financial capacity reasonably necessary to assure that the Bottler will be capable of performing its obligations under this Agreement.  The Bottler shall maintain accurate books, accounts, and records and shall provide to the Company, upon the Companys request, such financial and accounting
information as shall enable the Company to determine the Bottlers compliance with its obligations under this Agreement.

10. The Bottler covenants and agrees:

(a) to deliver to the Company once in each calendar year a program (hereinafter referred to as the Annual Program) which shall be acceptable to the Company as to form and substance.  The Annual Program shall include but shall not be
limited to the marketing, management, financial, promotional and advertising plans of the Bottler showing in detail the activities contemplated for the ensuing twelve-month period or such other period as the Company may prescribe. The Bottler shall
prosecute diligently the Annual Program and shall report quarterly or at such other intervals as the Company may request in connection with the implementation of the Annual Program; and

(b) to report on a monthly basis, or at such other intervals as the Company may request, to the Company, sales of each of the Beverages in such detail and containing such information as may be requested by the Company.

11. The Bottler recognizes that the Company has entered into or may enter into agreements similar to this Agreement with other parties outside of the Territory and accepts the limitations such agreements may reasonably impose on the Bottler in the
conduct of its business under this Agreement. The Bottler further agrees to conduct its business in such a manner so as to avoid conflicts with such other parties and, in the event of disputes nevertheless arising with such other parties, to make
every reasonable effort to settle them amicably.

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The Bottler will not oppose without valid reason any additional measures the adoption of which are considered by the Company as necessary and justified in order to protect and improve the sales and distribution system for the Beverages as, for
instance, those which might be adopted concerning the supply of large and/or special buyers whose field of activity transcends the boundaries of the Territory, even if such measures should entail a restriction of the Bottlers rights or
obligations within reasonable limits not affecting the substance of this Agreement.

12.  (a) The Bottler, recognizing the important benefit to itself and all the other parties referred to in Clause 11 above, of a uniform external appearance of the distribution and other equipment and materials used under this Agreement, agrees to
accept and apply the standards adopted and issued from time to time by the Company for the design and decoration of trucks and other delivery vehicles, cases, cartons, coolers, vending machines and other materials and equipment used in the
distribution and sale of the Beverages under this Agreement.

(b) The Bottler further agrees to maintain and to replace such equipment at such intervals as are reasonably necessary and not to use such equipment to distribute or sell any products which are not identified by the Trade Marks without the prior
written consent of the Company.

13.  (a) The Bottler shall not, without the prior written consent of the Company, prepare, sell or distribute or cause the sale or distribution in any manner whatsoever of any of the Beverages outside the Territory.

(b) In the event any of the Beverages prepared, packaged, distributed or sold by the Bottler are found in the territory of another authorized bottler of the products of the Company (hereinafter referred to as the Injured Bottler) then in
addition to all other remedies available to the Company:

(1) the Company may, in its sole discretion, cancel forthwith the authorization for the Authorized Container(s) of the type which were found in the Injured Bottlers territory;

(2) the Company may charge the Bottler an amount of compensation for the Beverages found in the Injured Bottlers territory to include all lost profits, expenses, and costs incurred by the Company and the Injured Bottler; and

(3) the Company may purchase any of the Beverages prepared, packaged, distributed or sold by the Bottler which are found in the Injured Bottlers territory, and the Bottler shall, in addition to any other obligation it may have under this
Agreement, reimburse the Company for the Companys cost of purchasing, transporting, and/or destroying such Beverages.

(c) In the event that Beverages prepared, packaged, distributed or sold by the Bottler are found in the territory of an Injured Bottler, the Bottler shall make available to representatives of the Company all sales agreements and other records
relating to such Beverages and assist the Company in all investigations relating to the sale and distribution of such Beverages outside the Territory.

(d) The Bottler shall immediately inform the Company if at any time any solicitation or offer to purchase Beverages is made to the Bottler by a third party which the Bottler knows or has reason to believe or suspect would result in the Beverages
being marketed, sold, resold, distributed or redistributed outside the Territory in breach of this Agreement.

IV.OBLIGATIONS OF THE BOTTLER RELATIVE TO THE TRADE MARKS

14. The Bottler shall at all times recognize the validity of the Trade Marks and the ownership thereof by the Company and will not at any time put in doubt the validity or ownership of the Trade Marks.

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15. Nothing herein shall give the Bottler any interest in the Trade Marks or the goodwill attaching thereto or in any label, design, container or other visual representations thereof or used in connection therewith. It is agreed and understood by
the parties that there is extended to the Bottler under this Agreement a mere temporary permission, uncoupled with any right or interest, and without payment of any fee or royalty charge, to use said Trade Marks, labels, designs, containers or other
visual representations thereof, only in connection with the preparation, packaging, distribution and sale of the Beverages in Authorized Containers; said use to be in such manner and with the result that all goodwill relating to the same shall
accrue to the Company as the source and origin of such Beverages, and the Company shall be absolutely entitled to determine in every instance the manner of presentation and such other steps necessary or desirable to secure compliance with this
Clause 15.

16. The bottler shall not adopt or use any name, corporate name, company name, establishment name or any commercial name that includes the words Coca-Cola, Coca, Cola, Coke or any of them or any name
that may be confusing or considered similar to any graphic or visual representation of the Trade Marks or any other trade mark or industrial property of the Company, without the prior written consent of the Company.

17. The Bottler covenants and agrees with the Company during the term of this Agreement and in accordance with applicable laws:

(a) not to manufacture, prepare, package, distribute, sell, deal in or otherwise be concerned with any other non-alcoholic beverage products other than those prepared, packaged, distributed or sold by the Bottler under authority of the Company,
unless prior written consent from the Company is obtained;

(b) not to manufacture, prepare, package, distribute, sell, deal in or otherwise be concerned with any other concentrate, beverage base, syrup, or beverage which is likely to be confused with or passed off for any of the Beverage Bases, Syrups or
Beverages;

(c) not to manufacture, prepare, package, distribute, sell, deal in or otherwise be concerned with any other beverage product under any trade dress or in any container that is an imitation of a trade dress or container which is likely to be confused
or cause confusion or be perceived by consumers as confusingly similar to or be passed off as such trade dress or container;

(d) not to manufacture, prepare, package, distribute, sell, deal in or otherwise be concerned with any product under any trade mark or other designation that is an imitation, copy, infringement of, or confusingly similar to, any of the Trade Marks;
and

(e) During the term of this Agreement and for a period of two (2) years after, in recognition of the valuable rights extended by the Company to the Bottler in accordance with this Agreement, not to manufacture, prepare, package, distribute, sell,
negotiate in or any other manner relate to with any beverage put under the name Cola (whether it is alone or together with any other word or words) or any phonetic interpretation of such word.

The covenants herein contained apply not only to the operations with which the Bottler may be directly concerned, but also to activities with which the Bottler may be indirectly concerned through ownership, control, management, partnership,
contract, agreement, or otherwise, and whether located within or outside of the Territory. The Bottler covenants not to acquire or hold, directly or indirectly, any ownership interest in, or enter into any contract or arrangement with respect to the
management or control of any person or legal entity, within or outside of the Territory, that engages in any of the activities prohibited under this Clause.

Also, with respect to the alcoholic beverages which the Bottler may be related to during the term of this Agreement, the Bottler agrees to undertake such business, or an aspect of it, which may include the manufacture, preparation, packaging,
distribution or sale or any other activity related with alcoholic beverages, through a different company and in such way that may appear for the public that it is a different

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activity from the Beverages business of the Bottler in accordance with the authorized herein. In this way, the Bottler agrees to undertake any business related with alcoholic beverages through a different commercial entity, including: (i) legal
entity; (ii) plant or other physic structure; (iii) sales equipment; (iv) machinery and vehicles; and (v) other characteristics of the business, unless the Company authorizes in written on a different way.

18. This Agreement reflects the mutual interest of both parties and in the event that either:

(a) a third party which is, in the opinion of the Company, directly or indirectly through ownership, control, management or otherwise, concerned with the manufacture, preparation, packaging, distribution or sale of any product specified in Clause 17
hereof, shall acquire or otherwise obtain control or any direct or indirect influence on the management of the Bottler; or

(b) any real or legal person having majority ownership or direct or indirect control of the Bottler or who is directly or indirectly controlled either by the Bottler or by any third party which has control or any direct or indirect influence, in the
opinion of the Company, on the management of the Bottler, shall engage in the preparation, packaging, distribution or sale of any products specified in Clause 17 abovementioned.

then the Company shall have the right to terminate this Agreement forthwith unless the third party making such acquisition as specified in subclause (a) hereof or the person, entity, firm or company referred to in subclause (b) hereof shall, on
being notified in writing by the Company of its intention to terminate as aforesaid, agree to discontinue, and shall in fact discontinue, the manufacture, preparation, packaging, distribution or sale of such products within a reasonable period not
exceeding six (6) months from the date of notification.

19.   (a) If the Company, for the purposes of this Agreement, should require that, in accordance with applicable laws governing the registration and licensing of industrial property, the Bottler be recorded as a registered user or licensee of the
Trade Marks then, at the request of the Company, the Bottler will execute any and all agreements and such other documents as may be necessary for the purpose of entering, varying or cancelling the recordation.

(b) Should the public authority having jurisdiction refuse any application of the Company and the Bottler for recordation of the Bottler as registered user or licensee of any of the Trade Marks in respect of any of the Beverages prepared and
packaged by the Bottler under this Agreement, then the Company shall have the right to terminate this Agreement or cancel the authorization in respect of such Beverages forthwith.

V.OBLIGATIONS OF THE BOTTLER RELATIVE TO THE PREPARATION AND PACKAGING OF THE BEVERAGES

20.   (a) The Bottler covenants and agrees with the Company to use, in preparing the Syrups for each of the Beverages, only the Beverage Bases purchased from the Company or Authorized Suppliers and to use the Syrups only for the preparation and
packaging of the Beverages in strict adherence to and compliance with the instructions issued to the Bottler from time to time by the Company in writing. The Bottler further covenants and agrees with the Company that in preparing, packaging, and
distributing the Beverages the Bottler shall at all times conform to the manufacturing standards, hygienic and otherwise, established from time to time by the Company and comply with all legal requirements, and the Bottler shall permit the Company,
its officers, agents and designees at all times to enter and inspect the plant, facilities, equipment and methods used by the Bottler in the preparation, packaging, storage and handling of the Beverages to ascertain whether the Bottler is complying
with the terms of this Agreement.

(b) The Bottler, recognizing the importance of identifying the source of manufacture of the Beverages in the market, agrees to use identification codes on all packaging materials for the Beverages, including Authorized Containers and non-returnable
cases. The Bottler further agrees to install,

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maintain and use the necessary machinery and equipment required for the application of such identification codes. The Company shall provide the Bottler, from time to time, with necessary instructions, in writing, regarding the forms of the
identification codes to be used by the Bottler and the production and sales records to be maintained by the Bottler.

(c) In the event the Company determines or becomes aware of the existence of any quality or other technical problems relating to any of the Beverages or Authorized Containers in respect of any of the Beverages, the Company may require the Bottler to
take all necessary action to withdraw immediately any such Beverages from the market.  The Company shall notify the Bottler by telephone, cable, telex, telefax or any other form of immediate communication of the decision by the Company to require
the Bottler to withdraw any such Beverages from the market and the Bottler shall, upon receipt of such notice, immediately cease distribution of such Beverages and take such other action as may be required by the Company in connection with the
withdrawal of such Beverages from the market.

(d) In the event the Bottler determines or becomes aware of the existence of quality or other technical problems relating to any of the Beverages or Authorized Containers in respect of any of the Beverages, then the Bottler shall immediately notify
the Company by telephone, cable, telex, telefax, or any other form of immediate communication.  This notification shall include: (1) identity and quantities of the Beverages involved, including the Authorized Containers, (2) coding data, (3) any
other relevant data including data that will assist in tracing such Beverages.

21. The Bottler shall submit to the Company, at the Bottlers expense, samples of the Syrups, of the Beverages and of materials used in the preparation of the Syrups and the Beverages in accordance with such instructions as may be given in
writing from time to time by the Company.

22.   (a) In the packaging, distribution and sale of the Beverages, the Bottler shall use only such Authorized Containers, closures, cases, cartons, labels and other packaging materials approved from time to time by the Company, and the Bottler shall
purchase such items only from manufacturers who have been authorized by the Company to manufacture the items to be used in connection with the Trade Marks and the Beverages. The Company shall use its best efforts to approve two or more manufacturers
of such items, it being understood that said approved manufacturers may be located within or outside of the Territory.

(b) The Bottler shall inspect such Authorized Containers, closures, cases, cartons, labels and other packaging materials and shall use only those items which comply with the standards established by applicable laws in the Territory in addition to
the standards and specifications prescribed by the Company. The Bottler shall assume independent responsibility in connection with the use of such Authorized Containers, closures, cases, cartons, labels and other packaging materials which conform to such standards.

(c) The Bottler shall maintain at all times a sufficient stock of Authorized Containers, closures, labels, cases, cartons and other packaging materials to satisfy fully the demand for each of the Beverages in the Territory.

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23.   (a) The Bottler recognizes that increases in the demand for the Beverages, as well as changes in the list of Authorized Containers, may from time to time require modifications or other changes in respect of its existing manufacturing, packaging,
delivery or vending equipment or require the purchase of additional manufacturing, packaging, delivery or vending equipment.  The Bottler agrees, therefore, to make such modifications to existing equipment and to purchase and install such additional
equipment as necessary with sufficient lead time to enable the introduction of new Authorized Containers and the preparation and packaging of the Beverages in accordance with the continuing obligations of the Bottler to develop, stimulate and
satisfy fully every demand for each of the Beverages in the Territory.

(b) In the event the Bottler uses refillable Authorized Containers in the preparation and packaging of all or any of the Beverages, the Bottler agrees to invest the necessary capital and to appropriate and expend such funds as may be required from
time to time to establish and maintain an adequate inventory of refillable Authorized Containers.  In order to ensure the continuing quality and appearance of the said inventory of refillable Authorized Containers, the Bottler further agrees to
replace all or part of the said inventory of refillable Authorized Containers as may be reasonably necessary and in accordance with the obligations of the Bottler hereunder.

(c) The Bottler agrees not to refill or otherwise reuse any non-refillable Authorized Containers that have been previously used.

24. The Bottler shall be solely responsible in the carrying out of its obligations hereunder for compliance with all regulations and laws applicable in the Territory and shall inform the Company forthwith of any such provision which would prevent or
limit in any way the strict compliance by the Bottler with its obligations hereunder.

VI.CONDITIONS OF PURCHASE AND SALE

25. The Bottler shall, in accordance with the provisions of this Agreement, purchase the Beverage Bases required for the preparation and packaging of the Beverages only from the Company or Authorized Suppliers.

26.   (a) The Company reserves the right by giving notice to the Bottler to establish in its sole discretion the prices of the Beverage Bases, including the conditions of shipment and payment and the currency or currencies acceptable to the Company
and its Authorized Suppliers in payment and to designate one or more Authorized Suppliers, the supply point and/or alternate supply points for each of the Beverage Bases.

(b) The Company reserves the right, to the extent permitted by law applicable in the Territory, to establish and to revise, by giving written notice to the Bottler, maximum prices at which each of the Beverages in Authorized Containers may be sold
by the Bottler to retail outlets and the maximum retail prices for each of the Beverages. It is recognized in this regard that the Bottler may sell the Beverages to retail outlets and authorize the retail sales of the Beverages at prices which are
lower than the maximum prices which have been established or revised by the Company pursuant to this subclause.  The Bottler shall not, however, increase the maximum prices established and revised by the Company at which the Beverages in Authorized
Containers may be sold to retail outlets nor authorize an increase in the maximum retail prices for the Beverages without the prior approval in writing of the Company.

(c) The Company reserves the right by giving written notice to the Bottler, to change the Authorized Suppliers and to revise from time to time and at any time in its sole discretion the price of any of the Beverage Bases, the conditions of shipments
(including the supply point), and the currency or currencies acceptable to the Company or its Authorized Suppliers.

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(d) If the Bottler is unwilling to pay the revised price in respect of the Beverage Base for the Beverage Coca-Cola, then the Bottler shall so notify the Company in writing within thirty (30) days from receipt of the written notice from
the Company revising the aforesaid price. In this event, this Agreement shall automatically terminate three (3) calendar months after the date of the Companys notice of termination to the Bottler.

(e) With exception of the provision established on the abovementioned subclause (d) with respect to the Beverage Coca-Cola, if the Bottler is unwilling to pay the revised price with respect to the Beverage Bases(s) for one or any other
Beverages, then the Bottler shall so notify the Company in writing within thirty (30) days from receipt of the written notice from the Company revising the aforesaid price or prices. In this event, the Company, at its sole discretion and taking into
consideration the present and future market conditions, will take one of the following measures: (i) notify the Bottler on writing that this Agreement shall terminate, in this event, this Agreement will terminate three (3) calendar months after the
date of the Companys notice of termination to the Bottler, or (ii) notify the Bottler in writing that the authorization with respect to such Beverage or Beverages on which the Bottler is unwilling to pay the revised price is cancelled, such
cancellation to be effective three (3) calendar months after the date of the Companys notice of such cancellation of authorization(s) to the Bottler. In the event of the cancellation of an authorization of a Beverage or Beverages pursuant to
this subclause, the provisions of Clause 30 shall apply in respect of that Beverage or those Beverages, and, notwithstanding any other provision of this Agreement, the Company shall have no further obligation to the Bottler in respect of that
Beverage or those Beverages for which authorizations have been cancelled, and the Company shall be entitled to prepare, package, distribute or sell, or to grant authorizations to a third party to prepare, package, distribute or sell, that Beverage
or those Beverages in the Territory.

(f) Any failure on the part of the Bottler to notify the Company in respect of the revised price of any one or more of the Beverage Bases pursuant to subclauses (d) and (e) hereof shall be deemed to be acceptance by the Bottler of the revised price.

(g) The Bottler undertakes to collect from or charge to retail outlets for each refillable Authorized Container and each returnable case delivered to the said retail outlets, such deposits as the Company may determine from time to time by giving
written notice to the Bottler, and to make all reasonably diligent efforts to recover all empty refillable Authorized Containers and cases and, upon recovery, to refund or to credit the deposits for said refillable Authorized Containers and
returnable cases returned undamaged and in good condition.

VII.DURATION AND TERMINATION OF AGREEMENT

27. This Agreement shall be effective from November 1, 1994 and shall expire, without notice, on October 31, 1999 unless it has been earlier terminated as provided herein. It is recognized and agreed among the parties hereto that the Bottler shall
have no right to claim a tacit renewal of this Agreement.

28.   (a) This Agreement may be terminated by the Company or the Bottler forthwith and without liability for damages by written notice given by the party entitled to terminate to the other party:

(1) if the Company, the Authorized Suppliers or the Bottler cannot legally obtain foreign exchange to remit abroad in payment of imports of the Beverage Bases or the ingredients or materials necessary for the manufacture of the Beverage Bases, the
Syrups or the Beverages; or

(2) if any part of this Agreement ceases to be in conformity with the laws or regulations applicable in the country in which the Territory is located and, as a result thereof, or as a result of any other laws affecting this Agreement, any one of the
material stipulations herein cannot be legally performed or the Syrups cannot be prepared, or the Beverages cannot be prepared or sold in accordance with the instructions issued by the Company

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pursuant to Clause 20 above, or if any of the Beverage Bases cannot be manufactured or sold in accordance with the Companys formulae or with the standards prescribed by it.

(b) This Agreement may be terminated forthwith by the Company without liability for damages:

(1) if the Bottler becomes insolvent, or if a petition in bankruptcy is filed against or on behalf of the Bottler which is not stayed or dismissed within one hundred and twenty (120) days, or if the Bottler passes a resolution for winding up, or if
a winding up or judicial management order is made against the Bottler, or if a receiver is appointed to manage the business of the Bottler, or if the Bottler enters into any judicial or voluntary scheme of composition with its creditors or concludes
any similar arrangements with them or makes an assignment for the benefit of creditors; or

(2) in the event of the Bottlers dissolution, nationalization or expropriation, or in the event of the confiscation of the production or distribution assets of the Bottler.

29.  (a) This Agreement may also be terminated by the Company or the Bottler if the other party fails to observe any one or more of the terms, covenants, or conditions of this Agreement, and fails to remedy such default(s) within sixty (60) days
after such party has been given written notice of such default(s).

(b) In addition to all other remedies to which the Company may be entitled hereunder, if at any time the Bottler fails to follow the instructions or to maintain the standards prescribed by the Company or required by applicable laws in the Territory
for the preparation of the Syrups or the Beverages, the Company shall have the right to prohibit the production of the Syrups or the Beverages until the default has been corrected to the Companys satisfaction, and the Company may demand the
withdrawal from the trade, at the Bottlers expense, of any Beverages not in conformity with or not manufactured in conformity with such instructions, standards or requirements, and the Bottler shall promptly comply with such prohibition or
demand. During the period of such prohibition or production, the Company shall be entitled to suspend deliveries of the Beverage Bases to the Bottler and shall also be entitled to supply, or to cause or permit others to supply, the Beverages in
Authorized Containers in the Territory. No prohibition or demand shall be deemed a waiver of the rights of the Company to terminate this Agreement pursuant to this clause.

30. Upon the expiration or earlier termination of this Agreement or upon the cancellation of the authorization for a Beverage(s) and then only in respect of that Beverage(s), as the case may be:

(a) the Bottler shall not thereafter prepare, package, distribute, or sell the Beverages or make any use of the Trade Marks, Authorized Containers, cases, closures, labels, packaging materials or advertising material used or which are intended for
use by the Bottler in connection with the preparation, packaging, distribution and sale of the Beverage(s);

(b) the Bottler shall forthwith eliminate all references to the Company, the Beverages and the Trade Marks from the premises, delivery vehicles, vending and other equipment of the Bottler and from all business stationery and all written, graphic,
electromagnetic, digital or other promotional or advertising materials used or maintained by the Bottler, and the Bottler shall not thereafter hold forth in any manner whatsoever that the Bottler has any connection with the Company, the Beverages or
the Trade Marks;

(c) the Bottler shall forthwith deliver to the Company or a third party in accordance with such instructions as the Company shall give, all of the Beverage Bases, Beverages in Authorized Containers, usable Authorized Containers bearing the Trade
Marks or any of them, cases, closures, labels, packaging materials and advertising material for the Beverages still in the Bottlers possession or under its control, and the Company shall, upon delivery thereof pursuant to such instructions,
pay to the Bottler a sum equal to the reasonable market value of such supplies or

---

##### 

materials, provided that the Company will accept and pay for
only such supplies or materials as are in first-class and usable condition; and
provided further that all Authorized Containers, closures, labels, packaging
materials and advertising materials bearing the name of the Bottler and any such
supplies and materials which are unfit for use according to the Companys
standards shall be destroyed by the Bottler without cost to the Company; and
provided further that, if this Agreement is terminated in accordance with the
provisions of Clauses 18 or 28(a) or as a result of any of the contingencies
provided in Clause 35 (including termination by operation of law), or if the
Agreement is terminated by the Bottler for any reason other than in accordance
with or as a result of the operation of Clauses 26 or 29, or upon the
cancellation of the authorization for a Beverage(s) pursuant to Clause 26(e) or
Clause 31, the Company shall have the option, but no obligation, to purchase
from the Bottler the supplies and materials referred to above; and

(d) all rights and obligations hereunder, whether specifically
set out or whether accrued or accruing by use, conduct or otherwise, shall
expire, cease and end, excepting all provisions concerning the obligations of
the Bottler as set forth in Clauses 13(b)(2) and (b)(3), 14, 15, 16, 17(e),
19(a), 30, 36(a), (b), (c) and (d), and 37, all of which shall continue in full
force and effect. Provided always that this provision shall not affect any
rights the Company may have against the Bottler in respect of any claim for
nonpayment of any debt or account owed by the Bottler to the Company or its
Authorized Suppliers.

31. In addition to all other remedies of the Company in respect
of any breach by the Bottler of the terms, covenants and conditions of this
Agreement and where such breach relates only to the preparation, packaging,
distribution and sale by the Bottler of one or more but not all of the Beverages
then the Company may elect to cancel the authorizations granted to the Bottler
pursuant to this Agreement in respect only of that Beverage or those Beverages.
In the event of the cancellation by the Company of authorizations to the Bottler
pursuant to this Clause, the provisions of Clause 30 shall apply in respect of
that Beverage or those Beverages, and the Company shall have no further
obligations to the Bottler in respect of that Beverage or those Beverages, and
the Company shall be entitled to prepare, package, distribute or sell, or to
grant authorizations to a third party in connection with the preparation,
packaging, distribution and sale of that Beverage or those Beverages in the
Territory.

VIII.GENERAL PROVISIONS

32. It is recognized and acknowledged between the parties
hereto that the Company has a vested and legitimate interest in maintaining,
promoting and safeguarding the overall performance, efficiency and integrity of
the Companys international bottling, distribution, and sales system. It is
further recognized and acknowledged between the parties hereto that this
Agreement has been entered into by the Company intuitu personae and in reliance
upon the identity, character and integrity of the owners, controlling parties
and managers of the Bottler, and the Bottler warrants having made to the Company
prior to the execution hereof a full and complete disclosure of the owners and
of any third parties having a right to, or power of, control or management of
the Bottler. The Bottler, therefore, covenants and agrees with the Company:

(a) not to assign, transfer, pledge or in any way encumber this
Agreement or any interest herein or rights hereunder, in whole or in part, to
any third party or parties, without the prior written consent of the Company;

(b) not to delegate performance of this Agreement, in whole or
in part, to any third party or parties, without the prior written consent of the
Company;

(c) to notify the Company promptly in the event of or upon
obtaining knowledge of any third party which may or will result in any change in
the ownership or control of the Bottler;

(d) to make available from time to time and at the request of
the Company complete records of current ownership of the Bottler and full
information concerning any third party or third parties by whom it is controlled
directly or indirectly;

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##### 




(e) to the extent the Bottler has any legal control over
changes in the ownership or control of the Bottler, not to initiate or
implement, consent to or acquiesce in any such change without the prior written
consent of the Company; and

(f) if the Bottler is organized as a partnership, not to change
the composition of such partnership by the inclusion of any new partners or the
release of existing partners without the prior written consent of the Company.

In addition to the foregoing provisions of this Clause, if a
proposed change in ownership or control of the Bottler involves a direct or
indirect transfer to or acquisition of ownership or control of the Bottler, in
whole or in part, by a person or entity authorized or licensed by the Company to
manufacture, sell, distribute or otherwise deal in any beverage products and/or
any trademarks of the Company (the Acquiror Bottler), the Company may request
any and all information it considers relevant from both the Bottler and the
Acquiror Bottler in order to make its determination as to whether to consent to
such change. In any such circumstances, the parties hereto, recognizing and
acknowledging the vested and legitimate interest of the Company in maintaining,
promoting and safeguarding the overall performance, efficiency and integrity of
the Companys international bottling, distribution and sales system, expressly
agree that the Company may consider all and any factors, and apply any criteria
that it considers relevant in making such determination.

It is further recognized and agreed between the parties hereto
that the Company, in its sole discretion, may withhold consent to any proposed
change in ownership or other transaction contemplated in this Clause 32, or may
consent subject to such conditions as the Company, in its sole discretion, may
determine. The parties hereto expressly stipulate and agree that any violation
by the Bottler of the foregoing covenants contained in this Clause 32 shall
entitle the Company to terminate this Agreement forthwith; and, furthermore, in
view of the personal nature of this Agreement, that the Company shall have the
right to terminate this Agreement if any other party or third parties should
obtain any direct or indirect interest in the ownership or control of the
Bottler, even when the Bottler had no means to prevent such a change, if, in the
opinion of the Company, such change either enables such third party or third
parties to exercise any influence over the management of the Bottler or
materially alters the ability of the Bottler to comply fully with the terms,
obligations and conditions of this Agreement.

33. The Bottler shall, prior to the issue, offer, sale,
transfer, trade or exchange of any of its shares of stock or other evidence of
ownership, its bonds, debentures or other evidence of indebtedness, or the
promotion of the sale of the above, or stimulation or solicitation of the
purchase or an offer to sell thereof, obtain the written consent of the Company
whenever the Bottler uses in this connection the name of the Company or the
Trade Marks or any description of the Business relationship with the Company in
any prospectus, advertisement or other sales efforts. The Bottler shall not use
the name of the Company or the Trade Marks or any description of the business
relationship with the Company in any prospectus or advertisement used in
connection with the Bottlers acquisition of any shares or other evidence of
ownership in a third party without the Companys prior written approval.

34. The Company may assign any of its rights and delegate all
or any of its duties or obligations under this Agreement to one or more of its
subsidiaries or related companies upon written notice to the Bottler; provided,
however, that any such delegation shall not relieve the Company from any of it
contractual obligations under this Agreement. In addition, the Company in its
sole discretion, may through written notice to the Bottler, appoint a third
party as its representative to ensure that the Bottler carries out its
obligations under this Agreement, with full powers to oversee the Bottlers
performance and to require from the Bottler its compliance with all the terms
and conditions of this Agreement. The Company may change or retract such
appointment at any time by written notice sent to the Bottler.

35. Neither the Company nor the Bottler shall be liable for
failure to perform any of their obligations hereunder when such failure is
caused by or results form:

(a) strike, blacklisting, boycott or sanction, however
incurred; or

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##### 




(b) act of God, force majeure, public enemies, authority of law
and/or legislative or administrative measures (including the withdrawal of any
government authorization required by any of the parties to carry out the terms
of this Agreement), embargo, quarantine, riot, insurrection, a declared or
undeclared war, state of war or belligerency or hazard or danger incident
thereto; or

(c) any other cause whatsoever beyond their control.

In the event of the Bottler being unable to perform its
obligations as a consequence of any of the contingencies set forth in this
Clause, and for the duration of such inability, the Company and Authorized
Suppliers shall be relieved of their obligations under Clause 4 and 5; and
provided that, if any such failure by either party shall persist for a period of
six (6) months or more, either of the parties hereto may terminate this
Agreement.

36. (a) The Company reserves the sole and exclusive rights to
institute any civil, administrative or criminal proceedings or action, and
generally to take or seek any available legal remedy it deems desirable, for the
protection of its reputation and industrial property rights as well as for the
protection of the Beverage Bases, the Syrups and the Beverages and to defend any
action affecting these matters. At the request of the Company, the Bottler will
render assistance in any such action.The Bottler shall not have any claim
against the Company as a result of such proceedings or action or for any failure
to institute or defend such proceedings or action. The Bottler shall promptly
notify the Company of any litigation or proceedings instituted or threatened
affecting these matters. The Bottler shall not institute any legal or
administrative proceedings against any third party which may affect the
interests of the Company without the prior written consent of the Company.

(b) The Company has the sole and exclusive right and
responsibility to initiate and defend all proceedings and actions relating to
the Trade Marks. The Company may initiate or defend any such proceedings or
actions in its own name or require the Bottler to institute or defend such
proceedings or actions in its own name or require the Bottler to institute or
defend such proceedings or actions either in its own name or in the joint names
of the Bottler and the Company.

(c) The Bottler agrees to consult with the Company on all
product liability claims, proceedings or actions brought against the Bottler in
connection with the Beverages or Authorized Containers and to take such action
with respect to the defense of any such claim or lawsuit as the Company may
reasonably request in order to protect the interest of the Company in the
Beverages, the Authorized Containers or the goodwill associated with the Trade
Marks.

(d) The Bottler shall indemnify and hold harmless the Company,
its affiliates and their respective officers, directors and employees from and
against all costs, expenses, damages, claims, obligations and liabilities
whatsoever arising from facts or circumstances not attributable to the Company
including, but not limited to, all costs and expenses incurred in settling or
compromising any of the same arising out of the preparation, packaging,
distribution, sale or promotion of the Beverages by the Bottler, including, but
not limited to, all costs arising out of the acts or defaults, whether negligent
or not, of the Bottler, the Bottlers distributors, suppliers and wholesalers.

(e) The Bottler shall obtain and maintain a policy of insurance
with insurance carriers satisfactory to the Company giving full and
comprehensive coverage both as to amount and risks covered in respect of matters
referred to in subclause (d) above (including the indemnity contained therein)
and shall on request produce evidence satisfactory to the Company of the
existence of such insurance. Compliance with this Clause 36(e) shall not limit
or relieve the Bottler from its obligation under Clause 36(d) hereof.

---

##### 




37. The Bottler covenants and agrees with the Company:

(a) that it will make no representations or disclosures to
public or government authorities or to any other third party relating to the
Beverage Bases, the Syrups or the Beverages without the prior written consent of
the Company:

(b) that it will at all times, both during the continuance and
after termination of this Agreement, keep strictly confidential all secret and
confidential information including, without limiting the generality of the
foregoing, mixing instructions and techniques, sales, marketing and distribution
information and projects and plans relating to the subject matter of this
Agreement which the Bottler may receive from the Company or in any other manner
and to ensure that such information shall be made known on a need-to-know basis
only to those officers, directors and employees bound by reasonable provisions
incorporating the nondisclosure and secrecy obligations set out in this Clause:
and

(c) that upon the expiration or earlier termination of this
Agreement the Bottler will make necessary arrangements to deliver to the Company
in accordance with instructions as may be given by the Company, all written,
graphic, electromagnetic, computerized, digital or other materials comprising or
containing any information subject to the obligation of confidence hereunder.

38. In the event of any provisions of this Agreement being or
becoming legally ineffective or invalid, the validity or effect of the remaining
provisions of this Agreement shall not be affected; provided that the invalidity
or ineffectiveness of the said provisions shall not prevent or unduly hamper
performance hereunder or prejudice the ownership or validity of the Trade Marks.
The right to terminate in accordance with Clause 28(a)(2) is not affected
hereby.

39. (a) As to all matters herein mentioned, this Agreement

constitutes the only agreement between the Company and the Bottler, all prior
agreements of any kind whatsoever between these parties relating to the subject
matter hereof being cancelled hereby save to the extent that the same may
compromise agreements and other documents within the provisions of Clause 18
hereof; provided, however, that any written representatives made by the Bottler
upon which the Company relied in entering into this Agreement shall remain
binding upon the Bottler.

(b) Any waiver or modification of, or alteration or addition
to, this Agreement or any of its provisions, shall not be binding upon the
Company or the Bottler unless the same shall be executed respectively by duly
authorized representatives of the Company and the Bottler.

(c) All written notices given pursuant to this Agreement shall
be by cable, telegram, telex, hand delivery or registered mail and shall be
deemed to be given on the date such notice is dispatched, such registered letter
is mailed, or such hand delivery is affected. Such written notices shall be
addressed to the last known address of the party concerned. Any change of
address by either of the parties hereto shall be promptly notified in writing to
the other party.

40. Failure of the Company to exercise promptly any right
herein granted, or to require strict performance of any obligation undertaken
herein by the Bottler, shall not be deemed to be a waiver of such right or of
the right to demand subsequent performance of any and all obligations herein
undertaken by the Bottler.

41. The Bottler is an independent contractor and not the agent
of the Company. The Bottler agrees that it will not represent that it is an
agent of the Company nor hold itself out as such.

42. The headings herein are solely for the convenience of the
parties and shall not affect the interpretation of this Agreement.

43. This Agreement shall be interpreted, construed and governed
by and in accordance with the laws of THE REPUBLIC OF PANAMA.

---

##### 




44. The Appendices and Schedules which are attached hereto
shall, for all purposes, be deemed and by this reference are made a part of this
Agreement and shall be executed respectively by duly authorized representatives
of the Company and the Bottler.

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##### 




IN WITNESS WHEREOF,the Company at Atlanta, Georgia,
U.S.A., and the Bottler at Panamá, have caused these presents to be executed in
triplicate by the duly authorized representatives.

___________________________________________________________________________________________________

COCA-COLA DE PANAMA COMPAÑÍA
    
    THE COCA-COLA COMPANYEMBOTELLADORA, S.A.By:___/s/________________________________
    
    By:___/s/_____________________________Authorized Representative
    
    Authorized RepresentativeDate: February 16, 1995
    
    Date: February 16, 1995


---

##### 




Appendix I

BEVERAGES

Location: PANAMADate: NOVEMBER 1, 1994


For the purposes of the Bottler Agreement entered by and
between The Coca-Cola Company and the Bottler signing at the end of this
document, valid as of NOVEMBER 1, 1994, the Beverages referred to in Whereas A
herein are as follows:

FANTA SPRITE

The description of the Beverages in this Appendix I replace all
previous descriptions and Appendixes related to the Beverages for purposes of
Whereas A of such Bottler Agreement.

COCA-COLA DE PANAMA COMPAÑÍA
    
    THE COCA-COLA COMPANYEMBOTELLADORA, S.A.By:__/s/_________________________________
    
    By:__/s/______________________________Authorized Representative
    
    Authorized RepresentativeDate: February 16, 1995
    
    Date: February 16, 1995


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##### 




Appendix II

TRADEMARKS

Location: PANAMADate: NOVEMBER 1, 1994


For the purposes of the Bottler Agreement entered by and
between The Coca-Cola Company (hereinafter referred to as the Company) and the
Bottler signing at the end of this document, valid as of NOVEMBER 1, 1994, the
Trademarks of the Company referred to in Whereas B of such Agreement are as
follows:

Trade Mark
    
    Record NumberFANTA (BLOCK)
    
    4763FANTA (BLOCK)
    
    4911FANTA (3-DOTS/LEAF)
    
    68668FANTA BOTTLE (2D/OLD/SHIE/WORD)
    
    12323SPRITE (STYLIZED/ALL LC)
    
    9742SPRITE BOTTLE (3D)
    
    10795


The description of the Trademarks in this Appendix II replaces
all previous descriptions and Appendixes related to the Trademarks for purposes
of Whereas B of such Bottler Agreement.

COCA-COLA DE PANAMA COMPAÑÍA
    
    THE COCA-COLA COMPANYEMBOTELLADORA, S.A.By:__/s/_________________________________
    
    By:__/s/______________________________Authorized Representative
    
    Authorized RepresentativeDate: February 16, 1995
    
    Date: February 16, 1995


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##### 




Appendix III

TERRITORY

Location: PANAMADate: NOVEMBER 1, 1994


For the purposes of the Bottler Agreement entered by and
between The Coca-Cola Company and the Bottler signing at the end of this
document, valid as of NOVEMBER 1, 1994, the Territory referred to in Clause 1 of
such Agreement is as follows:

REPUBLIC OF PANAMA

The description of the Territory in this Appendix III replaces
all previous descriptions and Appendixes related to the Territory for purposes
of Clause 1 of such Bottler Agreement.

COCA-COLA DE PANAMA COMPAÑÍA
    
    THE COCA-COLA COMPANYEMBOTELLADORA, S.A.By:___/s/________________________________
    
    By:___/s/_____________________________Authorized Representative
    
    Authorized RepresentativeDate: February 16, 1995
    
    Date: February 16, 1995


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##### 




Appendix IV

AUTHORIZED PACKAGES

Location: PANAMADate: NOVEMBER 1, 1994


Pursuant to the provisions stated in Clause 2 of the Bottler
Agreement entered by and between The Coca-Cola Company (hereinafter referred to
as the Company) and the Bottler signing at the end of this document, valid as
of NOVEMBER 1, 1994, the Company authorizes the Bottler to prepare, distribute
and sell the Beverages in the following packages that, for the purposes of the
Bottler Agreement herein are considered as Authorized Packages.

FANTA
    
    RETURNABLE GLASS BOTTLE
    
    CAP. 9.6 OZSPRITE
    
    RETURNABLE GLASS BOTTLE
    
    CAP. 9.6 OZSPRITE
    
    NON-RETURNABLE GLASS
    
    CAP. 8.0 OZSPRITE
    
    NON-RETURNABLE PET
    
    CAP. 1 LT, 2 LT


This authorization replaces all authorizations entered before
by and between the Company and the Bottler in connection with the subject matter
of this Appendix.

|                                          |  |                                       
|----------------------------------------- |  | --------------------------------------
|COCA-COLA DE PANAMA COMPAÑÍA              |  | THE COCA-COLA COMPANY                 
|EMBOTELLADORA, S.A.                       |  |                                       
|                                         
|By:___/s/________________________________ |  | By:___/s/_____________________________
|Authorized Representative                 |  | Authorized Representative             
|                                         
|                                         
|Date: February 16, 1995                   |  | Date: February 16, 1995               

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##### 

Appendix V

| |                       
| | ----------------------
| | Location: PANAMA      
| | Date: NOVEMBER 1, 1994

Pursuant to the stated in the Bottler Agreement entered by an between The
  Coca-Cola Company (hereinafter referred to as The Company) and the Bottler
  whose authorized representative signs this Appendix, valid as of NOVEMBER 1,
  1994, The Company authorizes the Bottler to prepare, bottle, distribute,
  sell or market only the non-alcoholic beverages and the packages different from
  the licensed by this Agreement described as follows:

KIST-ORANGE

8.0 OZ NON RETURNABLE GLASS
  9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE
  GLASS
  2 LT PET 10.0 OZ CAN 12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

KIST-GRAPE

8.0 OZ NON RETURNABLE GLASS
  9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE
  GLASS 
  2 LT PET 10.0 OZ CAN 12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

KIST-FRESCA

8.0 OZ NON RETURNABLE GLASS
  9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE
  GLASS 
  2 LT PET 10.0 OZ CAN 12.0 OZ CAN
  16.0 OZ NON RETURNABLE GLASS

KIST-APPLE

7.0 OZ RETURNABLE GLASS
  8.0 OZ RETURNABLE GLASS
  10.0 OZ CAN 12.0 OZ
  CAN
  16.0 OZ NON RETURNABLE GLASS

KIST-ROOT BEER

7.0 OZ RETURNABLE GLASS
  8.0 OZ RETURNABLE GLASS
  10.0 OZ CAN

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##### 

12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

KIST-PINEAPPLE

1 LT RETURNABLE GLASS
  1 LT PET

POLAR-ORANGE

8.0 OZ NON RETURNABLE GLASS 9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE GLASS 
  10.0 OZ CAN 12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

POLAR-GRAPE

8.0 OZ NON RETURNABLE GLASS
  9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE
  GLASS 
  10.0 OZ CAN 12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

POLAR-STRAWBERRY

8.0 OZ NON RETURNABLE GLASS
  9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE
  GLASS 
  10.0 OZ CAN 12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

POLAR-PINEAPPLE

8.0 OZ NON RETURNABLE GLASS
  9.6 OZ RETURNABLE GLASS
  1 LT RETURNABLE
  GLASS 
  10.0 OZ CAN 12.0 OZ CAN 
  16.0 OZ NON RETURNABLE GLASS

POLAR-GINGER ALE

1 LT PET
  2 LT PET

POLAR-CLUB SODA

1 LT PET
  2 LT PET

POLAR-QUINADA

1 LT PET
  2 LT PET

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##### 

It is acknowledged and agreed by the parties that the description of the
  non-alcoholic beverages and/or their packages in this Appendix V substitutes and
  replaces any description made before and relevant appendixes referred to in
  Clause 17 of the referred Agreement.

|                                |  |                                
|------------------------------- |  | -------------------------------
|COCA-COLA DE PANAMA COMPAÑÍA    |  | THE COCA-COLA COMPANY          
|EMBOTELLADORA, S. A.            |  |                                
|                               
|                               
|                               
|By: __/s/______________________ |  | By: __/s/______________________
|Authorized Representative       |  | Authorized Representative      
|                               
|Date: February 16, 1995         |  | Date: February 16, 1995        

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##### 

Schedule A

| |                       
| | ----------------------
| | Location: PANAMA      
| | Date: NOVEMBER 1, 1994

AUTHORIZATION IN CONNECTION WITH SYRUPS FOR POST-MIX
  BEVERAGES

Pursuant to the provisions stated in Clause 3 within the Bottler Agreement
  entered by and between The Coca-Cola Company (hereinafter referred to as the
  Company) and the Bottler signing at the end of this document, valid as of
  NOVEMBER 1, 1994, the Company hereby grants a non-exclusive authorization to the
  Bottler so as to prepare, bottle, distribute and sell syrups for the following
  Beverages:

FANTA
  SPRITE

(the syrups mentioned above will be referred to as Post-Mix Syrups in this
  Schedule A) to retailers in the Territory so as to serve the Beverages through
  Post-Mix vending machines at or by the retailers establishments and also to
  operate Post-Mix vending machines and sell the Beverages directly to the
  consumer subject to the following conditions:

a. The Bottler may not sell Post-Mix Syrups to retailers in the Territory to
  be used in any Post-Mix vending machine, or operate any Post-Mix vending machine
  unless:

(i) There is an adequate source of fresh water,

(ii) All Post-Mix vending machines are as those approved by the Company and
  comply with all hygiene regulations and of any other sort stated by the Company
  and communicated in written form to the Bottler in connection with the
  preparation, bottling and sale of the Post-Mix Syrups; and

(iii) The Beverages served by means of Post-Mix vending machines are strictly
  adjusted to the directions for the preparation of the Post-Mix Syrup Beverages
  pursuant to the stated in written by the Company from time to time to the
  Bottler.

b. The Bottler will take samples of the Beverages served by means of the
  Post-Mix vending machines operated by retailers to whom the Bottler has supplied
  with the Post-Mix Syrups or those operated by the Bottler pursuant to the
  directions and in the intervals the Company may communicate in written, and will
  submit such samples to the Company for their inspection, at its own cost and
  expense.

c. The Bottler, from its initiative and under
  its responsibility, will immediately discontinue the sale of Post-Mix Syrups to
  any retailer who may not comply with the rules stated by the Company.

d. The Bottler will discontinue the sale of Post-Mix Beverages to any
  retailer whenever it is notified by the Company that any of the Beverages
  supplied by means of such Post-Mix vending machines located at or by the
  retailers establishment do not comply with the rules prescribed by the Company
  for the Beverages, or that the Post-Mix vending machines are not of the sort of
  those approved by the Company.

e. The Bottler agrees to:

(i) Sell and distribute the Post-Mix Syrups only in packages approved by the
  Company and to use on such packages, the labels approved by the Company; and

(ii) To influence the retailer so as to persuade it to use a regular glass
  cup, paper cup or any other package approved by the Company bearing the legends
  and graphic design approved by the

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##### 

Company aiming at having the Beverages served to the client adequately
  identified and served in an attractive and hygienic package.

Except for the modified in this Schedule, all
  terms, covenants and conditions contained in this Bottler Agreement will be
  applied to this complementary authorization for the preparation, bottling,
  distribution and sale of the Post-Mix Syrups and, in such connection, it is
  expressly agreed upon between the parties that the Bottlers terms, conditions
  and obligations as stated in the Bottler Agreement will be incorporated into it
  as a reference and that, unless the context states otherwise, any reference made
  in such Agreement to Beverages will also be considered as referring to the
  Post-Mix Syrups for the purposes of this complementary authorization granted to
  the Bottler.

This authorization may be terminated by any of
  the parties upon ninety (90) days of reception of the relevant anticipated
  notice. Moreover, it is also understood and accepted that this complementary
  authorization will automatically terminate upon maturity or anticipated
  termination of such Bottler Agreement.

This authorization replaces all authorizations entered before by and between
  the Company and the Bottler in connection with the subject matter of this
  Schedule A.

|                                |  |                                
|------------------------------- |  | -------------------------------
|COCA-COLA DE PANAMA COMPAÑÍA    |  | THE COCA-COLA COMPANY          
|EMBOTELLADORA, S. A.            |  |                                
|                               
|                               
|                               
|                               
|By: __/s/______________________ |  | By: __/s/______________________
|Authorized Representative       |  | Authorized Representative      
|Date: February 16, 1995         |  | Date: February 16, 1995        

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##### 

Schedule B

| |                       
| | ----------------------
| | Location: PANAMA      
| | Date: NOVEMBER 1, 1994

AUTHORIZATION REGARDING PRE-MIX BEVERAGES

Pursuant to the provisions of Clause 3 of the Bottlers Agreement
  entered into between The Coca-Cola Company (hereinafter referred to as the
  Company) and the Bottler signing at the end of this writing, effective as from
  November 1st, 1994, the Company hereby authorizes the Bottler to
  prepare and bottle the following Beverages:

FANTA
  SPRITE

(the mentioned Beverages shall be hereinafter referred to as
  Pre-Mix Beverages) for the distribution and sale in stainless steel containers
  or such other pressure containers (hereinafter referred to as Pre-Mix
  Containers) as approved by the Company, to retailers in the Territory operating
  mechanical equipment (hereinafter referred to as Pre-Mix Vending Machines) of
  certain type approved by the Company and also to operate such Pre-Mix vending
  machines and sell Pre-Mix Beverages served therein directly to consumers,
  subject to the following conditions:

a) The Bottler shall keep enough equipment in all respects to
  fully satisfy demand of Pre-Mix Beverages in the Territory and to prepare under
  hygiene and other provisions established by the Company and shall comply with
  all legal requirements; and shall enable the Company and its officers access and
  inspection at all times to the facilities, equipment and methods used by the
  Bottler in the Pre-Mix Beverage preparation and the filling and storage of
  Pre-Mix Containers, to confirm if Bottler is complying with the conditions of
  this authorization and the Bottlers Agreement, specially to confirm if the
  Bottler is strictly complying with the provisions set forth by the Company for
  Pre-Mix Beverages.

b) The Bottler shall use in Pre-Mix Containers only those labels
  approved from time to time by the Company.

c) The Bottler shall assure that when keeping and operating
  Pre-Mix Vending Machines, retailers follow the hygiene and other sort of
  regulations set forth by the Company and that they comply with the legal
  requirement. With this purpose, the Bottler shall conduct periodical inspections
  to confirm that retailers comply with them and shall require retailers to allow
  the Company to make like inspections. The provisions of this literal shall apply
  to Bottler in the maintenance and operation of Pre-Mix Vending Machines and the
  sale of Pre-Mix Beverages served by such equipment directly to consumers.

(d) The Bottler shall not sell Pre-Mix Beverages to any retailer
  not complying with the regulations provided by the Company in the maintenance
  and operation of Pre-Mix Vending Machines.

Except as amended in this Schedule, all terms, covenants and
  conditions contained in such Bottlers Agreement shall apply to this
  supplementary authorization for the preparation, bottling, distribution and sale
  of Pre-Mix Beverages and, in this regard, it is expressly agreed between parties
  that the terms,

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##### 

conditions and obligations for Bottler, as provided in such agreement, shall
  be incorporated hereto by reference and, unless the context provides otherwise,
  the term Beverages shall also refer to the term Pre-Mix Beverages for the
  purposes of this supplementary authorization.

Either party upon a ninety (90) -day advance written notice may terminate
  this authorization. Also, it is understood and accepted that this supplementary
  authorization shall terminate automatically upon expiration or early termination
  of such Bottlers Agreement.

This authorization replaces all preceding authorizations between the Company
  and the Bottler in connection with the matter subject to this Schedule B.

|                                 |  |                                 
|-------------------------------- |  | --------------------------------
|COCA-COLA DE PANAMA COMPAÑÍA     |  | THE COCA-COLA COMPANY           
|EMBOTELLADORA, S. A.             |  |                                 
|                                
|                                
|                                
|                                
|By:  __/s/______________________ |  | By:  __/s/______________________
|Authorized Representative        |  | Authorized Representative       
|Date: February 16, 1995          |  | Date: February 16, 1995         

---

##### 

Schedule C.1

| |                       
| | ----------------------
| | Location: PANAMA      
| | Date: NOVEMBER 1, 1994

AUTHORIZATION TO CAN FANTA ORANGE -10 OZ

Pursuant to the provisions established on Clause 3 of the Agreement entered
  by and between The Coca-Cola Company (hereinafter referred to as the Company)
  and COCA-COLA DE PANAMA COMPAÑIA EMBOTELLADORA, S.A., (hereinafter referred to
  as THE BOTTLER) signing at the end of this document, valid as of NOVEMBER 1,
  1994, the Company hereby grants a non-exclusive authorization to the Bottler so
  as for him to prepare, can, distribute and sale the beverage FANTA (hereinafter
  referred to as THE BEVERAGE).

Taking on account that you have expressed your desire to prepare and
  distribute and sale THE BEVERAGE on metal bases (CANS), hereby we grant to you
  the corresponding authorization to prepare, sale, and distribute THE BEVERAGE in
  CANS in THE TERRITORY ( referred on the License Agreement in the APPENDIX III),
  subject to the following conditions:

1. You commit to that all THE BEVERAGE that is canned by you in accordance
  with this authorization must be prepared in accordance with the instructions
  that from time to time will be informed by us.

2. You will not use, publish or in any other way display the mark FANTA
  together with any mark or the manufacturers product name, distributors or
  suppliers of the CANS.

3. You will abstain from selling and distribute the THE BEVERAGE in CANS to
  any person with the purpose of re-sale outside the TERRITORY without our prior
  written consent.

4. You commit to that all THE BEVERAGE canned in accordance with this
  authorization must be done in accordance with the following requirements and
  specifications:

a) All the dosification equipment, Carbonation and Filling must be
  appropriate for the can of THE BEVERAGE and to have received our prior approval.

b) For the preparation of THE BEVERAGE, it will be used the portion of one
  part of SYRUP by 4.4 parts of carbonated water, fresh and odorless.

c) The Carbonation in the CANS should be maintained on the range of 2.25 CANS
  Volumes at 2.75 Volumes (Calculated at 60 degrees Fahrenheit).

d) All the Carbon Dioxide used on the operation must be free of oils, odors
  and any other impurities. Is your responsibility that the quality of the Carbon
  Dioxide complies at all time with our specifications.

e) THE BEVERAGE content of the filled CANS must be on the range of 291 to 301
  milliliters with an average content of 296 ml.

f) The air content in the finished product on the CANS must be less than 2
  ml. per CAN. Obtaining a low air content on the CANS and verifying the closings
  in the filled CANS are of mayor importance, therefore you must assign personal
  duly trained to practice this and any other Quality Control tests. All the test
  procedures that must be followed shall be the ones indicated by our Company and
  that you must know completely as well as be consistent with those that are
  accepted on the Industry.

g) You must maintain a complete equipment of water treatment that includes
  alkaline regulation, coagulation and chlorine accompanied by sand filtration and
  active Carbon purification and polish filter. The water used for canning must be
  fresh, free of suspension material and contain at least 85 p.p.m of

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##### 

alkalinity (Calculated as Calcium Carbon).

h) At the expiration or anticipated termination of this authorization, you
  must deliver to the Company, in accordance with the instructions informed, all
  THE BEVERAGE in CANS and all the usable and not filled CANS and the secondary
  packages that have the trade marks of The Coca-Cola Company and are under your
  control or possession. At the deliver of such implements, the Company will pay
  you an equal sum at the reasonable market value of the same. It is understood
  that such payment will be made only for such first class items and in usable
  conditions. Notwithstanding all the abovementioned, all the CANS and secondary
  packages and publicity material that contain the name of your Company must be
  destroyed without any cost for us.

The company may terminate this authorization without any responsibility for
  damages, upon ninety (90) days of written notification in the understanding that
  it will finish automatically upon maturity or anticipated termination of the
  said License Agreement. THE BOTTLER hereby recognizes that the present
  authorization is granted temporally with the term herein and that it will not
  have any right to ask for a tacit renewal of this authorization. This
  authorization replaces all authorizations entered before by and between the
  Company and the Bottler in connection with the subject matter of this Schedule
  C.

|                                  |  |                                  
|--------------------------------- |  | ---------------------------------
|COCA-COLA DE PANAMA COMPAÑÍA      |  | THE COCA-COLA COMPANY            
|EMBOTELLADORA, S. A.              |  |                                  
|                                 
|                                 
|                                 
|                                 
|By:   __/s/______________________ |  | By:   __/s/______________________
|Authorized Representative         |  | Authorized Representative        
|Date: February 16, 1995           |  | Date: February 16, 1995          

---

##### 

Schedule D.1

| |                       
| | ----------------------
| | Location: PANAMA      
| | Date: NOVEMBER 1, 1994

AUTHORIZATION TO CAN SPRITE ORANGE -10 OZ

Pursuant to the provision in Clause 3 in the Agreement entered by and between
  The Coca-Cola Company (hereinafter referred to as the Company) and COCA-COLA
  DE PANAMA COMPAÑIA EMBOTELLADORA, S.A., (hereinafter referred to as THE BOTTLER)
  signing at the end of this document, valid as of NOVEMBER 1, 1994, the Company
  hereby grants a non-exclusive authorization to the Bottler so as for him to
  prepare, can, distribute and sale the beverage FANTA (hereinafter referred to as
  THE BEVERAGE).

Bearing in mind that you have expressed your desire to prepare and distribute
  and sale THE BEVERAGE on metal bases (CANS), hereby we grant to you the
  corresponding authorization to prepare, sale, and distribute THE BEVERAGE in
  CANS in THE TERRITORY ( referred on the License Agreement in the APPENDIX III),
  subject to the following conditions:

1. You commit to that all THE BEVERAGE that is canned by you in accordance
  with this authorization must be prepared in accordance with the instructions
  that from time to time will be informed by us.

2. You will not use, publish or in any other way display the mark FANTA
  together with any mark or the manufacturers product name, distributors or
  suppliers of the CANS.

3. You will abstain from selling and distribute the THE BEVERAGE in CANS to
  any person with the purpose of re-sale outside the TERRITORY without our prior
  written consent.

4. You commit to that all THE BEVERAGE canned in accordance with this
  authorization must be done in accordance with the following requirements and
  specifications:

a) All the dosification equipment, Carbonation and Filling must be
  appropriate for the can of THE BEVERAGE and to have received our approval.

b) For the preparation of THE BEVERAGE, it will be used the portion of one
  part of SYRUP by 4.4 parts of carbonated water, fresh and odorless.

c) The Carbonation in the CANS should be maintained on the range of 2.25 CANS
  Volumes at 2.75 Volumes (Calculated at 60 degrees Fahrenheit).

d) All the Carbon Dioxide used on the operation must be free of oils, odors
  and any other impurities. Is your responsibility that the quality of the Carbon
  Dioxide complies at all time with our specifications.

e) THE BEVERAGE content of the filled CANS must be on the range of 291 to 301
  milliliters with an average content of 296 ml.

f) The air content in the finished product on the CANS must be less than 2
  ml. per CAN. Obtaining a low air content on the CANS and verifying the closings
  in the filled CANS are of mayor importance, therefore you must assign personal
  duly trained to practice this and the other Quality Control tests. All the test
  procedures that must be followed shall be the ones indicated by our Company and
  that you must know completely as well as be consistent with those that are
  accepted on the Industry.

g) You must maintain a complete equipment of water treatment that includes
  alkaline regulation, coagulation y clorification, accompanied by sand filtration
  and active Carbon purification and polish filter. The water used for canning
  must be fresh, free of suspension material and contain at least 85 p.p.m

---

##### 

of alkalinity (Calculated as Calcium Carbon).

h) At the expiration or anticipated termination of this authorization, you
  must deliver to the Company, in accordance with the instructions informed, all
  THE BEVERAGE in CANS and all the usable and not filled CANS and the secondary
  packages that have the trade marks of The Coca-Cola Company and are under their
  control or possession. At the deliver of such implements, the Company will pay
  you and equal sum at the reasonable market value of the same. It is understood
  that such payment will be made only for such first class items and in usable
  conditions. Notwithstanding all the abovementioned, all the CANS and secondary
  packages and publicity material that contains the name of your Company must be
  destroyed without any cost for us.

The company may terminate this authorization without any responsibility for
  damges, upon ninety (90) days of written notification in the understanding that
  it will finish automatically upon maturity or anticipated termination of the
  said License Agreement. THE BOTTLER hereby recognizes that the present
  authorization is granted temporally with the term herein and that it will not
  have any right to ask for a tacit renewal of this authorization. This
  authorization replaces all authorizations entered before by and between the
  Company and the Bottler in connection with the subject matter herein.

|                                  |  |                                  
|--------------------------------- |  | ---------------------------------
|COCA-COLA DE PANAMA COMPAÑÍA      |  | THE COCA-COLA COMPANY            
|EMBOTELLADORA, S. A.              |  |                                  
|                                 
|                                 
|                                 
|                                 
|By:   __/s/______________________ |  | By:   __/s/______________________
|Authorized Representative         |  | Authorized Representative        
|Date: February 16, 1995           |  | Date: February 16, 1995          

---