|Exhibit 1.3
|-----------



|COCA-COLA FEMSA, S.A. DE C.V.
|-----------------------------

|BY-LAWS
|-------



|CHAPTER I
|---------

|NAME, PURPOSE, DURATION, LEGAL
RESIDENCE AND NATIONALITY OF THE COMPANY
|-----------------------------------------------------------------------



|ARTICLE 1: The
Company is called COCA-COLA FEMSA followed by the words SOCIEDAD
ANONIMA DE CAPITAL VARIABLE (Variable Stock Corporation), or by the abbreviation
S.A. DE C.V.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 2: The
purposes of the Company shall be:
|------------------------------------------------



|(a) To establish,
promote and organize commercial or civil companies of  any type, as well as to acquire
and possess shares or participations in them;
|------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) To acquire,
possess and sell bonds, shares, participations and  securities of any type, participate
in the borrowing and lending of securities,  enter into partnerships, companies and joint
ventures and, in general, to carry  out all types of active and passive transactions
involving said securities;
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) To provide or
receive advisory, consulting or other types of  services in industrial, commercial,
financial, legal and tax matters and in any  other area related to the promotion,
administration and management of companies;
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) To acquire,
build, manufacture, import, export, dispose of and, in  general, conduct business with
all types of machinery, equipment, raw materials  and any other items necessary to the
companies in which it has an interest or  with which it has commercial relations;
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) To request,
obtain, register, buy, lease, sell or in any other way  dispose of and acquire
trademarks, commercial names, copyrights, patents,  inventions, franchises,
distributions, concessions and processes;
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 1
| |  | -



---





|(f) To acquire,
build, lease and, under any other title possess and  operate, the real and personal
property required by or necessary for its  purpose, as well as to install or, under any
other title operate, plants,  workshops, warehouses, stores, storage facilities or
depositories; to subscribe  or buy and sell stocks, bonds and securities as well as to
undertake any other  transactions which may be necessary or conducive to the main
business purpose;  and
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) To draw,
accept, make, endorse or guarantee (avalar) negotiable instruments, issue
bonds secured with real property or unsecured, and to make the company jointly and
severally liable, as well as to grant security of any type with regard to the
obligations entered into by the Company or by third parties, and in general, to perform
such acts, enter into such contracts and carry out such other transactions as may be
necessary or conducive to the business purpose of the Company.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 3: The
Company shall have a term of 99 (ninety-nine) years, beginning as of the date the
Company of its incorporation.
|------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 4: The
legal domicile of the Company is Mexico, D.F., and the Company may establish agencies,
offices or branches in other places in the Mexican Republic or abroad.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 5: Any
foreigner who, at the time of incorporation or at any subsequent time, acquires a
corporate interest or participation in the Company, will be considered by that fact
alone as Mexican with respect to such interest or participation, and it is understood
that he agrees not to invoke the protection of his government, under the penalty, in
case of failure to comply with this agreement, of forfeiting said interest or
participation to the benefit of the Mexican Nation.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 2
| |  | -



---





|CHAPTER II
|----------

|CAPITAL STOCK AND SHARES
|------------------------



|ARTICLE 6: (a) The
Company is a variable capital stock corporation. The minimum fixed Capital Stock not
subject to withdrawal is equal to $820,502,794 (eight hundred and twenty million five
hundred and two thousand pesos seven hundred ninety four pesos, national currency),
which is fully paid and subscribed. The variable Capital Stock shall not exceed ten
times the amount of the minimum fixed Capital Stock.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) At least 75%
of the Capital Stock will be represented by ordinary  shares, (without expression of par
value) These shares will be divided into  three Series: Series A ordinary
shares with restricted transferability, Series  D ordinary shares with
restricted transferability, and Series B ordinary  shares of free
transferability. The Capital Stock will also be represented by  not more than 25% of
Series L shares with limited voting rights, free  transferability (without
expression of par value).
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) The Series
A shares shall represent at all times no less than 51%  of the Capital Stock
represented by ordinary shares, and shall be subscribed to  and held only by Mexican
investors. The Series D shares shall constitute at  all times no less than
25% of the Capital Stock represented by ordinary shares  and shall be freely
subscribable. The Series B shares shall be freely  subscribable and shall,
together with the Series D shares, not exceed 49% of  the Capital Stock
represented by ordinary shares. The Series L shares shall,  at all times
subsequent to the authorization of the National Securities  Commission and the Foreign
Investment Commission of Mexico, not be counted for  purposes of determining the amount
and percentage of foreign participation in  the Capital Stock of the Company.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 3
| |  | -



---





|If Series
A shares are subscribes or acquired by any other  shareholders holding shares
of any other Series, and such shareholders has a  nationality other than Mexican, such
Series A shares shall be automatically  converted in shares of the same
series of stock that such shareholder own, and  such conversion shall be considered
perfected at the same time of said  subscription or acquisition. Provided that the
percentages of capital stock  described in this paragraph c) are complied, the Series
A shareholder and/or  the Series D shareholders shall be entitled
at any time to assign, in part or  as a whole, their right to subscribe shares (i) in
favor of a Subscription  Subsidiary (as defined in Article 15 (g) below) and/or in favor
of any other  shareholder of the other series of shares; and (ii) in favor of any of
their  affiliates, with the written consent of all Series A and Series
D  shareholders.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|For purposes of
the foregoing, it shall be stated the waiver of the  respective pre-emptive rights, as
well as the assignment of such rights, and as  the case may be, the consent of the Series
A and Series D shareholders in  the minutes of the shareholders
meeting approving the capital stock increase or  by means of written instruments
delivered to the Secretary of the Company before  the expiration of the term to exercise
such pre-emptive rights. The shares that,  in exercise of a right assigned, are
subscribed by shareholders holding other  shares of stock, or by affiliates of such
shareholders, shall be automatically  converted into shares of the same series of stock
that the shareholder that  assigned such rights holds.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) The Series
A and the Series D shares shall be shares with  restricted
transferability, and as such, shall be subject to the restrictions  set forth in Article
15 hereto and verification by the Companys Transfer Agent  referred to in Article 17
hereof for their transfer to be effective.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) Within their
respective Series, the shares give their holders the  same rights and subject their
holders to the same obligations.
|-------------------------------------------------------------------------------------------------------------------------------------



| |  | 4
| |  | -



---





|(f) The
certificates representing the shares shall bear the manual  signature of one Series
A and one Series D Director.
|----------------------------------------------------------------------------------------------------------------------------



|(g) The Series
L shares shall only have voting rights as to those  limited matters described
in these By-Laws and specified in the corresponding  share certificates. Such limited
matters are as follows: changes in the legal  form of the Company, other than changes
from Sociedad Anonima de Capital  Variable to Sociedad Anonima and vice versa; merger
with another corporation, in  the capacity of merged corporation, or merger with another
corporation in the  capacity of merging corporation, when the principal corporate
purposes of the  merged corporation are not related to or connected with those of the
Company or  its subsidiaries; and the cancellation of the registration of the shares
issued  by the Company with the special section or securities section of the National
Registry of Securities and Brokers or with other foreign stock exchanges in  which the
shares may be listed.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(h) It is
understood and agreed by the holders of Series L shares that under no
circumstances will such holders have the right to determine the management of the
Company, its investments, increases or reductions of Capital Stock, the issuance or
amortization of the shares representing the Capital Stock, changes in these By-Laws or
the dissolution or liquidation of the Company, or have any rights other than those
expressly granted pursuant to paragraph (g) of this Article 6; provided, however, that
the holders of Series L shares shall, have the right to designate up to 3
Proprietary Directors and their respective Alternate Directors, as set forth in Article
25 section (a) of these by-laws.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 7: The
Company shall be able to issue limited voting shares, described herein as Series
L shares, which, with the prior authorization of the National Banking and
Securities Commission and the Foreign Investment Commission of Mexico, will be
considered issued under the applicable provisions of the Stock Exchange Law and the
corresponding authorizations issued by the
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 5
| |  | -



---





|National Banking and Securities Commission.
Article 198 of the General Law of  Commercial Companies shall not apply to such shares,
and such shares shall be  subject to other limitations on corporate rights as specified
herein.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 8: Any
increase or reduction of the fixed portion of the Capital Stock, any changes to the
authorized Capital Stock and any consequent amendment of clause three of the escritura
constitutiva and Article 6 of these By-Laws shall be accomplished pursuant to a
resolution adopted at an Extraordinary Shareholders Meeting in accordance with the
terms of Article 23 hereof.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 9: Any
increase or reduction of the variable portion of the Capital Stock, within the maximum
amount authorized, shall (except when the shareholders exercise their right of
redemption pursuant to Article 11 hereof) be accomplished pursuant to a resolution
adopted at an Ordinary Shareholders Meeting in accordance with the terms of Article 23
hereof.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 10: The
variable portion of the Capital Stock may be increased, as and when approved at an
Ordinary Shareholders Meeting, through the issuance of new shares or the offering of
treasury shares (shares that are authorized, issued and unsubscribed shall be referred
to herein as Treasury Shares) held for this purpose, provided that the
shareholders shall have preemptive rights to subscribe such shares. The exercise of this
right shall be carried out pursuant to the terms of Article 132 of the General Law of
Commercial Companies.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 11: (a)
Subject to the provisions of this Article 11 and the General Law of Commercial
Companies, the variable portion of the Capital Stock may be reduced, among other means,
through the partial or full redemption of shares by the Company at the request of any
shareholder, provided that prior notice of such intention to have their shares redeemed
is given to the Company, which notice, (i) if received before the last quarter of the
fiscal year, shall become effective as of the
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 6
| |  | -



---





|end of the fiscal year in question, or (ii) if
received during the last quarter of the fiscal year, shall become effective as  of the
end of the following fiscal year. Notwithstanding the foregoing, the  shareholders may
not exercise their right of redemption if such redemption  affects the fixed portion of
the Capital Stock not subject to redemption or the  percentages established in Article 6
of these By-Laws.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Should the
Company receive redemption requests that would cause a  reduction below the minimum of
the Capital Stock of the Company or of the  percentages established in Article 6 hereof,
the Company shall only redeem such  shares which would not cause a reduction in the
Capital Stock below the minimum  required or affect the percentages established in
Article 6 hereof; such  redemption shall be made with respect to each requesting
shareholder in the  order in which such request was received.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) Should the
Company receive simultaneous redemption requests that  would cause a reduction below the
minimum of the Capital Stock of the Company or  of the percentages established in Article
6 hereof, the Company shall only  redeem such shares which would not cause a reduction in
the Capital Stock below  the minimum required or affect the percentages established in
Article 6 hereof;  such redemption shall be made with respect to each requesting
shareholder on a  pro-rata basis as to the number of shares for which redemption was
simultaneously requested.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) The procedure
for the exercise of the right of redemption by shareholders of the variable portion of
the Capital Stock shall, in addition to complying with the provisions of Articles 220
and 221 of the General Law of Commercial Companies, conform to the requirement that such
redemption shall be at the lower of the following amounts: 95% (ninety-five percent) of
the quoted stock market price on the Mexican Stock Exchange (Bolsa de
Valores), calculated based on the average of the closing prices for the thirty
trading days prior to the
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 7
| |  | -



---





|date such redemption is effected, or the full
book value of  the shares in accordance with the year-end financial statements for the
fiscal  year in which the redemption is effected, as previously approved at the Ordinary
shareholders Meeting.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) The redemption
amount shall be due and payable as of the day  following the Ordinary shareholders
Meeting at which the Companys audited  financial statements for the fiscal year at the
end of which the redemption is  effected are approved.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 12: The
Company, under the terms of the Stock Exchange Law and the general regulations issued by
the National Banking and Securities Commission, shall be able to temporarily acquire
shares representing its Capital Stock.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Pursuant to the
regulations of the National Banking and Securities  Commission, the companies of which
this company is a majority shareholder or a  majority participant shall not directly or
indirectly acquire shares  representative of the capital stock of this company, except
for acquisitions of  shares by majority owned subsidiaries of this company, or by any
trust created  therefore, to implement options or sales plans granted or designed for the
benefit of directors, employees or officers of such companies or of this  company.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 13: All
increases or reductions of the Capital Stock shall be recorded by the Company in a
Registry Book kept for such purpose.
|---------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 14: The
Company may redeem part of its shares by using distributable profits according to the
following rules:
|----------------------------------------------------------------------------------------------------------------------



|(a) The
redemption must be resolved by an Extraordinary Shareholders Meeting.
|-----------------------------------------------------------------------------



| |  | 8
| |  | -



---





|(b) Only fully
paid shares may be redeemed.
|-------------------------------------------



|(c) The shares to
be redeemed shall be acquired pursuant to the rules  set forth in Article 136 of the
General Law of Commercial Companies.
|-------------------------------------------------------------------------------------------------------------------------------------------



|(d) The
certificates representing redeemed shares shall be cancelled.
|---------------------------------------------------------------------



|ARTICLE 15: (a) No
sale, transfer, assignment, pledge or other disposition (any of the foregoing being
hereinafter referred to as a Transfer) of Series A shares or
Series D shares will be valid if it is not carried out in accordance with
the following procedures, unless all the holders of the Series A and
D shares give their prior written approval.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Any
shareholder that wishes to sell Series A or D shares (the
Selling Shareholder) shall communicate such intention in writing to the
Series  A shareholders (if the shares to be sold are Series D
shares) or the Series  D shareholders (if the shares to be sold are Series
A, shares) (the  shareholders required to receive such notice being hereafter
referred to as  Offeree Shareholders) and to the Chairman of the Board of
Directors, the  designated representative of the Series D Directors and the Transfer
Agent 90  days prior to such proposed sale, which writing shall communicate the intention
to sell such shares, the number of shares intended to be sold, the name of the  proposed
purchaser, the proposed price, which must be payable entirely in cash  (the First
Refusal Price), as well as any other terms in connection with the  proposed sale.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) During said
period of 90 days, the Offeree Shareholders, each of  whom shall be bound by the decision
of Offeree Shareholders holding a majority  of the Series A or Series
D shares, as the case may be, will have an option  to purchase all (but not
less than all) of the shares offered at the First  Refusal Price, to be paid in cash and
on the same terms offered to the proposed  purchaser, provided that, in the event such
option is exercised, any Offeree  Shareholder so
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 9
| |  | -



---





|required to purchase shares may designate any
other person or  persons on its behalf to acquire such shares and provided that the
Offeree  Shareholders give prior written notice of the exercise of such option to the
Chairman of the Board of Directors, the designated representative of the  Directors
appointed by the Series D shareholders and the Transfer Agent. In  the event
such option is exercised, (i) if the shares to be acquired pursuant to  such option are
series A shares, each Offeree Shareholder shall be required to  acquire such
shares in the proportion its series D shares bear to all issued,  subscribed
and paid Series D shares, (ii) if the shares to be acquired  pursuant to such
option are series D shares, each Offeree Shareholder shall be  required to
acquire such shares in the proportion its Series A shares bear to  all
issued, subscribed and paid series A shares and (iii) the Selling
Shareholder and each of the Offeree Shareholders (or any designee of such  Offeree
Shareholder) shall consummate the transactions implied by the exercise  of such option
within 10 business days after the date on which such option is  exercised.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) In case the
Offeree Shareholders do not exercise the aforementioned  purchase option, the Selling
Shareholder will have 90 days beginning on the  earlier of (i) the date on which the
90day period referred to in the immediately  preceding paragraph ends and (ii) the date
on which the Selling Shareholder  receives written notice from the Offeree Shareholders
of their desire not to  exercise their option, to consummate the proposed sale, in its
entirety, at  price not less than the First Refusal Price and on terms no less favorable
to  the Selling Shareholder than those offered to the Offeree Shareholders.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) At any time
when any shares of the Companys Capital Stock are listed for public trading on the
Mexican Stock Exchange (Bolsa de Valores), any holder shall be entitled to
sell Series A or Series D shares through a public offering on
such Exchange, provided that it complies with the terms of paragraphs (b) through (e) of
this Article 15, except that the Selling Shareholder need not provide the Offeree
Shareholders with the names of the proposed purchasers.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 10
| |  | --



---





|(f) Should any
Series A or D shareholder propose to pledge its  shares to a
financial or credit institution (the Pledgee), such shareholder  (the
Pledgor) shall deliver to the Chairman of the Board of Directors, the
designated representative of the Series D Directors and the Transfer Agent,  prior to the
execution of such pledge, a written agreement in which the Pledgee  agrees (i) to notify
the Chairman of the Board of Directors of the Company and  the designated representative
of the Series D Directors of any default under the  pledge, (ii) to comply with all the
procedures set forth in paragraphs (b)  through (d) and any other applicable provisions
of this Article 15prior to any  foreclosure of the pledged shares and (iii) to
irrevocably waive any right of  self adjudicating the shares, even with the written
consent of the shareholder  that granted the pledge, until it has fully complied with
such restrictions and  procedures, and (iv) that the Pledgor shall be entitled to vote
the pledged  shares so long as it is the registered holder thereof. In the event of such
a  foreclosure, the First Refusal Price shall be determined by an auction or, if  such
auction is not required by law and the transfer is to be carried out in a  different
manner, such First Refusal Price will be equivalent to the Fair  Market Value
of such shares, as determined pursuant to paragraph (1) of this  Article 15.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g)
Notwithstanding the foregoing, (i) any shareholder (a Subscription
Shareholder) that acquires Series A or Series D shares by
subscription (or  that acquired Series A or Series D shares in
connection with a  recapitalization in exchange for shares of the Company it acquired by
subscription) may Transfer any such shares to a which it owns, directly or  indirectly,
more than 50% of the outstanding shares of the capital stock with  voting power (with
respect to such Subscription Shareholder, a Subscription  Subsidiary), and
(ii) any Subscription Subsidiary may Transfer any such shares  to such Subscription
Shareholder or any other Subscription Subsidiary of such  Subscription Shareholder,
provided that in each case the Transferor shall gives  prior written notice to the
Chairman of the
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 11
| |  | --



---





|Board, the designated representative  of the
Directors appointed by the Series D shareholders and the Transfer  Agent.
|------------------------------------------------------------------------------------------------------------------------



|(h) Any
shareholder that wishes to Transfer Series A or D shares in  any
manner whatsoever except as permitted by paragraphs (b) through (g) hereof  (the
FMV Shares) shall communicate such intention in writing to the Series
A  shareholders (if the FMV Shares are Series D shares) or the
Series D  shareholders (if the FMV Shares are Series A shares)
(the shareholders  required to receive such notice being hereafter referred to as the
FMV Offeree  Shareholders) and to the Chairman of the Board of Directors, the
designated  representative of the Series D Directors and the Transfer Agent, which
writing  shall communicate the intention to Transfer the FMV Shares, the number of FMV
Shares, the name of the proposed transferee and a detailed description of the  proposed
Transfer and the terms thereof, including any, compensation to be paid.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(i) For a period
of 90 days following delivery of such notice, FMV  Offeree Shareholders holding a
majority of the Series A or Series D shares,  as the case may be,
shall be entitled to demand a determination of Fair Market  Value of the FMV Shares by
delivering a notice in writing to the proposed  transferor and to the Chairman of the
Board of Directors, the designated  representative of the Series D Directors and the
Transfer Agent. If such a  demand is so delivered, the FMV Offeree Shareholders, each of
whom shall be  bound by the decision of FMV Offeree Shareholders holding a majority of
the  Series A or Series D shares, as the case may be, and the
proposed transferor  shall proceed as rapidly as practicable to determine the Fair Market
Value of  the FMV Shares.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(j) The FMV
Offeree Shareholders, each of whom shall be bound by the  decision of FMV Offeree
Shareholders holding a majority of the Series A or  series D
shares, as the case may be, shall have an option to purchase all (but  not less than all)
of the FMV shares at a price equal to their Fair Market Value  within 90 days following
the determination thereof, provided that, in the event  such option is
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 12
| |  | --



---







|exercised, any FMV Offeree Shareholder so
required to purchase  shares may designate any other person or persons on its behalf to
acquire such  FMV Shares. In the event such option is exercised, (i) if the FMV Shares
are  Series A shares, each FMV Offeree Shareholder shall be required to
acquire  such FMV Shares in the proportion its Series D shares bear to all
issued,  subscribed and paid Series D shares, (ii) if the FMV Shares are
Series D  shares, each Offeree Shareholder shall be required to acquire such
FMV shares in  the proportion its Series A shares bear to all issued,
subscribed and paid  Series A shares and (iii) the proposed transferor and
each of the FMV Offeree  Shareholders (or any designee of such FMV Offeree shareholder)
shall consummate  the transactions implied by the exercise of such option within 10
business days  after the date on which such option is exercised.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(k) In case the
FMV Offeree Shareholders do not exercise the  aforementioned purchase option, the
proposed transferor will have 90 days  beginning on the earlier of (i) the date on which
the 90 day option period  referred to in the immediately preceding paragraph ends and
(ii) the date on  which the proposed transferor receives written notice from the FMV
Offeree  Shareholders of their desire not to exercise their option, to consummate the
proposed Transfer, in its entirety, on the terms specified in the notice  referred to in
paragraph (h) of this Article 15.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(l) As used in
this Article 15, the Fair Market Value of the  Companys shares shall mean an
amount equal to the Company Value, as defined  below, multiplied by a
fraction, the numerator of which is the number of the  Companys shares that are being
valued, and the denominator of which is the  total number of issued, subscribed and paid
shares as of the valuation date. As  used in this Article 15, the term Company
Value shall mean the amount in New  Pesos that, as of the date of such valuation,
would be received for all issued,  subscribed and paid shares of the Companys Capital
Stock in an arms-length  transaction between a willing buyer and seller, determined as
follows:
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 13
| |  | --



---





|1. The two parties
determining Fair Market Value will each make an  independent determination of the Company
Value (each an Original Valuation  Determination) and will submit it to the
Chairman of the Board of Directors,  the designated representative of the Series D
Directors and the Transfer Agent.  If the two valuations differ by an amount which is
less than 10% of the smaller  valuation, the Company Value will be the average of such
Original Valuation  Determinations.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. If the
difference between the two valuations is an amount which is  greater than 10% of the
smaller valuation, the parties will each select a  financial institution from a list of
internationally recognized institutions  approved by a majority of the Series A Directors
and a majority of the Series D  Directors. These two institutions will make their
respective determinations of  the Company Value (the Second Valuations) and
submit them to the Chairman of  the Board of Directors, the designated representative of
the Series D Directors  and the Transfer Agent. If the Second Valuations differ by an
amount which is  less than 10% of the smaller valuation, the Company Value will be the
average of  such Second Valuations.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. If the Second
Valuations differ by an amount which is greater than  10% of the smaller valuation, the
two aforementioned institutions will select a  third institution from the same list from
which they were chosen, which  institution shall then make its own determination of the
Company Value (the  Third Valuation) .The two Second Valuations and the Third
Valuation will be  averaged together, and the Original Valuation Determination that is
nearest to  this average will be deemed to be the Company Value.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 16: The
Company may be reorganized into one of several corporations pursuant to a resolution
adopted at an Extraordinary Shareholders Meeting.
|-------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 14
| |  | --



---





|ARTICLE 17: The
Company will have a shares registry and will consider as shareholders only those persons
who appear registered in such registry. Upon the appointment of the Trustee Division of
Banca Serfin, S.A. (or any other trust institution that the Board of Directors may
select) as transfer agent of the Company (the Transfer Agent), the Company
will register its shares of capital Stock of any Series with the Transfer Agent; with
respect to such shares, the Company will consider as owner only those shareholders who
appear in the registry of such trust institution and, before making changes in such
registry with respect to Series A or D shares, such trust
institution must verify full compliance with the provisions set forth in Article 15
hereof.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 18: (a)
The Companys controlling shareholders are required, in the event of cancellation of the
registration of any shares of the Company in the Securities Section of the National
Register of Securities, either at the request of the Company or by a resolution of the
National Banking and Securities Commission of Mexico in accordance with law, to make a
public offer to acquire said shares prior to such cancellation at the highest price
resulting from the average of the closing prices of such shares over the thirty day
period immediately preceding the offering date, or at the book value of the shares
according to the most recent quarterly report presented to the Commission and the
Mexican Stock Exchange prior to the offering.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Such
shareholders shall not be obliged to carry out the  aforementioned public acquisition
offer in the event that all of the  shareholders approve the cancellation of the
registration.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|CHAPTER III
|-----------

|SHAREHOLDERS MEETINGS
|----------------------



|ARTICLE 19: (a)
The General Meeting of Shareholders is the supreme authority of the Company, all other
corporate authority being subordinate thereto.
|-----------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 15
| |  | --



---





|(b) The
Shareholders Meetings shall be either General (Ordinary or  Extraordinary) or Special
and will be held at the domicile of the Company.  Extraordinary Meetings will be those
which are held to deal with any of the  matters stipulated under Article 182 of the
General Commercial Companies Law, as  well as for the cancellation of the registration of
shares issued or to be  issued by the Company, which have been filed with the securities
or special  sections of the National Register of Securities and Financial Instruments, or
with foreign stock exchanges in which such shares may have been listed. All  other
General Meetings will be Ordinary Meetings. Special Meetings will be those  which are
held to deal with matters put to the vote of a particular Series of  shares. Each meeting
shall deal only with the matters included in the Agenda.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 20: (a) An
Ordinary Meeting shall be held at least once a year in the Companys offices on the date
set by the Board of Directors, which date shall be within four months following the
close of the corresponding fiscal year.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Extraordinary
and Special Shareholders Meetings shall be called by  the Board of Directors. Any such
meetings will be called upon shareholder  request pursuant to the terms set forth in
Articles 184 and 185 of the General  Commercial Companies Law and other applicable
provisions of the Stock Exchange  Law.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 21: (a)
The call for the Ordinary, Extraordinary and Special Shareholders Meetings, in first or
further call, shall be published in the Official Newspaper in the domicile of the
Company or in at least one of the newspapers of major circulation in the domicile of the
Company, at least 15 days prior to the date determined for the meeting to take place.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Calls for a
General Shareholders Meeting shall comply with the  requirements set forth in Articles
186 and 187 of the General Law of Commercial  Companies.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 16
| |  | --



---







|ARTICLE 22: To
attend the meetings, holders of Series A and D shares must
deposit their shares with the Transfer Agent and obtain written proof of ownership of
such shares from the Transfer Agent in order to obtain from the Companys Corporate
Secretary a certificate authorizing such shareholders participation in the meetings,
which certificate must be received at least 48 hours before the day and hour indicated
for the meeting; holders of Series B and L shares must deposit
their shares with the corporate Secretary and obtain a certificate from the Companys
Corporate Secretary authorizing such shareholders participation in the meetings, at
least 48 hours before the day and hour indicated for the meeting or, in the case of
Series B or L shares deposited in an institution for the custody
of securities, said institution shall inform the Companys Corporate Secretary, on a
timely basis, of the number of shares that each of its depositors maintains therein, and
shall indicate if the deposit has been made on the depositors or on a third partys
behalf; this proof shall be accompanied by a listing of names prepared by depositors and
previously delivered to the Companys Corporate Secretary, within the aforementioned
time, in order to obtain a certificate valid for entry. The shareholders are entitled to
be represented at the meetings by proxies, through a simple power of attorney letter, or
by a power of attorney issued in the formats that satisfy the conditions set forth in
the Stock Exchange Law, which must be received by the Companys Corporate Secretary
within the aforementioned time.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 23: (a)
The Ordinary and Extraordinary Shareholders Meetings, called to deal with matters in
which the holders of Series L shares do not have voting rights, shall be
considered legally convened through first or further call, provided that shareholders
representing at least 76% of the issued, subscribed and paid ordinary Capital Stock are
present, and their resolutions shall be valid when adopted by the holders of at least a
majority of the issued, subscribed and paid shares of ordinary Capital Stock voting (and
not abstaining) at such meeting.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 17
| |  | --



---





|(b) Except as
otherwise provided in paragraph (d) of this Article 23,  Extraordinary Shareholders
Meetings which are held through first or further  call, to deal with matters in which the
holders of Series L shares have voting  rights, shall be considered legally
convened, provided that shareholders  representing at least 82% of the issued, subscribed
and paid shares of Capital  Stock are present, and their resolutions shall be valid when
adopted by holders  of at least a majority of the issued, subscribed and paid shares of
Capital  Stock voting (and not abstaining) at such meeting.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) Special
Shareholders Meetings of any Series of shares, which are  held through first or further
call, shall be considered legally convened when  holders of at least a majority of the
issued, subscribed and paid shares of such  Series are present, and their resolutions
shall be valid when adopted by at  least a majority of the issued, subscribed and paid
shares of such Series.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) The approval
of the modification of any of the provisions of,  Article 18 hereof requires a minimum
quorum of holders of 95% of all the issued,  subscribed and paid shares of Capital Stock,
the vote of holders of at least 95%  of all the issued, subscribed and paid shares of
Capital Stock voting (and not  abstaining) in connection therewith and the previous
approval of the National  Securities Commission.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) Any Ordinary,
Special and Extraordinary Shareholders Meetings  shall be deemed lawfully called if all
issued, subscribed and paid shares are  represented therein, even if no notice was
published, and their Resolutions will  be deemed valid if, at the time of voting, all
shares continue to be  represented.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) During an
Ordinary Shareholders Meeting where the Companys  Financial Statements for the prior
fiscal year are discussed shall also be  discussed: (i) the report of the Auditing
Committee referred to in Article 14  Bis 3, section IV, paragraph c) of the Stock
Exchange Law, and (ii) the report  referred to by Article
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 18
| |  | --



---





|172 of the General Law of Commercial Companies,
corresponding to the Companys prior fiscal year, along with those Reports that
correspond to other companies of which the Company owns 50% or more of the  capital
stock, and the investment value of such company is equal or greater than  20% (twenty
percent) of the Companys net worth, in accordance to the last  financial statements of
the Company.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 24: The
Chairman of the Board of Directors, or whoever may substitute for him in his functions,
shall preside over the corresponding Shareholders Meeting; in his absence, the meeting
shall be presided over by any shareholder designated by those shareholders attending the
meeting. The Secretary shall be the Boards Secretary or, in his absence, any person
designated by those shareholders attending the meeting. The Chairman shall name two of
the shareholders present as vote-counters (escrutadores). Voting shall be by
show of hands (economicas) unless at least three of the shareholders
attending the meeting request that it be made by roll call (nominales).
Furthermore, at the request of shareholders holding 10% (ten percent) of the shares
represented at a Meeting, the vote for any matter with respect to which they do not
consider themselves sufficiently informed may be postponed by them for up to three days
without the need for a new call. This right may only be exercised once for a particular
matter.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|CHAPTER IV
|----------

|ADMINISTRATION AND VIGILANCE
|----------------------------



|ARTICLE 25: (a)
The management and administration of Company matters shall be entrusted to a Board of
Directors, which shall be comprised of not more than 18 Proprietary Directors and their
respective Alternate Directors. The number of Proprietary and Alternate Directors will
be increased if the minority shareholders exercise their right to designate a Director
in accordance with Article 26 hereof.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 19
| |  | --



---





|Nominations of Directors for each Series of
shares will take  place in a Ordinary Shareholders Meeting, convened in accordance with
Article  23 hereof. The Series A shareholders shall, by a majority vote,
appoint 11  Proprietary Directors and their respective Alternate Directors; the Series
D  shareholders shall, by a majority vote, appoint 4 Proprietary Directors
and  their respective Alternate Directors; the Series L shareholders shall,
by a  majority vote, appoint up to 3 Proprietary Directors and their respective
Alternate Directors; and the Series B Shareholders may appoint Directors to
the extent provided in Article 26 hereof.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The Directors
shall be elected for one year and shall continue in  the exercise of their functions even
if the term for which they have been  designated has concluded until such time as those
persons appointed to replace  them have taken office. The Ordinary Meeting of
Shareholders at which the  Directors of the Company are designated shall determine the
compensation that  the Directors will receive for their service during the period so
designated.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 26: Any
shareholder or group of shareholders holding duly paid Series B shares or
any other duly paid limited voting shares of Capital Stock of the Company, which did not
vote in favor of the Directors appointed by the holders of a majority of the shares of
the respective Series pursuant to Article 25(a) hereof, without affecting the number of
Directors appointed pursuant to such Article, shall have the right to designate 1
Proprietary Director and its respective Alternate Director for each 10% of all issued,
subscribed and paid shares of Capital Stock outstanding of the Company, pursuant to the
Securities Market Law.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 27: The
Chairman of the Board of Directors, at least 25% of the members of the Board or any of
the Examiners of the Company shall be entitled to call a Board of Directors Meeting. The
calls for Board of Directors meetings shall be signed by the Chairman or, in his
absence, by the Vice-Chairman or by the
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 20
| |  | --



---





|Secretary, and shall be sent by fax or personal
delivery, or by any other  means permitted by law, at least 15 days before the date of
the meeting. Any  three Directors may request a meeting of the Board of Directors of the
Company,  in which case the Chairman, Vice-Chairman or Secretary shall duly issue a call
for such meeting to be held within 30 days after receipt of such request, and  shall
include in the agenda therefor any matter requested by such Directors.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The examiners
shall be called to all Board of Directors Meetings, as  well as to the meetings of the
committees in which the Board of Directors had  delegated any authority.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 28: (a)
The Board of Directors shall meet at least once every 3 (three) months. Annually, at the
first session after the meeting that designated them, the Board of Directors shall name,
from the Directors designated by the Series A shareholders, and a
Vice-Chairman. The Chairman, who shall act as chairman of the Board of Directors
meetings and the Shareholders Meetings, shall, during his absences, have his position
temporarily filled by the Vice-Chairman, and during the Vice-Chairmans absence, by
the other series A Directors in the order in which they have been designated.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The Secretary
and an Alternate Secretary of the Company, neither of  whom need be a Director, shall be
designated by majority of the issued,  subscribed and paid capital Stock represented by
Series A shares. Minutes  shall be taken at all meetings and must be approved
in writing by at least a  majority of the Directors designated by the Series
A shareholders and by at  least two Directors designated by the Series
D shareholders who attended the  respective session, and be signed by the
Chairman and Secretary.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 21
| |  | --



---





|ARTICLE 29: (a)
The Board of Directors shall be considered legitimately functioning with respect to any
action only if the majority of its members are present at the time such action is taken,
and (except during the pendency of a Simple Majority Period under Article 31 hereof,
which exception shall apply only with respect to the Simple Majority Matters as defined
therein), as part of such majority, at least two Directors designated by the Series
D shareholders are also present at the time such action is taken.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The Board of
Directors may, without convening, adopt resolutions by  a unanimous vote of its members,
provided that such resolutions are confirmed in  a writing signed by all members and
recorded in the minute books of the Company.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) Resolutions of
the Board of Directors shall be valid only if they  have been approved by a majority of
Directors voting (and not abstaining) at a  meeting, which majority must (except (i)
during the pendency of a Simple  Majority Period under Article 31 hereof, which exception
shall apply only with  respect to the Simple Majority Matters, or (ii) in the event that
all Series D  Directors present thereat abstain) include at least two Series D Directors.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d)
Notwithstanding the foregoing, the designation of the Chief  Executive Officer and the
Chief Financial and Administrative Officer shall be  made, from a list proposed by the
Series A Directors, by the majority vote of  the Directors present, which majority must
include the vote of at least two  Series D Directors. The designation of the Chief
Operating Officer, the  Controller, the Systems Services Director and the Marketing
Director shall be  made from the list proposed by the Series D Directors, by the majority
vote of  the Directors present.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) The removal of
the above referenced officers shall be resolved by a  majority of the Directors of the
Series that proposed them.
|------------------------------------------------------------------------------------------------------------------------------------



| |  | 22
| |  | --



---





|ARTICLE 30: The
Board of Directors shall have the following powers:
|-------------------------------------------------------------------



|(a) To manage the
Companys business and property, with the broadest  powers of administration, pursuant to
Article 2554, second paragraph, of the  civil Code of the Federal District.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) To exercise
acts of ownership with regard to the Companys personal  and real property as well as its
real and personal rights as set forth in the  third paragraph of Article 2554 of the
civil Code of the Federal District, and  to grant guarantees of any type with regard to
the obligations contracted or to  the securities issued or accepted by third parties.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) To act as
agent of the Company with the broadest powers (including those that under Mexican law
require a special Clause) before all administrative or judicial authorities of any
Municipality or state or the Federation, as well as before labor or any other
authorities, or before arbitrators or referees; to take depositions and testify,
including withdrawing from civil rights (amparo) proceedings, under the
terms of the first paragraph of Article 2554 of the Civil Code of the Federal District;
as well as to act as agent of the Company before all types of criminal, Federal and
State authorities; to file and withdraw criminal complaints; to cause the Company to
assist Mexicos Attorney General in those proceedings and to grant pardons.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) To draw, make,
endorse and guarantee (avalar) negotiable instruments on behalf of the
Company, to issue securities secured with real property or unsecured, to cause the
Company to be jointly and severally liable, to give guarantees (avales),
bonds, or any other guarantee of payment with respect to any obligations contracted or
securities issued or accepted by third parties, to
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 23
| |  | --



---





|donate or contribute the Companys personal and
real property to  other companies, to subscribe shares of Capital Stock as well as
acquire  interests in other companies, and in general to conclude acts, enter into
contracts and carry out other transactions which may be necessary, conducive,
complementary or connected to the Companys main business purpose.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) To appoint the
Officers and Managers deemed necessary, and to  appoint Committees deemed necessary, and
to determine their authority.
|-----------------------------------------------------------------------------------------------------------------------------------------



|(f) To approve the
internal policies applicable to the Company.
|---------------------------------------------------------------



|(g) To grant and
revoke powers of attorney as it deems necessary, with  or without the power of
delegation, within the authority granted to the Board of  Directors by these By-Laws.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(h) To determine
the manner in which the shares owned by the Company  shall be voted at Ordinary and
Extraordinary Shareholders Meetings of any  majority controlled company.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(i) To implement
the resolutions taken at General Shareholders  Meetings and, in general, to carry out
all the acts and transactions necessary  or convenient for the business purposes of the
Company, except for those acts  expressly reserved by law or these By-Laws to the
Shareholders Meetings.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(j) To approve the
Five-Year Business Plan and the Annual Business Plan  of the Company and its subsidiaries.
|-------------------------------------------------------------------------------------------------------------



|(k) To approve any
significant deviations from such Five-Year Business  Plan or Annual Business Plan of the
Company and its subsidiaries.
|-----------------------------------------------------------------------------------------------------------------------------------------



| |  | 24
| |  | --



---





|(l) To approve the
introduction of any new line of business or the  termination of any existing line of
business.
|-----------------------------------------------------------------------------------------------------------------



|The shareholders or the Board of  Directors of
the Company shall (by valid  action at a General Shareholders Meeting or by action
of the Board of Directors, in  either case in accordance  with these By-Laws) be entitled
to reserve exclusively unto  the Board of  Directors, except for those determinations
expressly reserved by law or  these  By-Laws to the Shareholders Meetings, all or
any portion of its powers provided  for herein or by applicable law, on such terms and
subject to such conditions as  the  shareholders or the Board of Directors, acting as
aforesaid, may specify  from time to  time.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(m) To approve the
operations that are not in the ordinary course of  business of the Company, that are
being considered to enter into the Company and  its shareholders, with persons that are
part of the management of the Company or  with persons that such individuals have
patrimonial nexus, or otherwise have  kinship (either by blood or by law) up to the
second degree, the spouse or  concubinary; the purchase or sale of 10% or more of the
assets of the Company;  the issuance of a warranty for an amount exceeding 30% of the
assets, or any  other transaction that is different from the listed above that represents
more  than 1% of the assets of the Company.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The authority referred to in section m shall not
be subject of delegation. The  members of the board of directors shall be responsible for
the resolutions  adopted further to provisions of section m, except for the provisions of
article  159 of the General Corporations Law.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|n) The board of
directors shall require the prior authorization of the  ordinary shareholders meeting in
the following events:
|------------------------------------------------------------------------------------------------------------------------------



| |  | 25
| |  | --



---





|1. To acquire
shares of a company in one or several simultaneous or  successive transactions within a
same fiscal year, if the total value of such  shares is higher than 20% of the equity of
this company, pursuant to the  corresponding last audited financial statements of this
company.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. To sell shares
of a company in one or several simultaneous or  successive transactions, within a same
fiscal year, if the total value of such  shares is higher than 20% of the equity of this
company, pursuant to the  corresponding last audited financial statement of this company.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. To exercise the
right of withdrawal of any of the shares of a  company where this company is a
shareholder if such withdrawal represents, in  one or several simultaneous or successive
transactions in the same fiscal year,  the reimbursement of shares whose value exceeds
20% of the capital of such  companies or if by reason of such withdrawal the company
loses the management  control of such company.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The approval of the ordinary shareholders
meeting shall not be required to  purchase or sell shares of another company of which
more than 50% of its  ordinary capital stock is owned by the Company, or to sell or
acquire shares of  other companies owned by such companies. The authorization shall not
be required  for purchase or sale of shares of any other companies through the Mexican
Stock  Exchange.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 31: In the
event that The Coca-Cola Company or any affiliate thereof takes any action under a
bottlers agreement (or any agreement supplemental or related thereto) executed with the
Company or any of its subsidiaries that a majority of the Directors of the Company
designated by the Series A shares reasonably and in good faith believe to be
materially adverse to the business interests of the Company considered as a whole (a
Simple Majority Determination), such majority may deliver written notice of
such Simple Majority
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 26
| |  | --



---





|Determination (detailing the specific basis
therefor) to The  Cola-Cola Company or such affiliate and the designated representative
of the  Series D Directors. At any time during the 90-day period commencing on the 61st
day following delivery of such notice, a majority of the Directors designated by  the
Series A shares may, if such action shall not have been cured to their
reasonable satisfaction, deliver another written notice to the same persons  declaring a
Simple Majority Period to be in existence. During the pendency  (and only
during the pendency) of any such Simple Majority Period, only matters  (as so limited,
the Simple Majority Matters) described in paragraphs (j), (k)  and (l) of
Article 30 hereof, and matters described in paragraph (h) thereof  only to the extent
required to implement such matters described in such  paragraphs (j), (k) and (l) at the
level of any controlled company, shall be  treated as matters to be approved by a simple
majority vote of the entire Board  of Directors of the Company, without requiring the
presence or approval of any  Director designated by the Series D shares. A
majority of the Directors of the  Company designated by the Series A shares
may terminate a Simple Majority  Period at any time by giving written notice thereof to
The Coca-Cola Company or  such affiliate and the designated representative of the Series
D Directors. For  a period of one year following any such termination, the Directors
designated by  the Series A shares will have no right to declare another
Simple Majority  Period to be in existence. No cure after the declaration of a Simple
Majority  Period of the action that gave rise thereto shall terminate such Simple
Majority  Period. No failure to declare a Simple Majority Period during such 90-day
period  shall prevent a majority of the Directors of the Company designated by the
Series A shares from subsequently exercising the rights conferred by this
section 31 by making another Simple Majority Determination with respect to such  action.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 32: The
holders of ordinary shares, voting at an Ordinary Shareholders Meeting as set forth in
Article 23, may set up intermediate levels of administration which differ from the ones
set forth in the Law of Commercial
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 27
| |  | --



---





|Companies. The creation, structure and operation
of such intermediate levels of  administration shall be subject to the general rules
issued by the National  Banking and Securities Commission.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 33: The
surveillance of the Company shall be entrusted to two Proprietary Examiners and two
Alternate Examiners. The Series A shareholders shall designate, by a
majority vote, a Proprietary Examiner and his Alternate, and the Series D
shareholders shall, by a majority vote, designate a Proprietary Examiner and his
Alternate. The Examiners shall perform their duties for one year with the understanding
that they will continue to carry out these duties until the successors appointed to
replace them take possession of their charges.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|CHAPTER V
|---------

|FISCAL YEAR FINANCIAL STATEMENTS,
AND DISTRIBUTION OF PROFIT AND LOSS
|---------------------------------------------------------------------



|ARTICLE 34: The
fiscal year of the Company shall be 12 (twelve) months, beginning on January 1 and
ending on December 31 of the same year.
|------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 35: Annual
profits, after payment of Income Tax (Impuesto Sobre la Renta), workers
profit sharing and any other items that must be deducted or separated in accordance with
Mexican law, shall be applied as follows:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) A minimum of
5% shall be set aside to constitute the legal reserve  fund until it reaches at least 20%
(twenty percent) of the Companys capital  Stock;
|------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The remainder
may be distributed as dividends among the  shareholders proportionally to the number of
shares held by them or, if resolved  by the Shareholders Meeting, it shall be totally or
partially allocated in  provision funds,
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 28
| |  | --



---





|reinvestment reserve funds, special funds or any
other funds  the meeting may determine.
|----------------------------------------------------------------------------------------



|ARTICLE 36: The
founders do not reserve any special participation in the Companys profits.
|-------------------------------------------------------------------------------------------



|ARTICLE 37:
Losses, if any, shall be divided among shareholders pro rata according to the number of
shares held but shall not exceed the shares face value.
|------------------------------------------------------------------------------------------------------------------------------------------------------------



|CHAPTER VI:
|-----------

|DISSOLUTION AND LIQUIDATION
|---------------------------



|ARTICLE 38: The
Company shall be dissolved in the cases referred to in points II, III, IV and V of
Article 229 of the General Law of Commercial Companies or, if the Extraordinary
Shareholders Meeting so determines, in accordance with the terms of Article 23 of these
By-Laws.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 39: Once
the Company is dissolved, the Extraordinary Shareholders Meeting, by a majority vote,
shall designate a Liquidator, fixing a term for the carrying out of his duties and the
compensation that shall be paid to him.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 40: The
Liquidator shall carry out the liquidation of the Company pursuant to the resolutions of
the Extraordinary Shareholders Meeting, and in the absence thereof, in accordance with
the following:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 29
| |  | --



---





|(a) The Liquidator
shall conclude the Companys business in the manner  he deems most appropriate,
collecting receivables, paying debts and selling the  Companys property required
therefor.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The Liquidator
shall prepare the Liquidation Financial Statements  and shall submit them for the
approval of a duly called Extraordinary  Shareholders Meeting.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) The Liquidator
shall distribute among the shareholders the  remaining assets as per the Financial
Statements approved by the Extraordinary  Shareholders Meeting, in accordance with law
and these By-Laws and against the  delivery and cancellation of the corresponding share
certificates.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 41: During
the liquidation period, the Extraordinary, Ordinary or Special Shareholders Meeting
shall meet in accordance with the terms set forth in these By-Laws in the chapter
relating to Shareholders Meetings, and the Liquidator shall perform the same functions
the Board of Directors had during the normal course of the Companys business.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 42: During
liquidation and with respect to the Liquidator, the Examiner shall perform the same
duties attributed to them in the normal course of business regarding supervision of the
Board of Directors acts.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 30
| |  | --



---